Category: Latest Stories

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Latest StoriesRegulatory

Noida Authority Targets Illegal Constructions with FIRs

Representative image created by AI NOIDA: The Noida Authority has instructed officials to file FIRs for illegal constructions and to follow up on pending cases where police have not yet acted. Additionally, a comprehensive database will be created to track enforcement actions, including notices issued, complaints filed, FIRs registered, and buildings sealed. According to officials, this database will enable senior officers to monitor progress and identify any delays or lapses. A strict approach will be taken towards those showing negligence in following up, with individuals held accountable for reporting encroachments. During a review meeting on Monday, CEO Lokesh M emphasized…

IndustryLatest Stories

Delhi: MCD & NDMC Suggest Reforms for Easier Property Tax Assessment

NEW DELHI: In an effort to streamline property tax assessments and minimize citizen harassment, both the Municipal Corporation of Delhi (MCD) and the New Delhi Municipal Council (NDMC) have introduced a series of reforms under the Jan Vishwas (Amendment of Provisions) Bill, 2025. These proposals aim to replace imprisonment and fines with penalties for various infractions under the DMC and NDMC Acts. The bill suggests that the NDMC adopt the unit area method for property tax calculations, moving away from the rateable value approach for all properties in Lutyens’ Delhi. Officials explain that while this method has been in use…

Housing FinanceLatest Stories

Weaver Services to Raise ₹1,482 Crore from Lightspeed, Premji Invest

Housing finance platform Weaver Services has announced agreements to secure $170 million (approximately ₹1,481.5 crore) in a funding round led by Lightspeed and Premji Invest, with participation from Gaja Capital. This funding round, pending regulatory approval, is amongst the largest recent investments in affordable housing finance. Weaver is committed to a technology-first approach, focusing on underserved segments like self-employed individuals in tier-II and tier-III cities. The company has acquired Capital India Housing Finance as a foundational asset and plans to acquire additional assets to achieve initial scale, currently evaluating various options. Weaver emphasized that this investment will enhance its ability…

Latest StoriesRegulatory

NGT Notifies Builder, Haryana on Illegal Aravali Construction

GURUGRAM: The National Green Tribunal has issued notices to a real estate company, the Ministry of Environment, Forest and Climate Change (MoEF), the Haryana government, the State Environment Impact Assessment Authority (SEIAA), and the state pollution board regarding allegations of large-scale construction near the protected Wazirabad forest in Sector 54 of the city, without obtaining the necessary environmental permissions. The tribunal has instructed the Centre, Haryana authorities, and the real estate firm to submit their responses before the next hearing scheduled for November 10. A petition, accompanied by Google Earth images and photographs, reportedly shows construction activities on the boundary…

IndustryLatest Stories

Karnataka Passes Bill to Regulate 15% Building Violations

BENGALURU: The Karnataka Assembly passed the Municipal Corporations (Amendment) Bill, 2025, on Tuesday, allowing municipal commissioners to regularise unauthorized buildings by imposing penalties. This has drawn parallels with the Akrama-Sakrama scheme, which is still awaiting a decision from the Supreme Court. Urban Development Minister BS Suresha (Byrathi), while presenting the bill, stated that the amendment will only apply to unlawful structures that can be legalised under existing regulations. “This will not apply to buildings that have been slated for demolition,” he stated. Under the new provisions, municipal commissioners are empowered to issue occupancy certificates (OCs) for buildings that lacked commencement…

IndustryLatest Stories

LML Realty to Invest ₹150 Crore in Haryana Industrial Park

Representative image created by AI NEW DELHI: LML Realty, the real estate division of the LML brand, is set to invest ₹150 crore to launch its inaugural industrial park project in Firozpur Jhirka, Haryana. The initiative has received approval under the state government’s Promoting Access and Development of MSME Advancement (PADMA) scheme. Covering 35 acres, the LML industrial park will feature ready-to-use plug-and-play units, an exhibition and display center, as well as on-site R&D and testing facilities. The PADMA Scheme provides a comprehensive package of incentives for MSMEs establishing operations in the park. This includes benefits of up to ₹2…

Latest StoriesResidential

Prayagraj: 9,000 fraudsters claim ₹1.2L PMAY subsidies

PRAYAGRAJ: A total of over 9,000 individuals have fraudulently claimed Rs 1.20 lakh each under the Pradhan Mantri Awas Yojana, despite already owning homes. Investigations have revealed the misuse of funds designated for this scheme, prompting authorities to take action to recover the disbursed subsidies. Moreover, instances of pension fraud have emerged across multiple government schemes, resulting in a loss exceeding Rs 40 lakh due to fraudulent claims, deceased beneficiaries, and cases of unreported remarriages. Officials acknowledge that the lack of recovery mechanisms complicates enforcement, highlighting the urgent need for policy reforms and enhanced verification processes. Under the PMAY scheme,…

IndustryLatest Stories

Construction Costs Up 40%, Affordable Housing Falls to 12% in 2025

NEW DELHI: The affordable housing sector in Indian real estate is facing mounting challenges due to rising construction costs, impacting supply and affordability, as per a recent report by Anarock Group. Data reveals that the average construction cost in major Indian cities has surged nearly 40% over the last five years, climbing from ₹2,200 per sq ft in 2021 to about ₹2,800 per sq ft by October 2024. Mumbai, Delhi NCR, and Bengaluru stand out as the priciest markets, with luxury housing construction costs now surpassing ₹5,000 per sq ft. “Construction expenses in metropolitan areas have skyrocketed due to inflation,…

Housing FinanceLatest Stories

Housing Finance Firms Scrutinized for Lending Issues

The National Housing Bank (NHB) is intensifying its scrutiny of housing finance companies (HFCs) for violating loan-to-value (LTV) norms concerning high-value home loans, according to sources familiar with the matter. Regulatory inspections by the NHB uncovered instances where loans exceeding ₹75 lakh were approved with LTVs as high as 90%, breaching the established 75% limit. The NHB has instructed lenders to reclassify these loans as non-home loans (NHL). “The regulator has identified several mortgage lenders disbursing substantial amounts for high-value residential properties,” an NHB official stated. “The NHB has communicated with these firms, ordering them to cease such practices and…

IndustryLatest Stories

KVN Properties to Raise ₹1,000 Crore for Business Expansion

NEW DELHI: KVN Properties, a real estate firm, plans to raise ₹1,000 crore from Kotak Realty Fund to fuel its expansion, according to sources. Founded by Venkat K Narayana, former CEO of Prestige Estates Projects Ltd., KVN Properties is based in Bengaluru. Sources indicate that the firm is currently negotiating with Kotak Realty Fund for growth capital. The company plans to raise funds through the issuance of debentures. KVN Properties has not commented on this matter. This fundraising initiative will facilitate KVN Properties’ expansion into prime land parcels across India, expected to be developed through joint development agreements (JDA) or…