Category: Latest Stories

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IndustryLatest Stories

One Lakh Patta Holders Affected; Ramsar Freeze Halts South Chennai Growth

CHENNAI: Over 100,000 patta holders in South Chennai are facing a housing and ownership crisis due to construction valued at approximately ₹1 lakh crore being stalled. This is largely a result of the CMDA freezing planning approvals surrounding the Pallikaranai Ramsar site last October, according to the Confederation of Real Estate Developers’ Associations of India (CREDAI). During a press conference on Tuesday, CREDAI urged the CMDA to reconsider the 1-km Ramsar influence zone that covers 3,358 hectares (8,397 acres), which has made large areas of Velachery, Pallikaranai, Perungudi, Sholinganallur, and Perumbakkam unviable for future construction. Viswajith Kumar, vice-president of CREDAI’s…

IndustryLatest Stories

Kolkata Lifts G+4 Construction Ban, Prioritizes High-Rise Safety

KOLKATA: In a significant development for owners and developers of buildings up to five stories (G+4) and high-rise projects in Kolkata, the KMC has revised a notification issued last Friday, allowing the resumption of construction for five-storey structures and enabling high-rise projects to finish essential safety work without restrictions. Since June 24, all construction activities were suspended due to the tragic collapse of an under-construction warehouse in Taratala, resulting in the deaths of 16 workers. Following this incident, the government halted further construction and mandated a safety audit for all projects. The following day, both the Chief Minister and the…

IndustryLatest Stories

LDA to Audit Fire Safety of 800,000 Buildings in Lucknow

LUCKNOW: In response to the recent Aliganj fire incident, the Lucknow Development Authority (LDA) is set to conduct fire safety audits for approximately 800,000 residential and commercial buildings throughout the city. The authority plans to engage a private agency for this initiative, starting with LDA-developed colonies and gradually expanding to other areas. The audit will evaluate various fire safety aspects, including the state of electrical wiring, power load, setback space availability, roof stair access, door and window quality, lane width, proximity to water sources, nearest fire station distance, and positioning of air-conditioner units. LDA Vice-Chairperson Prathamesh Kumar stated that each…

Latest StoriesResidential

Mumbai reduces stamp duty on housing lease agreements to 0.5%

MUMBAI: Maharashtra Revenue Minister Chandrashekhar Bawankule announced on Tuesday a significant reduction in stamp duty for 99-year lease agreements for cooperative housing societies in Mumbai. Residential properties will now have a maximum stamp duty of 0.5%, while commercial properties will face a rate of 1.5%. The announcement came in response to a calling attention motion by Atul Bhatkhalkar (BJP), who highlighted that numerous cooperative housing societies have struggled to register lease agreements due to procedural delays and high stamp duty rates. Bawankule stated that the updated policy would offer considerable relief to societies situated on government land leased for 99…

IndustryLatest Stories

SBI Accepts Alternate Plots After Raidurg Land Dispute Resolution

Representative image HYDERABAD: The ongoing dispute between the Telangana government and the State Bank of India (SBI) over a prime five-acre parcel in Raidurg’s Knowledge City is nearing resolution, as the SBI board has approved the government’s offer of alternative land. This approval paves the way for the likely withdrawal of the pending case before the Telangana High Court, removing a significant obstacle related to one of the city’s most valuable land parcels. Government sources revealed that the SBI board approved the proposal during a meeting on June 30, and the official resolution should reach local bank officials in the…

Latest StoriesRegulatory

CBI Files Two Charge Sheets in Homebuyer Fraud Cases

NEW DELHI: The CBI has submitted two chargesheets—one targeting Ithaca Estate Pvt Ltd and the other against LGCL Urban Homes (India) LLP—regarding significant fraud against homebuyers in Bengaluru, officials announced on Tuesday. The central agency has implicated directors of the two companies, as well as officials from HDFC Bank Ltd, ICICI Bank Ltd, and Indiabulls Housing Finance Ltd, in connection with alleged fraudulent activities within a housing project, as stated by a CBI spokesperson. “Both chargesheets have been filed in the designated CBI court in Bengaluru,” the spokesperson added. Investigations suggest that the accused construction firms and their directors, in…

IndustryLatest Stories

Ladakh LG OKs interim land rules, simplifies small plot use

Representative AI image LEH: Ladakh’s Lieutenant Governor, V K Saxena, has approved an interim land-use regulatory framework. This allows plots of up to two kanals within Municipal Committee boundaries to be used for residential, commercial, industrial, or mixed-use purposes without prior approval. However, certain activities are still prohibited without prior approval. These include Red and Orange category industries in commercial zones, as well as slaughterhouses, commercial animal rearing, stone quarries, storage of flammable materials, and burial grounds or crematoria in residential and mixed-use areas, according to an official spokesperson. The new framework aims to eliminate long-standing uncertainty regarding land use…

IndustryLatest Stories

Delhi: CIC Urges MCD to Share Residential Lift Plans Publicly

NEW DELHI: The Central Information Commission (CIC) has recommended that the Municipal Corporation of Delhi (MCD) actively publicize residential lift installation plans, building maps, approvals, and related records. The Commission emphasized that this information holds “recurring public relevance.” According to Information Commissioner Vinod Kumar Tiwari, this initiative will enhance transparency and decrease the need for individual RTI applications. The advice was issued under Section 25 of the RTI Act while addressing a case involving a delay in providing information about lift installations in a residential complex. The Commission highlighted that the information sought pertains to “permissions, sanctions, plans, and related…

Latest StoriesResidential

eClinicalWorks Founder’s Family Buys Luxury Worli Flat at ₹2.5L/sq ft

Representative Image MUMBAI: Radhi Girish Navani, wife of Girish Navani, co-founder and CEO of eClinicalWorks, has purchased a luxury sea-view apartment in Mumbai for ₹162.2 crore, approximately ₹2.5 lakh per square foot, marking it as one of the nation’s priciest residential transactions. The apartment features a RERA carpet area of 6,458 sq ft, which includes a 645 sq ft balcony, and grants the buyer access to four exclusive car parking spaces. The transaction benefited from a 1% stamp duty discount offered to women homebuyers under Maharashtra regulations, with the stamp duty paid totaling ₹8.11 crore for the registration. Located on…

IndustryLatest Stories

Builders in Tamil Nadu Can Register Sales of Properties Online

CHENNAI: The Tamil Nadu registration department will implement its ‘Anywhere registration facility’ for the first sale of plots and flats starting August 17. This system enables builders and developers to register documents digitally without visiting sub-registrar offices. The announcement was made by Commercial Taxes and Registration Minister T. Logesh Tamilselvan after a review meeting with heads of sub-registrar offices, district registrars, revenue officers, and other senior officials at the integrated commercial taxes complex in Nandanam. “This initiative aims to enhance the transparency, efficiency, and accessibility of registration services, while mitigating congestion at sub-registrar offices,” said Logesh Tamilselvan. Under the new…