Category: Latest Stories

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Latest StoriesRegulatory

Lucknow’s Sahara Group land in Gomtinagar sealed by civic body

Representative image LUCKNOW: The Lucknow Municipal Corporation (LMC) has initiated the sealing of 170 acres in Gomtinagar, which includes the well-known Subrato Kothi owned by the Sahara Group. Signage indicating the area is sealed has been placed on-site. This action comes after an extensive inquiry led by Municipal Commissioner Gaurav Kumar, uncovering numerous violations of licensing and lease agreements. The land was originally allocated to Sahara India Housing Limited in 1994 for residential and green belt development, intended for housing plots and a planned community. However, in 1997, the LMC issued a cancellation notice for the license deed due to…

Latest StoriesRegulatory

Sebi, stock exchanges drop fines on Unitech

The Securities and Exchange Board of India (Sebi), along with the NSE and BSE, has decided to waive fines and penalties previously imposed on Unitech due to non-compliance issues linked to its former management, according to the government-appointed board of the embattled real estate firm. The leading stock exchanges have also lifted trading restrictions on Unitech securities. Starting October 7, Unitech Ltd’s securities will be transitioned from the restricted Z category to the actively traded B category on the BSE, while the NSE will move the company from the restricted BZ series to the default EQ series. “Shareholders have long…

Latest StoriesRegulatory

DTCP Launches Sealing Drive in Gurugram’s Sushant Lok 2 & 3

GURUGRAM: This week, the district town planner (enforcement) will initiate a significant sealing drive in Sushant Lok-2 and Sushant Lok-3, targeting unauthorized commercial activities and illegal constructions. Over 60 properties have received restoration orders, as many owners did not comply within the 10-day deadline. The sealing will occur in phases. Notices had already been issued to 24 properties running businesses like salons, guesthouses, and coaching centers, along with 36 properties found to have structural violations in stilt and setback areas. The enforcement effort in Sushant Lok-2 and 3 forms part of the DTCP’s broader plan to tackle encroachment in licensed…

Latest StoriesResidential

Pankaj Tripathi Buys Two Mumbai Apartments for ₹10.85 Crore

NEW DELHI: Actor Pankaj Tripathi, along with his wife Mridula and daughter Aashi, have acquired two apartments in Mumbai worth a total of ₹10.85 crore. The first unit, bought by Pankaj and Aashi for ₹9.98 crore, is situated in the Seabliss Building in Andheri West. This information comes from property registration documents reviewed by Square Yards. It boasts a RERA carpet area of 188.22 square meters (2,026 sq ft) and a total area of 220.36 square meters (2,372 sq ft), including three designated parking spaces. A stamp duty of ₹59.89 lakh and a registration fee of ₹30,000 were attached to…

InfrastructureLatest Stories

Ahmedabad to Launch 7 New Town Planning Schemes

AHMEDABAD: During the Ahmedabad Urban Development Authority (AUDA) board meeting on Tuesday, it was decided to establish seven new Town Planning (TP) Schemes in the villages surrounding the city. AUDA announced that with Ahmedabad gearing up to host the Commonwealth and Olympic Games, these new TP schemes aim to facilitate rapid and systematic development in satellite areas. The planned TP schemes will be developed in the villages of Saij, Godhavi, Kaneti, Nidhrad, and Manipur, located within the AUDA jurisdiction. This initiative will urbanize approximately 1,000 hectares in these regions, making way for essential infrastructure and new road construction. Published On…

Latest StoriesRegulatory

Gujarat HC Penalizes Flat Owners for Redevelopment Delay

AHMEDABAD: The Gujarat High Court has levied a fine of ₹1 lakh on dissenting members of Surya Apartments-2 for attempting to obstruct its redevelopment via litigation, which led the court to label their actions as creating an “artificial emergency” for an expedited hearing. Surya Apartments-2, constructed in 1987 by the Gujarat Housing Board on Sola Road, Ahmedabad, has 132 flat owners, of which 110 consented to the redevelopment, meeting the necessary legal requirements. The GHB, a co-lease owner, also supported the project in 2022. However, 34 dissenting members contested this decision in civil court, which on September 2 declined to…

Latest StoriesResidential

Tenant registrations can now be cleared at any district sub-registrar.

PUNE: The state property registration department has implemented a measure to expedite online leave and license registrations, allowing tenant agreements to be processed at any sub-registrar office within a district instead of being confined to specific taluka offices. The change, part of the One District, One Registration initiative, will take effect on October 2, as announced by officials on Monday. “This will facilitate faster clearance of tenant registration documents, reducing pendency across the state,” said a senior official following a departmental review. Previously, residents had to rely on their designated local sub-registrar office, leading to a disparity in workloads—some offices…

Latest StoriesRegulatory

Bombay HC Dismisses MIDC’s Petition on Nashik SEZ Land

The Bombay High Court has dismissed a petition from the Maharashtra Industrial Development Corporation (MIDC) aimed at evicting Indiabulls Industrial Infrastructure from a special economic zone (SEZ) project in Sinnar, Nashik. The ruling upheld prior interim relief granted by the Nashik district judge, which had suspended MIDC’s eviction order from February 29, 2024. Indiabulls Industrial Infrastructure (IIIL) is now part of Embassy Developments. The dispute traces back to 2007 when MIDC and Indiabulls signed an agreement to develop nearly 2,500 acres into an SEZ. MIDC held an 11% equity stake, while Indiabulls retained 89%. Lease agreements were executed from 2007…

CommercialLatest Stories

WeWork India Reports ₹14.14 Crore Loss Ahead of IPO

NEW DELHI: WeWork India, a major player in co-working spaces, is set to launch its Initial Public Offering (IPO) this week. The company has reported a loss of Rs 14.14 crore for the first quarter of this fiscal year, despite an increase in revenue, driven by robust office demand. The loss in the same quarter last year was Rs 29.17 crore. WeWork India’s revenue from operations rose by 19% to Rs 535.31 crore in the April-June quarter, compared to Rs 448.65 crore during the same period last year, as indicated in the latest Red Herring Prospectus (RHP) submitted to SEBI.…

IndustryLatest Stories

DLF Cyber City Secures ₹1,100 Crore via NCDs

NEW DELHI: DLF’s rental arm, DCCDL, has successfully raised Rs 1,100 crore by issuing non-convertible debentures through a private placement. According to a regulatory filing on Tuesday, the securities allotment committee of DLF Cyber City Developers Ltd (DCCDL) approved the allotment of 1,10,000 Non-Convertible Debentures (NCDs) totaling Rs 1,100 crore to eligible investors. These NCDs come with a coupon rate of 6.91 percent per annum, payable quarterly. DCCDL is a joint venture involving DLF and Singapore’s sovereign wealth fund GIC, with DLF owning nearly 67 percent of the partnership. The company has a vast operational portfolio, encompassing 44 million sq…