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IndustryLatest Stories

New FY27 Circle Rates Effective in Gurugram

GURUGRAM: Starting Thursday, new circle rates for residential, commercial, and agricultural properties are now in effect. Property transactions will adhere to these updated rates from Friday onward. The revised rates have seen an increase of 15% to 30%, with some areas experiencing hikes up to 75%, as reported by officials. Gurgaon Deputy Commissioner Ajay Kumar noted that the revision of circle rates was based on current market rates, development speed, and infrastructure availability in the respective areas. “Approximately 51% of various tehsil areas in the district will see no changes in circle rates. Conversely, around 11% of rapidly developing areas…

IndustryLatest Stories

Noida Authority to Discuss New Mixed-Use Property Plan Soon

Representative AI image NOIDA: The Noida Authority’s board will convene next week to review its budget and consider approval for several key projects, including a proposed Centre of Excellence at Gautam Buddha University (GBU). Additionally, a mixed land-use property scheme will be up for discussion. During the meeting, the Authority plans to finalize the numbers, sizes, and rates for the mixed land-use plots. Last year, the Noida Authority raised allotment rates by 6% across all categories, including residential, commercial, industrial, and institutional, and approved a budget of Rs 8,732 crore. A similar increase in land rates and budget is expected…

IndustryLatest Stories

Bengaluru may allow 15% deviation from building plans

BENGALURU: In a significant move for property owners struggling to secure occupancy certificates due to minor deviations, the Greater Bengaluru Authority (GBA) is set to increase the permissible deviation from sanctioned building plans from 5% to 15%. The GBA’s draft notification proposes an amendment to the 2003 building bye-laws, suggesting a notable shift in urban regulatory policy. Enforcement actions, including potential demolition, will continue for deviations exceeding 15%. Stakeholders can submit objections and suggestions until April 30, after which the amendments will be finalized. Under current regulations, any construction surpassing the approved plan by more than 5% is deemed unauthorized,…

Latest StoriesRera

Sunrays Heights Faces Haryana RERA over Buyer Payment Defaults

GURUGRAM: A developer has filed a complaint with the Haryana Real Estate Regulatory Authority (H-Rera) against its homebuyers, citing unpaid installments amounting to lakhs. The developer seeks recovery with 15% annual interest as well as additional compensation. However, Rera dismissed the complaint, stating that the promoter cannot use the authority to seek relief beyond what is specified in the builder-buyer agreement. M/s Sunrays Heights Pvt Ltd, the promoter behind the “63, Golf Drive” project in Sector 63-A, has lodged complaints against multiple buyers, including Rahul Parashar, Prakriti Ranjan Samanta, and Promila. These individuals signed builder-buyer agreements in February 2016 for…

Housing FinanceLatest Stories

NHB Flags ₹933 Cr Extra Bad Loans in PNB Housing Finance

MUMBAI: PNB Housing Finance announced on Thursday that the National Housing Bank (NHB) has instructed it to reveal an additional ₹933 crore in bad loans from March 2023, following supervisory audits. Initially, the lender reported gross non-performing assets (NPAs) at ₹2,271.36 crore. However, after inspections, an extra ₹933.58 crore was discovered, raising the total gross NPAs to ₹3,204.94 crore. The discrepancy originated from a restructuring process in FY22-23 that did not comply with regulatory standards. This involved two project finance loan accounts, where interest rates were lowered for competitive advantages, even though both accounts were performing well at the time.…

IndustryLatest Stories

Goa Minister Halts All Projects by Prabhu Realtors

PANAJI: Health Minister Vishwajit Rane has instructed the Town and Country Planning (TCP) department to suspend all approvals for real estate developments initiated by Prabhu Realtors. He stated that no files submitted by Amit Prabhu, a business partner with Prabhu Realtors, will be processed until the water contamination and other issues at the Prabhu Violetta housing complex in Chicalim are addressed. “I have already mandated that all projects pertaining to Amit Prabhu be put on hold. He is currently untraceable, and I have been approached by concerned individuals. It is his duty to rectify these issues, and until he does…

Latest StoriesRegulatory

HC Upholds Haryana’s ‘Stilt-Plus-Four’ Policy in Homes

CHANDIGARH: In a significant development for the real estate sector in Haryana, the Punjab and Haryana High Court issued an interim order on Thursday, halting the state government’s “stilt-plus-4 policy.” This policy permitted the construction of four-storey homes in various residential sectors and colonies. This interim measure will remain until the court reaches a final ruling on several petitions that oppose the policy. “Due to prolonged arguments attributed to the counsels of both parties, the court finds it appropriate to refrain from commenting on the validity of the notification dated July 2, 2024, issued by the additional chief secretary of…

IndustryLatest Stories

Raymond Realty Q4 FY26 Pre-Sales Surge to ₹1,519 Crore

NEW DELHI: Raymond Realty Ltd announced on Thursday that its sales bookings surged more than two-fold to Rs 1,519 crore for the quarter ending in March, driven by increased demand for residential properties. In comparison, sales bookings were Rs 636 crore during the same period last year. According to a regulatory filing, the company’s pre-sales for the entire fiscal year 2025-26 climbed 31% to Rs 3,023 crore, up from Rs 2,314 crore in the previous year. Raymond Realty has a robust pipeline of upcoming projects with a total revenue potential of Rs 43,000 crore across the Mumbai Metropolitan Region (MMR),…

IndustryLatest Stories

Marathon Nextgen Realty buys majority stake in 3 firms for ₹70 crore

NEW DELHI: Marathon Nextgen Realty has secured a 51% controlling stake in three real estate firms via its fully-owned subsidiary, Nexzone IT Infrastructures. The company invested approximately ₹70 crore to acquire stakes in DVK Developers (₹22.47 crore), Shree S S Developers (₹40.26 crore), and Shree Swami Samarth Builders (₹7.25 crore). The three firms together manage six residential projects with a total development potential of around 5.94 lakh sq ft, translating to an estimated gross development value (GDV) exceeding ₹840 crore. Approximately 35% of these projects are already under construction or set to launch within the next twelve months. Notably, around…

Latest StoriesRegulatory

Visakhapatnam collects ₹620 crore in property tax for FY26

VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has successfully collected ₹620 crore in property and vacant land taxes for the fiscal year 2025-26, representing a significant increase of nearly 22% from the previous year’s collection of ₹510 crore. This growth can largely be attributed to the expansion of the tax base and concentrated efforts on assessing vacant land, resulting in an additional ₹110 crore compared to the previous year. Remarkably, April and December 2025 emerged as particularly strong months, adding an extra ₹65 crore compared to the same months in 2024. For instance, collections for April surged from ₹132.11 crore…