Category: Latest Stories

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IndustryLatest Stories

Fidelity Acquires 2% Stake in Lodha Developers for ₹1,864 Crore

NEW DELHI: Fidelity Investments has acquired a 2% stake in Lodha Developers for Rs 1,864 crore from two promoter entities through open market transactions, as revealed by block deal data from the NSE. The US-based investment firm, along with its eight affiliates including FMRC Fidelity Advisor International Capital Appreciation Fund and FRST II Strat Adv Fide Interl Fund, purchased a total of 1,98,81,296 shares, equating to a 1.99% stake in Lodha Developers. The transactions were executed over eight separate tranches on Thursday at an average price of Rs 937.85 per share, culminating in a combined transaction value of Rs 1,864.56…

CommercialLatest Stories

Smartworks to Acquire Singapore’s Workstudio Spaces

NEW DELHI: Smartworks Coworking Spaces is set to acquire Singapore-based flexible workspace provider Workstudio Spaces via its wholly-owned subsidiary, Smartworks Space. This transaction is anticipated to finalize in July 2026, post which Workstudio will function as a step-down subsidiary of Smartworks. Workstudio Spaces operates an area of around 26,000 sq ft in Singapore, with established occupancy levels. The acquisition will be executed through a cash transaction, where Smartworks’ subsidiary will gain full ownership of Workstudio. The final cost is still being negotiated and will depend on the closure of transaction documents. Funding for this acquisition will come from resources within…

IndustryLatest Stories

Nagpur Resumes Kachipura Evictions: 56 Units Face 15-Day Notice

NAGPUR: Following the Maharashtra government’s decision to lift a decade-long stay on action against illegal constructions on land belonging to Dr. Panjabrao Deshmukh Krishi Vidyapeeth (PDKV) at Kachipura, the Nagpur Municipal Corporation (NMC) has taken steps to address 56 commercial establishments occupying nearly 19.82 hectares along Central Bazar Road. Civic officials clarified that there are currently no proposals to demolish the adjacent Kachipura slum, home to around 1,200 residents. Dharampeth zone assistant municipal commissioner Rajkumar Meshram informed TOI that notices under Section 53(1) of the Maharashtra Regional and Town Planning (MRTP) Act, 1966, will soon be issued, granting occupants 15…

Latest StoriesRegulatory

Patna Civic Body Sees Tax Surge After ARV Revision

PATNA: The Patna Municipal Corporation (PMC) has increased the Annual Rental Value (ARV) for properties by 15%—the first adjustment in nearly 30 years. This change, effective from June 24, 2026, aims to enhance civic revenues to improve infrastructure, including roads, drainage, sanitation, and street lighting. Additionally, PMC is offering a 5% discount for lump-sum property tax payments made by June 30 for the fiscal year 2026–27. Average daily receipts have surged from approximately ₹50 lakh to nearly ₹70 lakh. On Thursday alone, the civic body collected over ₹68 lakh from 1,480 properties by 3:33 PM—a significant increase following the implementation…

IndustryLatest Stories

Jharkhand’s building regularisation portal sees 4,000 applications

RANCHI: The state government’s ambitious initiative to regularize building structures has started off slowly, with approximately 4,000 applications submitted since its launch on May 14. The application period will conclude on July 13. The scheme, introduced under the Jharkhand Unauthorised Constructed Building Regularisation Rules 2026, aims to benefit around 700,000 homeowners statewide who have constructed homes without approved building plans. As of Thursday, Ranchi district has submitted the highest number of applications, totaling 1,704, with 1,272 from the Ranchi Municipal Corporation area and 432 from the Ranchi Regional Development Authority (RRDA). Following this, Dhanbad reported 482 applications, while Bokaro recorded…

IndustryLatest Stories

Ranchi gives 7-day deadline for fire NOC; Bokaro orders audit

RANCHI | BOKARO: Following the tragic fire in a residential building in Lucknow on June 22, which resulted in multiple fatalities, the Ranchi Municipal Corporation (RMC) has instructed property owners to secure Fire No Objection Certificates (NOCs) within seven days or face immediate sealing of their properties. In a similar vein, the Bokaro district administration has mandated a thorough fire safety audit for coaching centers and other establishments. The RMC specified in a public notice that this directive encompasses all buildings within municipal limits that must comply with fire safety regulations outlined in the Jharkhand Building Bye-laws, 2016. The emphasis…

Latest StoriesRegulatory

Dharwad: Panel chides developers, grants relief to senior citizen

DHARWAD: The District Consumer Disputes Redressal Commission, Dharwad, has provided relief to a senior citizen who was denied registration of a residential plot even after making a significant payment. Mallamma Doddagoudar, a resident of Haliyal Naka in Dharwad, had booked Plot No. 19 in the Golden City layout in Sutagatti village for Rs 6.2 lakh, having already paid Rs 4.1 lakh, with the remainder due at registration. According to her complaint, the developers registered plots for other buyers but failed to do so for Mallamma. Despite her repeated offers to pay the remaining balance, they neither accepted her payment nor…

Latest StoriesRegulatory

Maharashtra probes ₹20,000 crore stamp duty scam

MUMBAI: Revenue Minister Chandrashekhar Bawankule has initiated an investigation into a significant stamp duty scam in the state, potentially valued between Rs 10,000 crore to Rs 20,000 crore. During a session in the state assembly on Thursday, he mentioned that the government has received reports of severe discrepancies in adjudication proceedings, where stamp duties were allegedly inflated and later reduced through misuse of quasi-judicial powers. The investigation will cover stamp duty adjudications across the state from April 1, 2021, to March 31, 2026. Bawankule stated, “Preliminary findings indicate possible irregularities amounting to between Rs 10,000 crore and Rs 20,000 crore.”…

IndustryLatest Stories

Haryana’s OC Self-Certification Policy Faces Scrutiny After Probe

GURUGRAM: Haryana’s self-certification policy for issuing occupation certificates (OCs) in licensed colonies is facing criticism. A joint investigation by the CM’s Flying Squad and the Department of Town and Country Planning (DTCP) uncovered several buildings that were granted OCs despite being incomplete. Inspections in licensed colonies revealed ongoing construction with buildings lacking basic finishing touches, yet they were marked as complete in official records. Following the findings, show-cause notices have been issued to multiple architects, and departmental action is underway. Investigations into additional suspected violations are ongoing. This inquiry has raised concerns about the framework established in November 2022, which…

Latest StoriesResidential

Karnataka Announces One-Time OC Waiver for Residential Buildings

HUBBALLI: The state government has announced a one-time exemption from the requirement of an occupancy certificate (OC) for specific residential buildings completed on or before May 31, 2026. This exemption applies to buildings that have either applied for permanent electricity connections, received temporary ones, or were built without any connections. According to a press release from Hescom, the exemption is intended for G+3 residential buildings or those with stilt parking plus four floors, situated on plots of up to 2,400 sq ft, allowing for a 20% variance. These structures must be completed by May 31 within the Hescom jurisdiction, which…