Category: Latest Stories

Access daily updates on all real estate sectors including residential, commercial, retail, and infrastructure. Stay ahead with market trends, policy changes, investment news, and expert analysis from across the globe.

InfrastructureLatest Stories

DTCP Dismantles Illegal Gates and Guard Room in Gurugram 85

Representative AI image GURUGRAM: The Department of Town and Country Planning (DTCP) conducted a demolition operation in New Gurgaon on Thursday, targeting illegal gates installed by a developer. According to DTCP officials, Orris Infrastructure constructed gates and assigned guards along 24-meter-wide sector roads in Sector 85 “to restrict public access,” leading to complaints from residents. In response to these complaints, a DTCP team, led by town planner Amit Madholia, visited the site and removed two gates obstructing the sector roads. The team also dismantled a guard room built in the middle of the road. Officials noted that Orris not only…

Latest StoriesResidential

Bhubaneswar Teams Up with Bank for Urban Poor Home Loans

BHUBANESWAR: To assist beneficiaries of affordable housing projects in obtaining accessible home loans, the Bhubaneswar Municipal Corporation (BMC) has collaborated with a leading private sector bank. A recent meeting focused on outlining the respective roles of the bank and the civic body in launching a pilot project aimed at helping urban poor beneficiaries navigate complex banking regulations. The pilot initiative will support 600 beneficiaries who have been allocated homes within various affordable housing schemes in Bhubaneswar but face challenges in contributing their share towards the properties. These projects are implemented under the Pradhan Mantri Awas Yojana (Urban) 2.0. In the…

InfrastructureLatest Stories

YEIDA Approves Developed Plots for Farmers in Hathras, Agra

Representative Image NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) held a board meeting on Saturday, approving several significant proposals, including the allocation of developed plots to farmers, the development of 29 smart villages, and the establishment of urban centers in Hathras and Agra. As part of its policy to allocate 7% of acquired land as residential plots for farmers, officials reported that 6,260 allotment letters have been issued across 29 villages, including Rampur Bangar, Atta Gujran, Chandpur, and Dankaur, with land development completed in eight villages. For land acquisitions between 2007 and 2013, a government order dated August 29,…

Latest StoriesRegulatory

ED: Builder Paid ₹15 Crore Bribe to Vasai’s Ex-Civic Chief

MUMBAI: The Enforcement Directorate (ED) claims that a builder paid Anil Pawar, the former civic chief of Vasai-Virar, and Y S Reddy, the deputy director of town planning, a bribe of Rs 15 crore to secure project clearances. Both individuals were arrested in August during a money laundering investigation connected to alleged illegal constructions and corruption. While seeking Reddy’s custody, the ED reported that both he and Pawar demanded Rs 30 per square foot from the builder, totaling a bribe request of Rs 4.3 crore for one project. According to an employee under Reddy’s supervision, bribes were collected and delivered…

IndustryLatest Stories

Max Estates Gets Development Rights for 7.25 Acres in Gurugram

Representative image NEW DELHI: Max Estates has acquired the development rights to a 7.25-acre land parcel in Sector 59, Gurugram. This agreement involves purchasing 100% of Base Buildwell (BBPL), a project SPV that holds the license and development rights for the land. The project has the potential for 1.3 million sq ft of development, with an estimated investment of ₹534 crore, and is projected to yield a booking value exceeding ₹3,000 crore. The investment includes the complete acquisition of BBPL’s share capital, comprising 10,000 equity shares of ₹10 each and 24,17,256 compulsorily convertible debentures of ₹100 each, along with project-level…

Latest StoriesRegulatory

Calcutta HC: Building Nod Can’t Be Denied Based on Old Plans

KOLKATA: The Calcutta High Court has ruled that the civic body cannot deny building permits based on a nearly 100-year-old street plan. The court annulled alignments for two streets from 1930 that had never been implemented. The Kolkata Municipal Corporation (KMC) had used this outdated plan to deny building permissions for properties at 74A Christopher Road and 32 Pulin Khatik Road. Justice Rai Chattopadhyay stated, “A plan must be acted upon within a reasonable timeframe. It is unfair for KMC to indefinitely uphold a historical street plan. The legislature allows for cancellation or modification of such plans after 10 years…

InfrastructureLatest Stories

Karnataka Housing Board Approves 43-Acre Township in Yelahanka

BENGALURU: The Karnataka Housing Board’s (KHB) ambitious integrated township project in Chikkajala, Yelahanka, is on track despite ongoing land disputes. The project is anticipated to include a multi-storied residential complex, a commercial center, a star hotel, and office spaces. Recently, the cabinet gave its approval for the project, which will operate under a public-private partnership (PPP) model on a 43-acre site, with an estimated cost of Rs 2,930 crore. However, ownership issues regarding the land remain a concern. The land acquisition saga dates back 23 years when KHB secured 95 acres and 13 guntas across multiple survey numbers in Chikkajala…

Latest StoriesRegulatory

NGT fines developer ₹2.5 crore for Thergaon project issues

PUNE: The National Green Tribunal has ordered a developer to pay ₹2.55 crore in environmental damage compensation to the Maharashtra Pollution Control Board within two months for not obtaining the required environmental clearance for a completed residential project in Thergaon, Pimpri Chinchwad. This ruling was made on September 3, following a 2016 petition by activist Tanaji Gambhire, who alleged that the project—which includes 497 flats and 25 commercial units—was constructed without the mandatory environment clearance (EC) and consent to establish. Gambhire also accused the Pimpri Chinchwad Municipal Corporation of neglecting concerns that part of the construction was located within flood…

IndustryLatest Stories

Vedanta Wins ₹17,000 Crore Bid for Jaiprakash Associates

NEW DELHI: Mining giant Vedanta has outbid Gautam Adani’s Group to acquire the financially troubled Jaiprakash Associates (JAL) for Rs 17,000 crore, as reported by sources. This bid equates to an estimated net present value (NPV) of Rs 12,505 crore for JAL. JAL operates in various sectors including real estate, cement, power, hotels, and road construction, but it has been subjected to insolvency proceedings following loan payment defaults. The creditors of JAL initiated a competitive bidding process for the company’s sale under the Insolvency and Bankruptcy Code (IBC). While several parties expressed interest, only Vedanta and Adani Group placed firm…

Latest StoriesResidential

Rajasthan Housing Board Delays Cost Residents Dearly

JAIPUR: Residents of Indira Gandhi Nagar have been waiting for a year for the completion of a 100-meter road stretch near Kundanpura on Ganga Marg. The unfinished road, filled with potholes, poses daily hazards, with frequent two-wheeler accidents during the monsoon. The Rajasthan Housing Board (RHB) constructed almost 5 km of road in the area, but the last 100 meters remain incomplete due to encroachments. The encroachers moved to the high court for compensation, which put a halt to the project. However, six months ago, the court dismissed their claims and instructed the housing board to finish the road. Despite…