Category: Latest Stories

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Latest StoriesRegulatory

ED Alleges Experion Developers Misused IBC in Land Deal

NEW DELHI: The Enforcement Directorate (ED) has accused the real estate developer Experion Developers of improperly utilizing the Insolvency and Bankruptcy Code provisions to acquire 9.3 acres of land in Gurugram’s Sector 62. As part of a Prevention of Money Laundering Act (PMLA) investigation involving Religare Finvest, the ED attached assets owned by the corporate debtor, Dignity Buildcon, which was subsequently purchased by Experion. The ED has filed a petition with the National Company Law Tribunal (NCLT) requesting a review of its May 2023 decision that permitted Experion to take over Dignity Buildcon through the insolvency procedure. The ED highlighted…

IndustryLatest Stories

Japanese property firms expand aggressively into India’s market

Representative Image MUMBAI: Japanese real estate developers continue to explore the complex Indian market, with many expected to enter, lured by rising rental rates in a rapidly expanding economy and low construction costs. A prime example is Mitsui Fudosan, Japan’s largest property developer, which ventured into India in 2020 through a partnership with local developer RMZ Real Estate to construct an office complex in Bengaluru. According to two sources familiar with the matter, the company may invest an additional 30-35 billion yen (approximately $190-$225 million) in projects with RMZ or other local developers. Last month, Mitsui Fudosan’s management team visited…

CommercialLatest Stories

Nagpur Civic Body Signs ₹129 Crore Sokta Bhavan Deal

NAGPUR: The Nagpur Municipal Corporation (NMC) has made a significant stride in augmenting its non-tax revenue by finalizing a ₹129 crore deal for the revitalization of the dilapidated Sokta Bhavan at Gandhibagh into a contemporary commercial complex, which will also include a Citizen Facilitation Centre. This project, undertaken on a design-build-finance-operate-and-sale (DBFOS) basis, stands as one of the highest-value redevelopment contracts for the civic body in recent years, particularly after several unsuccessful attempts to attract bidders. On November 6, the civic administration issued a Letter of Acceptance (LoA) to PrafulVed Infra Ltd, whose lump-sum offer of ₹129 crore was the…

InfrastructureLatest Stories

Drone Urban Land Survey Initiated in Panchkula

PANCHKULA: The Panchkula municipal corporation has launched NAKSHA – the Urban Land Survey Programme, which aims to modernize and digitize urban land records using advanced mapping technologies like drone surveys, LiDAR, and GIS systems. This initiative is part of a central government project under the Ministry of Rural Development’s Department of Land Resources. The municipal commissioner has authorized specially appointed NAKSHA survey teams to perform ground verification across all municipal wards. These teams will verify Records of Rights (RoR), ownership documents, and will capture high-resolution imagery using drones and cameras for precise land mapping. The survey teams are also authorized…

IndustryLatest Stories

Chennai Builders Urge Govt to Halt Road Grid Plan Enforcement

CHENNAI: Realtors are urging the state government to intervene and halt the CMDA’s enforcement of its grid road plan, which they claim lacks a proper government order. In a letter addressed to Chief Secretary N. Muruganandam, the realtors pointed out that some CMDA officials have been applying the grid layout when processing planning and development applications. “We have brought this to the government’s attention, as the scheme is flawed. The grid proposal disrupts already approved buildings, necessitating a complete re-evaluation. CMDA has been implementing this without statutory approval, leading to numerous projects being on hold, which causes significant hardship for…

IndustryLatest Stories

Mumbai Housing Societies Toughen Stance on Builders in Redevelopment

MUMBAI: Traditionally, developers have wielded considerable influence in the real estate market. However, housing societies planning redevelopment are now shifting dynamics in their favor. With builders eager to secure redevelopment rights, these societies are negotiating aggressively, often making “unrealistic demands” for their properties. Market insiders report that housing societies are seeking additional space, hardship compensation, and relocation amounts that exceed prevailing market standards by as much as 15%–25%. Alongside standard area matching and displacement compensations, many are requesting excess amenities and significant hardship payments per member. Some expectations extend beyond what’s feasible, with societies demanding extensive additional area, substantial displacement…

IndustryLatest Stories

Odisha directs collectors to allocate sites for landless housing beneficiaries

Representative Image BHUBANESWAR: The Odisha government has instructed district collectors to allocate land sites to landless families beneficiary of various rural housing schemes. In a letter to the collectors, Girish S N, Secretary of the Panchayati Raj and Drinking Water Department, emphasized that eligible landless beneficiaries should be prioritized for housing site allocations. Additionally, the government has directed block development officers (BDOs) to meet with relevant tahsildars on the first Saturday of each month to address these concerns. Unfortunately, there are still 871 beneficiaries of the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) in 11 out of 30 districts awaiting land site…

Latest StoriesResidential

Mumbai property registrations rise 20% in November to 12,219

NEW DELHI: According to Knight Frank, property registrations in the Mumbai region surged by 20% in November, reaching 12,219 units. This marks an increase from 10,216 units registered in November of the previous year. Real estate consultant Knight Frank India, citing Maharashtra government data, reported that within the area governed by the BMC, Mumbai saw 12,219 property registrations this November—an impressive 20% year-on-year increase. This is the highest November registration figure since 2013. Stamp duty collections also rose to Rs 1,038 crore, up 12% from last year. Residential transactions dominated the market, making up around 80% of the total registrations…

InfrastructureLatest Stories

Hyderabad: 7 Years Later, No Funds for 27 Merging Bodies

HYDERABAD: Seven years after their merger with the Greater Hyderabad Municipal Corporation (GHMC), the 27 municipalities and municipal corporations still struggle to secure basic amenities and financial support. These urban local bodies (ULBs) are heavily reliant on limited property tax collections, lacking the necessary resources to undertake vital civic works such as road maintenance, drainage infrastructure, parks, and more. According to official sources, although the state has approved their merger, the GHMC plans to maintain these ULBs as separate municipal circles with their current staff until a comprehensive reorganization is implemented. The government is reportedly considering the establishment of two…

Latest StoriesRegulatory

Guntur to Cut Water Supply for Tax Evaders’ Properties

GUNTUR: In an effort to achieve 100% tax compliance, the Guntur Municipal Corporation (GMC) is set to disconnect drinking water taps and drainage services for both residential and commercial properties. Commissioner Puli Srinivasulu has instructed officials to cut civic amenities for those who have long-standing dues for property tax, vacant land tax, metered water charges, and tap fees. Furthermore, he plans to hold all senior officials, including deputy commissioners, accountable for revenue generation. He expressed frustration over the ‘zero percent’ daily collection performance from several ward secretariats, especially now that the financial year is well underway. He emphasized that continued…