Category: Latest Stories

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IndustryLatest Stories

Nisus Finance Exits Bengaluru Project with 23% IRR in 2 Years

Nisus Finance, an alternate fund manager and urban infrastructure investment firm, has successfully exited Project High Cliff, a late-stage residential development in Bellandur, Bengaluru. This investment was made through rated, listed non-convertible debentures under its Real Estate Special Opportunities Fund-1 (RESO-1), yielding an Internal Rate of Return (IRR) of 23% over two years. Project High Cliff covers 1.4 acres with a saleable area of approximately 240,000 sq. ft., featuring 196 units in 1, 2, and 3 BHK configurations aimed at affordable and mid-income buyers. “High Cliff exemplifies a special situation where structured capital can create significant value — strong demand…

IndustryLatest Stories

Jaipur: JDA Demolishes Building; Owners Claim JMC Approval

JAIPUR: The Jaipur Development Authority (JDA) demolished a six-storey building under construction in Malviya Nagar on Sunday due to a lack of building permission. The owners claimed that the Jaipur Municipal Corporation (JMC) had approved their building plan and other necessary permissions. This incident has highlighted the questionable coordination between the city’s civic bodies, as the owners stated they invested Rs 1.25 lakh to secure the requisite JMC approvals. JDA DIG Rahul Katakey explained that the land belonged to JDA, and the owners did not provide proof of JDA’s sanction. “They only presented us with approval from JMC. The structure…

IndustryLatest Stories

Punjab Governor Reviews Key Land and Housing Projects

CHANDIGARH: On Sunday, Punjab Governor and UT Administrator Gulab Chand Kataria visited several project sites in the UT, assessing major housing initiatives, development projects, bulk material locations, and group housing areas. Sites Inspected The governor inspected various locations, including the IT Habitat project in IT Park, Manimajra (pocket 6), Sanjay Colony in Industrial Area Phase-I, the government housing site in Sector 43, and the Chandigarh Housing Board project site in Sector 53. Particular attention was paid to the 70-acre mixed-use development at the Sub-City Centre and the reclaimed Furniture Market land in Sector 54 to ensure proper zoning and future-oriented…

Latest StoriesRegulatory

Madras HC Examines CMRL’s ₹93 Crore Payment to Landowners

CHENNAI: The Madras High Court has ordered an investigation into the ₹93.4 crore compensation disbursed by the Chennai Metro Rail Limited (CMRL) for the acquisition of 20.6 acres of land in 1975. This decision comes after setting aside various appeals related to the matter. A division bench consisting of Justices S.M. Subramaniam and Mohammed Shaffiq issued this order on Friday, responding to appeals from CMRL, Chennai Metropolitan Development Authority (CMDA), and others. The case pertains to the acquisition of land in Koyambedu for a housing scheme in 1975, which was later designated for the Koyambedu market and bus terminus projects.…

IndustryLatest Stories

Bengaluru body suggests strict fines for vacant properties

BENGALURU: The Bangalore Development Authority (BDA) is set to implement a one-time 10% non-construction fine for allottees who fail to build homes within three years of receiving their plots. Officials emphasized that the rule will be strictly enforced, with sale deeds not issued until construction is completed. This initiative primarily targets beneficiaries who have either neglected to build homes or engaged in illegal plot transfers, despite significant increases in land values. Notably, Arkavathy and Nadaprabhu Kempegowda Layout (NPKL) are exempt from this rule due to delays and incomplete infrastructure that hindered construction for allottees. Under the BDA scheme, plots were…

IndustryLatest Stories

Center to Resolve Chandigarh’s Policy Issues

CHANDIGARH: Union Home Secretary Govind Mohan will convene a high-level meeting with Chandigarh’s top bureaucrats on Monday to address various longstanding issues that have puzzled the administration for nearly two decades. The meeting aims to tackle problems affecting thousands of residents, including those in urban areas, rehabilitation colonies, and Chandigarh Housing Board (CHB) areas, as well as local businessmen and industrialists. The discussions will align with existing regulations and the Chandigarh Master Plan, 2031 (CMP-2031). Following this meeting, Union Home Minister Amit Shah will engage with UT officials on related topics, with the meeting expected to occur in New Delhi…

Latest StoriesRegulatory

Allahabad HC: No Home Demolition Without Due Process

MEERUT: Emphasizing that “no home should be demolished without due process,” a division bench of Justices Ajit Kumar and Satyavir Singh from the Allahabad High Court (HC) has put a stop to the demolition of 27 homes in the Shahabad area of Bareilly, instructing city officials not to take any coercive actions “until a final order is issued by the competent authority.” The bench closed the writ with explicit instructions: “Each petitioner is required to submit an individual reply within four weeks, and the relevant authority must address the matter within two months, providing a reasoned, speaking order after a…

IndustryLatest Stories

Builders unhappy with Punjab property law changes, citing sales slowdown

BATHINDA: Promoters of housing projects in Punjab are expressing discontent over a recently issued notification under the Punjab Apartment and Property Regulation Act (PAPRA), 1995. They argue that the new regulations will hinder development efforts, consequently affecting the state’s revenue from property transactions. This notification seeks to enhance transparency by prohibiting the partial acquisition of land for projects before development begins. It also imposes strict regulations regarding the collection of external development charges. Prospective buyers, in contrast to realtors, believe that these changes offer them greater choice and transparency, safeguarding them from being overcharged and decreasing price volatility in plot…

Latest StoriesRegulatory

Ludhiana: GK Group Chairman, Sons Face Separate Cases

LUDHIANA: Police have filed two distinct cases of alleged property fraud against the family members of the GK Group, a prominent real estate company based in Sangowal village. The group’s chairman, Gulshan Kumar, along with three of his sons, has been named as accused in the FIRs. The GK Group is acknowledged as a significant player in the local real estate market. According to police, investigations are ongoing in both cases; however, no arrests have occurred yet. The first case concerns land encroachment near a petrol pump, where complaints were lodged against Gulshan Kumar and his sons, Rohit Kumar and…

Latest StoriesRera

Karnataka RERA: Builders Must Insure Common Areas or Cover Repairs

BENGALURU: The Karnataka Real Estate Regulatory Authority (K-Rera) has issued a directive emphasizing that builders must insure common areas to avoid covering repair costs for disasters themselves. In a recent ruling, K-Rera instructed the developers of an apartment complex on Kanakapura Road to provide all insurance documentation for the project within 30 days, partially addressing a complaint regarding a fire incident that damaged the Block 4 clubhouse. The complaint arose from a fire on January 30, 2024, when resident Dhananjaya noticed smoke emanating from the clubhouse. The blaze destroyed the ladies’ washroom and sauna. Despite repeated requests for repair or…