Category: Latest Stories

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IndustryLatest Stories

Real Estate Stocks Drop on Weak Demand Worries

MUMBAI: Real estate stocks experienced a decline on Wednesday, marking a third consecutive session of losses. Investors took profits amidst concerns over slowing demand. The realty index dropped by more than 2%, accumulating a total decline of 3.5% over the past three days, in contrast to a 1.1% dip in the benchmark Nifty. Out of the 10 stocks in the index, eight recorded losses on Wednesday. Godrej Properties fell by 4%, while DLF and Oberoi Realty decreased by 3.5% and 2.8%, respectively. Lodha Developers and Phoenix Mills each saw declines of over 2%. “Profit-taking in realty stocks follows last year’s…

Latest StoriesResidential

Gentex Acquires Lutyens’ Bungalow for ₹310 Crore

Representative Image Gentex Merchants Pvt Ltd, associated with Lakshmi Mittal, has acquired a 3,540 square yard bungalow on APJ Abdul Kalam Road in the prestigious Lutyens’ Bungalow Zone of Delhi for Rs 310 crore. This property was previously owned by Yashwant Singh, a member of the Alwar royal family in Rajasthan. Singh recently purchased an 867 square meter bungalow in Golf Links for Rs 100 crore. According to the sale deed obtained by RealtyDailyNews, Gentex Merchants paid Rs 21.7 crore in stamp duty for the deal, which was registered in June. The company has not responded to RealtyDailyNews’s email inquiry…

CommercialLatest Stories

IBM Leases 61,000 Sq Ft at Incuspaze’s Green Boulevard, Noida

IBM, a major player in US technology, has leased 61,000 sq. ft. of managed workspace with Incuspaze at Green Boulevard in Noida, as reported by sources close to the matter. Previously, IBM had occupied 260,000 sq. ft. at TRIL Tower in Gurgaon, developed by Tata Realty. The demand for Grade A office space has been largely driven by tech companies returning to office settings. However, various other factors are anticipated to sustain this trend. Industry experts highlight that new Global Capability Centers (GCCs), the growth of flexible workspace providers, the increase in unicorn startups, and the ongoing expansion of big…

InfrastructureLatest Stories

Delhi CM Calls on LG to Fast-Track Master Plan 2041

NEW DELHI: On Wednesday, Delhi Chief Minister Rekha Gupta called on Lieutenant Governor VK Saxena to expedite the “delayed” ‘Master Plan 2041’ to address the city’s growing demands. During the launch of initiatives under the Gramodaya Abhiyan, Gupta emphasized that the new master plan should effectively tackle current developmental challenges while also benefiting future generations for the next century. Gupta noted that the Delhi Development Authority (DDA) is currently working on the master plan, stating, “It should be ready soon. The Delhi government is prepared to approve anything that serves the interests of our citizens.” Upon taking office in February,…

Latest StoriesRegulatory

SC Orders Builder to Refund Over ₹43 Lakh with 18% Interest

Supreme Court of India NEW DELHI: On Wednesday, the Supreme Court instructed a real estate firm to refund over Rs 43 lakh to a plot buyer, along with 18 percent interest. The apex court increased the compensation rate ordered by the National Consumer Disputes Redressal Commission (NCDRC) which was set at 9 percent on the same amount payable by M/s Business Park Town Planners Ltd. A bench consisting of Justices Dipankar Datta and Augustine George Masih partially granted the appeal made by Rajnish Sharma against the firm. Sharma claimed delays, unfair charges, and harassment related to a plot booking made…

InfrastructureLatest Stories

Hubballi-Dharwad body expands LPA in twin cities

HUBBALLI: The Hubballi-Dharwad Urban Development Authority (Huda) has expanded its Local Planning Area (LPA) from 407 square kilometers to 757 square kilometers by adding 46 new villages to its jurisdiction. The state government has approved Huda’s proposal to extend the LPA by integrating these additional villages, which consist of 27 from Dharwad taluk, one from Hubballi Urban taluk, 12 from Hubballi Rural, and six from Kalghatagi taluk. Huda President Shakir Sanadi stated that with these inclusions, the total number of villages within Huda limits has now reached 92. All the newly included villages will receive essential services such as improved…

InfrastructureLatest Stories

Coimbatore’s Rainwater Reuse Model Gains Popularity

COIMBATORE: The Coimbatore Corporation’s innovative model for rainwater harvesting and reuse for non-potable applications is proving successful. While various government buildings, including the collectorate, have employed the rainwater harvesting system mainly for groundwater recharge, the Coimbatore Corporation pioneered a reuse model at its Town Hall office in July. After limited rainfall in August, the rains in September nearly filled the tank specifically built for rainwater storage and reuse. Notably, Coimbatore is the only city in the state implementing this model. Inspired by the success of this initiative, the corporation is set to introduce the system in its five zonal offices,…

InfrastructureLatest Stories

Illegal Constructions Under Scrutiny After Indore Collapse

INDORE: A tragic building collapse in the Ranipura area has sparked serious concerns regarding safety and building regulations in the city’s congested streets. This incident resulted in two fatalities and a dozen injuries, drawing attention to the issue of unauthorized constructions and the neglect of maintenance in the region. Many structures in Ranipura, including older buildings, either lack proper permits from the Indore Municipal Corporation (IMC) or have violated existing regulations by adding unauthorized floors and encroaching on public spaces. According to official sources, the three-storey building that collapsed on Monday night was one of these irregular constructions. IMC Additional…

InfrastructureLatest Stories

Jaipur: JMC-H Seals Unsafe Buildings, Demolishes Dangerous Parts

Representative image JAIPUR: On Tuesday, the Jaipur Municipal Corporation–Heritage (JMC-H) initiated a significant campaign targeting unsafe and deteriorating structures in the Adarsh Nagar zone. They sealed six buildings and demolished a hazardous section of another to avert potential accidents. The actions took place in Amritpuri, Ghatgate, and MSB Ka Rasta. Officials reported that three adjacent houses in Amritpuri, owned by Haji Ghaffar Qureshi (plot no. 125), Ejaz Qureshi (plot no. 126), and Haji Gayasuddin (plot no. 127), were deemed unsafe. Residents were relocated, and the buildings were sealed. In MSB Ka Rasta, house no. 3078 in Chowkari Ghatgate was inspected,…

IndustryLatest Stories

Nagpur First in State to Issue TDR Certificates for Encroached Land

NAGPUR: In a groundbreaking initiative in Maharashtra, the Nagpur Municipal Corporation (NMC) has commenced the distribution of Transferable Development Rights (TDR) certificates to original landowners whose properties have been encroached by slum residents. This initiative, spearheaded under Chief Minister Devendra Fadnavis, aims to address a long-standing conflict between landowners and encroachers. For years, private land plots in Nagpur were taken over by slum clusters, hindering landowners from developing their properties while residents lacked legal rights due to insufficient documentation. This state government scheme seeks to resolve both issues—landowners will receive TDR certificates that can be sold for financial compensation, while…