Category: Latest Stories

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Latest StoriesRegulatory

Karnataka HC: RERA-validated co-ops can manage apartments

By Sanjana CS BENGALURU: A significant ruling from the High Court on June 30 has brought much-needed relief to flat owners. The single bench’s decision supports a registered cooperative society of allottees who have faced challenges for over 11 years. Justice Suraj Govindaraj presided over a case highlighting disputes among apartment owners, agreement holders, and builders concerning the completion and maintenance of an apartment complex. It was revealed that builders had manipulated an unauthorized association for illicit activities, contesting a Real Estate Regulatory Authority (RERA) order. The High Court dismantled this facade and reaffirmed the RERA order, thereby reinstating authority…

IndustryLatest Stories

Central Park Engages Advisors for 2027 Real Estate IPO

Property developer Central Park is in the process of engaging a professional services firm and a merchant banker as part of its strategy to list its real estate business by early 2027, according to Amarjit Bakshi, the chairman and managing director. “We are pursuing the IPO route not for fundraising but to facilitate a transition to the next generation,” Bakshi stated. “We aim to establish partnerships, emphasizing the importance of compliance. Every shareholder must be regarded as a partner, and a listed company must fulfill its commitments and meet customer expectations.” Bakshi also mentioned that Central Park is planning a…

InfrastructureLatest Stories

PM Launches Bengaluru Metro’s Yellow Line

BENGALURU: On Sunday, Prime Minister Narendra Modi inaugurated the highly anticipated “Yellow Line” of the Bangalore Metro Rail, designed to alleviate traffic congestion across various bustling corridors linked to the city’s IT sector. During the event, the Prime Minister rode the metro from RV Road (Ragigudda) to the Electronic City station and engaged with students onboard. The Yellow Line spans over 19 kilometers from RV Road to Bommasandra and is a key part of the Bangalore Metro Phase-2 project, totaling approximately Rs 7,160 crore and featuring 16 stations, according to officials. This new line will expand the operational metro rail…

IndustryLatest Stories

Puravankara reports ₹68.55 crore net loss in Q1 FY26

NEW DELHI: Puravankara reported a net consolidated loss after tax of ₹68.55 crore for the quarter ending June 30, 2025, compared to a profit after tax of ₹14.78 crore in the same quarter last year, as stated in a BSE filing. The company’s net consolidated total income for Q1 FY26 was ₹538.64 crore, reflecting a decline of 20.27% from ₹675.55 crore in the same quarter the previous year. Ashish Puravankara, the company’s managing director, commented, “Our handovers and sales did not meet expectations due to regulatory changes, including e-Khata and modifications in byelaws. Despite this, our team is optimistic about…

Latest StoriesResidential

300+ Gurugram Projects Violate Norms, Bypass STP Checks

GURUGRAM: More than 300 real estate and commercial projects in the city have failed to install the mandatory analysers on their sewage treatment plants (STPs). Documents obtained through the RTI Act reveal this includes several prominent group housing societies, IT parks, and shopping malls. STP analysers are essential for an environmental management system, providing real-time data on critical parameters such as pH levels, chemical oxygen demand (COD), and biochemical oxygen demand (BOD), to ensure wastewater treatment complies with discharge standards. The list, revealed by the Haryana State Pollution Control Board (HSPCB) in response to an RTI request from local resident…

Latest StoriesResidential

New Greenfield Townships in Uttar Pradesh Before Festival Season

LUCKNOW: In encouraging news for families in search of budget-friendly housing, more than a dozen greenfield townships are set to launch ahead of the festive season across major cities in Uttar Pradesh. Following a meeting with housing development authorities, the state government has instructed vice-chairmen to speed up the land aggregation process to roll out the housing scheme before Diwali. Plans are in place to launch schemes in seven cities by September, while the remaining 11 will be inaugurated before Diwali. Among the cities poised for new townships are Aligarh, Meerut, Jhansi, Mathura, Agra, Moradabad, Kanpur, Firozabad, Bulandshahr, Banda, Ayodhya,…

Latest StoriesResidential

DDA Starts Rent Payouts for Signature View Residents

NEW DELHI: On Wednesday, the long-anticipated request from the residents of Signature View Apartments in Mukherjee Nagar, North Delhi, was addressed as the Delhi Development Authority (DDA) commenced compensatory rent payments for the original occupants of the residential complex marked for demolition. This action clears the way for the redevelopment of the apartment complex, which has been declared uninhabitable. A DDA representative confirmed that 56 residents who submitted the necessary documents and vacated their flats received rent payments up until the end of July. Other residents will be included as beneficiaries starting in September. “Residents who left the complex before…

Latest StoriesResidential

Odisha: 1.36 Lakh Homes Built under PMAY-Urban in 10 Years

BHUBANESWAR: The state government has successfully constructed 136,000 houses for urban poor citizens under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) across 115 urban local bodies over the past decade since 2015, according to the Odisha Urban Housing Mission (OUHM). Data indicates that a total of 184,000 houses were sanctioned under PMAY-U, with 162,000 already initiated, achieving 73% of the state’s target for housing. This housing data is essential for the Odisha Economic Survey Report 2025-26. In terms of specific scheme components, beneficiary-led construction accounts for the highest number, with 131,000 houses completed. Additionally, 3,650 houses were finished under the affordable…

Latest StoriesResidential

Indore: New Housing and Infrastructure Boost MR-10 Development

INDORE: To facilitate the development of the MR-10 road, the Indore Development Authority (IDA) plans to construct high-rise apartments to accommodate affected families. “The IDA board has decided to build housing units under the Pradhan Mantri Awas Yojana Urban 2.0 on a 1.613-hectare plot (FP-422) in IDA’s Town Planning Scheme (TPS)-08,” announced IDA CEO RP Ahirwar. This initiative will help relocate impacted families into new flats. The board meeting, chaired by Divisional Commissioner and Chairman Deepak Singh, yielded several key decisions aimed at progressing various development projects in the city. “A Rs 48.81 crore tender was approved for constructing a…

Latest StoriesRegulatory

Nashik Exempts Telecom Firms from Realty Tax on Towers

Image for representation only. NASHIK: The Nashik Municipal Corporation (NMC) will exempt telecom companies from property tax on mobile towers starting January 2025. However, these companies must settle their outstanding dues by December 2024. This decision aligns with the guidelines issued by the state government’s urban development department. According to Section 14 (3) of the Telecommunication Act, 2023, telecommunication networks on any property will not be classified as part of that property, exempting them from property tax or duties. The central government recently expressed concern about local authorities not implementing this Act. In response, the state government’s urban development department…