Category: Latest Stories

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CommercialLatest Stories

Trichy to Establish New Industrial Park in Thiruverumbur

sipcot TRICHY: The official notification has been issued for Trichy’s second industrial park in Thiruverumbur, following the establishment of the Manapparai industrial park. The State Industries Promotion Corporation of Tamil Nadu (Sipcot) is actively promoting this initiative to attract potential investors. This industrial estate will be a dedicated land parcel allocated to a single investor within the engineering sector. The industrial park, strategically located near the Olympic training academy on the Trichy semi-ring road, spans 148.9 acres across the Elandapatti and Suriyur villages. While boundary walls have not yet been constructed, the land has been officially designated with entrance signage…

InfrastructureLatest Stories

Two Illegal Colonies Razed in Ludhiana

LUDHIANA: As part of its ongoing campaign against unauthorized real estate developments, the building branch of the Ludhiana Municipal Corporation demolished two illegal colonies that were under construction in MC Zone B on Tuesday. The demolitions took place in Sukhdev Nagar and near Trikona Park, behind Onkar Vihar. Assistant Town Planner (ATP – Zone B) Nirwan remarked that the developers had continued their unauthorized construction despite multiple warnings from the municipal body, making the demolition necessary. In response to these actions, the ATP issued a public advisory encouraging residents to be cautious of fraudulent developers. He urged potential buyers to…

Latest StoriesRegulatory

NGT Flags 20 Bungalows in Pune’s Moi Phata for Demolition

PUNE: Almost a year after the Pimpri Chinchwad Municipal Corporation tore down 36 illegal bungalows in Chikhali for flood-line violations, another 20 residential buildings in the Moi Phata area are now under investigation for their proximity to the Indrayani River’s blue flood line. A joint committee established by the National Green Tribunal (NGT) reported, based on a petition from activist Gopal Kachave in 2023, that all 20 structures are positioned along the Ram Zara nullah, a tributary that connects with the Indrayani. The report indicated that the nullah itself is within both blue and red flood lines, raising alarms about…

IndustryLatest Stories

Tamil Nadu to set land survey guideline values by June-end

CHENNAI: Tamil Nadu’s Minister for Commercial Taxes and Registration, T Logesh Tamilselvan, has instructed officials to ensure that all land survey numbers in the state are assigned a market guideline value by the end of June. He also emphasized the need for quicker and more user-friendly registration services. The Minister issued these directives during the inaugural performance review meeting for senior officials at the 160-year-old district registrar’s office on Rajaji Salai, Chennai, on Tuesday. The meeting was attended by J. Kumaragurubaran, Secretary of Commercial Taxes, Registration, and Hindu Religious and Charitable Endowments, as well as Inspector General of Registration, G…

Latest StoriesRegulatory

ITAT Cancels ₹14 Lakh ‘On-Money’ Charge for Thane Buyer

MUMBAI: The Income Tax Appellate Tribunal (ITAT) has overturned a Rs 14.25 lakh addition made against a Thane resident concerning an alleged cash payment for a flat purchase. The tribunal concluded that the I-T department was unable to produce evidence directly linking the buyer to any “on-money” transactions. The Mumbai bench of the ITAT ruled in favor of the taxpayer, who had bought a flat in Cosmos Mary Park, Thane, jointly with his wife for Rs 72 lakh in April 2012. Following a search of Cosmos Group, the real-estate developer, I-T investigators claimed to have located records suggesting cash payments…

IndustryLatest Stories

Hyderabad: Banjara Hills ₹1,000 Crore Land Auction Dispute

Representative image HYDERABAD: A significant land auction organized by the Hyderabad Metropolitan Development Authority (HMDA) in Banjara Hills has sparked controversy, with two claimants asserting that part of the high-value government land slated for auction overlaps with their properties. The contention revolves around an 8.24-acre parcel in survey No. 102/1 of Hakeempet village, which HMDA intends to auction on June 19. This land is among the most sought-after in the city, with an estimated valuation of nearly Rs 1,000 crore. HMDA has set a base price of Rs 99 crore per acre, anticipating bids between Rs 130 crore to Rs…

Latest StoriesResidential

Gurugram: Buyers of 2016 Stalled Project Fume Over Email Claim

GURUGRAM: Homebuyers of the stalled Expressway Towers affordable housing project in Sector 109 have reached out to Haryana’s top officials, alleging the misuse of official email channels to influence proceedings related to the delayed project. In a letter addressed to Haryana chief secretary Anurag Rastogi, additional chief secretary (town and country planning) Anurag Agarwal, DTCP director Amit Khatri, and HRera Gurgaon chairman Arun Kumar, the association reported that emails from a group of 33 allottees opposing a proposed takeover of the project were shared through official channels and formed the basis for HRera’s communications to DTCP. The association is calling…

Latest StoriesRegulatory

Bombay HC: Flat Buyers Get Monthly Interest Under RERA Delay

MUMBAI: On Monday, the Bombay High Court ruled that under the Real Estate (Regulation and Development) Act (Rera), buyers have an unequivocal right to receive interest monthly for possession delays. Justice Madhav Jamdar stated that the law aims to protect buyers from delays and ensure timely construction. Developers cannot postpone possession indefinitely while evading the consequences mandated by Rera. Therefore, buyers who remain invested in a project despite delays are entitled to interest for each month of delay until they receive possession. Ten buyers sought compensation due to a delay in a Mulund project booked between 2005 and 2007. An…

Latest StoriesResidential

Indore Leads in Property Registration Revenue Generation

INDORE: Madhya Pradesh has seen an increase of approximately ₹211 crore or 12.82% in earnings from stamp duty and property registrations in the first two months of the current fiscal year. This growth is attributed to higher guideline values and rising property prices, despite modest growth in transaction volumes. Among major districts, Indore topped revenue generation with ₹328.45 crore, followed by Bhopal at ₹239.75 crore and Gwalior at ₹120.81 crore. Indore recorded this revenue from 25,405 property transactions, an increase from ₹302.18 crore from 23,261 documents during the same period last year, marking an 8.69% rise in the district’s revenue…

CommercialLatest Stories

Mangaluru IT Park tender sees no bids, deadline extended

MANGALURU: The proposed ₹135 crore IT Park in Mangaluru has encountered further challenges, as it remains unable to attract bidders, prompting the government to extend the tender deadline from May 29 to June 19. Sources from the Karnataka State Electronics Development Corporation Limited (Keonics) indicate that there may be further extensions, as there are currently no prospective bidders for the project. During the second round of bidding, Keonics and Credai Mangaluru noted that three interested stakeholders initially engaged but ultimately withdrew, citing several constraints within the tender conditions. This second bidding opportunity was reopened after the first round saw no…