Category: Latest Stories

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Latest StoriesRegulatory

Gurugram: ED Seizes ₹50 Crore in Assets from Ocean Seven Buildtech

Representative image NEW DELHI: The Enforcement Directorate (ED) has seized a villa, a hotel, a resort, along with several land parcels and deposits exceeding Rs 50 crore as part of a money laundering investigation concerning a fraud involving homebuyers tied to Gurugram’s Ocean Seven Buildtech Pvt Ltd (OSBPL). The ED’s statement indicated that Swaraj Singh Yadav, the company’s promoter, was instrumental in orchestrating this fraudulent scheme by misappropriating funds gathered from homebuyers intended for housing construction. Yadav was arrested in November as part of the ongoing investigation. The assets seized include a villa, hotel, resort, multiple office spaces, and several…

IndustryLatest Stories

Lodha Developers’ Q3 FY26 Sales Up 25% to ₹5,620 Crore

NEW DELHI: Lodha Developers announced quarterly pre-sales of ₹5,620 crore for Q3 FY26, reflecting a 25% increase year-on-year. The company is on track to meet its annual pre-sales target of ₹21,000 crore. Collections for Q3 FY26 were ₹3,560 crore, which is lower compared to the same period last year due to unique inflows from significant land and office sales recorded in Q3 FY25. However, the company anticipates an increase in collections in the forthcoming quarters. During the quarter, five new projects were launched with a gross development value (GDV) of ₹33,800 crore across the Mumbai Metropolitan Region (MMR), NCR, and…

IndustryLatest Stories

Uttar Pradesh Cuts Rent Agreement Stamp Duty by 90%

LUCKNOW: The Uttar Pradesh Cabinet has approved new proposals allowing the registration of ancestral property partition deeds for a fixed fee of Rs 10,000. Additionally, the stamp duty and registration charges on rent agreements will be reduced by up to 90 percent. The State’s Minister of State (Independent Charge) for Stamp and Court Fee, Registration, Ravindra Jaiswal, shared this information during a press briefing after the Cabinet meeting led by Chief Minister Yogi Adityanath. The objective of these decisions is to alleviate family disputes, curtail informal agreements, and enhance legal security, thereby improving the ease of living in Uttar Pradesh,…

Latest StoriesResidential

One Arrested in ₹2 Crore PMAY Fraud with 100+ Victims

AHMEDABAD: Promised with no government forms or lotteries, more than 100 women from underprivileged backgrounds fell victim to a significant scam, losing over Rs 2 crore in total. The accused, Neel Madhav Patel, reportedly claimed to have direct access to housing allocations under the Pradhan Mantri Awas Yojana (PMAY). Sunita Bhandari, a 27-year-old domestic worker from Paldi, approached the city police commissioner to report how Patel deceived her. She claimed that she was not alone, with around 100 other female victims also affected. Based on her report, the Detection of Crime Branch (DCB) filed an FIR on Monday. Patel assured…

Latest StoriesRegulatory

Hyderabad Police Files Chargesheet in 19 Sahiti Infratech Cases

HYDERABAD: Central Crime Station (CCS) investigators have filed a chargesheet against 13 individuals in connection with 19 cases registered against Sahiti Infratech Ventures India Pvt Ltd in 2022. The CCS’s investigation covers a total of 57 cases against the company and its directors, with additional chargesheets expected after further investigation. On Monday, a team led by ACP KM Kiran Kumar, under DCP N Swetha’s supervision, submitted a 155-page chargesheet citing 294 witnesses to the metropolitan sessions judge in Nampally. This chargesheet includes the primary case registered at CCS on August 1, 2022, alongside 18 other re-registered cases linked to the…

IndustryLatest Stories

Railway secures ₹1,368 crore bid for 6-acre land in Mumbai

Representative Image The Railway Land Development Authority (RLDA) has received a bid of Rs 1,368 crore for redeveloping the Supari Baug colony, a nearly six-acre land parcel located in central Mumbai’s Parel area, according to sources familiar with the matter. Dineshchandra R Agrawal Infracon is the sole bidder for this land, which will be redeveloped under a revenue share model through a long-term lease. The reserve price for the plot, which will be granted via a 99-year lease, was set at Rs 1,343 crore. The Supari Baug tender initially garnered interest due to its size and prime location in Parel,…

Housing FinanceLatest Stories

RBI Urges NBFCs, HFCs to Uphold Underwriting Standards

Sure! Here’s a rewritten version of the content you provided: MUMBAI: On Monday, Reserve Bank Governor Sanjay Malhotra emphasized the necessity for robust underwriting standards and meticulous asset quality monitoring during a meeting with senior officials from selected non-banking financial companies (NBFCs). This engagement is part of the Reserve Bank’s ongoing dialogue with regulated entities. The Governor convened with managing directors and chief executive officers (MDs and CEOs) of various NBFCs, including government-backed firms, housing finance companies (HFCs), and microfinance institutions. In his opening remarks, the Governor acknowledged the vital role NBFCs and HFCs play in promoting credit flow. He…

InfrastructureLatest Stories

Kolkata Civic Body Launches Drive to Demolish Unsafe Buildings

KOLKATA: In response to the Shamsul Huda Road building collapse, the Kolkata Municipal Corporation (KMC) is initiating a comprehensive campaign to demolish unsafe and decrepit buildings throughout the city. The KMC Buildings Department plans to use specific powers to demolish structures posing risks to both residents and pedestrians. An official from the KMC Buildings Department disclosed that assistance will be sought through an express order—authorized under section 411(4) of the KMC Buildings Rule—allowing the civic body to dismantle unsecured portions of dilapidated structures deemed irreparable. A prior survey identified buildings vulnerable to collapse, particularly during heavy rainfall. “We have identified…

Latest StoriesRegulatory

SC Requests Uttarakhand to Report on Illegal Forest Land Constructions

NEW DELHI: The Supreme Court criticized the Uttarakhand government for “persistent negligence” and requested a detailed report including a site plan that outlines illegal constructions on forest land in the state. A bench consisting of Chief Justice Surya Kant and Justice Joymalya Bagchi highlighted their serious concerns over the large-scale and systematic encroachment on forest land in Uttarakhand. They indicated plans to broaden the scope of legal proceedings to investigate the failure of state authorities to protect these lands. The court remarked that state officials seemed to collude with land grabbers, allowing encroachments and then attempting to legitimize them through…

Latest StoriesRegulatory

FIR Filed Against Aiko Builders’ Director in ₹30 Crore Scam

MUMBAI: Neeraj Vora, the director of Aiko Builders Pvt Ltd, has been accused of defrauding a construction entrepreneur in Vasai of Rs 30 crore related to a real estate transaction concerning a plot in Mira Road. The Manikpur Police registered a First Information Report (FIR) against Vora on allegations of cheating and forgery. The complainant, Akash Gupta, reported that in 2021, Vora approached him for funding to develop a two-acre parcel of land at Mira Road, promising allocation of 1 lakh sq ft at a price of Rs 2,970 per sq ft. Vora purportedly claimed to own the land and…