Category: Latest Stories

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IndustryLatest Stories

Punjab Cabinet Approves Charges for Village Land Encroachments

CHANDIGARH: The Punjab cabinet has approved a proposal empowering the government to impose charges on illegally occupied land designated for village common roads and watercourses. Punjab Finance Minister Harpal Singh Cheema stated that many panchayat paths and watercourses have been encroached upon by real estate developers and individuals. “We will form price fixation committees, led by the relevant deputy commissioners, to collect payments from those currently occupying the land. Revenue generated will be shared between the local body or panchayat and the state government,” he added. An amendment to the Punjab Village Common Lands (Regulation) Rules, 1964, will facilitate this…

Latest StoriesRegulatory

Bombay HC Hires Architects for SRA Project Damage Review in Dharavi

MUMBAI: The Bombay High Court has appointed a committee of two architects to inspect a construction site on the Sion-Bandra Link Road in Dharavi. This comes in response to a petition from residents of a rehabilitation building, who argue that the construction of a free-sale building is compromising their structure. “If the petitioner’s claim is that there is a risk to the structural integrity of the building, it is indeed a serious matter,” stated Justices Girish Kulkarni and Aarti Sathe on Tuesday. They commissioned Shetgiri & Associates and GM Arch Pvt Ltd to conduct necessary evaluations and report on any…

IndustryLatest Stories

UP Govt Restores Noida Plot to GPL Infrabuild, Extends Waiver

Representative image created by AI NOIDA: The UP government has revoked a 2022 decision by the Noida Authority to cancel the allotment of a plot in Sector 106 to a company, citing delays in handing over possession. Although the lease deed was signed in March 2017, the company could not secure possession or initiate construction due to a high-tension power line and tower that the Authority did not remove until September 2025. In its order, which may have implications for numerous similar disputes in Noida and Greater Noida, the state government emphasized that allotments cannot be canceled when vacant and…

Latest StoriesResidential

BKC Tenants Seek Bombay HC for Their Rightful Homes

MUMBAI: Continuing their longstanding battle for what they believe is their rightful entitlement, the appellants of Basera SRA Cooperative Housing Society in Bharat Nagar, Bandra Kurla Complex (BKC), have filed writ petitions in the Bombay High Court. They are seeking larger 550 sq ft units instead of the smaller 225 sq ft options proposed under the Slum Rehabilitation Scheme. The petitioners argue that Basera society should not be classified as a slum, and therefore, they are entitled to 550 sq ft flats in accordance with MHADA 33(5) of DCPR. A boost for the petitioners comes from the Apex Grievance Redressal…

Latest StoriesResidential

Goa Housing Board to Use PPP/JV for Residential Projects Completion

Representative image PANAJI: The Goa Housing Board (GHB) plans to finalize stalled residential projects via joint ventures or public-private partnerships (PPP). They will hire a consultant for transaction advisory and developer selection. Chairperson Jit Arolkar stated, “We will complete all incomplete projects either through joint venture or PPP.” The board will first finish a partially constructed residential complex at Porvorim, which is already 50% complete, with an approved architectural design in place. The project site is located in a prominent residential area in North Goa, offering excellent connectivity to Panaji, Mapusa, and the National Highway. Its proximity to schools, hospitals,…

InfrastructureLatest Stories

Palakkad Smart City: Kerala Finalizes Tender Processes

THIRUVANANTHAPURAM: Kerala has successfully completed the tender process for infrastructure development at Palakkad Smart City, the initial node of the Kochi-Bengaluru Industrial Corridor. According to a statement from the CMO, the construction contract has been awarded to a joint venture between Dileep Buildcon Limited (DBL) and PSP Projects Limited. This accomplishment makes Kerala the first state to finalize procedures for infrastructure development among the 12 industrial corridor-smart city projects approved in the country last year. The contract, valued at Rs 1,316.13 crore (including GST), was awarded after a competitive national tender process, with four companies participating, as per KINFRA (Kerala…

Latest StoriesResidential

Margao House Tax Soars 300% with New Council Method

MARGAO: The Margao Municipal Council (MMC) has introduced a new capital value method for calculating house taxes, resulting in over a 300% hike for new residential and commercial properties. The transition to this new formula was prompted by a directive from the Directorate of Municipal Administration and formalized through a council resolution on January 3, according to MMC sources. This method significantly increases the tax burden on new property owners. For instance, the annual house tax for a 100sqm residential flat has surged from Rs 2,000 under the previous system to Rs 6,600 under the new capital value method—marking a…

Latest StoriesRegulatory

Allahabad HC Requests Records on Demolition Stay Order

LUCKNOW: The Lucknow bench of the Allahabad High Court, comprising a two-judge panel, has raised serious concerns regarding a single bench’s ruling that temporarily halted the demolition of a building in the Khurram Nagar area. The ruling also allows the builder to approach the LDA to seek compounding under the new bye-laws. The division bench summoned the records of the case previously heard by the single bench, questioning the urgency surrounding a matter that had seen a demolition order issued a while ago. They noted, “It raises the question of how maintainable the petition is before the Single Judge, particularly…

IndustryLatest Stories

Real Estate Stocks Drop on Weak Demand Worries

MUMBAI: Real estate stocks experienced a decline on Wednesday, marking a third consecutive session of losses. Investors took profits amidst concerns over slowing demand. The realty index dropped by more than 2%, accumulating a total decline of 3.5% over the past three days, in contrast to a 1.1% dip in the benchmark Nifty. Out of the 10 stocks in the index, eight recorded losses on Wednesday. Godrej Properties fell by 4%, while DLF and Oberoi Realty decreased by 3.5% and 2.8%, respectively. Lodha Developers and Phoenix Mills each saw declines of over 2%. “Profit-taking in realty stocks follows last year’s…

Latest StoriesResidential

Gentex Acquires Lutyens’ Bungalow for ₹310 Crore

Representative Image Gentex Merchants Pvt Ltd, associated with Lakshmi Mittal, has acquired a 3,540 square yard bungalow on APJ Abdul Kalam Road in the prestigious Lutyens’ Bungalow Zone of Delhi for Rs 310 crore. This property was previously owned by Yashwant Singh, a member of the Alwar royal family in Rajasthan. Singh recently purchased an 867 square meter bungalow in Golf Links for Rs 100 crore. According to the sale deed obtained by RealtyDailyNews, Gentex Merchants paid Rs 21.7 crore in stamp duty for the deal, which was registered in June. The company has not responded to RealtyDailyNews’s email inquiry…