Category: Latest Stories

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Latest StoriesRegulatory

SC urges UP to transform Noida into a metropolitan council

NEW DELHI: Nearly 50 years after the New Okhla Industrial Development Authority (Noida) was established, the Supreme Court urged the Uttar Pradesh government to contemplate the establishment of a metropolitan council aimed at enhancing citizen-centric governance. This directive stemmed from the findings of a Supreme Court-appointed Special Investigation Team (SIT), which presented a critical report about Noida Authority, identifying that decision-making is overly centralized among a limited number of officials. A bench composed of Justices Surya Kant and Joymalya Bagchi endorsed the SIT’s recommendations, stating: “To promote transparency and fairness in the daily operations of Noida, we instruct the UP…

IndustryLatest Stories

Developers Urge Gujarat for Consistent Registration Fees

AHMEDABAD: Although the city is experiencing an uptick in redevelopment projects, developers are reporting that inconsistencies in the registration process are causing delays. The Urban Redevelopment Housing Society Welfare Association has reached out to the state government, highlighting that some sub-registrar offices impose a 1% registration fee based on jantri rates, while others charge a flat fee of Rs 100. The association is calling for a standardized registration process throughout the state. According to association president Jitendra Shah, “Ahmedabad holds significant potential for redevelopment. Currently, over 600 societies are negotiating with developers. More than 150 redevelopment projects have been completed,…

Latest StoriesResidential

Gurugram: 1,000 vacant flats to be repaired and allocated

Representative image GURUGRAM: A proposal to demolish 1,088 EWS flats in Sector 47 has been put on hold, allowing for much-awaited allocations. The renovation of these flats will be handled by Haryana Shahari Vikas Pradhikaran (HSVP), with eligible families set to receive allocations. Originally built in 2010 under the Ashiana scheme for the underprivileged at a cost of Rs 42 crore, these flats have remained unoccupied for 15 years due to procedural delays and disputes regarding beneficiary eligibility. Previously, HSVP officials noted that identifying qualified applicants was challenging since many lacked necessary documentation or did not fulfill income and residency…

Latest StoriesRegulatory

CBI Court Denies Clean Chit for Chintal Group CEO

CHANDIGARH: On Wednesday, the special CBI court in Panchkula denied a clean chit to D. Vasudevan, CEO of Chintal Group, and rejected his request to dismiss the charges against him. In his application, Vasudevan’s defense argued that the project was outsourced and executed by various agencies contracted by Chintal Group, thus absolving him of accountability. However, the judge, Rajiv Goyal, ruled that this argument—that Vasudevan’s responsibilities were confined to the administration and management of M/s Chintels India Private Limited—was not persuasive at this stage. Vasudevan maintained that his role as CEO involved overall project management, rather than daily oversight of…

IndustryLatest Stories

Brigade Enterprises’ Q1 FY26 Profit Soars 79% to ₹150 Crore

NEW DELHI: Brigade Enterprises, a real estate firm, reported a 79% surge in its consolidated net profit, reaching ₹149.88 crore for the quarter ending June. This compares to a net profit of ₹83.72 crore during the same period last year. The company’s total income grew to ₹1,332.86 crore in the April-June quarter, up from ₹1,113.44 crore in the previous fiscal year, as indicated in a regulatory filing. Founded in 1986, Brigade Enterprises is among the top real estate developers in India, specializing in residential projects, office spaces, and shopping malls. The company is also involved in the hotel and education…

Latest StoriesRegulatory

GNIDA’s Plots to Unqualified Realtors Threaten Buyer Safety: CAG

NOIDA: An audit conducted by the Comptroller & Auditor General (CAG) has uncovered significant irregularities and policy violations by the Greater Noida Industrial Development Authority (GNIDA) in the allotment of group housing and builder plots from 2005-06 to 2017-18. The audit report, released on Wednesday—coinciding with the Supreme Court’s directive to the UP government to consider transforming the Noida Authority into a metropolitan council for improved fairness and transparency—highlights lapses over the years that have contributed to the ongoing real estate crisis in Noida’s twin city. Thousands of flats are considerably delayed, while registries are held up due to skyrocketing…

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Lucknow: LDA Takes Charge of South City, Ends Unitech Deal

LUCKNOW: The Lucknow Development Authority will take over the development of South City following the termination of its 37-year agreement with Unitech Builders. The authority plans to complete outstanding civic projects, including roads, drainage, parks, and other amenities, funded by selling properties still owned by the group. This decision, proposed during a board meeting on August 5, received approval from board members. Residents, some of whom invested in the township decades ago, can breathe easier as they have long awaited vital services. Work will commence after required administrative approvals and property evaluations are finalized. The original agreement, signed on July…

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GNIDA Issues Partial OCs for Builders Paying 25% Dues

NOIDA: The Greater Noida Industrial Development Authority (GNIDA) has authorized partial occupancy certificates for various stalled housing projects under the UP government’s rehabilitation policy, following the Kant committee’s recommendations aimed at reviving stalled real estate developments. So far, developers of 37 out of 98 halted projects in Greater Noida have paid 25% of their total dues, the minimum requirement to qualify for policy benefits, which include debt rescheduling and a waiver for defaults during the Covid pandemic. Under this new policy, developers who have made partial payments will receive occupancy and completion certificates (OCs/CCs) proportional to their payments, enabling the…

Latest StoriesResidential

Settle Property Tax in Ludhiana by August 15 to Avoid Penalty

LUDHIANA: More than 192,000 property tax returns from the year 2013-14 remain unfiled by residents. However, they have until August 15 to settle their outstanding dues under the one-time settlement (OTS) scheme. Mayor Inderjit Kaur has urged residents to take advantage of this opportunity, which allows them to pay their pending property tax without incurring any penalties or interest before the deadline. Municipal Commissioner Aaditya Dachalwal noted that the government previously set a July 31 deadline for residents to submit their overdue property tax without penalties. To better support the community, the deadline has now been extended to August 15.…