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Latest StoriesRegulatory

Mumbai Builder Charged ₹13 Crore in Fraud by Economics Wing

MUMBAI: The Economic Offences Wing has filed a chargesheet against builder Lalit Jain for falsifying property documents and defrauding a businessman from Nagpur by persuading him to invest ₹12.50 crore in a redevelopment project in South Mumbai. Jain failed to reveal that the property, Sanjana Building in Malabar Hill, was embroiled in litigation with the Waqf Board. Jain convinced the complainant, Mahesh Goyal, and his family to invest ₹12.50 crore in the project with promises of a 45% equity stake in his Safeway Project Pvt. Ltd. and an annual return of 18%. However, only 25% of the shares were actually…

IndustryLatest Stories

Government Urges States, RERAs to Act Against Misleading Builder Ads

NEW DELHI: In response to reports of builders and agents using official-sounding language to manipulate the appearance of their projects, the Central government has urged states and real estate regulators (RERAs) to intervene and prohibit misleading advertisements that could trick buyers. They have also been directed to submit reports focused on safeguarding buyer interests. Sources indicate that the issue was thoroughly discussed at a recent meeting of the Central Advisory Council (CAC) of RERA, led by Housing and Urban Affairs Minister Manohar Lal Khattar. Instances of misleading advertisements were presented to all members, including representatives from state governments and RERA…

IndustryLatest Stories

Lodha Sells 24-Acre Mumbai Land to STT Global for ₹500 Crore

Representative image created by AI NEW DELHI: Lodha Developers Ltd has sold over 24 acres of land in the Mumbai region to STT Global Data Centres, a Singapore-based firm, for approximately Rs 500 crore, according to sources. The land acquisition has been officially registered, comprising 24.34 acres at Palava. Lodha Developers sold 1.74 acres, while its subsidiary, Palava Induslogic 4 Pvt Ltd, sold 22.6 acres, totaling nearly Rs 499 crore. The company has not commented on this deal. Earlier this month, Lodha Developers signed a Memorandum of Understanding (MoU) with the Maharashtra government to establish a green integrated data centre…

InfrastructureLatest Stories

Chimbel Residents Oppose Unity Mall, Cite Lake Threat

PANAJI: The Goa State Environment Impact Assessment Authority (SEIAA) has granted an environmental clearance (EC) for the Unity Mall in Chimbel. However, local villagers are voicing their opposition, claiming it threatens the nearby lake and the aquifers situated on the hill. The SEIAA approved the project with specific conditions, including the requirement for the developers to utilize treated water from the Tonca sewage treatment plant during construction. They have also been instructed to devise a comprehensive mobility plan to mitigate potential traffic congestion in the area. “This is the same region bordering the designated Chimbel wetland lake where the government…

IndustryLatest Stories

Builders seek clarity on GST benefits for homebuyers

Consumers across various sectors are eager to enjoy the benefits from the reduced goods and services tax (GST) rates effective Monday. However, homebuyers may need to wait a bit longer. Real estate industry executives have indicated that there is still no clarity on the extent of benefits that will trickle down from cement manufacturers to consumers. Whenever cement prices do decrease, only projects currently in the early stages of construction will reap the rewards. “We are still awaiting concrete information from cement manufacturers regarding the benefits to be passed on to builders. We expect some impact in the first week…

Latest StoriesResidential

Gurugram MP: Scrap OCs for Water-Wasting Housing, Industries

GURUGRAM: Union minister and Gurgaon MP Rao Inderjit Singh highlighted on Saturday the rampant violations of water conservation regulations in residential homes and industrial facilities. He emphasized the need for biannual inspections of water conservation measures even after occupancy certificates (OC) are granted. If any deficiencies are identified, the OCs should be revoked. Singh noted that although legislation is in place for significant residential and industrial projects to conserve water, adherence to these laws is insufficient. Rao pointed out that builders, along with owners of large residential plots and industrial entities, are obliged to implement water conservation practices before being…

InfrastructureLatest Stories

Crackdown on Developers in Five Illegal Ludhiana Colonies

Certainly! Here’s a rewritten version of the provided content: LUDHIANA: In an unexpected move, the municipal chief of Ludhiana has initiated demolitions and sealing drives, along with police actions against developers of five illegal colonies in Shimlapuri, Jaspal Bangar, and Kanganwal. Municipal Commissioner Aaditya Dachalwal has also cautioned his inspectors of disciplinary repercussions following this surprise inspection of illegal settlements. These rogue developers have learned that the true underpinning of Ludhiana’s property market is not merely construction but adherence to regulations — and the commissioner’s unannounced checks aim to address these issues. During a review in Zone C, Dachalwal instructed…

Latest StoriesRegulatory

Uttarakhand HC Supports RERA Order on Paratus Real Estates

DEHRADUN: The Uttarakhand High Court has affirmed a RERA order mandating Paratus Real Estates Pvt Ltd to pay 50% of the penalty amount prior to its appeal, dismissing the developer’s argument that only 30% was required under the Real Estate (Regulation and Development) Act, 2016. Justice Pankaj Purohit of a single bench rejected two similar petitions from the company and chose not to interfere with the RERA directive, emphasizing that the “Act is designed to protect consumers’ interests in the real estate sector and should be interpreted rigorously.” On March 28, RERA Dehradun instructed the promoter to refund Rs 22,69,159…

IndustryLatest Stories

Maharashtra to Get Authority for Redevelopment Oversight

PUNE: The state housing department is expected to soon finalize the establishment of an independent authority similar to MahaRERA, aimed at providing a structured, transparent, and accountable framework for supervising redevelopment projects throughout Maharashtra. Members of the advisory committee stated that the initiative follows comprehensive feedback from housing society federations and associations. Committee chairman Rajendra Mirgane informed TOI that recommendations have already been submitted, and a notification will be issued shortly. The demand for such an authority has escalated, particularly as Maharashtra experiences a rise in redevelopment and self-redevelopment activities. Mirgane explained that this proposed authority will create a systematic…

InfrastructureLatest Stories

Noida Airport to Start Operations After Diwali; Airlines in Talks

NOIDA: The Noida International Airport (NIA), a greenfield aviation hub under development in Jewar, Gautam Buddh Nagar, is set to commence operations by the end of this year. Union Civil Aviation Minister K Rammohan Naidu recently announced that the airport will be inaugurated on October 30, with flight operations starting within 45 days and 10 routes initially planned. Uttar Pradesh Chief Minister Yogi Adityanath has also confirmed that commercial flight operations are expected to start by the end of 2025. Once fully developed by 2050, the NIA will be the largest airport in India. The project, which began in 2019…