Category: Latest Stories

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Latest StoriesRera

Karnataka RERA Chair: Reject Subpar Services, Citizens!

BENGALURU: Rakesh Singh, chairman of the Karnataka Real Estate Regulatory Authority (K-RERA), has warned citizens not to allow promoters to deceive them when purchasing real estate. He emphasized that they should not tolerate subpar services and can reach out to his organization for assistance in case of issues. Singh highlighted the significance of the Real Estate (Regulation and Development) Act, 2016, stating that it marked a pivotal change in India’s property landscape by providing buyers with a legal framework to safeguard their interests. He made these remarks at the RWA Excellence Seminar organized by Nemmadi.in in Bengaluru on Saturday, which…

IndustryLatest Stories

Larsen & Toubro Unifies Real Estate Division as L&T Realty

NEW DELHI: The board of directors at Larsen & Toubro (L&T) has approved the transfer of its real estate business (Realty BU) to L&T Realty Properties, a fully-owned subsidiary, through a slump sale as part of an arrangement scheme. This initiative initiates a gradual consolidation of L&T’s real estate assets under L&T Realty. N Subrahmanyan, Chairman & Managing Director of L&T, stated, “L&T Realty must operate independently. It needs to consistently grow its project pipeline through proactive land acquisitions and joint ventures. This demands regular capital infusions, making it vital to unify all our real estate operations under one corporate…

InfrastructureLatest Stories

Assam to Transfer 992 Acres to AAI for Silchar Airport

Representative AI image GUWAHATI: On Sunday, the Assam government announced the transfer of 3,000 bighas (approximately 992 acres) at Doloo Tea Estate in Cachar district to the Airports Authority of India (AAI) for the development of a new greenfield airport, as articulated by Chief Minister Himanta Biswa Sarma. During a press conference following a cabinet meeting, Sarma revealed that the allocation has increased by 500 bighas from the prior commitment of 2,500 bighas (826.45 acres) for the planned airport near Silchar. “The cabinet has sanctioned the transfer of 3,000 bighas at Doloo Tea Estate to AAI for a greenfield airport,”…

IndustryLatest Stories

Omaxe Pays Back Over ₹700 Crore Debt to Samman Capital

NEW DELHI: Omaxe Group has successfully repaid over ₹700 crore in debt to Samman Capital (formerly Indiabulls Housing Finance), ahead of schedule, utilizing project cash flows. Mohit Goel, the managing director of Omaxe, stated, “Our balance sheet is now even stronger, positioning us to consistently deliver quality developments and create value for all stakeholders.” The company has also settled loans from the Special Window for Affordable and Mid-Income Housing (SWAMIH) for two of its projects: The Lake in New Chandigarh and Omaxe Shiva, along with Shiva 2 and Shiva 3 in Prayagraj. These projects received last-mile credit facilities totaling ₹168.80…

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…