Category: Latest Stories

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Latest StoriesRera

MahaRERA Releases SOP to Speed Up Compensation Recovery

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a detailed standard operating procedure (SOP) to streamline the process of obtaining compensation from developers who disregard its orders. Released on Thursday, in response to directives from the Bombay High Court, the SOP outlines strict timelines and escalation measures, which may include property attachment and civil imprisonment, as noted by MahaRERA officials. According to senior MahaRERA officials speaking to TOI, the new SOP is designed to “ensure strict compliance with the high court’s ruling and offer timely relief to homebuyers.” Developers are now required to compensate affected homebuyers within 60…

Latest StoriesResidential

Andhra CM Aims for 17 Lakh Houses in Three Years

File Photo VIJAYAWADA: On Friday, Chief Minister N. Chandrababu Naidu announced an ambitious goal of completing 1.7 million houses within three years under the Housing for All initiative and urged officials to expedite the construction process. He proposed that mass housewarming ceremonies be organized every three months, commencing from Ugadi, with an objective of conducting 500,000 housewarmings quarterly. While reviewing the progress with TIDCO and Housing Department officials, Naidu reaffirmed the coalition government’s vow to fulfill its election promise of providing a house to every eligible family by 2029. “Since assuming power, we have initiated the construction of 2 million…

Latest StoriesResidential

All-Party Support for Housing Societies’ Land Policy Revamp

PUNE: Revenue Minister Chandrashekhar Bawankule has gained all-party consensus for a significant overhaul of the stalled redevelopment policy for housing societies on government land. The proposal will be submitted to the cabinet for final approval, following which a government resolution (GR) will be issued to implement the new framework, an official informed TOI on Friday. Once approved, the policy is expected to benefit approximately 3,000 housing societies on government land. Pravin Darekar, chairman of the Maharashtra Housing Cluster/Self-Redevelopment Authority, urged the state to establish a clear, time-sensitive process specifically for societies on government land. He highlighted that countless residents are…

Latest StoriesResidential

Homebuyers challenge Noida authority’s luxury tower approval

NOIDA: The Apartment Owners Association (AOA) of a Sector 107 condo has filed a petition with the Allahabad High Court against the developer’s proposal to construct an additional ultra-luxury residential tower in the complex. The petition contests a Noida Authority decision that approved an increase in the Floor Area Ratio (FAR), allowing the developer to build a 46-story tower with units priced starting at Rs 7 crore, despite objections from current residents. The residents argued that any additional FAR should be used to enhance existing facilities and communal areas, rather than for a new exclusive section within the complex. Great…

Latest StoriesResidential

Delhi to renovate 2,416 flats for the underprivileged

NEW DELHI: The Delhi government announced on Friday the approval for repair and renovation of 2,416 ready flats in Sawda Ghevra, instructing officials to expedite their allocation. During the 34th board meeting of the Delhi Urban Shelter Improvement Board (DUSIB), Chief Minister Rekha Gupta mandated that all renovation work is to be completed by January 15. “No budgetary constraints will be imposed on welfare schemes,” the CM emphasized. The board also approved renovation initiatives for flats at various locations, including Sultanpuri, Dwarka, and Bhalswa. This is part of the government’s initiative to repair about 50,000 unused EWS flats built over…

IndustryLatest Stories

BSNL to Auction 11-Acre Land in Madhyamgram, Kolkata

Representative AI image KOLKATA: Officials have announced that an 11.1-acre land parcel belonging to BSNL on Jessore Road in Madhyamgram is expected to be auctioned within the next two to three months. The Central Public Sector Undertaking has placed an initial valuation of Rs 179 crore on the property, which could exceed Rs 250 crore as major players are anticipated to participate in the auction. Recently, BSNL sold an 87 cottah land parcel in Kankurgachi for Rs 131 crore, achieving a price of Rs 1.5 crore per cottah, marking it as one of the city’s top land deals and the…

Latest StoriesResidential

Cidco Unveils 4,508 Tenements in Navi Mumbai—First Come, First Serve!

Representative AI image NAVI MUMBAI: On Friday, the City and Industrial Development Corporation (Cidco) announced a new housing scheme offering 4,508 ready-to-move-in flats across the Taloja, Dronagiri, Ghansoli, Kharghar, and Kalamboli nodes in Navi Mumbai, available on a first-come, first-served basis. Online registration begins on Saturday, November 22, at 4 PM. Those who successfully register by December 21 can choose their preferred tenement starting December 28. Of the available flats, 1,115 are designated for the Economically Weaker Section (EWS) under the Prime Minister Awas Yojna (PMAY), while 3,393 are for the Low Income Group (LIG). A subsidy of ₹2.5 lakh…

Latest StoriesRegulatory

ED Seizes Vatika Property Worth ₹108 Crore in Gurugram Case

GURUGRAM: The Gurugram zonal office of the Enforcement Directorate has attached a property valued at approximately ₹108 crore linked to a builder-investor case. Officials report that Vatika Limited is under scrutiny for allegedly defrauding investors by failing to complete projects and not fulfilling promised returns. The 1.35-acre commercial plot was seized under the Prevention of Money Laundering Act (PMLA). The ongoing investigation is based on multiple FIRs filed with the Economic Offences Wing of the Delhi Police in 2021, where the company and its promoters, Anil Bhalla and Gautam Bhalla, face accusations of fraud, criminal conspiracy, and misleading investors. Investigation…

IndustryLatest Stories

BMC Seeks Tenants for 30-Year Lease of Worli Plot

Representative AI image MUMBAI: On Friday, BMC released a tender for leasing a plot in Worli for a 30-year term, extendable by an additional 30 years, under a model ensuring private participation. The plot covers 1,299.52 sq m and is strategically located near the Bandra Worli Sealink. Last year, G South ward officials reclaimed this plot after the previous lease expired, with intentions of converting it into a municipal gymkhana for officers. As part of the newly announced tender, the successful bidder will need to develop the plot in accordance with the sanctioned Development Plan 2034 for the G/South ward.…

Latest StoriesRegulatory

ED Seizes ₹50 Lakh Cash Over IBC Misuse in Land Sale Case

NEW DELHI: On Friday, the Enforcement Directorate revealed an incident involving the misuse of the Insolvency and Bankruptcy Code (IBC) in the land sale of an insolvent real estate firm. During recent raids, Rs 50 lakh in cash was confiscated from a lawyer at the NCLT and another individual. The federal agency stated it conducted searches on Thursday in Delhi and Gurugram as part of an investigation into Universal Build Well Pvt. Ltd. and its promoters, concerning unfinished real estate projects and alleged fraud against homebuyers and investors. The company was in a corporate insolvency resolution process. The National Company…