Category: Latest Stories

Access daily updates on all real estate sectors including residential, commercial, retail, and infrastructure. Stay ahead with market trends, policy changes, investment news, and expert analysis from across the globe.

Housing FinanceLatest Stories

PNB Housing Finance Selects Four Candidates for CEO Role

MUMBAI: PNB Housing Finance, the third-largest housing finance company in India, has shortlisted four candidates for the role of managing director and CEO. Ajai Shukla, chief business officer at Tata Capital Housing Finance, is reportedly the leading candidate, according to sources familiar with the situation. The other contenders include Jatul Anand, executive director at PNB Housing Finance; Sachinder Bhinder, MD & CEO of Aavas Financiers; and Rajan Suri, chief business officer at Aditya Birla Housing Finance. These names have been submitted to the Reserve Bank of India (RBI) and the National Housing Bank (NHB) for consideration, as regulatory approval is…

IndustryLatest Stories

Odisha: Tehsil Office Land Registration Starts November 1

BHUBANESWAR: The Odisha government is set to decentralize property registration by launching land registration services at tehsil offices across the state starting November 1. Revenue and Disaster Management Minister Suresh Pujari announced on Thursday that Chief Minister Mohan Charan Majhi will inaugurate the initiative, which will initially cover 44 tehsils, with plans to expand to all 273 by December. The new system enables citizens to book registration slots online and conduct sale deed transactions at their local tehsil offices, eliminating the need for trips to district-level sub-registrar offices. Existing registration services at sub-registrar offices will continue to operate alongside the…

CommercialLatest Stories

Mangaluru: ₹135 Crore Tender for Tech Park in PPP Model

MANGALURU: Often called the ‘Silicon Beach of India’, the city will soon see its first purpose-built tech park at Survey No. 129-1A, Blueberry Hills Road, Derebail. The Karnataka State Electronics Development Corporation (KEONICS) has initiated a tender process, with submissions open from October 29 to December 15. This project aims to create a commercial office tech park featuring grade-A building specifications, under a public-private partnership (PPP) model. The development and management will follow a design-build-finance-operate-transfer (DBFOT) approach, with the project’s value estimated at Rs 135 crore, which is expected to generate approximately 11,000 jobs. According to the transaction adviser for…

IndustryLatest Stories

Bengaluru Allows 15% Regularization for Minor Building Deviations

BENGALURU: In a significant development, the Karnataka government has granted relief to building owners statewide who have deviated by up to 15% from their sanctioned plans. Owners can now apply for revised plans by paying a designated fine that corresponds to the extent and nature of their deviations. While this current order does not cover the Greater Bengaluru Area (GBA), residents can look forward to potential good news. The town planning unit in GBA is working on a similar draft bill aimed at regularizing building deviations of up to 15% in Bengaluru. Officials stated that since the GBA is not…

Latest StoriesRegulatory

Nagpur Civic Body Targets Property Tax Defaulters with Tech Warrants

NAGPUR: In a decisive effort to address rising property tax arrears, the Nagpur Municipal Corporation (NMC) has initiated a rigorous enforcement campaign utilizing technology to identify habitual defaulters. Municipal Commissioner Abhijeet Chaudhari has instructed the property tax department to actively pursue overdue payments, leading to the implementation of a new automated warrant alert system for those who neglect tax notices, as stated by Deputy Municipal Commissioner (Revenue) Milind Meshram. The NMC is facing challenges in generating funds for essential projects. Disturbingly, data reveals that 261 prime property owners across the city have defaulted on property tax payments exceeding ₹25 lakh…

IndustryLatest Stories

Karnataka Builders Hit with Heavy Fines for Plan Violations

BENGALURU: The Karnataka government has updated the penalty rates for buildings that have been constructed against approved plans within urban local bodies. A recent government directive allows these buildings to obtain revised plans if they pay a specified fine, provided that deviations are within 15 percent of the sanctioned setback limits. Under the new regulations, residential, industrial, and other non-commercial structures in Town Panchayat areas will incur a fine of ₹1,000 per square metre, while commercial buildings will face a penalty of ₹1,500 per square metre. For Municipal Council areas, the fines are set at ₹1,200 and ₹1,800 respectively; in…

InfrastructureLatest Stories

HYDRAA Demolishes Five-Storey Illegal Building in Miyapur

Representative AI image HYDERABAD: On Saturday, the Hyderabad Development and Regulatory Authority (HYDRAA) demolished a five-storey building illegally erected on government land in Miyapur. Officials stated that the structure encroached upon land designated for the Hyderabad Metropolitan Development Authority (HMDA). According to HYDRAA officials, the building’s developers, including Ellareddy of Bhanu Constructions, initially purchased Plot No. 126, covering 400 square yards in a certified HMDA layout in Ameenpur. However, they subsequently encroached upon adjacent government property in Miyapur, expanding their claim to nearly 473 square yards of HMDA land. The developers are alleged to have fabricated fraudulent Layout Regularisation Scheme…

IndustryLatest Stories

No 40% Rate Hike Yet, Ghaziabad Adjusts Shop Rates

GHAZIABAD: The district administration has opted not to implement the proposed property circle rate increase of up to 40%, instead making only minor adjustments to last year’s rates to correct “technical anomalies”. The new rates, which remain largely the same as those from 2024, were sanctioned by District Magistrate Ravindra Mandar on October 31 and took effect on November 1. A September proposal had suggested a 5-15% increase in residential plot values, with a 10-40% hike in flat rates based on location, and potential increases of up to 40% for large integrated townships like Wave City. There were also recommendations…

Latest StoriesResidential

Bhubaneswar: BDA Orders Defaulting Homeowners to Pay Fees

BHUBANESWAR: To protect the interests of allottees of a major housing project in the city, the Bhubaneswar Development Authority (BDA) has reaffirmed its earlier decision, requiring occupants with outstanding monthly maintenance fees to settle dues exceeding Rs 2 lakh within a month. Some occupants have refused to pay these fees, arguing that the project is still under the builder’s control and has not been fully handed over to the association, claiming that there is no registered association of allottees per legal requirements. Nevertheless, the project located in Sijua, Patrapada, was among the first to receive its occupancy certificate and established…

Latest StoriesRera

Karnataka RERA to Check Projects Under New Closure Policy

BENGALURU: The Karnataka Real Estate Regulatory Authority (Rera) is set to implement a project closure policy, making it the second state in India to do so, following Odisha. The purpose of this policy is to enhance transparency and accountability in builders’ submissions while safeguarding homebuyers. It mandates that projects can only be closed after all statutory and service-related compliance is verified. Until now, the authority has only recorded self-declared project completions from promoters without any verification, even since its establishment in 2016. K-Rera chairman Rakesh Singh informed TOI that the new policy aims to ensure clear communication and accountability from…