Category: Latest Stories

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Latest StoriesRera

RERA Boosts Transparency in Tamil Nadu Property Deals

MADURAI: Homebuyers often face challenges due to limited information during property purchases. However, with the implementation of the Real Estate (Regulation and Development) Act (RERA), they can now easily verify project details via the official website, according to Shiv Das Meena, chairman of the Tamil Nadu Real Estate Regulatory Authority (TNRERA). During an awareness program held on Saturday, Meena introduced an explanatory manual on RERA regulations, emphasizing the Act’s role in promoting transparency, accountability, and credibility within the real estate sector. He noted that RERA has transformed the home-buying process in the state, establishing a secure and trustworthy investment atmosphere.…

Latest StoriesRegulatory

Nagpur Forum Hands Two-Year Jail, Fines for Order Violation

NAGPUR: Delivering a strong message regarding compliance with consumer court rulings, the Nagpur District Consumer Disputes Redressal Commission recently sentenced a local builder to two years of simple imprisonment and imposed a fine of ₹10,000 for willfully disobeying a 2016 decision. Under Section 27 of the Consumer Protection Act, 1986, the ruling found the builder guilty of systematically delaying compensation for more than nine years. The case originated in 2015 when a consumer lodged a complaint against a Jaripatka-based builder for failing to deliver property and providing inadequate service. On February 4, 2016, the commission ordered the builder to refund…

Latest StoriesRegulatory

Bombay HC Postpones Builder’s Bail Hearing to November 27

MUMBAI: The Bombay High Court has postponed the hearing for pre-arrest bail filed by builder Bhavesh Sanghrajka to November 27. This plea is related to an FIR alleging culpable homicide not amounting to murder, following the death of a 22-year-old woman caused by a cement block that fell from his construction site in Jogeshwari. The prosecutor informed the court that no action will be taken until the next hearing. Justice N R Borkar remarked that additional public prosecutor BV Holambe-Patil is requesting more time to present a report from an expert regarding the safety measures taken at the site. Sanghrajka,…

InfrastructureLatest Stories

Bhubaneswar Upholds Demolition of Unauthorised 5-Storey Building

BHUBANESWAR: The housing and urban development department has rejected an appeal from a promoter and a group of homebuyers, affirming the Bhubaneswar Development Authority’s (BDA) decision to demolish an unauthorized five-storey residential building in Andilo, Balianta. The case highlighted a deliberate attempt by the promoter and buyers to circumvent regulatory requirements. It is alleged that the promoter constructed the building without BDA approval, using an outdated building plan from the Balianta gram panchayat, which was valid before the area came under BDA jurisdiction in 2011. Despite not securing the necessary no-objection certificates (NOCs), the promoter allegedly proceeded with construction and…

Latest StoriesRegulatory

Bombay HC Rejects PILs Against Sancoale Real Estate Project

Representative image. PANAJI: The Bombay High Court dismissed two Public Interest Litigations (PILs) filed by villagers from Sancoale and Goa Bachao Abhiyan challenging the real estate project ‘Acqua Eden’, developed by M/s Parmesh Construction Co. Ltd. (Bhutani Infra) in Sancoale. The division bench, comprising Justices Bharati Dangre and Nivedita Mehta, noted that the PILs were rejected, with detailed reasons to be provided in a forthcoming order. The petitioners raised significant concerns regarding serious illegalities and environmental violations, seeking to annul the clearances and licenses related to the project located in an eco-sensitive region. They claimed that the permissions were obtained…

Latest StoriesRera

Odisha RERA Updates Quarterly Report Formats for Agents

BHUBANESWAR: To bolster accountability and improve transparency in the real estate sector, the Odisha Real Estate Regulatory Authority (ORERA) has mandated a new format for quarterly progress reports (QPRs) from registered agents, in accordance with the Real Estate (Regulation and Development) Act, 2016. This initiative comes after an audit by the Directorate of Audit, Indirect Taxes and Customs, which highlighted significant non-compliance and insufficient data in quarterly submissions by agents. Starting from the quarter ending December 2025, agents will be required to provide detailed, transaction-level information. According to the ORERA directive, “The DG Audit, Indirect Taxes and Customs, Govt of…

IndustryLatest Stories

Unitech’s Q2 FY26 Loss Shrinks to ₹739 Crore

NEW DELHI: Realty company Unitech Ltd has narrowed its consolidated net loss to ₹738.72 crore for the most recent September quarter. This is a decrease from a net loss of ₹766.76 crore in the same quarter last year. Total revenue rose to ₹151.01 crore in the second quarter of this fiscal year, up from ₹79.94 crore during the previous year, as per a regulatory announcement. In 2020, the company’s board was superseded by the central government following a directive from the Supreme Court. Following this, the Ministry of Corporate Affairs proposed a new board’s formation, which received Supreme Court approval…

CommercialLatest Stories

Swiggy Moves HQ to Whitefield as Bellandur Lease Ends

BENGALURU: Food delivery platform Swiggy will relocate its headquarters from Bellandur to Whitefield in the coming months. The move aims to enhance employee connectivity, particularly with the new office’s proximity to the Kadugodi Tree Park Metro station. The location will be accessible from both the Kadugodi Tree Park and Hopefarm Channasandra stations. Sources at Swiggy indicated that the relocation is not a reaction to concerns regarding Bengaluru’s infrastructure, but rather due to the expiration of the lease at the Bellandur campus. “The contract for our Bellandur office is ending, so we chose to move to a larger, future-ready facility. This…

IndustryLatest Stories

Four of 16 Developers Selected for South Mumbai Rail Plot

Representative AI image The Railway Land Development Authority (RLDA) has narrowed down its selection to four developers from a pool of 16 interested parties bidding for the development of a prime 2.5-acre site in Mahalaxmi, South Mumbai. This project is estimated to hold a revenue potential nearing Rs 10,000 crore, according to sources familiar with the matter. This tender saw significant participation from top developers, signaling a competitive bidding process for this government-owned parcel. The electronic bidding occurred on Tuesday. From what we gather from The Economic Times, the shortlisted developers include Lodha Group, Sobha Ltd, Dineshchandra R Agrawal Infracon,…

IndustryLatest Stories

Maharashtra Panel Approves Kamathipura Redevelopment Bid

Representative Image MUMBAI: The High Powered Committee of the state government has approved the Kamathipura Redevelopment Project. Mhada, acting as the nodal agency, has invited bids for this redevelopment under the Construction and Development Agency model. According to a Mhada survey, there are 800 old and dilapidated buildings in Kamathipura across 34 acres. Many of these structures are over a century old and beyond repair. Most of the properties, which are privately owned, are only 50 sq meters in size, making it financially unfeasible for landlords to initiate redevelopment. Consequently, the state has tasked Mhada’s Repair and Reconstruction Board with…