Category: Latest Stories

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Housing FinanceLatest Stories

NHB Tightens Refinance Rules to Prevent Home Loan Misuse

MUMBAI: The National Housing Bank (NHB) has implemented new regulations for refinancing home loans on properties that are still under construction. According to an order issued to home financiers, NHB will now offer refinance only for loans where less than half of the construction is completed at the time of the initial disbursement. This regulation specifically pertains to loans designated for construction on plots or for building homes on self-owned land. NHB stated, “For loans extended to individuals for ongoing construction, refinance will only be available when no more than half of the construction is finished at the time of…

CommercialLatest Stories

IL&FS aims to block Brookfield’s bid for finance center

MUMBAI: Brookfield, a leading global alternative investment firm, is back in the spotlight along with the historic IL&FS building, which has played a significant role in establishing BKC as Mumbai’s financial district. The bankrupt financier that sold the property to a Brookfield-affiliated entity is now seeking to overturn its recent court decision, alleging that the global asset manager did not meet the bid’s requirements and that the bid security has expired. Sources within the finance industry suggest that rising commercial property values in BKC have rendered Brookfield’s original offer for the IL&FS Centre—formerly occupied by HDFC—less appealing, as highlighted in…

IndustryLatest Stories

Keystone Realtors to Revamp Eight Societies in Andheri West

NEW DELHI: Keystone Realtors (Rustomjee Group) has been appointed as the developer for a significant cluster redevelopment project in Andheri West, Mumbai, chosen by eight housing societies. A development agreement (DA) has been finalized with five societies, while letters of intent (LOIs) have been received from the remaining three, with the execution of DAs anticipated in the coming days. Boman Irani, Chairman and Managing Director of the company, stated, “With a GDV close to ₹3,000 crore and an extensive development footprint, this project showcases our commitment to scale, location, and value generation.” The redevelopment plan entails transforming a group of…

Latest StoriesRera

Govt to Strengthen Odisha RERA Compliance and Enforce Rules

BHUBANESWAR: To enhance regulation in the real estate sector, the housing and urban development department will partner with the revenue and disaster management department to enforce the decisions made by the Odisha Real Estate Regulatory Authority (ORERA). This initiative emerged from a high-level meeting recently chaired by Chief Secretary Manoj Ahuja. The authorities have been directed to utilize the Odisha Public Demand Recovery (OPDR) Act to collect penalties from defaulters, ensuring adherence to ORERA’s guidelines. To strengthen real estate enforcement, particularly in Bhubaneswar, ORERA will conduct joint operations with the Bhubaneswar Development Authority (BDA) and the Bhubaneswar Municipal Corporation (BMC).…

Latest StoriesResidential

Vadodara: Akota Slum Residents Vacate Plot After 15 Years

VADODARA: In a commendable act of civic responsibility, residents of a Vadodara Municipal Corporation (VMC) plot in the Akota area have voluntarily cleared the land and allowed the civic body to demolish their homes, honoring a promise made 15 years ago. The residents, previously from the Pir Vasahat slum settlement in Akota, were asked to vacate in 2010 to facilitate the Akota-Dandia Bazaar Road development. While the VMC offered housing in Pratapnagar, many were hesitant to relocate due to the distance from their workplaces. “We had proposed finding a nearby plot in Akota for housing, but no scheme was available…

IndustryLatest Stories

Lodha Developers to Pay ₹520 Crore in V Hotels Legal Dispute

AI generated image. NEW DELHI: Lodha Developers Ltd has been instructed to deposit ₹520.80 crore as security related to an ongoing Supreme Court case against V Hotels Ltd, which the company acquired last year through insolvency proceedings. In a regulatory filing on Wednesday, Lodha revealed that this issue concerns proceedings initiated by the Enforcement Directorate (ED) against the former promoter of V Hotels Ltd (VHL) regarding a transaction of ₹520.80 crore, allegedly funneled through VHL before the onset of the insolvency process. Lodha anticipates that the Supreme Court will expedite the hearing in this matter, leading to the release of…

Latest StoriesRegulatory

NGT Notifies Delhi Jal Board for Illegal Borewells

NEW DELHI: The National Green Tribunal (NGT) has issued a notice to the Delhi Jal Board (DJB) following allegations that private builders have illegally installed borewells and are extracting groundwater without authorization. Arun Kumar Tomar, the petitioning individual, asserted that he had brought this issue to the attention of the DJB chairman on January 20, but no subsequent actions were taken. Tomar accused 19 private builders of digging illegal borewells throughout Delhi. The NGT bench, headed by Justice Prakash Shrivastava, acknowledged that the claims necessitate verification through a site inspection by the DJB. The bench also emphasized that the appropriate…

Latest StoriesRegulatory

Four Gurgaon Builders Fined for Illegal Groundwater Use

GURUGRAM: The Haryana Water Resources Authority (HWRA) has imposed a fine of ₹5 crore on four real estate developers in Gurugram for unauthorized groundwater extraction, following a directive from the National Green Tribunal (NGT). According to an inquiry report by HWRA chairperson Keshni Anand Arora submitted to the NGT, borewells and sump wells at multiple project sites in sectors 102, 103, and 37D have been sealed. The case originates from a petition filed with the NGT in 2023 regarding groundwater violations in the region. A joint committee’s report confirming these violations was submitted in November 2023. “We have imposed a…