Category: Latest Stories

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IndustryLatest Stories

RLDA Secures ₹2,250 Crore Bid for 2.5 Acres in Mumbai

Representative image The Railway Land Development Authority (RLDA) achieved a record bid of ₹2,250 crore for a prime 2.5-acre site in Mahalaxmi, South Mumbai, according to sources familiar with the situation. This unprecedented bid sets a new standard for long-term lease rights auctions in India’s real estate sector. The competitive process drew interest from several of the nation’s leading developers, indicating strong investor confidence in prime urban properties. Four major developers competed for the plot. Dineshchandra R Agrawal Infracon emerged as the top bidder with a ₹2,250 crore offer, followed by Sobha Realty at ₹1,232 crore, and Lodha Group with…

InfrastructureLatest Stories

Navi Mumbai Airport to Open on December 25

THANE: After years of planning, the Navi Mumbai International Airport (NMIA) is ready to begin commercial operations on Thursday, promising to reduce travel times, enhance tourism, and draw significant investments to the area. The City and Industrial Development Corporation (CIDCO), the agency responsible for this ambitious aviation project, announced on Tuesday that the airport will manage 30 Air Traffic Movements (arrivals and departures) on its opening day. The launch is expected to ease congestion at the existing Mumbai international airport, contributing to a more efficient multi-airport network in the region. “The opening of the Navi Mumbai International Airport reflects the…

IndustryLatest Stories

Karnataka-RERA Chief Urges Government to Clarify OC-CC Norms

BENGALURU: Rakesh Singh, chairman of the Karnataka Real Estate Regulatory Authority (K-Rera), has called on the state government to establish clear guidelines regarding the interpretation of occupancy certificates (OC) and completion certificates (CC), amidst growing concerns among homebuyers over regulatory ambiguity. In a comprehensive five-page letter, Singh highlighted that inconsistent interpretations of OC and CC across various laws are generating confusion and adversely impacting homebuyers in Bengaluru. Singh noted the differences in definitions of OC and CC in the RERA Act, the Karnataka Municipal Corporations (KMC) Act, the BBMP Act, and the newly implemented Greater Bengaluru Authority (GBA) Act. In…

Latest StoriesRera

West Bengal REAT: GST Refund for Cancelled Flat Deals

KOLKATA: The West Bengal Real Estate Appellate Tribunal has ruled that a home buyer cannot reclaim GST from a developer after a property purchase deal has been terminated. Refund requests must be made directly to the GST authority. In this case, Malabika Bhoumic agreed to purchase a flat at Project ONE-10 on May 25, 2022, and made a partial payment of Rs 9,17,919 towards the total cost of Rs 88,26,140 for the 665 sq ft flat on the 15th floor. The agreement was terminated by the promoter, PS Group Realty Pvt Ltd, on June 16, 2023, due to non-payment of…

Latest StoriesRegulatory

SC Ruling on Supertech Supernova Offers Hope to Buyers

NEW DELHI: The Supreme Court’s recent order to appoint a new developer for the Supertech Supernova project in Noida, which is currently undergoing insolvency proceedings, has sparked renewed hope for countless homebuyers awaiting progress on stalled housing projects. As the construction of several projects has come to a halt during the insolvency process, the Supreme Court has stepped in to protect homebuyers’ interests by appointing a three-member committee to select another builder for the Supernova project, putting all entities under the Insolvency and Bankruptcy Code aside. The committee is tasked with appointing a new developer by evaluating proposals based on…

IndustryLatest Stories

RG Group Revives Greater Noida West Housing Post-Insolvency

NEW DELHI: RG Group has successfully completed the first phase of its previously stalled RG Luxury Homes project in Greater Noida West, following insolvency proceedings. The total construction costs post-NCLT are estimated at around ₹200 crore. Following the project’s admission to the National Company Law Tribunal (NCLT), the developer has refunded approximately ₹95 crore to homebuyers. Post-insolvency, ₹43 crore was infused by the promoter into the project, while banks provided nearly ₹27 crore in construction financing. After NCLT proceedings, the outstanding authority dues amounted to about ₹200 crore, of which ₹60 crore has already been paid. To obtain regulatory approvals…

IndustryLatest Stories

Gurugram Unveils Its First Cooling Action Plan

Representative AI image GURUGRAM: A long-term strategy is underway to combat rising heat stress and increasing air-conditioning demands in the city, incorporating passive design techniques, eco-friendly materials, efficient cooling solutions, and district cooling networks. Gurgaon has unveiled its first ‘Cooling Action Plan’ amid projections of sharply rising cooling demand and emissions by 2050. Commissioned by GMDA, the plan emphasizes methods like green roofs coupled with underfloor cooling systems and minimizing air leakage. “The cooling action plan highlights that implementing passive design, improving building envelopes, and targeted strategies such as green roofs and district cooling can decrease cooling energy consumption by…

InfrastructureLatest Stories

Ahmedabad: Auda Approves Transit Zone Benefits for 4,604 Hectares

Representative AI image AHMEDABAD: The Ahmedabad Urban Development Authority (Auda) has approved a proposal to extend Transit Oriented Zone (TOZ) benefits—including a higher floor space index (FSI) of 4.0 and parking concessions—to 4,604 hectares along ten major city roads. These benefits will also apply in areas where Bus Rapid Transit System (BRTS) corridors are not physically present. A TOZ is a planning tool designed to promote dense, vertical development near mass transport corridors like Metro or BRT, enabling the construction of high-rise buildings ranging from 70m to 100m in height, depending on their plot size and design. This move is…

IndustryLatest Stories

Cabinet Approves New Building Plan Norms for Noida Private Land

LUCKNOW: The Uttar Pradesh cabinet approved the New Okhla Industrial Development Authority (Building Construction on Land Transferred Through Exchange) Regulations, 2025, during a meeting on Monday. This initiative seeks to streamline the building plan approval process on privately owned land in the Noida region. Following the meeting chaired by Chief Minister Yogi Adityanath, the cabinet’s decision enables direct processing of applications for building map approvals on exchanged land by the Noida Industrial Development Authority (Noida Authority), bypassing the courts. According to Industrial Development Minister Nand Gopal Gupta ‘Nandi’, there weren’t clear policies under the existing Noida Building Regulations, 2010, for…

IndustryLatest Stories

Puravankara Acquires 53 Acres in Bengaluru

Representative image NEW DELHI: Puravankara has acquired a 53.5-acre land parcel in Anekal Taluk, Bengaluru. Ashish Puravankara, the company’s managing director, stated, “This acquisition is part of our strategy to systematically enhance our launch pipeline with quality developable land across key micro-markets.” The newly acquired land in Attibele Hobli boasts a saleable area of 6.4 million sq ft, with a potential gross development value (GDV) exceeding ₹4,800 crore. Mallanna Sasalu, CEO – South, highlighted, “Prior to this acquisition, in H1 FY26, we added a total of 6.36 million sq ft of developable area in Bengaluru and Mumbai, translating to an…