Category: Latest Stories

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IndustryLatest Stories

Civic Body Gets 49,000 Feedback on Revised Development Plan

PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) has wrapped up the period for public feedback on its draft revised development plan. “We received 49,000 suggestions and objections from residents,” reported Prasad Gaikwad, deputy director of PCMC’s town planning department, to TOI. He further noted that a committee of civic officials and external experts will be assembled to review the submissions before finalizing the draft, which will be sent to the state government for approval. The draft was initially approved during a standing committee meeting led by municipal commissioner Shekhar Singh on May 16. In accordance with regulations, the draft was…

IndustryLatest Stories

Elan Group Secures ₹250 Crore from Piramal Finance

Gurgaon-based developer Elan Group has secured ₹250 crore from Piramal Finance for a commercial project in the city, as reported by sources familiar with the matter. This financing follows a ₹1,200 crore funding from Kotak Real Estate Fund last year, and the company aims to expedite its projects in the area. In 2022, Elan Group raised $110 million (approximately ₹900 crore) from global alternative investment firm PAG. “The funding is designated for a commercial project covering one million sq ft in Gurgaon,” stated one of the sources. Elan Group opted not to comment, and transaction advisor CBRE was unavailable for…

Latest StoriesRegulatory

Lucknow body initiates probe into illegal construction activities

LUCKNOW: The Lucknow Development Authority (LDA) has initiated an inquiry into claims of unauthorized construction at a site in Vinamra Khand, Gomtinagar, in response to a complaint from the owner of a neighboring plot. LDA Vice-Chairman Prathamesh Kumar instructed officials to carry out a comprehensive investigation and submit their findings. “The matter is currently under review by the relevant department,” he stated. In the past 25 days, two complaints have been lodged by Yamini Mathur, the owner of the adjacent plot, alleging that the construction deviates from the approved building plan. The latest complaint, filed on Saturday, asserted that construction…

IndustryLatest Stories

Delhi Master Plan 2041 Might Go Back to the Drawing Board

NEW DELHI: Is the draft Master Plan for Delhi 2041 going back for revisions? Over two years after the Delhi Development Authority (DDA) submitted the draft for notification and implementation—only for it to be sidelined—the discussion around Master Plan 2041 has reignited. On Monday, the Delhi government convened a private meeting to evaluate various elements of this critical document that outlines the future of urban development and infrastructure in the capital. Sources indicate that DDA presented a comprehensive overview of the draft to Chief Minister Rekha Gupta, her cabinet, and senior officials of the Delhi government. Further discussions are anticipated…

InfrastructureLatest Stories

Gujarat Unveils New Policy for Township Projects After 16 Years

Representative image created by AI GANDHINAGAR: Gujarat is reexamining its urban housing strategy. As part of its Urban Development Year initiative, the state government is crafting a new township policy aimed at fostering organized and affordable housing throughout its cities. The previous policy from 2009 struggled to take off due to various implementation issues. The updated version aims to provide incentives such as eased floor space index (FSI), tax reductions, and improved alignment with urban development plans. Sixteen years after launching the 2009 Residential Township Policy, the government plans to entice real estate developers to create large-scale, self-sufficient townships. Senior…

IndustryLatest Stories

Maharashtra: No tolerance for illegal constructions, warns deputy CM

MUMBAI: Deputy Chief Minister Eknath Shinde stated in the legislative assembly on Monday that the Maharashtra government will not endorse any illegal constructions and will impose strict penalties on officials found complicit in permitting such structures. Responding to a question from Parag Alavani (BJP) during the Question Hour, Shinde announced that instructions will be given to the Brihanmumbai Municipal Corporation (BMC) commissioner to compile a detailed inventory and categorization of illegal constructions in Mumbai. “Any officer found protecting illegal constructions will face strict action,” warned Shinde, who oversees urban development and housing. Members including Yogesh Sagar, Jitendra Awhad, Dilip Walse…

Latest StoriesRegulatory

ED Files Second Complaint Against Unitech Group Promoters

NEW DELHI: The Enforcement Directorate (ED) submitted its Second Supplementary Prosecution Complaint (SPC) to the Special Court under the Prevention of Money Laundering Act (PMLA) on July 10. The complaint targets Ramesh Chandra and others, including multiple companies such as M/s Shivalik Ventures Private Limited, M/s Auram Asset Management Private Limited, M/s Unitech Build Tech Limited, M/s Unitech Golf Resorts Limited, and M/s Ranchero Services Limited. This action is part of a larger investigation into significant financial irregularities and money laundering associated with Unitech Limited and its directors. The ED’s investigation was initiated based on FIRs lodged by the Central…

CommercialLatest Stories

Smartworks IPO Subscribed 13.45 Times

NEW DELHI: Smartworks Coworking Spaces Ltd’s initial public offering (IPO) of ₹583 crore was oversubscribed by 13.45 times by the close of bidding on Monday. During the three-day IPO, bids reached 13,99,08,852 shares, significantly exceeding the 1,04,01,828 shares available, according to NSE data. The Qualified Institutional Buyers (QIB) segment received 24.41 times the subscription, while Non-Institutional Investors subscribed 22.78 times. Retail Individual Investors (RIIs) saw a subscription of 3.53 times. Additionally, Smartworks Coworking Spaces has secured ₹173.64 crore from anchor investors. The IPO was launched last Thursday, aiming to raise nearly ₹600 crore to facilitate business expansion and debt reduction.…

IndustryLatest Stories

Two Unsafe Margao Buildings to Be Demolished After Delay

After significant delays and legal hurdles, the demolition of the unsafe ‘Cabecca de Calconde’ building in Margao is on the horizon. This follows an order from the collector due to public safety concerns. The Public Works Department (PWD) has identified potential agencies for the demolition, which awaits the final evacuation of occupants and the resolution of a high court issue. However, there are ongoing concerns regarding potential redevelopment plans once the demolition is completed.

Latest StoriesRegulatory

Settlement Officials Dismissed in Jaisalmer Fraud Case

Representative image created by AI JAISALMER: In a significant anti-corruption initiative, Settlement Commissioner Nikaya Gohaen has dismissed four officials from the Ram Nagar settlement department in Jaisalmer district after uncovering fraudulent plot allocations. The officials removed include RI Vikram Singh, Patwari Kishor Ram, senior assistant Yogendra Kumar, and junior assistant Shivraj Singh, all of whom were let go on Saturday. The investigation revealed that the Nachna settlement had been plagued by corruption, with irregularities dating back to 2006. Notably, there was a case involving plot allocations meant for 2006 that were only executed in 2016, leading to a government loss…