Category: Latest Stories

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Latest StoriesRegulatory

Thane Bribery Case: Third Accused Surrenders to ACB

THANE: An individual involved in the Thane Municipal Corporation bribery case surrendered to the Maharashtra Anti Corruption Bureau on Friday. Following this, a local court has placed him in police custody until October 6, according to an official. The accused has been identified as Sushant Surve. During a raid at the civic headquarters on October 1, Deputy Municipal Commissioner Shankar Patole and a private individual named Omkar Gaikar were arrested by the Anti-Corruption Bureau (ACB). A real estate developer, Abhijit Kadam, who has development rights for a plot in Vishnu Nagar, Naupada, reported to the Mumbai ACB that Patole allegedly…

Latest StoriesResidential

Ahmedabad Dussehra Sales Hit by Property Price Drop

AHMEDABAD: The real estate market in Ahmedabad is witnessing a slowdown this Dussehra, with demand remaining low. Experts attribute this trend to an oversupply in certain regions and rising property prices, marking this festive season as the weakest since the COVID-19 pandemic. The Confederation of Real Estate Developers’ Associations of India (CREDAI) Gujarat is hopeful for a rebound in demand, considering the potential for Ahmedabad to host the Commonwealth Games as a possible trigger. Pravin Bavadiya, former president of the Ahmedabad Realtors’ Association, stated, “While the city saw significant demand post-COVID, the current market is challenged by oversupply and escalating…

IndustryLatest Stories

Eldeco Infrastructure Files DRHP for ₹1,000 Cr IPO

NEW DELHI: Eldeco Infrastructure and Properties has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) as part of its initial public offering (IPO) initiative. The offering includes a combination of fresh share issues totaling ₹800 crore and an offer-for-sale amounting to ₹200 crore from promoter selling shareholders. Each equity share carries a face value of ₹5. The promoters, Pankaj Bajaj and Bandana Kohli, are selling equity shares worth ₹102 crore and ₹98 crore, respectively, each with a face value of ₹5. The company may also consider a pre-IPO placement of up to…

Latest StoriesRegulatory

Mumbai: Developer Must Refund Homebuyers for Canceled Flats

MUMBAI: A recent case underscores the challenges homebuyers face with stalled real estate projects. The Maharashtra State Consumer Disputes Redressal Commission (SCDRC) in Mumbai has ordered a developer and its directors to refund over ₹45 lakh plus ₹15 lakh in interest to a couple who had their flat allocation canceled in a Wadala housing project they opted for back in 2014. Sharmistha Ray and Manabendra Nath Ray, residents of Wadala, had initially sought 18% annual interest on their payment but agreed to 9% before the commission, which was the initial rate offered by the developer. The commission found Vijaykamal Properties…

Latest StoriesRegulatory

Mohali Civic Body Eyes New Taxes to Alleviate Financial Crisis

MOHALI: The financially struggling Mohali Municipal Corporation (MC) is considering new taxes and adjustments to existing ones in order to sustain civic projects. Currently, the MC has just Rs 15 crore available, while it has projects worth Rs 40 crore poised for allotment. MC commissioner Parminderpal Singh Sandhu disclosed this challenging situation during a recent meeting, conceding that the organization cannot fulfill the city’s development requirements. He criticized Gmada for not providing financial assistance, which has left the MC reliant on limited resources. Sandhu stated, “We need to implement new taxes to enhance our revenue. The Mohali MC is facing…

Latest StoriesRegulatory

Thane Deputy Commissioner and Aide Arrested for Bribery

THANE: Shankar Patole, the deputy commissioner of the Thane Municipal Corporation (TMC), along with local resident Omkar Gaikar, were arrested by the Mumbai Anti-Corruption Bureau (ACB) late Wednesday for allegedly accepting a bribe from a developer. The Thane court has remanded them to police custody until October 4. Patole, who heads the TMC’s anti-encroachment unit, was reportedly caught in his office just hours after the civic body celebrated its 43rd foundation day. The ACB took action based on a complaint from a Mumbai-based real estate developer, accusing Patole of demanding a bribe to facilitate the clearance of illegal encroachments on…

IndustryLatest Stories

Goa: GIDC Leases 28 Strategic Plots in Panchawadi & More

Representative image PANAJI: The Goa Industrial Development Corporation (GIDC) has made 28 industrial plots available for lease across five industrial estates in Goa. GIDC Managing Director Pravimal Abhishek emphasized that these plots present a “strategic” investment opportunity for entrepreneurs. The plots, located in Pissurlem, Honda, Sanguem, Panchwadi, and Kundaim, are aimed at new industrial investments as well as the expansion of existing businesses. Sizes range from 907 sqm to 2,689 sqm, suitable for small and medium manufacturing operations. The Panchwadi Industrial Estate offers the most plots, with 10 available, while Sanguem has seven. Pissurlem features three and Honda five plots,…

IndustryLatest Stories

Noida Authority Board to Discuss Unified Policy, Budget on Oct 3

NOIDA: The Noida Authority board will discuss over 35 proposals, including amendments to the Unified Policy that aims to standardize land norms across the three development authorities in the upcoming meeting on Friday. The meeting will be chaired by the industrial development commissioner and Noida Authority chairman, Deepak Kumar. Key topics include establishing a 300 TDP integrated waste management plant and budget allocation for the Noida International Airport. Officials have stated that the Unified Policy’s goal is to unify land regulations across Noida, Greater Noida, and YEIDA, which will enhance consistency in allotment and development operations. The board is anticipated…

InfrastructureLatest Stories

Uttar Pradesh panel may reduce YEIDA to 300 villages

NOIDA: The Uttar Pradesh government has established a panel to assess the jurisdiction of YEIDA, which encompasses 1,149 villages from Gautam Budh Nagar to Agra, covering an area of 3.35 lakh hectares—almost three times the combined area of Noida and Greater Noida, which is 1.12 lakh hectares. The committee will consider reducing YEIDA’s scope to approximately 300 villages, aiming to balance long-term planning with immediate developmental requirements while ensuring that residents and investors in areas outside the approved master plans are not stuck awaiting necessary approvals or infrastructure. YEIDA CEO RK Singh commented that the panel’s goal is to create…

IndustryLatest Stories

Developers in Gurugram’s Matri Van Earn Green Credits for Trees

GURUGRAM: Developers planting trees in the Matri Van area can now earn green credits, announced Union Environment Minister Bhupender Yadav on Thursday. The Matri Van covers approximately 750 acres in the Aravali range. Initially launched as a “memory forest” for organizations and companies to plant saplings in honor of loved ones or under corporate social responsibility (CSR) initiatives, the project has transitioned from a symbolic effort to one where planted saplings can yield credits—akin to carbon credits—that can be sold or used against future environmental obligations. Yadav noted that plantations achieving 40% crown cover on degraded lands within five years…