Category: Latest Stories

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IndustryLatest Stories

Settle Pattayam Land Violations Now

THIRUVANANTHAPURAM: On Wednesday, the state cabinet approved the rules for implementing the Kerala Land Assignment (Amendment) Act, which will allow for the regularization of pattayam lands that have previously violated conditions, as well as provide for alternative uses under regulation. This decision symbolizes the next phase in the process that began with the passage of the amendment in the assembly last year. Chief Minister Pinarayi Vijayan stated that the measure aims to resolve longstanding issues in the high ranges. “Since 2016, addressing land-related problems for the residents in the high ranges has been a major goal of this government. This…

Latest StoriesRegulatory

Bombay HC Orders 11 to Vacate Dilapidated Vasai Buildings

MUMBAI: The Bombay High Court, noting that an obstructive attitude can hinder redevelopment, has directed the minority residents of four deteriorating buildings in Vasai West to vacate their apartments for demolition. An extension of 15 days was granted to 11 members due to the Ganpati festival. Justices Girish Kulkarni and Manjusha Deshpande emphasized on August 21, “These members must cooperate by vacating their units for the demolition.” Petitions were submitted by Pushpanjali CHSL and Deepanjali CHSL regarding their buildings located at Diwan and Sons Housing Enclave on Ambadi Road, which were declared dangerous by the Vasai Virar Municipal Corporation (VVMC)…

Latest StoriesRegulatory

Nagpur: I-T Dept Discovers Selective Realty Deal Under-Reporting

NAGPUR: The income tax department has identified a distinct pattern of underreported transactions by the property sub-registrar offices (SRO) in the area during its ongoing investigation. It has been specifically observed that transactions involving a select group of builders in the city were not completely reported in the Statement of Financial Transactions (SFT). Sources indicate this trend has been recurring. The SFT is designed to ensure that every SRO reports property deeds registered for amounts of Rs30 lakh and above to the Income Tax department. This allows them to cross-reference these with the tax returns filed by buyers and sellers.…

IndustryLatest Stories

Sri Lotus Developers’ Q1 FY26 Profit Falls 36% to ₹26 Crore

NEW DELHI: Sri Lotus Developers and Realty Ltd experienced a 36% drop in consolidated net profit, reporting Rs 25.78 crore for the first quarter of this fiscal year. This is a decline from Rs 40.16 crore during the same period last year. The company’s total income decreased to Rs 68.09 crore in the April-June quarter, down from Rs 122.46 crore in the same quarter last fiscal year, as per a regulatory filing on Tuesday. Earlier this month, Sri Lotus Developers and Realty Ltd successfully launched its Initial Public Offering (IPO) and was listed on the stock exchanges. Published On Aug…

Latest StoriesResidential

Haryana Eliminates Stamp Duty on 50 & 100 Sq Yards Plots

CHANDIGARH: Haryana’s Chief Minister Nayab Saini announced on Wednesday the abolishment of stamp duty on residential plots measuring up to 50 square yards in urban areas and up to 100 square yards in rural locations. “Effective immediately, stamp duty is now zero,” Saini declared. This order applies to properties purchased under the Pradhan Mantri Awas Yojana, Mukhyamantri Shehri Awas Yojana, and Mukhyamantri Gramin Awas Yojana. Saini made these statements while addressing a motion from the opposition INLD regarding the recent increase in collector rates. He accused the opposition of misleading the public about the revised rates. The collector rate is…

CommercialLatest Stories

Jet Airways to Transfer Mumbai Office Lease for ₹370 Crore

NEW DELHI | MUMBAI: Jet Airways, which is in the process of liquidation, announced on Wednesday that it has signed an agreement to transfer its office lease in Mumbai for over Rs 370 crore. The lease transfer is pending approval from the Mumbai Metropolitan Region Development Authority (MMRDA) and will be executed in accordance with the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, as stated in a regulatory filing. After 25 years of service, the once-renowned Jet Airways halted its operations in April 2019 due to financial challenges, leading lenders to initiate resolution processes under the IBC. During the…

IndustryLatest Stories

Gaursons to Mortgage Mall for ₹315 Crore to Clear Flat Dues

NOIDA: The Greater Noida Industrial Development Authority (GNIDA) has provisionally approved a proposal from Gaursons Group to mortgage part of its Gaur City Mall in Greater Noida West. This mortgage will serve as security for additional compensation dues owed to farmers, facilitating the execution of about 2,100 long-awaited sub-lease deeds in three housing projects by the developer. This decision aims to relieve residents who have taken possession of their flats but have not yet secured legal ownership. Without these sub-lease deeds, residents are caught in legal uncertainty, despite having fully paid for and occupied their flats in the three projects.…

Latest StoriesRegulatory

HC Urges Govt to Adopt Madurai’s Property Tax Assessment Model

MADURAI: The Madurai corporation commissioner has submitted a detailed action plan to verify property tax assessments for all buildings within the city limits. In response, the Madras High Court directed the state to issue a circular to all corporations, municipalities, and town panchayats, advising them to adopt the Madurai corporation model. Following a previous order, Commissioner Chitra Vijayan reported to the court that 100 teams have been formed for property tax assessments across the city’s wards. Each team consists of a tax collector, a technical assistant, and a sanitary supervisor. The officials have undergone training in the new assessment procedures,…

InfrastructureLatest Stories

Transit-Oriented Development Can Transform Bengaluru’s Traffic

Representative image The Revised Master Plan-2041 seeks to enhance the sustainability and livability of the city, harnessing advanced technologies and consulting expert global organizations to foster balanced growth over the next two decades. After withdrawing the controversial Master Plan-2011 draft, the Bangalore Development Authority (BDA) has now issued global tenders to develop the Revised Master Plan-2041 (RMP-2041). This ambitious undertaking aims to align rapid urban growth with sustainable planning to create a well-connected, environmentally friendly urban space. The state government plans to engage top private firms through international bidding, moving away from dependency on state-run bodies. Spanning over 500 sq…

Latest StoriesRegulatory

Telangana High Court Orders Protection for Petitioner’s Land

HYDERABAD: The Telangana High Court directed the Hyderabad Disaster Response and Asset Protection Agency (HYDRAA) and other authorities regarding two housing plots spanning nearly 2,000 sq. yds. in surveys 66 and 67 of Madhapur village, Serilingampally mandal. Justice B. Vijaysen Reddy presided over the petitions by Jagal Reddy and Y. Venkat Reddy, ordering HYDRAA to remove signboards installed on the disputed lands. Jagal Reddy requested protection for his plot measuring 1,190 sq. yds., which he purchased in 1998 and later regularized under GO 456 of 2008. He alleged that HYDRAA attempted a “symbolic possession” of the land at 3 a.m.…