Category: Latest Stories

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Latest StoriesRegulatory

Calcutta HC: Building Nod Can’t Be Denied Based on Old Plans

KOLKATA: The Calcutta High Court has ruled that the civic body cannot deny building permits based on a nearly 100-year-old street plan. The court annulled alignments for two streets from 1930 that had never been implemented. The Kolkata Municipal Corporation (KMC) had used this outdated plan to deny building permissions for properties at 74A Christopher Road and 32 Pulin Khatik Road. Justice Rai Chattopadhyay stated, “A plan must be acted upon within a reasonable timeframe. It is unfair for KMC to indefinitely uphold a historical street plan. The legislature allows for cancellation or modification of such plans after 10 years…

InfrastructureLatest Stories

Karnataka Housing Board Approves 43-Acre Township in Yelahanka

BENGALURU: The Karnataka Housing Board’s (KHB) ambitious integrated township project in Chikkajala, Yelahanka, is on track despite ongoing land disputes. The project is anticipated to include a multi-storied residential complex, a commercial center, a star hotel, and office spaces. Recently, the cabinet gave its approval for the project, which will operate under a public-private partnership (PPP) model on a 43-acre site, with an estimated cost of Rs 2,930 crore. However, ownership issues regarding the land remain a concern. The land acquisition saga dates back 23 years when KHB secured 95 acres and 13 guntas across multiple survey numbers in Chikkajala…

Latest StoriesRegulatory

NGT fines developer ₹2.5 crore for Thergaon project issues

PUNE: The National Green Tribunal has ordered a developer to pay ₹2.55 crore in environmental damage compensation to the Maharashtra Pollution Control Board within two months for not obtaining the required environmental clearance for a completed residential project in Thergaon, Pimpri Chinchwad. This ruling was made on September 3, following a 2016 petition by activist Tanaji Gambhire, who alleged that the project—which includes 497 flats and 25 commercial units—was constructed without the mandatory environment clearance (EC) and consent to establish. Gambhire also accused the Pimpri Chinchwad Municipal Corporation of neglecting concerns that part of the construction was located within flood…

IndustryLatest Stories

Vedanta Wins ₹17,000 Crore Bid for Jaiprakash Associates

NEW DELHI: Mining giant Vedanta has outbid Gautam Adani’s Group to acquire the financially troubled Jaiprakash Associates (JAL) for Rs 17,000 crore, as reported by sources. This bid equates to an estimated net present value (NPV) of Rs 12,505 crore for JAL. JAL operates in various sectors including real estate, cement, power, hotels, and road construction, but it has been subjected to insolvency proceedings following loan payment defaults. The creditors of JAL initiated a competitive bidding process for the company’s sale under the Insolvency and Bankruptcy Code (IBC). While several parties expressed interest, only Vedanta and Adani Group placed firm…

Latest StoriesResidential

Rajasthan Housing Board Delays Cost Residents Dearly

JAIPUR: Residents of Indira Gandhi Nagar have been waiting for a year for the completion of a 100-meter road stretch near Kundanpura on Ganga Marg. The unfinished road, filled with potholes, poses daily hazards, with frequent two-wheeler accidents during the monsoon. The Rajasthan Housing Board (RHB) constructed almost 5 km of road in the area, but the last 100 meters remain incomplete due to encroachments. The encroachers moved to the high court for compensation, which put a halt to the project. However, six months ago, the court dismissed their claims and instructed the housing board to finish the road. Despite…

CommercialLatest Stories

Goa: GIDC Plans to Double FAR for Verna IT Park Expansion

PANAJI: The Goa Industrial Development Corporation (GIDC) is set to increase the permissible floor area ratio (FAR) from 150 to 300 for its proposed IT Park named ‘Hello World’ at the Verna industrial estate, pending government approval. This ambitious project spans 4 lakh sqm (98 acres) at the end of phase IV of the estate. The GIDC has designated seven plots, each measuring 25,000 sqm, for IT companies, totalling around 3 lakh sqm. The remaining 1 lakh sqm will accommodate a business hotel, hostel, and utility services. The decision was made during the 398th board meeting of GIDC on Thursday,…

InfrastructureLatest Stories

Maharashtra High-Rise Safety Violations: Civil and Criminal Penalties

MUMBAI: All planning authorities in the Mumbai Metropolitan Region (MMR) are mandated to include a specific condition in their development permissions, ensuring compliance with special safety control measures for high-rise construction work at heights. According to a government resolution (GR) from the urban development department, any breaches of these safety conditions will lead to civil and criminal repercussions. “Any violation of the expert committee’s recommendations will be considered a breach of building permissions and may result in legal consequences,” the GR states. Additionally, the resolution asserts that planning authorities must monitor high-rise projects closely to ensure compliance with the expert…

IndustryLatest Stories

Realtors Optimistic on Purple, Blue Line Extensions and New Links

KOLKATA: The ongoing expansion of metro networks in urban areas is significantly reshaping the real estate market and influencing home buying trends, according to developers in Kolkata. The introduction of new metro routes has notably decreased travel times, benefiting thousands of daily commuters. This enhanced connectivity is expected to spur the development of offices, healthcare, educational institutions, retail outlets, and entertainment venues in regions such as Howrah, Joka, and northern suburbs of Kolkata. According to Credai West Bengal president Sushil Mohta, a prominent effect will be an increase in the office sector, particularly in Salt Lake Sector V, EM Bypass,…

InfrastructureLatest Stories

CEC Warns Against Mass Demolitions in Aravalis

GURUGRAM: The Central Empowered Committee (CEC) has presented a report to the Supreme Court regarding encroachments in the Aravali region of Faridabad. The report recommends distinguishing between legitimate homes in village abadi areas and other unlawful constructions to protect residents’ rights. It advised that significant projects and farmhouses on forest land should be addressed according to regulations. “The district authorities, in collaboration with local representatives, must meticulously differentiate between unauthorized structures and genuine residences, ensuring that any demolitions respect the rights and safety of law-abiding residents. An alternative strategy is being considered to create a defined perimeter around existing settlements,…

IndustryLatest Stories

Kanpur’s New Circle Rates Now in Effect

KANPUR: As of Friday, September 5, the revised circle rates for land in the Kanpur Nagar district are now in effect. The updated rates include significant changes to the general guidelines. Depreciation allowances of 30% to 60% are now applicable for the construction costs of units, flats, or floors in multi-story residential buildings with up to four floors. Additionally, the previously mandated minimum common facility fee of 18% has been eliminated. For large non-agricultural residential plots, depreciation rates have been established: 20% for areas between 1,000 and 2,000 square meters, 25% for areas from 2,000 to 3,000 square meters, and…