Category: Latest Stories

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CommercialLatest Stories

Goa: GIDC Plans to Double FAR for Verna IT Park Expansion

PANAJI: The Goa Industrial Development Corporation (GIDC) is set to increase the permissible floor area ratio (FAR) from 150 to 300 for its proposed IT Park named ‘Hello World’ at the Verna industrial estate, pending government approval. This ambitious project spans 4 lakh sqm (98 acres) at the end of phase IV of the estate. The GIDC has designated seven plots, each measuring 25,000 sqm, for IT companies, totalling around 3 lakh sqm. The remaining 1 lakh sqm will accommodate a business hotel, hostel, and utility services. The decision was made during the 398th board meeting of GIDC on Thursday,…

InfrastructureLatest Stories

Maharashtra High-Rise Safety Violations: Civil and Criminal Penalties

MUMBAI: All planning authorities in the Mumbai Metropolitan Region (MMR) are mandated to include a specific condition in their development permissions, ensuring compliance with special safety control measures for high-rise construction work at heights. According to a government resolution (GR) from the urban development department, any breaches of these safety conditions will lead to civil and criminal repercussions. “Any violation of the expert committee’s recommendations will be considered a breach of building permissions and may result in legal consequences,” the GR states. Additionally, the resolution asserts that planning authorities must monitor high-rise projects closely to ensure compliance with the expert…

IndustryLatest Stories

Realtors Optimistic on Purple, Blue Line Extensions and New Links

KOLKATA: The ongoing expansion of metro networks in urban areas is significantly reshaping the real estate market and influencing home buying trends, according to developers in Kolkata. The introduction of new metro routes has notably decreased travel times, benefiting thousands of daily commuters. This enhanced connectivity is expected to spur the development of offices, healthcare, educational institutions, retail outlets, and entertainment venues in regions such as Howrah, Joka, and northern suburbs of Kolkata. According to Credai West Bengal president Sushil Mohta, a prominent effect will be an increase in the office sector, particularly in Salt Lake Sector V, EM Bypass,…

InfrastructureLatest Stories

CEC Warns Against Mass Demolitions in Aravalis

GURUGRAM: The Central Empowered Committee (CEC) has presented a report to the Supreme Court regarding encroachments in the Aravali region of Faridabad. The report recommends distinguishing between legitimate homes in village abadi areas and other unlawful constructions to protect residents’ rights. It advised that significant projects and farmhouses on forest land should be addressed according to regulations. “The district authorities, in collaboration with local representatives, must meticulously differentiate between unauthorized structures and genuine residences, ensuring that any demolitions respect the rights and safety of law-abiding residents. An alternative strategy is being considered to create a defined perimeter around existing settlements,…

IndustryLatest Stories

Kanpur’s New Circle Rates Now in Effect

KANPUR: As of Friday, September 5, the revised circle rates for land in the Kanpur Nagar district are now in effect. The updated rates include significant changes to the general guidelines. Depreciation allowances of 30% to 60% are now applicable for the construction costs of units, flats, or floors in multi-story residential buildings with up to four floors. Additionally, the previously mandated minimum common facility fee of 18% has been eliminated. For large non-agricultural residential plots, depreciation rates have been established: 20% for areas between 1,000 and 2,000 square meters, 25% for areas from 2,000 to 3,000 square meters, and…

Latest StoriesRegulatory

CCI Dismisses Emaar India’s Marbella Villa Complaint

Certainly! Here’s a rewritten version of the content you provided: — NEW DELHI: The Competition Commission of India (CCI) has dismissed a complaint against Emaar India Ltd concerning alleged anti-competitive practices related to its “Marbella” villa project in Gurugram. The CCI stated, “No prima facie case of violation of Sections 3 and 4 of the Act has been established against the opposing parties in this matter.” Sections 3 and 4 pertain to agreements that restrict competition and abuse of a dominant position, respectively. The complaint originated from claims made by an informant who alleged that Emaar India Ltd, its subsidiary…

Latest StoriesResidential

Delhi: 152 DDA Flats Sold Within an Hour in ‘Apna Ghar’ Scheme

Representative image NEW DELHI: All 152 flats released by the Delhi Development Authority’s (DDA) ‘Apna Ghar Awas Yojana’ were booked within an hour of their launch on Friday, projected to generate a revenue of ₹100 crores, according to officials. The DDA offered 152 additional flats on a first-come-first-served basis, which includes 76 middle-income group (MIG) flats at Lok Nayak Puram, block D, and 76 economically weaker section (EWS) flats in Narela’s sector A1-A4, block G. “The scheme elicited a remarkable response from the public, with all additional flats booked within just one hour. To meet the ongoing public demand for…

IndustryLatest Stories

Shriram Properties to Develop 6.5 Acres in North Bengaluru

NEW DELHI: Shriram Properties (SPL) has entered into a joint development agreement for a 6.5-acre site in North Bengaluru. The company plans to launch a residential project that will encompass approximately 0.6 million sq ft, with an anticipated gross development value (GDV) of ₹500 crore. SPL reported a sales volume of 0.8 million sq ft in Q1 FY26, reflecting a 17% year-on-year increase, equating to ₹441 crore. Additionally, collections reached ₹388 crore, showing a 5% rise compared to the previous year. On the financial side, total revenue stood at ₹262 crore, maintaining a healthy gross margin of 34% and generating…

Latest StoriesResidential

Malaika Arora Sells Mumbai Apartment for ₹5.30 Crore

File Photo NEW DELHI: Malaika Arora has sold her apartment in Runwal Elegante, Lokhandwala Complex, Andheri West, Mumbai for ₹5.30 crore. The transaction incurred a stamp duty of ₹31.08 lakh and registration fees of ₹30,000. She purchased the property for ₹3.26 crore in March 2018, resulting in a profit of approximately ₹2.04 crore, equating to a 62% increase, based on documents from the Inspector General of Registration (IGR) reviewed by Square Yards. The apartment boasts a carpet area of 1,369 sq ft (127.18 sq meters) and a built-up area of 1,643 sq ft (152.68 sq meters), and includes one car…

InfrastructureLatest Stories

Maharashtra Approves ₹6,500 Crore for Hi-Tech ‘New Nagpur’

NAGPUR: On Wednesday, the state cabinet approved the ambitious ₹6,500-crore ‘New Nagpur’ initiative, designed to create a high-tech city and business hub in Hingna taluka. This project aims to position Nagpur alongside India’s leading tech cities, such as Hyderabad and Bengaluru, featuring an International Business and Finance Centre (IBFC) intended to foster a modern ecosystem for industries, startups, and corporate offices. The Nagpur Metropolitan Region Development Authority (NMRDA) is responsible for implementing the project and has engaged NBCC (India) Limited as the project consultant, leveraging their extensive experience in large-scale urban developments. A senior official stated that work will commence…