Category: Latest Stories

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Latest StoriesRegulatory

Orissa HC Rejects LIC’s Flat Cancellation in Bhubaneswar

Orissa High Court CUTTACK: The Orissa High Court has overturned the Life Insurance Corporation of India’s (LIC) decision to revoke flat allotments under its “Policy Holders’ Housing Scheme” at Jeevan Bima Nagar, Chandrasekharpur, Bhubaneswar. The court ordered LIC to finalize the allotment process within eight weeks, contingent on each allottee paying an additional 10% of the original flat cost. The judgment came after reviewing four separate petitions filed by Satyavan K Panda, Dr. Laxmikanta Mishra, Dr. Swapna Kabiraj, and Saktidhar Das from 2015 to 2018. In 2014, a lottery was conducted for 75 flats under Phase-II of LIC’s housing scheme,…

Latest StoriesRegulatory

Chhattisgarh: Builder Must Buy Back Plot at Double Price

RAIPUR: The Chhattisgarh State Consumer Disputes Redressal Commission has directed a builder to repurchase a plot from a consumer at twice its original price, citing unfair trade practices and service deficiencies. In 2015, Dayawati Chauhan acquired a 1,000 sq ft plot through a registered agreement with the builder, which included a buyback clause. This clause stipulated that if she sought to resell the plot after five to five-and-a-half years, the builder would repurchase it at double the purchase price. After the designated period, Chauhan requested the builder to honor the buyback clause, but her request was turned down. Initially, she…

IndustryLatest Stories

Telangana aims for ₹2,000 crore per acre in Raidurg auction

HYDERABAD: Two years ago, the Hyderabad Metropolitan Development Authority (HMDA) made headlines by selling a one-acre plot in Neopolis Phase II in Kokapet for an astounding Rs 100.75 crore, which significantly impacted the real estate landscape in Hyderabad. Currently, the Telangana government aims to achieve a similar success with the auction of two land parcels totaling 18.67 acres in Raidurg Knowledge City. The Telangana State Industrial Infrastructure Corporation (TGIIC) has set an upset price of Rs 101 crore per acre for these prime plots located in Hyderabad’s bustling business and IT zone. This area houses over 100 companies across approximately…

Latest StoriesRegulatory

Homebuyers can’t be denied housing membership due to builder’s default: HC

MUMBAI: The Bombay High Court has ruled that the rights of flat purchasers cannot be limited by a developer’s failure to fulfill obligations under a development agreement. This directive was issued to a housing society in Vile Parle (E), which was ordered to grant membership to 17 flat purchasers. Justice Amit Borkar, in an order on Friday, emphasized that membership in a cooperative society should be determined solely according to the Maharashtra Cooperative Societies Act, MCS Rules, and the society’s bye-laws. He dismissed 17 petitions from Jeevan Sarita CHSL, stating, “The eligibility of a purchaser to become a member must…

CommercialLatest Stories

Raheja Universal Repurchases HQ for ₹211 Crore

Sure! Here’s a rewritten version of the provided content: Representative AI image Realty developer Raheja Universal has reacquired its corporate headquarters, Raheja Centre-Point, located on CST Road near Mumbai’s Bandra-Kurla Complex, for Rs 211 crore. Initially developed by Raheja Universal in 2004, the five-storey commercial building served as their headquarters for 16 years before being sold to HDFC in 2020, which has since merged with HDFC Bank. This sale was part of a broader portfolio realignment strategy. The property has now returned to Raheja Universal following a successful bid during a sale process initiated by HDFC Bank. The latest agreement…

InfrastructureLatest Stories

Kolkata Civic Body Mandates Visitor Parking in Large Projects

Certainly! Here’s a rewritten version of the content you provided: KOLKATA: The Kolkata Municipal Corporation (KMC) has mandated that all residential projects with a built-up area of over 5,000 sq m (approximately 53,000 sq ft) must include parking for visitors. Previously, this requirement applied to projects exceeding 10,000 sq m (100,000 sq ft). To support developers in meeting this requirement affordably, KMC will offer an increased floor area ratio (FAR) to facilitate the construction of additional parking. Of this extra FAR, at least 25% must be allocated for visitor parking. For instance, a project of 50,000 sq ft could potentially…

Latest StoriesRegulatory

DTCP Suspends Project License, Directs FIR Against Company Directors

GURUGRAM: The district town planner (enforcement) has suspended the development license of Prime Time Infraproject for its 10.9-acre residential colony in Sector 1, Pataudi. This license, originally issued on October 22, 2013, was officially suspended on February 4 due to the developer’s alleged non-compliance with directives and failure to respond to show-cause notices. The DTCP decided on the suspension after the developers consistently missed project deadlines and breached bilateral agreements. Sub-registrar Pataudi has been instructed to halt all registrations of sale deeds, conveyance deeds, and lease agreements related to the project. Additionally, red entries have been made in the revenue…

CommercialLatest Stories

Government Approves 300-Acre Phase III Campus for Infopark

KOCHI: In a significant boost for Kochi’s IT sector, the state government has given in-principle approval for the establishment of the Infopark Phase III campus, which will span over 300 acres in the Kunnathunadu taluk. The proposal for the third campus was made by Infopark, as the first two phases are currently operating at full capacity. Discussions for land pooling driven by the Greater Cochin Development Authority (GCDA) were initiated; however, progress was hampered due to awaiting necessary clearances from the IT department. According to an order from the Electronics and Information Technology Department, “in-principle approval has been granted to…

Latest StoriesRegulatory

Gurugram to Launch Sealing Drive Against Tax Defaulters

GURUGRAM: The Municipal Corporation of Gurugram (MCG) has identified 65 property owners who owe more than Rs 1 crore each. Starting Tuesday, the MCG will initiate a sealing drive targeting these defaulters. Officials have indicated that the majority of the properties involved are commercial establishments and industrial units. This action is part of MCG’s continuous efforts to recover overdue property tax payments and enhance its revenue base. “We will commence the sealing drive on Tuesday, focusing on the 65 properties identified with outstanding property tax dues. Notices have been dispatched to the respective property owners,” stated an MCG official familiar…

IndustryLatest Stories

Delhi Civic Body Unveils Easy Property Tax Calculator

NEW DELHI: The Municipal Corporation of Delhi (MCD) has launched a new property tax calculator designed to help residents compute their property taxes easily, eliminating the need for app logins or middlemen. A senior official informed PTI that this user-friendly calculator enables citizens to independently calculate their annual property tax. As part of efforts to enhance digital transparency, it is now accessible on the official MCD portal. This straightforward tool fosters trust by equipping property owners with clear information, thus decreasing their reliance on others and streamlining the entire process for users. Available under the property tax section, once users…