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Latest StoriesRegulatory

Builder in Vadodara to Refund Buyer for Delayed Possession

VADODARA: A real estate group in Vadodara has been ordered by the State Consumer Disputes Redressal Commission to refund ₹28.42 lakh to Dr. Nilam Desai and Dr. Rasesh Desai due to the failure to deliver possession of a flat booked in their project. The complainants, represented by advocate Akhil Dave, reported that they booked a flat in the developer’s Vadodara project in 2012, with possession expected by April 2016, as stated in the agreement. They initially paid ₹6 lakh by cheque and the remaining ₹22.42 lakh through a private bank loan. As per the agreement, the loan disbursal was tied…

IndustryLatest Stories

Pune Extends Property Tax Discount Deadline to July 7

PUNE: The Pune Municipal Corporation (PMC) has extended the deadline for property tax payments at discounted rates to July 7, an extension from the original June 30 deadline. According to PMC officials, citizen facilitation centers (CFCs) are available for residents to pay taxes in person. “We have also launched an online payment facility for taxpayer convenience. Property owners are encouraged to pay their taxes on time to avoid last-minute congestion,” stated Avinash Sapkal, head of the property tax department. The PMC offers property owners a 5-10% discount if taxes are paid by May 31. This year, due to delays in…

Latest StoriesResidential

Over 11,000 Homes Built by Ranchi Under PMAY-Urban

RANCHI: The Ranchi Municipal Corporation (RMC) celebrated the 10th anniversary of the Pradhan Mantri Awas Yojana (Urban) (PMAYU) on Saturday, commemorating a decade since its launch on June 25, 2015. The event showcased RMC’s achievements in providing dignified housing under the national “Housing for All” initiative. Over the past ten years, RMC has completed 11,052 houses out of a sanctioned 12,587, resulting in an impressive 88% completion rate. From January to June this year, an additional 183 houses have been allocated to beneficiaries. The festivities included griha pravesh ceremonies in five wards, including Burdman Compound, where five new families, aided…

Latest StoriesRera

Mumbai: No respite for six defaulter buyers in Chembur project

MUMBAI: MahaRERA has recently ruled against six flat purchasers, stating they are not entitled to relief under the Real Estate (Regulation and Development) Act due to payment defaults. Out of the six purchasers, five requested refunds to withdraw from a residential project in Chembur, while one wished to continue but asked for an extension on payment. Godrej Developers responded by terminating their bookings and attempting to forfeit the booking amounts. The allottees contested the forfeiture, seeking refunds under Section 18 of the RERA Act based on their desire to withdraw from the project. One complainant mentioned that due to the…

CommercialLatest Stories

Noida Authority: Adani Cannot Sub-Lease Data Centre Yet

Representative Image NOIDA: The Noida Authority has decided against allowing Noida Data Centre Ltd — an Adani Enterprises subsidiary — to sub-lease its Sector 80 industrial plot until the project becomes operational. This marks a change from the Authority’s previous position, as officials emphasized they would adhere strictly to the original terms of the allotment. Officials noted that the plot, allocated to Adani in 2021, remains undeveloped, and the company has not submitted an application for map approval. They referenced Clause 14-B of the lease deed, stating that sub-leasing is permitted only after the unit has received an occupancy certificate…

Housing FinanceLatest Stories

NHB Anticipates RMBS Firms to Raise ₹10,000 Cr in FY26

Sure! Here’s a rewritten version of the content: Representative image MUMBAI: The country’s first-ever residential mortgage-backed securities were listed on Monday. The housing finance regulator, NHB, anticipates that firms will raise over Rs 10,000 crore through this method in the current fiscal year. The National Housing Bank-backed RMBS Development Company (RDCL) listed its inaugural set of securities worth Rs 1,000 crore, maturing in 20 years with a 7.26% monthly coupon, on the NSE. NHB’s Managing Director and CEO, Sanjay Shukla, stated that he anticipates up to 10 additional transactions this fiscal year, which will allow lenders to raise between Rs…

InfrastructureLatest Stories

Ghaziabad Body Releases ₹800 Crore for Indirapuram Extension

GHAZIABAD: The Ghaziabad Development Authority (GDA) has reclaimed 10 hectares of land valued at ₹800 crore in Kanawni, Indirapuram. This land had been encroached upon for over a decade, with illegal shanties and hutments established on it. A GDA official stated that this reclaimed land will be integrated into the Indirapuram Extension scheme, which spans 34 hectares and aims to develop a new township. “Last week, we conducted a significant anti-encroachment operation in Kanawni, successfully recovering the land. We are now erecting pillars and securing the area with fencing,” the official added. The GDA is set to issue a request…

Latest StoriesRegulatory

Allahabad HC Overturns Greater Noida Plot Cancellation Order

NOIDA: In a recent legal development, the Allahabad High Court has annulled two cancellation orders from the Greater Noida Industrial Development Authority (GNIDA), emphasizing that the Authority “failed to meet deadlines and adhered to faulty procedures.” One order pertained to a significant IT/ITES project in Tech Zone II, and the other addressed a group housing project in Sector 10. The rulings, issued by Justice Prakash Padia earlier this month, reinstated allotments and provided relief to developers Elevator Properties and Kinetic Buildtech. These developers challenged GNIDA’s decisions in court, claiming the Authority’s own shortcomings hindered their projects. In the first instance,…

IndustryLatest Stories

Gujarat Waives 80% Duty on Property Transfers Without Sale Deeds

GANDHINAGAR: In a significant relief for numerous property owners in Gujarat, the state government announced on Monday a stamp duty waiver of up to 80% for property transfers executed through allotment letters and share certificates, bypassing the need for a sale deed. This issue has long impacted older housing societies. The decision, released by the revenue department under Section 9A of the Gujarat Stamp Act, addresses requests from citizens and elected officials. The new ruling specifically benefits residents of societies, associations, and non-trading corporations that transferred properties without sale deeds — a common practice from 1982 to 2001. Many residences,…

Latest StoriesResidential

DDA to Auction Residential Plots in South Delhi

Representative Image NEW DELHI: The Delhi Development Authority (DDA) has formulated a plan to auction residential plots in prime areas. Shifting focus from flatted development, the DDA has initiated steps to engage a specialized firm for demarcating 118 plots in D6 Vasant Kunj, located in south Delhi. The DDA has issued a tender notice to select an experienced agency to carry out the demarcation, as well as to develop necessary infrastructure like roads, stormwater drains, and pipelines for water supply and sewerage. An official stated, “The goal is to prepare the site for e-auction.” Additionally, the authority has identified areas…