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IndustryLatest Stories

Telangana to Amend Stamp and Registration Act

HYDERABAD: Property buyers at bank and financial institution auctions may soon need to pay stamp duty based on transaction value as the Telangana government considers significant changes to the Indian Stamp Act and the Registration Act, aimed at reducing revenue losses, according to officials. The government also plans to grant authority to the inspector general and commissioner of the registration and stamps department to annul fraudulent registrations, including double registrations. Proposed amendments are expected to be presented to the Telangana cabinet shortly. Officials indicate that many auction property buyers evade stamp duty by presenting a ‘sale certificate’—a document banks submit…

IndustryLatest Stories

Nashik: Land Records to Hold ‘Bhumi Adalat’ Event

NASHIK: The land records department is set to hold a ‘Bhumi Adalat’ on October 1 at the division level to amicably settle land disputes between complainants and respondents. Mahesh Ingale, the deputy director of the land records department for Nashik division, stated that issues often revolve around mutation entries or land measurements. “Over 350 cases have been brought to my attention as the appellate authority, where aggrieved parties have challenged earlier decisions. In many instances, the solutions are straightforward, but people remain unaware,” he remarked. Ingale’s team aims to counsel all involved to reach mutually beneficial outcomes. He noted that…

Latest StoriesRegulatory

Bombay HC Reprimands EOW Officials for Misusing Arrest Powers

MUMBAI: The Bombay High Court granted interim bail to Mamta Digvijay Singh, sharply criticizing the Economic Offences Wing (EOW) for what it called a clear misuse of arrest powers. The division bench, comprising Chief Justice Chandrashekhar and Gautam A. Ankhad, expressed concern over her arrest on September 10, which occurred almost three months after her last statement on June 18. On September 12, the EOW apprehended directors Mangesh Kadam and Mamta Singh based on a complaint from Rajat Jhunjhunwala. He accused them of falsifying MGT-7 forms and counterfeit shareholding certificates for Shajas Developers Pvt Ltd and its subsidiary JLS Realty…

Latest StoriesRegulatory

Allahabad HC Reopens ₹295 Crore Land Payout Case After SC Ruling

NOIDA: The Allahabad High Court will continue its hearings regarding the Rs 295-crore Reddy Veeranna land compensation case on October 6. In July, the Supreme Court annulled the payout, deeming it fraudulent, as it found that the Hyderabad-based businessman misled the courts to secure an inflated compensation for a property in Noida’s Sector 18. The case is set to be heard by a bench comprising High Court Chief Justice Arun Bhansali and Justice Kshitij Shailendra. At the center of the case is over five bighas of land in Chhalera Banger village, which was jointly purchased in 1997 by Veeranna, Vishnu…

Latest StoriesResidential

Prayagraj agency receives 63,000 PMAY home applications

PRAYAGRAJ: Over 63,000 individuals have submitted applications for homes through the Pradhan Mantri Awas Yojana (PMAY), reported Pratibha Srivastava, project director of the District Urban Development Agency (DUDA). The agency aims to provide homes to 1.2 lakh residents of Sangam City, and is currently in the process of screening applications. Last year, 26,437 eligible applicants received housing under the scheme. Srivastava anticipates an increase in applicants. So far, 20,000 applications have been screened, with 70% deemed eligible. The screening of the remaining applications is ongoing, and DUDA will accommodate all eligible applicants. In addition to DUDA, the Prayagraj Development Authority,…

Latest StoriesRegulatory

Three Land Officials Linked to 254 Fraudulent Registries in Farrukhnagar

GURUGRAM: A probe has revealed that two tehsildars and a naib tehsildar in Farrukhnagar are implicated in facilitating fraudulent land registrations—at least 254 within four months. They reportedly converted agricultural land into urban plots and sanctioned illegal colonies, breaching various regulations. The officials are accused of manipulating property IDs and using forged documents to authorize these illegal registries, as outlined in an investigative report by the sub-divisional magistrate (Pataudi). According to the revenue department officials, these irregularities may have cost the state several crores. The report, reviewed by TOI, indicates that between April and August, tehsildar Navjeet Kaur authorized 94…

Latest StoriesResidential

Gurugram’s Garden Estate Faces Unapproved Structural Changes

GURUGRAM: The Department of Town and Country Planning (DTCP) has issued a notice to the Garden Estate Residents’ Welfare Association (RWA) in Sector 24 regarding unauthorized structural modifications made by homeowners. Officials stated that inspections conducted after numerous complaints revealed that several residents had expanded or altered their units without securing the necessary approvals. Garden Estate, a group housing society, prohibits individual changes without authorization, and the RWA has been instructed to monitor and report such activities promptly. Failure to comply could lead to legal repercussions, as resident bodies are responsible for upholding urban planning regulations. DTP (enforcement) Amit Madholia…

CommercialLatest Stories

CapitaLand India Trust Sells CyberVale, CyberPearl for ₹11,031M

NEW DELHI: CapitaLand India Trust (CLINT) has made an agreement to sell CyberVale in Chennai and CyberPearl in Hyderabad to an unrelated third party for ₹11,031 million (around S$161.7 million). The assets will be sold at about a 3% premium over their independent valuations as of December 31, 2024. The expected net proceeds from the sale stand at ₹10,828 million (approximately S$158.8 million). CyberVale features roughly 0.8 million sq ft of an IT special economic zone (SEZ) and about 0.2 million sq ft designated as a free trade warehousing zone in Mahindra World City. CyberPearl is an IT park that…

InfrastructureLatest Stories

Telangana govt to buy L&T’s Hyderabad Metro stake for ₹2000 cr

HYDERABAD: The Telangana government has agreed to take over Phase-I of the Hyderabad Metro Rail project from L&T Group for ₹2,000 crore, covering the equity stake in L&T Metro Rail Hyderabad Ltd, according to official sources. As part of the agreement, the state will also assume the company’s debt of ₹13,000 crore. L&T currently holds about 90% equity in the project. Last month, the infrastructure giant expressed its intention to divest its stake—approximately 70 km—of the Metro Rail project to either the state or central government via a new Special Purpose Vehicle (SPV), citing operational and accumulated losses. Chief Minister…

CommercialLatest Stories

Prime Offices Fund buys 2.4M sq ft in Chennai for ₹2,550 crore

NEW DELHI: The Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has successfully acquired a 2.4 million sq ft office campus located in Porur, Chennai. This asset was purchased through a full buyout from Keppel’s real estate division for approximately ₹2,550 crore. The campus is leased to Global Capability Centres (GCC) and domestic technology firms. Gaurav Puri, the Chief Investment Officer at NCW, stated, “As we continue to expand, our focus remains on high-quality ‘offices-of-the-future’ that align with our investors’ expectations.” NCW is a collaborative venture between Nuvama Asset Management…