Category: Latest Stories

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Latest StoriesResidential

LDA Checklist Seals Private Hostels, Tenants Left in Limbo

Representative AI image LUCKNOW: Shivam Kumar, a resident of a private hostel in Aliganj, is now searching for new accommodation after the Lucknow Development Authority (LDA) sealed his hostel due to non-compliance with fire safety norms. He was paying a monthly rent of Rs 10,000 and had put down a security deposit of Rs 4,500, which the hostel authorities have refused to refund. “I chose this place because it was affordable and close to my coaching and the university. Now, I’m forced to leave without any backup,” said Shivam. Like Shivam, over 100 students in the city are affected after…

Latest StoriesResidential

Salman Khan’s Bandra Sea-Facing Project Receives MCZMA Approval

MUMBAI: The Maharashtra Coastal Zone Management Authority (MCZMA) has approved a proposal for a new sea-facing residential building owned by Salma Khan, mother of actor Salman Khan, in Bandra (West). The Brihanmumbai Municipal Corporation (BMC) had previously granted the Intimation of Disapproval (IOD) for this project last year. The Khan family plans to build a ground-plus-stilt-plus-six-storey residential structure with a total built-up area of 1,014.11 square meters. Salman Khan currently lives with his parents at the nearby Galaxy Apartments in Bandra. The MCZMA reviewed this proposal among 46 applications at its meeting on June 16, characterizing it as the “proposed…

InfrastructureLatest Stories

Bhopal: Two Illegal Colonies Torn Down in Huzur Area

BHOPAL: On Friday, the district administration demolished structures on two plots of land in the Huzur area, where illegal colonies were being constructed, resulting in the clearance of encroachments valued at Rs 27 crore. One of these colonies was found at Barkhedi Bajayaft on land owned by the son of a former IAS officer, who previously served as Bhopal collector, according to sources. The demolition initiative began at Mendori village near Kerwa Dam, where an illegal colony was being developed on 1.59 hectares by a developer. The land cleared from encroachments is estimated to be worth Rs 15 crore. Subsequently,…

Latest StoriesRegulatory

Bombay HC Dismisses Housing Society’s Plea on Andheri Plot

MUMBAI: Recently, the Bombay High Court ruled that if a cooperative housing society is mistakenly allocated less land in a deemed conveyance than it is legally entitled to, such an order by a deputy registrar would not allow a neighboring society to claim the excess land. The HC dismissed a petition from a society in Mumbai’s suburbs, stating that “this court cannot support the petitioner’s effort to seize the land” designated for another society. Justice Sandeep Marne of the HC clarified that a deemed conveyance certificate is not an absolute endorsement of rights over the conveyed land. The court permitted…

InfrastructureLatest Stories

Goa Approves 11,948 sq m Conversion to Settlement Zone

Representative Image PANAJI: The Town and Country Planning (TCP) department has authorized the conversion of an additional 11,948 sqm of land from orchard and natural cover to settlement zone under Section 39A of the Goa Town and Country Planning Act. This decision is part of ongoing modifications to the Regional Plan for Goa 2021, which were announced over the past week. A notification from the TCP department dated June 24 has finalized five proposals across Pernem, Canacona, and Bardez. Two of these approvals involve the transformation of natural cover into a settlement zone, while the remaining three convert orchard land…

Latest StoriesRegulatory

Capital Gains Tax Benefit Stays Valid Despite Delayed Deed: ITAT

MUMBAI: A recent ruling by the Income Tax Appellate Tribunal (ITAT) may prove beneficial for taxpayers engaged in under-construction or redevelopment projects. The ITAT determined that tax relief on capital gains cannot be denied solely because the final conveyance deed is executed after the stipulated period, provided the taxpayer has established enforceable rights in a specific residential property and made the investment within the required timeframe. According to Section 54 of the Income-tax (I-T) Act, taxpayers can receive capital gains relief if they reinvest funds from the sale of a house into another residential property. The ITAT has approved a…

Latest StoriesRera

UP RERA Sends Notices to 76 Projects for Missing Audit Reports

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued show-cause notices to the promoters of 76 projects for failing to upload the annual audit reports for FY2024-25 on its web portal. The authority has instructed these promoters to submit the required audit reports within 15 days, along with the applicable late fee. Non-compliance could result in penalties of up to 5% of the project’s estimated cost, according to UP RERA’s statement. As mandated by RERA provisions, promoters must have their project accounts audited annually and upload the reports to the authority’s website within six months of…

IndustryLatest Stories

Ghaziabad Sets 14-Day Deadline for Builders with New Map System

Sure! Here’s a rewritten version of the content: GHAZIABAD: The Ghaziabad Development Authority (GDA) has instructed developers with outstanding applications in the Online Building Plan Approval System to finalize map approvals within two weeks, prior to the transition to the new Fast and Simplified Trust-Based Plan Approval System. Applications that remain pending post-migration will need to be resubmitted on the updated platform. This new system aligns with the UP Building Construction and Development Bylaws, 2025, and incorporates advanced software to support new planning functions. It enables applicants to acquire extra floor area ratio (FAR), facilitate changes in land use, and…

IndustryLatest Stories

Prestige Group’s ₹65,000 Crore Unrecognized Revenue: Chairman

NEW DELHI: Realty developer Prestige Estates Projects Ltd has approximately Rs 65,000 crore in unrecognized revenue, attributed to robust sales of its residential properties over the past three fiscal years. The company reported record sales bookings of Rs 30,024 crore during the 2025-26 fiscal year, marking a 76% increase from the previous year. In an interview with PTI, Chairman Irfan Razack stated, “We have around Rs 65,000 crore in unrecognized revenue on our books. It’s a substantial amount.” Razack noted that the company employs a completion method for revenue recognition, meaning revenue is recorded only after the completion of real…

CommercialLatest Stories

Embassy to Invest ₹1,500 Crore in 3M Sq Ft Office Space in Bengaluru

NEW DELHI: Embassy Developments is set to invest ₹1,500 crore in the construction of a 3 million sq ft office complex in Bengaluru, aligning with its aim to diversify income streams from commercial properties. The firm primarily operates in the housing sector, with a notable presence in Bengaluru, the Mumbai Metropolitan Region (MMR), and Delhi-NCR. In an interview with PTI, Managing Director Aditya Virwani emphasized that while the residential business remains a priority, the company plans to develop office spaces to generate rental income. Virwani noted that a significant 35-acre office complex will be built in Bengaluru, totaling 6 million…