Category: Latest Stories

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Latest StoriesRegulatory

Bombay HC questions BMC on buildings lacking fire NOC

Bombay High Court MUMBAI: The Bombay High Court has requested the BMC to clarify its plans regarding buildings in Mumbai lacking a fire no-objection certificate (NOC). The court posed a pointed question: “Will you ignore this issue, or will you take action? We expect a detailed affidavit stating the required steps when a fire NOC is not present. If this is omitted, we will interpret it as tacit approval, suggesting that it is the municipal corporation’s policy to allow occupancy without a fire NOC, thereby endangering lives,” remarked Justices Girish Kulkarni and Arif Doctor. This discussion arose during a hearing…

IndustryLatest Stories

Madhya Pradesh CM Calls for Action on Affordable Housing

File Photo BHOPAL: On Thursday, Madhya Pradesh Chief Minister Mohan Yadav convened a review meeting with officials from the Urban Development and Housing Department at Samatva Bhavan in Bhopal, where he issued several key directives. During the meeting, CM Yadav emphasized the need for an action plan focused on developing affordable and accessible housing in urban areas, considering the socio-economic conditions of residents, to mitigate urban slum expansion. He also highlighted the importance of enhancing the urban environment, urging the development of parks and promoting tree plantation initiatives across all housing projects, including those managed by development authorities and the…

Latest StoriesResidential

Minister: 5 Lakh PMAY Houses Coming Soon to J&K

File Photo SRINAGAR: During a press conference on Thursday, Union Minister for Agriculture and Rural Development, Shivraj Singh Chouhan, announced that nearly 500,000 individuals in Jammu and Kashmir are currently without housing. He was accompanied by Chief Minister Omar Abdullah for this announcement. Chouhan highlighted that 93% of the housing allocations under the Pradhan Mantri Awas Yojana (PMAY) in J&K have been completed, with eligible beneficiaries already identified. “A recent survey revealed five lakh individuals deserving homes; allotments will be finalized post-verification,” he stated. Previously, Omar had raised concerns regarding the criteria for determining housing scheme beneficiaries in J&K. “The…

Latest StoriesRera

Gujarat RERA Warns on NBFC Funding for Construction Projects

AHMEDABAD: The Gujarat Real Estate Regulatory Authority (GujRERA) has identified significant issues in loan practices adopted by builders and non-banking finance companies (NBFCs) for project financing. These issues include the mortgaging of unsold inventories from other projects and the disbursement of loans without RERA registration. To safeguard buyers’ interests, the authority plans to address these concerns with the state finance department for escalation to the Reserve Bank of India (RBI). GujRERA emphasizes the necessity for a standardized operating procedure for real estate projects funded by NBFCs. Senior officials from GujRERA have noted that builders seeking funds frequently turn to NBFCs,…

IndustryLatest Stories

Arkade Developers buys Filmistan for ₹183 crore

Sure! Here’s a rewritten version of the content: AI-generated Representative Image NEW DELHI: Arkade Developers, based in Mumbai, has finalized a binding agreement to acquire a 100% stake in Filmistan for ₹182.95 crore. This acquisition will allow the company to develop a four-acre residential project on the site of Filmistan Studios in Goregaon West. Amit Jain, the company’s Chairman and Managing Director, stated, “We are focused on expanding our presence in the western suburbs, with several launches scheduled for early 2026.” The upcoming luxury project, set to launch in 2026, is projected to generate a gross development value (GDV) of…

IndustryLatest Stories

Lucknow body to keep property sector rates unchanged

LUCKNOW: The Lucknow Development Authority (LDA) has announced that it will not be raising the sector rates for its properties. This decision means that the anticipated increase in district magistrate circle rates will not impact the prices of LDA properties valued according to reserved sector rates. In addition, prices for apartments built under various LDA schemes will remain stable, as these rates were already frozen for one year following a resolution by the LDA Board. According to a proposal approved by the LDA Board, the price of flats sold under the ‘first come, first served’ scheme will remain unchanged for…

IndustryLatest Stories

Tamil Nadu launches ‘Deemed NOC’ for planning permits

CHENNAI: Beginning July 1, the state government implemented a time-limited ‘deemed NOC’ system to simplify the process of obtaining No Objection Certificates (NOCs) for planning permissions. This initiative aims to cut down bureaucratic hurdles, enhance transparency, and expedite project approvals, particularly in the housing and infrastructure sectors. “This is the first instance of a state introducing such a system. While the Government Order was issued on October 24, the specific regulations for deemed NOCs are now available. This is a positive development for the housing and related industries, potentially saving three to six months in the NOC acquisition process,” stated…

Latest StoriesResidential

BPTP to Invest ₹3,000 Crore in Dwarka Expressway Project

NEW DELHI: BPTP has unveiled GAIA Residences, a new residential project located along the Dwarka Expressway, with an investment goal of ₹3,000 crore and projected revenue of ₹6,500 crore. This initiative is part of a larger ~150-acre development, representing the second phase of the Amstoria project. The 12.05-acre project will feature three high-rise towers consisting of 531 units of 3BHK residences. One of the towers will be opened for sales at a later date, pending the relocation of a high-tension electricity line. The average price for units in the project starts at ₹3.85 crore. Published On Jul 3, 2025 at…

IndustryLatest Stories

Crisil: Residential Real Estate to Grow 10-12% Annually by FY27

NEW DELHI: The residential real estate market in India is projected to maintain steady growth over the next two fiscal years, with a sales value increase of 10-12% annually. This growth is attributed to the rising demand for premium and luxury homes, as noted in a recent report by Crisil Ratings. Sales volumes are estimated to rise by 5-7%, with average prices expected to appreciate moderately by 4-6%. This reflects sustained end-user demand, enhanced affordability due to lower interest rates, and a smoother rollout of projects in key urban regions. This follows a post-pandemic growth period where the sector achieved…

Latest StoriesResidential

Aatish Kapadia and Wife Purchase ₹15.31 Crore Mumbai Apartment

NEW DELHI: Aatish Kapadia, recognized as an actor, director, and screenwriter, along with his wife Alison Kapadia, has acquired an apartment at Elysian by Oberoi Realty in Goregaon, Mumbai, for ₹15.31 crore. The apartment features a carpet area of 281.50 sq meters (3,030.07 sq ft) and includes three car parking spaces. According to the Inspector General of Registration (IGR) documents reviewed by Square Yards, the transaction incurred a stamp duty of ₹91.86 lakh and registration fees of ₹30,000. The deal was officially registered in June 2025. As per Square Yards Data Intelligence, Elysian has seen 116 sale registrations totaling ₹1,035…