Category: Latest Stories

Access daily updates on all real estate sectors including residential, commercial, retail, and infrastructure. Stay ahead with market trends, policy changes, investment news, and expert analysis from across the globe.

Latest StoriesRera

Maharashtra REAT Cancels MahaRERA’s Possession Date Extension

MUMBAI: The Maharashtra Real Estate Appellate Tribunal (MREAT) has overturned a prior ruling by MahaRERA that had extended the possession deadline for a Navi Mumbai project. In its updated decision, MREAT underlined that such unapproved extensions from the developers, without the homebuyers’ consent, are illegal. This case involves homebuyers Neha and Nitin Walavalkar, who have been expecting possession of their flat since December 2017. In a modification of MahaRERA’s February 2024 order, MREAT clarified that the unilateral extension of the possession date had effectively changed the conditions of the original sale agreement, which is not permissible by law. MREAT ordered…

IndustryLatest Stories

Taxman could gain greater power to target benami properties

Representative Image MUMBAI: Efforts to strengthen the law against benami transactions are underway. These transactions often see faceless individuals, slum residents, and impoverished laborers in tribal areas holding properties worth crores for the actual owners who conceal their identities. A committee formed by the Central Board of Direct Taxes (CBDT) has put forth recommendations, including granting officials access to the Aadhaar database, state property registries, and the vehicle and driving license data. They also propose amending the law to allow the confiscation of other assets belonging to true beneficiaries if a benami asset remains untraceable. The committee, which submitted its…

Latest StoriesResidential

Chamarajanagar ZP survey finds 35,050 houseless families in 2024-25

Representative image created by AI MYSURU: The Chamarajanagar Zilla Panchayat has identified 35,050 houseless families and 4,471 site-less families during its recent 2024-25 survey. They have recommended the construction of homes for these families, pending state approval for houses to be allocated under various government housing schemes. Among the 35,050 identified houseless families, Chamarajanagar taluk reported the highest with 11,582, followed by Gundlupet (10,782), Hanur (3,729), Kollegal (4,499), and Yelandur (4,458). This survey also revealed that 11,358 of these families belong to Scheduled Castes, 4,453 to Scheduled Tribes, and 19,239 to other categories. For the 4,471 site-less families, the breakdown…

Latest StoriesRegulatory

Nagpur SROs Failed to Report ₹5,500 Crore Real Estate Deals

NAGPUR: The Income Tax Department is probing unreported real estate transactions valued over Rs 5,500 crore, originating from the property registrar’s offices. The investigation began at the Hingna sub-registrar’s office (SRO) and has now expanded to four additional SROs in Nagpur city. According to the Intelligence and Criminal Investigation (IC) wing of the I-T department, it was discovered that a single SRO had reported deals amounting to Rs 2,500 crore that were missing from the Statement of Financial Transactions (SFT). When combined with other SROs under investigation, the total now surpasses Rs 5,500 crore. Sources indicate that this case has…

Latest StoriesRegulatory

Ranchi Civic Body Warns Defaulters: Pay Property Tax in 10 Days

RANCHI: On Friday, the Ranchi Municipal Corporation (RMC) published the list of the city’s top 500 property tax defaulters on its official website [www.ranchimunicipal.com]. The corporation has instructed all listed defaulters to settle their outstanding dues within 10 days of the notice being posted. Officials have warned that failure to make payments within the designated time frame will lead to strict legal action under Section 184 of the Jharkhand Municipal Act, 2011. This may include rigorous recovery measures to ensure compliance. The corporation clarified on Saturday that this notice acts as the final warning for chronic defaulters, who have repeatedly…

Latest StoriesRegulatory

Madras HC Urges Authorities to Maintain Legal Sand Quarrying

Representative Image MADURAI: The Madras High Court has emphasized that authorities must adhere to regulations to prevent illegal activities during sand quarrying operations. This ruling came during the consideration of a public interest litigation filed in 2024 by L Karthick, president of the Salem East District Sand and M-Sand Lorry Owners Welfare Association. The petitioner requested that officials enforce the guidelines established by the government in a 2022 directive by restoring the Tamil Nadu Sand Web Service Portal (TN Sand App) and the ‘Investigator App’ with all previous features intact, facilitating the sale of river sand directly at quarry sites…

InfrastructureLatest Stories

Kolkata Civic Body to Monitor New Buildings’ Health for 10 Years

KOLKATA: A committee appointed by the Kolkata Municipal Corporation (KMC) to oversee the reconstruction of houses on Durga Pituri Lane and surrounding areas will monitor the structural integrity of these buildings for the next decade. If any damage occurs due to the operation of the underground metro, the Kolkata Metro Rail Corporation (KMRC) will be responsible for compensation, said Mayor Firhad Hakim during a recent KMC meeting. Concerns were voiced during the KMC House meeting on Friday regarding the safety of structures on Durga Pituri and Syakrapara Lane following the commencement of metro operations. KMC Ward 48 Councillor Biswarup Dey…

Latest StoriesRegulatory

SC Upholds Bombay HC Order on Bandra Church Land Acquisition

MUMBAI: The Supreme Court, emphasizing the “invisible yet pervasive influence of powerful private developers” involved in land acquisitions under the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, has upheld a Bombay High Court ruling that invalidated the acquisition of Church Trust land at Mount Mary in Bandra by the Slum Redevelopment Authority (SRA) on Friday. The SC noted that the Trust has shown interest in redeveloping the land since 2013. In a landmark ruling, the SC bench consisting of Justices Surya Kant and Ujjal Bhuyan stressed the need for practical and actionable safeguards within a legal framework amid competing…

Latest StoriesRera

Challenge to Appointment of Himachal Pradesh RERA Chief

SHIMLA: The Himachal Pradesh High Court has issued a notice to the Sukhvinder Singh government in response to a petition challenging the appointment of former Chief Secretary R D Dhiman as the chairman of the state Real Estate Regulatory Authority (RERA). The court clarified that Dhiman’s selection will be subject to the final outcome of the petition. The petition was filed by Rajeev Verma, a former member of the state RERA, and was heard by a division bench consisting of Justice Vivek Singh Thakur and Justice Sushil Kukreja on August 20. Dhiman was appointed as RERA chief on June 25.…

InfrastructureLatest Stories

After 7 Years, Ghaziabad’s Master Plan Finally Approved

GHAZIABAD: After extensive drafting and four rounds of review over the past seven years, the Uttar Pradesh government has finally approved the unified Master Plan 2031. Covering an area of 33,543 hectares, the plan encompasses Ghaziabad, Modinagar, and Loni, and for the first time introduces Transit-Oriented Development (TOD) and Special Development Area (SAD) zones, facilitating a mixed-use model that promotes both residential and commercial growth. Officials noted that the plan prioritizes population forecasts and the housing, workplace, and urban service demands that will arise from these projections. Based on the NCR Regional Plan, Ghaziabad’s population is projected to nearly double…