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Latest StoriesRegulatory

Karnataka HC отменяет штрафы Регулятора недвижимости

BENGALURU: The High Court has annulled a circular issued by the Real Estate Regulatory Authority (RERA) of Karnataka on September 3, 2020, due to lack of legislative authority. The circular aimed to retrospectively impose a “delay fee” for late submissions of quarterly updates and annual audit statements. This circular required builders, developers, and promoters to submit quarterly updates and annual audit statements as per Section 7 of the Real Estate (Regulation and Development) Act, 2016. The petitioners contended that while the Act mandates obligations for promoters, it does not empower the authority to enforce delay fees. They argued that delays…

CommercialLatest Stories

Keppel to sell Chennai’s One Paramount office park for ₹2,750 crore

Representative image Singapore-based Keppel plans to sell its One Paramount office park in Porur, Chennai, to Prime Offices Fund, managed by Nuvama Asset Management and Cushman & Wakefield (NCW), for approximately ₹2,750 crore, according to sources familiar with the issue. This development highlights the growing investor interest in India’s expanding office market. One Paramount spans 2.4 million square feet and is a Grade-A tech park hosting global tenants like Genpact, Maersk, UPS, VMware, and Hitachi Energy. The property is part of a 12.6-acre development. “The transaction not only showcases the asset’s institutional quality and high occupancy rates but also empowers…

InfrastructureLatest Stories

₹1 Lakh-Crore Urban Fund Focuses on Redevelopment and Reform

NEW DELHI: The core of the new ₹1 lakh crore Urban Challenge Fund will focus on redeveloping abandoned public buildings, repurposing unused government land such as old prisons and granaries, and engaging the private sector, while promoting municipal reforms to transform cities in India. The Ministry of Housing and Urban Affairs has developed guidelines for this Urban Challenge Fund, which was introduced by Union Finance Minister Nirmala Sitharaman during her budget speech. This fund is anticipated to be a significant central assistance initiative for urban transformation in around 300 cities, each with populations exceeding 100,000, competing for project funding. According…

Latest StoriesRera

Bihar RERA Orders Refund for 18 PK Villa Project Homebuyers

PATNA: On Monday, homebuyers invested in the PK Villa Project by Agrani Homes received some good news, as the Real Estate Regulatory Authority (RERA) of Bihar announced that 18 individuals who had lodged complaints against the builder will be eligible for partial refunds of their total payments. The RERA official stated, “These 18 homebuyers will receive a cumulative refund of ₹1 crore, distributed proportionally based on their contributions. Additionally, RERA Bihar is working to auction off seized lands from Agrani Homes and other developers to provide further compensation to homebuyers.” The landowner of the PK Villa Project has complied with…

IndustryLatest Stories

HoABL invests ₹200 crore in Mumbai’s affordable housing, plans 7 more projects

MUMBAI: Realty company House of Abhinandan Lodha is investing ₹200 crore in an affordable housing project located in suburban Naigaon and is exploring seven additional sites for similar developments across metropolitan Mumbai, a senior official revealed on Monday. Abhinandan Lodha, chairman of HoABL, shared with reporters that discussions have commenced on one of the sites while others are still being evaluated. The identified sites include one close to the upcoming Navi Mumbai International Airport, he added. “All projects will be joint developments with landowners. We aim to achieve over 20 lakh sq ft of development potential, expected to be delivered…

Latest StoriesRegulatory

Court summons Prathamesh Developers in Patra Chawl scam

MUMBAI: A special court in Mumbai has summoned Prathamesh Developers through its partner businessman Pravin Raut in connection to a money laundering case tied to the Patra Chawl scam, noting their involvement in siphoning off the proceeds of crime. Sanjay Raut, a Rajya Sabha MP from Shiv Sena (UBT), is also implicated in the case, which is being heard by a special court for lawmakers. On September 20, special judge for criminal cases involving MPs/MLAs, Satyanarayan Navander, asserted that there is clear prima facie evidence of money laundering. The court issued summonses to Prathamesh Developers via its partner Pravin Raut—a…

InfrastructureLatest Stories

Gurugram: 350 Shanties, Illegal Structures Demolished on Golf Course Road

Representative image GURUGRAM: On Sunday, a demolition drive took place in Saraswati Kunj, located along Golf Course Road, where nearly 350 shanties, two under-construction houses, and a boundary wall were removed. According to the Department of Town and Country Planning (DTCP), the action was taken to “restore road access and prevent further unauthorized occupation” in this high-value area. With heavy police presence, the operation proceeded without incident. District town planner (enforcement) Amit Madholia commented, “This is part of an ongoing effort to clear illegal constructions throughout Gurgaon.” He highlighted the encroachments on government land and the right of way (ROW)…

InfrastructureLatest Stories

HYDRAA Recovers ₹15,000 Crore of Encroached Land in Hyderabad

Representative image HYDERABAD: The Hyderabad Disaster Response and Asset Protection Agency (HYDRAA) has successfully reclaimed over 300 acres of valuable government land in Gajularamaram, Quthbullapur, marking one of the largest land recovery operations in Telangana. The estimated value of this land, priced at approximately Rs 50 crore per acre, totals nearly Rs 15,000 crore. HYDRAA officials reported that the land was originally owned by the former Andhra Pradesh State Finance Corporation. With the bifurcation, ownership transitioned to the Telangana State Finance Corporation (TSFC). An official from HYDRAA stated, “During this transition, various politicians, real estate developers, bureaucrats, and other influential…

Latest StoriesRegulatory

ED Searches Imperial Group Premises in Himachal, Delhi

The Directorate of Enforcement (ED) in Shimla has conducted searches at six locations in Himachal Pradesh and Delhi as part of an ongoing investigation into the Delhi-based Imperial Group. According to an ED statement released on Sunday, the properties belong to Manavinder Singh, chairman of the Imperial Group, his wife Sagri Singh, and their associates. The searches, conducted on September 19 and 20, were executed under the Foreign Exchange Management Act (FEMA) of 1999. They focused on alleged undisclosed foreign assets, unreported investments, and financial interests tied to Manavinder Singh, his wife, and companies associated with the Imperial Group. The…

Latest StoriesResidential

Kerala CM to Inaugurate RAY Flats in Fort Kochi on Sept 27

KOCHI: After years of anticipation, Chief Minister Pinarayi Vijayan will inaugurate housing complexes under the Rajiv Awas Yojana in Fort Kochi on September 27. The project will benefit 394 families, primarily from slum areas in Mattancherry. Two new housing complexes have been developed at Thuruthy. The first complex was constructed by the city corporation as part of its own initiative, while the second was built by Cochin Smart Mission Ltd (CSML) on behalf of the Kochi corporation. The municipality constructed the first tower over an area of 10,796.42 sq m at a cost of Rs 41.74 crore. It comprises 199…