Category: Latest Stories

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Latest StoriesResidential

Only 20% of Noida Housing Projects Have Cleared Dues

Sure! Here’s a rewritten version of your content: — NOIDA: A detailed financial analysis of 116 group housing projects allocated between the mid-2000s and early 2010s reveals that the Noida Authority has yet to recover ₹34,283 crore in outstanding dues as of November 30. A significant portion of this total, roughly ₹26,000 crore, is associated with projects currently under insolvency proceedings or litigation, rendering them nearly impossible to recover in the short term. Of the outstanding amount, ₹18,703 crore is from nine Amrapali projects and five Unitech projects, both under the oversight of the Supreme Court. Additionally, ₹7,300 crore is…

Latest StoriesRera

Haryana RERA Orders Chintels to Refund Homebuyer with Interest

Certainly! Here’s a rewritten version of the content: — The Haryana Real Estate Regulatory Authority (Ha-RERA) has mandated builder Chintel to refund the buyer, Kumar Mangalam Dalmia, with an interest rate of 10.85% per annum. Dalmia, a complainant against the Chintel Paradiso housing society, had approached the RERA court in Gurugram, seeking a complete refund of his principal amount along with interest based on the current market value of his flat in Chintel Paradiso, Sector 109, Gurugram. In February 2022, a tragic collapse at Chintel Paradiso resulted in the loss of lives. Despite paying over Rs 1 crore for his…

CommercialLatest Stories

JPMorgan Chase leases 176,000 sq ft office in Hyderabad

Representative Image BENGALURU: JPMorgan Chase has sub-leased a 176,000 sq ft facility in Hyderabad, marking another significant deal by the US financial services giant to secure office space in India’s major talent and technology hubs to enhance its global operations. This transaction is one of the largest by a financial services company in Hyderabad this year, underscoring JPMorgan’s ongoing commitment to India’s global capability centre (GCC) ecosystem. The space, located in Skyview 20, an office tower in Madhapur, has been rented under a general service agreement between JP Morgan Services and WeWork India Management, as per lease documents acquired from…

IndustryLatest Stories

Telangana Raises ₹1,000 Crore from Neopolis Land Auction

Representative AI image HYDERABAD: The Telangana government continues to thrive in land sales, recording approximately Rs 1,000 crore on Wednesday through the third round of auctions conducted by the Hyderabad Metropolitan Development Authority (HMDA), surpassing the Rs 100 crore per acre milestone. In the recent auction, Yula Constructions LLP and Globus Infracon LLP secured a 4-acre plot (No. 19) with a winning bid of Rs 131 crore per acre, while Brigade Enterprises Limited acquired another 4.04-acre plot (No. 20) for Rs 118 crore per acre. Cumulatively, HMDA’s earnings from all three phases of the Kokapet auctions now total Rs 3,708…

CommercialLatest Stories

Lower Fitout Costs Drive Office Leasing Growth

Representative Image NEW DELHI: India’s cost advantage, not only in office rent but also in fitout expenses, has led to record-breaking office leasing despite global uncertainties. Average fitout costs in major cities like Mumbai, Delhi, and Bengaluru stand at $75 per sq ft, among the lowest worldwide. In comparison, leading global markets often see fitout costs surpassing $150 per sq ft, excluding furniture and technology. “India is not merely a low-cost locale; it represents a high-value marketplace. The capacity to deliver world-class workplaces at competitive prices continues to drive leasing momentum, especially as Global Capability Centers (GCCs) expand and consolidate…

Latest StoriesRera

Himachal RERA Amendment Bill Passed Amid Opposition Walkout

DHARAMSHALA | SHIMLA: On Wednesday, the state assembly passed the Real Estate (Regulation and Development), Himachal Amendment Bill, despite protests and a walkout from the opposition. Currently, the chief justice of the high court serves as chairperson of the committee that recommends members and chairperson of the Real Estate Regulatory Authority (RERA). This Bill proposes to replace the chief justice with the chief secretary. The amendment also establishes a fixed, non-renewable four-year term for the chairpersons and members, instead of the existing five-year term, which is subject to a 65-year age limit. The BJP MLAs exited the House before the…

Latest StoriesRegulatory

NCLAT: Creditors Can Appoint Liquidator, Not NCLT

NEW DELHI: The authority to appoint a liquidator for a company in debt undergoing insolvency procedures lies solely with the Committee of Creditors (CoC), not the National Company Law Tribunal (NCLT), in instances where a Resolution Professional has not provided written consent, as per the National Company Law Appellate Tribunal (NCLAT). In a ruling concerning two similar cases where the NCLT had appointed liquidators for two struggling companies, the NCLAT overturned those decisions, emphasizing that “only the CoC has the authority to select a candidate to replace the RP.” The NCLAT clarified that while the NCLT serves as the designated…

CommercialLatest Stories

Embassy REIT to invest ₹3,700 crore in 7.2 million sq ft office project

NEW DELHI: Embassy Office Parks REIT (Embassy REIT), managing a vast 51 million sq ft office portfolio with a 93% value occupancy rate and 40.9 million sq ft of income-generating assets, is gearing up for its next expansion phase. This includes a pipeline of ₹3,700 crore in ongoing construction, scheduled for completion over the next three to four years. The REIT has 7.2 million sq ft currently in development that is projected to yield approximately ₹630 crore in net operating income (NOI). Four months into his role, CEO Amit Shetty emphasizes the need to enhance growth strategies through asset upgrades,…

InfrastructureLatest Stories

Ludhiana Seals Six Buildings in Crackdown on Illegal Structures

Representative Image LUDHIANA: The municipal corporation (MC) has initiated a strong crackdown on unauthorized constructions and outstanding fees, sealing six buildings across the city on Tuesday after the owners did not comply with requests for pending payments and the correction of illegal structures. This action was taken following strict orders from MC Commissioner Aaditya Dachalwal, who recently admonished officials to expedite the collection of civic dues and enforce stringent measures against illegal constructions, warning that non-compliance could lead to disciplinary measures against them. The sealing operation was carried out by the MC Zone D building branch, targeting several prominent locations,…

Latest StoriesRegulatory

Jaipur Seals Walled City Building for 3 Months

JAIPUR: The Jaipur Municipal Corporation (JMC) has issued a notice and sealed an old building located on Chaura Rasta near New Gate in the Walled City for a duration of three months. This action was taken due to the owner’s failure to comply with a notice under Section 194 of the JMC Act 2009, specifically for not obtaining necessary permissions for ongoing renovation work. Recent decisions by the civic body indicate a move towards stricter enforcement against property owners in the Walled City who attempt unauthorized modifications to heritage structures. An official from the JMC’s vigilance wing stated, “Since we…