Category: Latest Stories

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Latest StoriesResidential

Probe Ordered into PMAY Housing Project’s CRZ Violations in Kharghar

NAVI MUMBAI: The Union Environment Ministry has instructed Maharashtra to investigate claims of violations of Coastal Regulation Zone (CRZ) guidelines concerning the multi-tower Pradhan Mantri Awas Yojana (PMAY) housing project in Kharghar. Environmental advocates raised concerns that the construction is too close to mangroves and the high-tide line. Environmental groups have expressed that the project, which is set to accommodate nearly 10,000 families and small businesses, was constructed in an area prone to tidal flooding. They argue that warnings about rising sea levels were disregarded during both planning and execution phases. B N Kumar, Director of NatConnect Foundation, stated that…

Latest StoriesRera

DDA Gets Major Relief in Housing Project Case

NEW DELHI: The Delhi Real Estate Appellate Tribunal (REAT) has overturned a Rs 1 crore penalty levied on the Delhi Development Authority (DDA) by the Real Estate Regulatory Authority (RERA) for not registering a housing project. The DDA contended that the Rohini project was finished before RERA’s establishment in Delhi in 2017, thus making registration nonessential. “The documents being sought were unavailable when the authority issued its orders. Since these documents are crucial for the case, it is just to return the matter to the authority for a review of the complaint within two months,” stated the REAT in its…

IndustryLatest Stories

Pune PMC Issues Demolition Guidelines for Old Properties

PUNE: The Pune Municipal Corporation (PMC) has issued new directives for developers regarding the safe demolition of properties slated for redevelopment. As per the PMC’s recently released guidelines, developers are required to notify both the fire brigade and adjacent property owners during the demolition of older structures. If there’s a risk of damage to neighboring properties, those premises must be vacated. “New building permissions are contingent upon strict adherence to the PMC’s regulations for safe and secure demolitions. Developers must submit photographic evidence of compliance,” stated Rajesh Bankar, a senior official in the PMC’s building permission department. In addition to…

CommercialLatest Stories

Qatar National Bank Renews BKC Office Lease at ₹775/sq ft

Representative image Qatar National Bank has renewed its office lease at Maker Maxity’s 4 North Avenue tower in Bandra Kurla Complex (BKC), agreeing to a monthly rental rate of Rs 775 per sq ft. This makes it one of the highest commercial lease rates in India. The renewal covers the ground floor space of 8,079 sq ft and will commence on October 26. This five-year lease includes a clause for a 4.5% rental increase each year. The agreement prohibits either party from terminating the lease during the 60-month term and involves a security deposit of Rs 7.51 crore, according to…

CommercialLatest Stories

Zomato Leases 2.7 Lakh Sq Ft Office in Gurugram

Eternal Ltd’s Zomato has secured a lease for 270,000 sq ft at Tata Realty and Infrastructure’s Intellion Park in Gurugram to expand its office space in the area, according to two sources familiar with the situation. The food delivery service is also in advanced discussions to lease around 1 million sq ft more in Gurugram, with the potential to double this space, which could become one of the largest office leasing agreements in the country. Zomato already occupies a significant office space in the Pioneer Group building within the same vicinity. Details regarding the monthly rent remain undisclosed. Both Zomato…

Latest StoriesRegulatory

Bombay HC Probes 20-Year Delay in Wadala Slum Rehab

MUMBAI: The Bombay High Court has instructed the Chief Executive Officer (CEO) of the Slum Rehabilitation Authority (SRA) to investigate the nearly 20-year delay in implementing a slum rehabilitation scheme in Wadala West, and to report on its expected completion date. “It is unacceptable for SRA schemes on public land to be executed with such negligence, especially after 20 years of implementation,” remarked a bench of Justices Girish Kulkarni and Aarti Sathe on Monday. This directive came after the court resolved a petition from Sitabai Kolambkar and Wadala Village Welfare CHSL, which sought to nullify an April 2024 order from…

InfrastructureLatest Stories

25 Acres of Aravali Forest Cleared of Buildings and Walls

GURUGRAM: On Friday, approximately 25 acres of encroached land in the Raisina Hills of Sohna were cleared in a demolition drive focused on the Aravalis. The operation, led by the forest department, aimed to dismantle boundary walls, farmhouses, and other illegal structures on protected land. Officials stated that this action seeks to reclaim forest and PLPA-notified areas that have faced extensive illegal encroachments over the years. “We are committed to removing encroachments on forest and Aravali land. Additional drives will be conducted in the upcoming days. Notices will be published in newspapers, allowing 10 days for public responses before further…

IndustryLatest Stories

YEIDA Offers One-Year Relief to Plot Allottees, Unveils New Policy

Representative image NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) held a board meeting where several important decisions were made to aid plot allottees, enhance mobility, and improve regional infrastructure in preparation for the impending launch of the Noida International Airport. During the meeting on Friday, approvals included time extensions for plot development, a new one-time settlement (OTS) policy, the design approval for the Authority’s new headquarters, and the introduction of hydrogen-fueled buses in collaboration with NTPC. YEIDA extended the deadline for allottees of residential plots who are unable to start construction due to pending land availability and infrastructure issues.…

Latest StoriesRegulatory

NCLAT Halts Mahagun Insolvency, Orders NCLT to Rehear Case

NEW DELHI: In a significant development for the real estate firm Mahagun, the National Company Law Appellate Tribunal (NCLAT) has annulled the insolvency proceedings against it and instructed the NCLT to reconsider the petition in light of a new status report relating to the projects. A two-member bench of the appellate tribunal noted that the NCLT had overlooked crucial guidelines from the Supreme Court’s ruling in the Mansi Brar Fernandes case, which stipulates that insolvency proceedings for real estate should be project-specific. Additionally, the NCLAT acknowledged an intervention request from various homebuyers associated with different Mahagun projects, seeking to overturn…

Latest StoriesRegulatory

SC orders probe into stalled Greater Noida housing project

NEW DELHI: In a pivotal decision, the Supreme Court on Friday established a one-member committee led by former Allahabad High Court judge Pankaj Naqvi to conduct a thorough inquiry and propose a practical roadmap for a stalled housing project in Greater Noida, Uttar Pradesh. The court ordered an independent probe into a long-standing housing dispute involving the Golf Course Sahkari Awas Samiti (formerly JP Greens Employees Sahkari Awas Samiti) and the Greater Noida Industrial Development Authority (GNIDA). This conflict has impacted hundreds of homebuyers who have been waiting for possession of their apartments for almost two decades. “The evidence clearly…