Category: Latest Stories

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Latest StoriesRegulatory

CBI Raids Eight States in Builders-Financial Institutions Case

NEW DELHI: On Tuesday, the CBI executed searches at 77 locations across eight states linked to a builders-financial institutions nexus case, officials reported. The searches included areas in Delhi, Chennai, Puducherry, and Bengaluru, among others. This case was assigned to the CBI by the Supreme Court, which on April 29, 2025, instructed the agency to initiate seven preliminary inquiries against builders in the NCR, notably Supertech Limited. Later that year, the court ordered the registration of 22 cases involving homebuyers in the National Capital Region (NCR) who were misled through the subvention scheme. On September 23 of last year, the…

IndustryLatest Stories

Waste Charges Delay Property Tax Payments in Bengaluru Apartments

BENGALURU: Large apartment complexes are typically quick to pay their annual property tax to the Greater Bengaluru Authority (GBA) when the payment portal opens in April. However, this year’s response in the first two weeks has been surprisingly slow. The confusion arises from unclear definitions and calculations surrounding bulk waste generators, hindering early tax payments. There is ongoing confusion about solid waste management (SWM) charges, especially for apartment complexes that produce over 100 kg of waste per day. Although bulk waste generators can qualify for exemptions, they must declare their status on the property tax portal, which is proving to…

InfrastructureLatest Stories

Indore Demolishes 16 Illegal Row Houses in Crackdown

Representative image INDORE: On Monday, the Indore Municipal Corporation (IMC) demolished 16 illegal row houses in the Anjani Nagar and Jagdish Nagar areas. This action is part of an ongoing effort to curb the expansion of unauthorized settlements. The operation was concentrated in Zone 4. In Anjani Nagar, four row houses, illegally built near a drain, were fully demolished. In Jagdish Nagar, located in the Banganga area, 12 row houses were targeted. It was reported that six of these were close to completion, while the other six were still under construction. The civic body also tore down roads and drainage…

IndustryLatest Stories

Jharkhand Housing Board Revokes Trade Licenses in Colonies

RANCHI: Following a recent Supreme Court ruling that requires municipal bodies across all states and Union Territories to assess residential properties being utilized for commercial purposes and submit affidavits by May 15, traders operating in Bariatu and Argora housing colonies are worried about their means of livelihood. Binay Lakra, secretary of the Jharkhand State Housing Board (JSHB), remarked, “These properties were assigned for residential use, meaning that commercial activities cannot be allowed. We have asked the Ranchi Municipal Corporation to revoke such trade licenses.” Bariatu Housing Colony consists of over 500 housing units. “These were allocated by JSHB under various…

Latest StoriesRera

Gurugram: Vatika Ordered to Pay ₹62 Lakh for Delayed Plot Handover

GURUGRAM: The Haryana Real Estate Regulatory Authority (HRera) has mandated realtor Vatika Ltd to pay Rs 62.4 lakh in compensation to a couple after it failed to deliver a residential plot on time, according to an order dated April 7, 2026. Homebuyers Vinay Kumar and Shalini Kumari purchased a 240 square yard plot in the developer’s ‘Vatika India Next’ project in Sector 85 back in 2010. The agreed purchase price was Rs 62.7 lakh, with possession promised by July 27, 2013. The authority discovered that the assigned plot was not included in the approved layout, and no development had occurred…

Latest StoriesRegulatory

NCLAT Delays Hearing on Vedanta’s Adani Bid Challenge

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has postponed its hearing regarding Vedanta Group’s challenges against the selection of Adani Enterprises’ bid for the financially troubled Jaiprakash Associates Ltd (JAL) until April 16. The case will be reviewed on Thursday, following a change in the bench composition due to one member’s unavailability. The tribunal was expected to conclude arguments from Vedanta’s legal team, after which lenders and the resolution professional would present their cases. However, the NCLAT decided to defer proceedings after discussions with the involved parties. Last Friday, Vedanta raised concerns about the evaluation criteria used by…

Latest StoriesRegulatory

ED raids Gurugram’s 32nd Avenue over ₹500 crore scam

NEW DELHI: On Monday, the Enforcement Directorate executed raids targeting a real estate group based in Gurugram as part of an investigation into an alleged ₹500 crore fraud involving investors, officials reported. Authorities searched seven locations associated with the entity known as 32nd Avenue, which operates in Delhi-NCR and Goa. The company or its promoter has not yet responded to requests for comment. According to ED officials, the case arises from multiple FIRs filed by Haryana Police, prompted by complaints from investors who claim to have been defrauded by the group. The promoter-directors of the group are currently either evading…

Latest StoriesRegulatory

SIT to Investigate MHADA Quota Irregularities in Nashik

MUMBAI: Maharashtra Minister Chandrashekhar Bawankule announced on Monday that a special investigation team (SIT) will be formed to investigate alleged irregularities in the implementation of the MHADA quota in Nashik, warning that those who deny the less fortunate their rightful homes will face consequences. This decision follows reports of misconduct concerning the allocation of the 20% MHADA quota designated for economically weaker sections (EWS) and low-income groups (LIG) in Nashik. Under the direction of Chief Minister Devendra Fadnavis, the SIT will be overseen by the Nashik divisional commissioner and will include senior state officials. Bawankule stated, “Those who obstruct the…

Latest StoriesRegulatory

No capital gains tax if flat’s sale price matches cost: ITAT

MUMBAI: The Income Tax Appellate Tribunal (ITAT) has determined that capital gains tax cannot be applied when the sale price of a property matches its purchase price, despite initial disagreements from the I-T officer due to documentation issues. In a recent decision, the Mumbai bench of the tribunal supported the appeal from taxpayer Kamini V, reversing a Rs 42.5 lakh addition made by the tax department under ‘short-term capital gains’ for the fiscal year 2015-16. The case involved a jointly owned residential property bought for Rs 85 lakh and sold two years later for the same amount. The I-T officer…

CommercialLatest Stories

India Office Leasing Up 10% to 21.6M Sq Ft in Q1 2026

NEW DELHI: India’s office market achieved a gross absorption of 21.6 million sq ft across six major cities in the January-March quarter of 2026, reflecting a 10% year-on-year increase, as reported by Savills India. This growth comes against a backdrop of global economic uncertainties. The quarter also saw a 28% year-on-year decline in new supply, totaling 7.9 million sq ft, which contributed to a decrease in overall vacancy rates to 13.9% amid consistent leasing activity. The robust beginning of the year positions the total office demand for 2026 at an estimated 75 million sq ft, while supply is anticipated to…