Category: Latest Stories

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Latest StoriesRegulatory

NGT Halts Order to Attach Gaursons Promoters’ Office, MD Case

NOIDA: The National Green Tribunal (NGT) has suspended its prior directive to attach the headquarters of Gaursons Promoters Private Limited and initiate criminal proceedings against the company’s managing director, granting temporary relief to the real estate developer. This ruling was made by a bench featuring judicial member Justice Arun Kumar Tyagi and expert member Dr. Afroz Ahmad, following the company’s request to modify or overturn the tribunal’s Dec 16 directive. This directive had been issued during the hearing of an execution application presented by a Greater Noida resident, claiming non-compliance with earlier tribunal orders. Senior advocate A R Takkar, representing…

IndustryLatest Stories

Brookfield India REIT Secures ₹2,000 Cr via Green Bonds

Brookfield India Real Estate Trust has successfully raised Rs 2,000 crore through its first sustainability-linked bonds, with the International Finance Corporation (IFC) as a key anchor investor, according to sources familiar with the matter. Other notable subscribers include a mix of domestic and international institutional investors. The listed REIT is set to issue the bonds with a quarterly coupon of 7.06% over a tenure of five years. This marks the second fundraising effort by Brookfield India REIT in two weeks, following a Rs 3,500 crore equity offering through a qualified institutional placement (QIP) from both domestic and global investors earlier…

Latest StoriesResidential

Property Tax to Increase for 5,000 Households in Patna

PATNA: The urban development and housing department (UDHD) has upgraded 19 main roads to the ‘principal main road’ (PMR) category, affecting over 5,000 households who will now face approximately 1.5 times higher residential property taxes. This significant change in property tax assessment for the Patna Municipal Corporation (PMC) comes after UDHD’s approval. The UDHD announced the upgrade of roads on May 19, leading to the PMC’s notification on December 2. A list of 112 newly classified roads has been released by the PMC. Of these, 43 roads are now designated as PMRs, and 69 are classified as main roads. Prominent…

IndustryLatest Stories

Two REITs Set for Debt Sales This Month, Sources Say

MUMBAI: Two Indian real estate investment trusts (REITs) are preparing to enter the bond market in the coming days, concluding a year characterized by record issuances from income-generating real estate operators, according to sources familiar with the matter. Merchant bankers note that bonds generally come with fewer restrictions compared to bank loans, enabling trusts to allocate funds across multiple properties. Knowledge Realty Trust and Embassy Office Parks REIT aim to collectively raise around 21 billion rupees (approximately $232.8 million) through shorter-tenor debt instruments. Knowledge Realty Trust intends to secure 16 billion rupees through bonds maturing within four years. Meanwhile, Embassy…

Latest StoriesResidential

Lucknow Development Body Starts Plot Registration in Anantnagar

Representative AI image LUCKNOW: The Lucknow Development Authority (LDA) is set to launch the online registration for 637 residential plots as part of its Anantnagar housing scheme, starting December 20 until January 12. According to LDA Vice Chairman Prathamesh Kumar, the application process will be fully online, with plot allotments decided through a lottery system. The available plots vary in size from 112.5 square metres to 450 square metres. The Anantnagar scheme spans 785 acres along Mohan Road and is designed to house approximately 150,000 residents. The project features a grid layout with broad roads and underground electrical wiring to…

IndustryLatest Stories

MPCB Team Assesses Anti-Pollution Measures at Baner Realty Site

PUNE: On Friday, officials from the Maharashtra Pollution Control Board (MPCB) inspected a site for a new residential and commercial project in Baner to determine further actions needed to manage dust and noise levels, as mandated by the National Green Tribunal (NGT) on December 8. MPCB’s Pune sub-regional officer Kartikeya Langote stated, “We have sent field officers Jayant Doke and Sarjerao Bhoi to the project site.” Doke informed TOI, “We have established air quality and noise monitoring stations, which will track these levels for the next 24 hours. We had previously instructed the project proponent to implement measures to mitigate…

Latest StoriesRegulatory

Morbi: FIR Filed Against 8 Builders for Failing Amenities

RAJKOT: A 44-year-old man, Vinod Parmar, has filed a cheating complaint against eight builders and their associates at the Morbi taluka police station. He accuses them of defrauding homebuyers through false promises about basic amenities. Parmar has lodged the case under IPC Sections 420 (cheating) and 114 against individuals including Manish Kalariya, Chintan Gami, and others. According to the FIR, Parmar resides in Mansadham Society at Pipli village, which has 45 homes, while Mansadham 2, Gokuldham Society, and Trilokdham Society collectively include around 300 houses—all constructed by the accused builders. He purchased a house for ₹15.21 lakh on November 9,…

IndustryLatest Stories

Mumbai Builder Accused of Cheating Investor in Mira Road Deal

MUMBAI: Neeraj Vora, Director of Aiko Builders Pvt Ltd, has been accused of cheating a construction businessman from Vasai out of crores in a real estate transaction involving land in Mira Road. The Manikpur police filed an FIR against Vora for charges including cheating and forgery. Complainant Akash Gupta claims that in 2021, Vora solicited funds for the development of a 2-acre, 25.75-guntha property at Mira Road, assuring him of 100,000 sq ft at Rs 2,970 per sq ft. Vora allegedly claimed ownership and indicated that a total investment of Rs 30 crore was necessary. An MoU was signed on…

Latest StoriesRegulatory

ED Arrests MD of Jayathri Infrastructures in Fraud Case

HYDERABAD: The Enforcement Directorate (ED) has apprehended Kakarla Srinivas, Managing Director of Jayathri Infrastructures India Pvt Ltd in Hyderabad. He is a key suspect in a multi-crore real estate pre-launch scam that reportedly defrauded numerous homebuyers. Srinivas, who had been evading arrest for several months, was captured by the ED’s Hyderabad unit in Chennai on Thursday evening. He was presented before the special PMLA court in Rangareddy on Friday and was remanded in judicial custody until December 31. The case revolves around alleged money laundering associated with extensive cheating of homebuyers and investors. The ED initiated an investigation under the…

IndustryLatest Stories

Uttar Pradesh Grants Housing Authorities Land Use Flexibility

Representative image created by AI LUCKNOW: To enhance urbanization, the state government has empowered housing development authorities by allowing them to authorize changes in land use. If a significant parcel of land is needed for a new township, the governing board of housing authorities can reclassify agricultural land for different purposes. Housing schemes will be introduced in 20 major cities across the state under the Chief Minister’s township policy, including Gorakhpur, Aligarh, Agra, Bareli, Jhansi, Ayodhya, Meerut, Varanasi, Moradabad, Kanpur, Saharanpur, Mathura, Firozabad, Lucknow, Bulandshahr, Banda, Ghaziabad, Hapur, Baghpat, and Rampur. This amendment will also assist regulatory authorities in acquiring…