Category: Latest Stories

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Latest StoriesResidential

Bengaluru: 85% Flat Owners Approved in E-Khata Drive, 4K Appeals

BENGALURU: Out of 140,000 e-khata applications submitted by flat owners in the city, approximately 120,000 were approved without objections, as their tax records and sale deeds were verified as accurate, based on data from the Greater Bengaluru Authority (GBA) obtained by TOI. However, around 20,000 flats were identified with discrepancies, yet only 4,000 owners have lodged appeals to date. Authorities stress the importance of not generalizing individual cases, highlighting that 85% of flat owners have adhered to the regulations. A senior revenue official remarked, “Some residents have acknowledged their mistakes and are ready to pay the adjusted amounts; we are…

IndustryLatest Stories

Valor Estate Might Seek NCLT Review of Lavasa Offer

MUMBAI: Valor Estate is poised to submit a petition to the Mumbai National Company Law Tribunal (NCLT), seeking permission to revise its resolution plan for Lavasa Corp. This move comes after the tribunal recently allowed the Welspun-Ashdan Developers consortium to amend its payment schedule. Valor’s petition follows a week of rapid developments wherein the Welspun-Ashdan consortium emerged as the frontrunner for the takeover due to its modified payment timeline. The committee of creditors voted on three resolution plans, including one from the Yogayatan Group, on Wednesday. During a hearing regarding another application submitted by Anuj Goyal, Valor’s legal team raised…

Latest StoriesResidential

Bengaluru: Taxed Yet Neglected in Abhivrudhi Garden Layout

Representative AI image BENGALURU: Abhivrudhi, meaning development, is a garden layout situated in a neglected area between Bengaluru City East Corporation and Kithaganur Gram Panchayat. Despite paying property taxes to the Bruhat Bengaluru Mahanagara Palike (BBMP) for over a decade, residents continue to lack basic amenities, primarily due to the layout’s borderline position between the two jurisdictions. Residents claim that BBMP has avoided developmental responsibilities, citing jurisdiction issues while still collecting property tax from over 70 properties. Frustrated, they approached the Bengaluru East City Corporation at KR Puram to present a memorandum requesting essential services. “We have endured years of…

IndustryLatest Stories

Karnataka Cabinet Approves 1% Fire Cess on New High-Rises

The Karnataka state cabinet recently decided to impose a 1% fire cess on new multi-storey buildings in Bengaluru and other parts of the state. Builders believe this move will have a minimal effect on their investments, yet may lead to increased property prices. The cabinet’s decision amends the Fire Force Act of 1964 to include this new levy alongside property taxes for new high-rise structures. The government stated that the funds generated will enhance the operational capacity of the fire services. However, real estate developers in Bengaluru express concerns that this additional tax will exacerbate existing financial burdens stemming from…

IndustryLatest Stories

Noida Authority to Publish Property Defaulters’ Names Online

NOIDA: In an effort to enhance transparency and recover long-overdue dues, the Noida Authority has instructed officials to post defaulter lists on its official website. This includes defaulters from industrial, group housing, commercial, and institutional sectors, who will also receive notices. Noida’s CEO, Lokesh M, announced this initiative during a review meeting on Wednesday with senior officials and department heads. Officials noted that a similar effort took place in June 2023, when the Authority published information about 115 group housing projects—most of which were defaulters—but did not update the list afterward. To prevent this from happening again, strict orders have…

InfrastructureLatest Stories

Govt Plans AI-Driven Township in Bidadi to Ease Bengaluru’s Congestion

BENGALURU: The government announced an ambitious initiative on Thursday to launch the Greater Bengaluru Innovation and Tech City (GBIT), touted as India’s first and largest AI-driven township, located in Bidadi, approximately 30km from Bengaluru. The project aims to alleviate pressure on Bengaluru by redistributing population and economic activities through sustainable development. GBIT will feature an integrated ecosystem comprising residential, commercial, and social spaces, with a central business district (CBD) built to global standards, designed to attract investment and generate large-scale employment across various sectors, including technology and services. Deputy Chief Minister DK Shivakumar stated, “GBIT will embody the aspirations of…

Latest StoriesResidential

1,014 sq yd plot sells for ₹33.4 crore in Chandigarh

Representative AI image CHANDIGARH: The real estate market in Chandigarh is booming. The latest auction by the UT estate office concluded on Thursday, achieving record bids that indicate a rise in investor confidence and soaring property prices. A residential plot in Sector 33, spanning 1,014 sq yards, commanded a striking Rs 33.4 crore—over twice its reserve price of Rs 14.9 crore. Even the smallest offered plot, at just 126 sq yards, sold for ₹4 crore against a reserve of Rs 1.7 crore. The auction netted a total revenue of Rs 168.85 crore, significantly surpassing the reserve price of Rs 75.29…

InfrastructureLatest Stories

Maharashtra Cabinet Approves Metro, Road Projects for Cities

MUMBAI: On Wednesday, the Maharashtra cabinet approved numerous significant projects, including the Wadala-CSMT-Gateway of India metro line in Mumbai, according to officials. Additional initiatives include a ring metro in Thane, extensions for Pune Metro’s Line-2 and Line-4, and Nagpur Metro Phase-II. The cabinet also authorized loans for these projects, with the state assuming contingent liabilities, as stated by the Chief Minister’s Office. In Pune, approval was given for two new stations, Balajinagar and Bibwewadi, on the Swargate-Katraj metro corridor, alongside relocating the Katraj station, which will require an additional budget of Rs 683.11 crore. The cabinet also endorsed state involvement…

Latest StoriesResidential

Odisha to Issue 50,000 Home Work Orders for Poor on Sept 17

BHUBANESWAR: In an important initiative to support housing for economically weaker sections, the state government plans to issue work orders for 50,000 houses under the Antyodaya Gruha Yojana on September 17, coinciding with Prime Minister Narendra Modi’s birthday, as announced by Panchayati Raj Minister Rabi Narayan Naik on Thursday. The scheme aims to provide permanent housing to economically disadvantaged families, including those with disabilities, leprosy patients, and extremely poor households. Minister Naik emphasized that this initiative would tackle persistent housing issues in rural Odisha by offering eligible families durable homes. Launched on March 30 this year by Chief Minister Mohan…