Category: Latest Stories

Access daily updates on all real estate sectors including residential, commercial, retail, and infrastructure. Stay ahead with market trends, policy changes, investment news, and expert analysis from across the globe.

IndustryLatest Stories

Units of Knowledge Realty Trust Close with Over 6% Premium

NEW DELHI: Units of Knowledge Realty Trust, backed by Sattva Group and Blackstone, closed with a premium exceeding 6% on Monday from the issue price of ₹100 per unit. The unit debuted at ₹104, showing a 4% rise from the issue price on the BSE. Throughout the day, it peaked at ₹109.14, realizing a 9.14% increase. Ultimately, the unit finished at ₹106.15, a rise of 6.15%. On the NSE, the listing commenced at ₹103, reflecting a 3% premium. It eventually stabilized at ₹106.24 per unit, marking a 6.24% increase. The company’s total market valuation is approximately ₹47,071.15 crore. The ₹4,800-crore…

Latest StoriesResidential

Karnataka Minister: 40,000 of 700K e-khata Apps Pending

MYSURU: Property owners can breathe easier as significant progress has been made on the e-khata issue. Urban Local Bodies (ULBs) are accelerating approvals and minimizing backlogs. In response to a question from Chidananda M Gowda in the legislative council last week, Municipal Administration Minister Rahim Khan disclosed that 700,899 e-khata applications have been submitted statewide. Out of these, 653,989 have already been approved, leaving 45,910 still pending. He noted that several ULBs have achieved a status of zero pending applications. In Mysuru district specifically, 14 ULBs processed 72,184 applications, with 62,277 approved. Additionally, 3,143 applications were rejected for various reasons,…

Latest StoriesRegulatory

CAG Criticizes Greater Noida for Farmhouses on Hindon Floodplain

File Photo NOIDA: The Greater Noida Industrial Development Authority (GNIDA) is facing criticism from the Comptroller and Auditor General (CAG) for permitting construction on the Hindon floodplain, which is designated for natural conservation. The CAG audit revealed that rather than protecting these vital green areas, GNIDA has facilitated the development of farmhouse plots in restricted zones, leading to serious environmental and regulatory violations. In 2011, GNIDA initiated the ‘Institutional Farmhouses’ scheme, followed by the ‘Krishi Farmhouses’ scheme in 2015, both contravening established regulations. These initiatives, intended for temporary structures, evolved into permanent homes, businesses, and even polluting workshops. In Haibatpur…

InfrastructureLatest Stories

Green nod essential for Manimajra housing project in Chandigarh

Representative image CHANDIGARH: The Chandigarh administration’s environment department has informed the municipal corporation that the “user agency” must secure environmental clearances for the MC’s Rs 700 crore housing project in Manimajra. The department has emphasized that this project qualifies under category 8(a) of the Environment Impact Assessment (EIA) notification, 2006, necessitating prior environmental clearance. In its letter to the MC, the environment department states, “Township and area development projects covering less than 50 hectares or with built-up areas exceeding 1,50,000 sqm fall under category 8(b) of the EIA notification, dated Sept 14, 2006, hence requiring prior environmental clearance. All projects…

Latest StoriesRegulatory

CSMC Recovers ₹82 Crore in Property Tax via Amnesty Scheme

CHHATRAPATI SAMBHAJINAGAR: The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) has prolonged its amnesty scheme until the end of August. Originally set to end on August 15, the scheme successfully helped recover ₹82.6 crore in property taxes from defaulters. The “Freedom from Penalty” amnesty scheme offers property owners a significant 95% discount on late payment charges for a one-time settlement of their dues. Initially applicable only to residential properties, the program has since expanded to include commercial and industrial properties. “From July 15 to August 15, 37,259 property owners took advantage of this scheme. We encourage remaining defaulters to follow suit and…

IndustryLatest Stories

Mumbai Housing Societies on Govt. Land Choose Self-Redevelopment

MUMBAI: An RTI inquiry has revealed that not a single housing society located on government land in Mumbai has chosen the path of self-redevelopment. There are approximately 3,000 cooperative housing societies in Mumbai and its suburbs situated on land leased by the government or collector’s land, categorized as occupancy class II. Salil Rameshchandra, president of the Federation of Grantees of Government Land (FGGL), who requested details about land conversion under the RTI Act, noted that the government introduced a concessional scheme last year that reduces the premium for freehold conversion. Under this 5% concessional scheme, housing societies can convert to…

Latest StoriesRera

Karnataka RERA Halts Sanchaya Land Sales, Freezes Accounts

BENGALURU: The Karnataka Real Estate Regulatory Authority (K-RERA) has issued a significant ruling, prohibiting Sanchaya Land and Estate Private Limited from entering into any sales agreements or executing sale deeds for apartments, as well as creating third-party interests until the project is completed and an occupancy certificate is obtained from the relevant planning authority. This decision follows complaints from approximately 100 home buyers against the developer, who failed to deliver flats booked in March 2013, which were promised by December 2014. The developer was tasked with constructing 650 flats in a group housing project called The Green, located in Kapur…

InfrastructureLatest Stories

Telangana Government Encounters Legal Hurdles for Future City

Representative image created by AI HYDERABAD: Nearly five months after the announcement of the Bharat Future City Development Authority (BFCDA), the Telangana government is facing legal challenges before advancing with this ambitious project. The primary obstacle is removing the Green Hyderabad Pharma City designation from approximately 20,000 acres in specific villages, which was originally acquired by the former BRS government for the Pharma City project but is now designated for the Future City. Legal clearance is essential before repurposing these lands for educational hubs, healthcare facilities, sports infrastructure, or other proposed developments, sources indicate. The BFCDA, established in March, covers…

Latest StoriesRera

Goa RERA Sets Guidelines to Curb Misleading Ads by Builders

PANAJI: The Goa Real Estate Regulatory Authority (Rera) has introduced new guidelines prohibiting builders and realtors from including disclaimers in advertisements for housing or commercial projects in the state. According to a notification from Rera, vague descriptions of project amenities will also be deemed misleading. Rera Secretary Paresh Faldesai stated, “Amenities promised in the agreement or brochure need to be clearly specified. A simple mention of 11+ amenities will be considered misleading at first glance.” The circular, directed to the Confederation of Real Estate Developers’ Associations of India (Credai) and the Goa Association of Realtors, emphasizes that all real estate…