Category: Latest Stories

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Latest StoriesRegulatory

Full Interest Waiver for Patna Property Tax Defaulters

PATNA: The Patna Municipal Corporation (PMC) has announced an important relief initiative, offering a 100% waiver on interest and penalties for property tax defaulters. This measure is effective immediately and will remain in place until March 31, 2026. This initiative is part of the newly approved “Bihar Municipal Property Tax Incentive Scheme for Interest and Penalty Waiver – 2025.” It allows property owners to settle their outstanding property tax for the financial year 2025-26, as well as for previous years, by paying just the principal amount in a single lump sum to fully clear their arrears. The scheme has been…

IndustryLatest Stories

Andhra Pradesh Cabinet Approves 16,666 Acres for Amaravati

Observing the construction of the Amaravati Outer Ring Roads amidst a growing real estate landscape, representing progress. AMARAVATI: The Cabinet of Andhra Pradesh, led by Chief Minister N Chandrababu Naidu, has approved the second phase of the land pooling scheme for Amaravati, which involves pooling 16,666 acres. The land will be sourced from seven villages in the capital region: Vaikuntapuram, Pedda Madduru, Endrai, Karlapudi, Vaddamanu, Harishchandrapuram, and Peddaparimi. Information and Public Relations Minister K Parthasarathy announced that the Cabinet has authorized the Andhra Pradesh Capital Region Development Authority (APCRDA) Commissioner to proceed with the pooling of 16,666.57 acres from these…

InfrastructureLatest Stories

Govt to Develop Belgaria in Jharkhand as Model Township

DHANBAD: The central government is planning to develop Belgaria in Jharkhand’s Dhanbad into a model township, as stated by Coal Secretary Vikram Dev Dutt on Friday. This township is being developed by the Jharia Rehabilitation and Development Authority (JRDA) to resettle families currently living in danger zones affected by fire and subsidence from underground coal mining. During the inauguration of the JRDA’s new administrative building in Belgaria Township, Dutt mentioned that essential services such as water, electricity, security, and job opportunities will be provided to the residents under the project. He took the time to meet with displaced families, hear…

IndustryLatest Stories

Kesar India Acquires 24,256 Sq M Land in Hingna for Township

Representative image NAGPUR: Kesar India Limited (KIL) has expanded its presence in Nagpur’s rapidly developing real estate sector by acquiring a 24,256 sqm (approximately six acres) land parcel in Hingna, where it plans to launch a high-rise residential and commercial project projected to generate around ₹900 crore in revenue. The company announced that the upcoming project will encompass more than 1.5 million square feet of space, integrating luxury residences with commercial facilities. Officials involved in the project emphasized that it aims to cater to the increasing demand in Nagpur, which is experiencing a surge in population, a lack of housing,…

IndustryLatest Stories

No Construction Without Plinth Marking in Bengaluru, Say Officials

BENGALURU: Aiming to address building plan violations and unauthorized constructions, the Bengaluru Central City Corporation has enacted a comprehensive order. This mandates plinth-line marking, plan verification, and time-constrained demolitions for all constructions within its jurisdiction. According to Commissioner Rajendra Cholan, “Under the new guidelines, construction work cannot commence without obtaining the approved ‘building plinth-line marking.’ Town-planning officials are required to mark foundation boundaries within 30 days of plan approval and issue a foundation certificate before any construction can proceed.” He further mentioned, “Senior planning officials have been tasked with ensuring compliance with this process. To enhance transparency, approved building plans…

IndustryLatest Stories

Ahmedabad Plans to Earn ₹473.7 Crore from Five Plots Auctioned

Representative Image AHMEDABAD: During an online auction held on Thursday and Friday, the Ahmedabad Municipal Corporation (AMC) successfully sold five plots in areas such as Shilaj, Chandkheda, Sola, and Vastral, which is projected to bring in ₹473.7 crore. Out of 13 plots listed for sale across different areas in the city, only five were sold. As per the AMC’s estate department, Final Plot No. 93 in Shilaj (TP Scheme No. 216), designated for residential use with an area of 9,765 sq m and a base price of ₹168.9 crore (₹1.7 lakh per sq m), was auctioned for ₹1.7 lakh per…

IndustryLatest Stories

Hyderabad: 4 Acres in Neopolis Sold for ₹609 Crore

HYDERABAD: Setting a new record beyond its previous high on Nov 24, the Neopolis auction saw a remarkable land sale on Friday. A 4.03-acre plot fetched an astounding Rs 151.25 crore per acre, contributing approximately Rs 609 crore to the state’s revenue. Additionally, another 5.03-acre parcel generated Rs 147.75 crore per acre for the Hyderabad Metropolitan Development Authority (HMDA), bringing the total to Rs 1,352 crore. During this week’s earlier Neopolis auction, the highest bid was Rs 137 crore. Plot no 15, measuring 4.03 acres, was secured by Lakshmi Narayana Gummadi, Karteesh Reddy Madgula, Sharat Ventrapragada, and Shyam Sunder Reddy…

Latest StoriesResidential

8 Years Late, Ghaziabad Starts Handing Over PMAY Homes

GHAZIABAD: After nearly eight years, the Ghaziabad Development Authority (GDA) has commenced the handover of flats to beneficiaries of the Pradhan Mantri Awas Yojana-Urban (PMAY). In Madhuban Bapudham, over 300 registrations have been completed for 856 units constructed. Possession is being granted to beneficiaries selected via a lottery system. Officials stated that work in other areas is also nearing completion, with possession likely to begin soon. This includes 1,200 units in Pratap Vihar, 480 in Noor Nagar, and 528 in Newari, where a 400 KLD STP and an access road have been developed for Rs 3 crore. Launched in 2015,…

IndustryLatest Stories

Sebi Reclassifies REITs as Equity to Enhance Market Participation

NEW DELHI: The market regulator, Sebi, announced on Friday that Real Estate Investment Trusts (REITs) will now be classified as equity-related instruments to encourage greater involvement from mutual funds and specialized investment funds (SIFs). Additionally, the classification of Infrastructure Investment Trusts (InvITs) will remain as hybrid instruments. Sebi stated in its circular, “Effective January 1, 2026, any investment by mutual funds and SIFs in REITs will be classified as an investment in equity-related instruments.” Investments in REITs from existing debt schemes and SIF strategies as of December 31, 2025, will be grandfathered. However, asset management companies (AMCs) are encouraged to…

CommercialLatest Stories

Mindspace REIT Buys Mumbai & Pune Assets for ₹29.2B

NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has secured three key central business district properties for ₹29.2 billion from K Raheja Corp. The board of K Raheja Corp Investment Managers, responsible for managing Mindspace REIT, approved the acquisition and a preferential issue of units totaling up to ₹18.2 billion. The company also announced the purchase of Pramaan Properties, which includes 0.45 million sq ft at Ascent – Worli in Mumbai, alongside an office building of 0.1 million sq ft located in Kalyani Nagar, Pune. Additionally, Sundew Real Estate, which owns 0.2 million sq ft at The Square Avenue 98…