Category: Latest Stories

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Latest StoriesRegulatory

Bombay HC: Court Overstepped, Returns 16-Acre Plot to Builder

MUMBAI: The Bombay High Court has reinstated a ruling from a Borivli metropolitan magistrate indicating that a developer had possession of a plot exceeding 16 acres near the Dahisar checkpost as of April 22, 2017. On Tuesday, Justice Amit Borkar nullified a decision by the Dindoshi sessions court and directed the court receiver to return possession of the land to Romell Housing and its associate, Jude Romell, “strictly in accordance” with the magistrate’s directive. Romell alleged police misconduct after purchasing the property in 2016 from its previous owners, having compensated Kamruddin Shaikh, who held possession of the land. Following the…

IndustryLatest Stories

Indiabulls AMC, others resolve AIF violations case with Sebi

NEW DELHI: Indiabulls Asset Management Company, now known as Groww AMC, along with its schemes and former officials, settled a case with SEBI regarding alleged breaches of alternative investment fund regulations after a payment of ₹1.43 crore. Those involved in the settlement include Indiabulls AIF, Indiabulls Dual Advantage Real Asset Fund (IBDARA), Indiabulls Real Estate Fund (IBREF), Ambar Maheshwari, Amit Jain, and Parth Muria, as stated in a SEBI order. The case was related to violations reportedly dating back to 2017. In 2023, Indiabulls AMC was acquired by the fintech company Groww. It has three business sectors: mutual funds, alternative…

Latest StoriesRegulatory

SC Bars Supertech Realtors from Third-Party Rights in Supernova

NEW DELHI: The Supreme Court has barred Supertech Realtors and its suspended director from establishing any third-party rights in the ‘Supernova’ project in Noida. Supertech Realtors, a subsidiary of Supertech Ltd, is mired in insolvency proceedings and is working on a mixed-use real estate development named ‘Supernova’. This project includes residential units, commercial space, office areas, studio and service apartments, and shopping centers situated in Sector 94 of Noida. The project is intended to be a towering structure with 80 floors, designed to be the tallest building in the Delhi-NCR region at 300 meters high. A bench comprising Justices Surya…

IndustryLatest Stories

First Kolkata property rate hike in 7 years will raise fees

KOLKATA: Property buyers in Kolkata and nearby regions will face increased stamp duty and registration fees due to the government’s revision of circle rates, which have risen by 15% to 90%. The new rates took effect on Wednesday. The circle rate serves as the minimum price set by the government for property registration. According to sources from the finance department, the rate revision comes after a seven-year hiatus and is intended to address the disparity between circle and market rates in many areas. “For instance, some properties are sold for ₹9,000/sq ft while the circle rate is ₹6,000/sq ft. We’ve…

Latest StoriesRegulatory

Builder booked for ₹16.49 crore fraud in Mumbai

MUMBAI: Yash Builders has been charged with cheating and criminal breach of trust after Axis Bank filed a complaint against its proprietor, Paras Dedhia. The complaint arises from a ₹16.49 crore term loan provided for the Deonar project, Yash Signature. As outlined by Shri Dakshis Sumanbhai Balsara, Assistant Vice President at Axis Bank’s Nariman Point branch, Dedhia initially secured a ₹15 crore loan from IIFL in 2015, using 18 flats and an office at Yash Signature as collateral. He then sought a ₹20 crore term loan from Axis Bank’s Chembur branch to settle IIFL’s dues and finish the project. The…

IndustryLatest Stories

Uttar Pradesh Plans 40% Hike in Ghaziabad Property Rates

GHAZIABAD: Anticipated property price hikes in the city may see increases of up to 40% as the district administration prepares to revise rates later this year. Draft estimates suggest residential plot prices could rise by 5-15%. Should this move be approved, the cost for a residential plot at Crossings Republik will increase to Rs 31,000 per square metre from the current Rs 27,000. Flats in multi-storey buildings are projected to become 10-40% more expensive, with steeper increases of 35-40% expected in major townships like Wave City Centre, Aditya World City, and others. In Wave City, flat prices are expected to…

CommercialLatest Stories

Smartworks Leases 557,000 Sq Ft at Intellion Park, Mumbai

NEW DELHI: Smartworks Coworking Spaces, a managed office platform, has secured over 5.57 lakh sq ft at Intellion Park, Navi Mumbai, developed by Tata Realty and Infrastructure. This acquisition brings the company’s total leased area in Mumbai to over one million sq ft. Neetish Sarda, the managing director and founder, stated, “Intellion Park, our largest managed office campus in the city, is tailored for enterprises seeking scale, speed, and seamless experience all under one roof.” Smartworks currently operates four campuses, each exceeding five lakh sq ft. The company has established a total footprint of 12 million sq ft across 14…

Latest StoriesRegulatory

Ex-Lodha Developers Director Arrested in Fraud Case

Here’s a rewritten version of the content: MUMBAI: Mumbai Police announced the arrest of a former director from a leading real estate firm on Wednesday for allegedly abusing his official role to defraud the company of ₹85 crore. The accused, Rajendra Lodha, served as a director at Lodha Developers Ltd from September 2013 until his resignation on August 18, 2025, which followed an ethics committee review of his conduct. The complaint alleges that Lodha exploited his position to deceive the company. The fraud allegations emerged during the investigation of a case reported at the NM Joshi Marg police station, according…

Latest StoriesResidential

Kerala Govt Ensures Steady Funds for Life Mission Houses

THIRUVANANTHAPURAM: M B Rajesh, the local self-government and excise minister, assured the assembly on Wednesday that the state government is dedicated to resolving delays in fund disbursements for housing construction under the Life Mission project, emphasizing significant progress made thus far. In response to a query from Congress MLA P C Vishnunath, Rajesh reported that since the project’s initiation in 2017 until September 16, 2025, 595,536 beneficiaries have been identified. Out of this number, 462,412 families now occupy completed homes, while an additional 133,124 houses are in various stages of construction. “By the end of the current government’s tenure, over…

Latest StoriesRegulatory

Delhi HC: MCD’s higher luxury hotel tax not arbitrary

NEW DELHI: The Delhi High Court has stated that the increase in property tax rates for luxury hotels imposed by the Municipal Corporation of Delhi cannot be considered “arbitrary or capricious,” especially when viewed in the context of their target clientele’s economic background. The court explained that luxury hotels actively pursue star ratings, positioning themselves within a niche aimed at affluent customers while providing premium experiences at high prices. Justice Purushaindra Kumar Kaurav, delivering the judgment on September 12 (published on the court’s website on September 16), noted, “The legislative intent behind the higher property tax rates for these establishments…