Category: Latest Stories

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IndustryLatest Stories

SEIAA & SEAC Dissolution Delays Delhi’s Environmental Approvals

NEW DELHI: A builder informed the National Green Tribunal (NGT) on July 31 that the dissolution of the State Level Environment Impact Assessment Authority (SEIAA) and the State Level Expert Appraisal Committee (SEAC) has resulted in delays in obtaining environmental clearances. In an affidavit to the NGT, the Delhi Pollution Control Committee (DPCC) mentioned that environmental clearances cannot be issued at this time due to the defunct status of these two authorities. Currently, these clearances are being issued by the Union environment ministry. The NGT is reviewing a plea from a builder who applied for environmental clearance (EC) in February…

IndustryLatest Stories

Lavasa’s Rebids Approved as Creditors Extend Timeline

Creditors of the financially troubled Lavasa Corporation have opted to prolong the resolution timeline, allowing bidders another opportunity to enhance their bids for the real estate project. This extension was prompted by Valor Estate, which submitted an improved proposal after the initial deadline, according to sources familiar with the situation. Lenders plan to reconvene on Friday to determine the new deadline for all bidders, likely extending it by two months from the original August 29 deadline, they indicated. “Following extensive discussions, the lenders have agreed that the Valor bid should be considered, necessitating another chance for other bidders to adjust…

Latest StoriesRegulatory

Land Pooling Policy Delayed Until Aug 7 Hearing: Punjab AG

CHANDIGARH: On Wednesday, the Punjab advocate general informed the Punjab and Haryana High Court that the land pooling policy would be paused, with no further actions anticipated before the next hearing scheduled for Thursday. This announcement was made in response to a petition filed by Gurdeep Singh Gill, contesting the Punjab government’s land pooling scheme. The court has set Thursday, August 7, as the date for the next hearing. During Wednesday’s proceedings, the court queried whether the policy included provisions for rehabilitating landless laborers. The state has also been instructed to clarify if an assessment of the social impacts was…

Latest StoriesRera

Telangana RERA Fines Haris Pranava Builders & Kapstone Properties

HYDERABAD: The Telangana Real Estate Development Authority (TGRERA) has imposed penalties on a builder and a realty developer due to various violations. In the first case, TGRERA fined Haris Pranava Builders of Madhapur ₹7.6 lakh following a complaint from the Pranava Elite Association, Miyapur. The association, composed of flat owners in the Pranava Elite Residential Building, claimed that the builder breached several conditions outlined in the approved plan and neglected to deliver essential amenities. The project, which received approval for one stilt and five upper floors in 2019, was reported to have multiple discrepancies in construction and a deficiency of…

Latest StoriesRegulatory

Delhi Court Allows AVUT to Assist in Sushil Ansal Case

Representational image NEW DELHI: A Delhi court has permitted the Association of the Victims of the Uphaar Tragedy (AVUT) to aid the prosecution in a fraud case against businessman Sushil Ansal. Ansal was found guilty in the 1997 Uphaar cinema fire incident that resulted in the deaths of 59 individuals. The chairperson of AVUT, Neelam Krishnamoorthy, submitted a request to assist the prosecution, citing specific concerns regarding the investigation and the chargesheet. In 2019, the Delhi Police’s crime branch charged Ansal under Section 12 of the Passport Act for allegedly obtaining a passport while concealing information about his nationality. Additionally,…

IndustryLatest Stories

Sri Lotus Developers’ Stock Soars 31% on Debut

NEW DELHI: Shares of Sri Lotus Developers and Realty, supported by renowned investor Ashish Kacholia, ended their first trading day with a remarkable rise of over 31% compared to the issue price of Rs 150 on Wednesday. The stock debuted at Rs 179.10, reflecting a 19.4% increase from the issue price on the BSE. Throughout the day, shares soared by 31.3%, reaching a peak of Rs 197 each. Shares eventually settled at Rs 196.85, up 31.23%. On the NSE, the stock opened at Rs 178, marking an 18.67% rise. It eventually closed at Rs 195.80, a 30.53% increase, which is…

IndustryLatest Stories

Knowledge Realty Trust REIT IPO Soars 3.4x by Day 2

NEW DELHI: The initial public offering (IPO) of National Securities Depository Ltd (NSDL) achieved a subscription rate of 3.42 times on the second day of bidding, which occurred on Wednesday. The ₹4,800-crore REIT IPO received bids for 71,19,79,950 units against the 20,84,20,800 units available, reflecting a subscription rate of 3.42 times, based on data from the NSE. The segment allocated for other investor categories, including corporate and individual investors/NRI and HUF, was subscribed 5.88 times, while the institutional investors’ portion saw a subscription rate of 1.36 times. Knowledge Realty Trust announced on Monday that it has secured ₹1,620 crore from…

CommercialLatest Stories

5 IT Firms Receive Land in Visakhapatnam, Commit ₹19,000 Crore

VISAKHAPATNAM: The state’s tech ecosystem receives a major boost as the government allocates land parcels to five IT companies, including data center projects, with an estimated investment of ₹19,000 crore. The government approved the allotment of 3.6 acres at the IT SEZ in Madhurawada to Sify Infinit Spaces Limited at ₹1 crore per acre, mandating that operations begin within two years. Additionally, Sify has been granted 25 acres in Paradesipalem at ₹50 lakh per acre for establishing a 550 MW data center, with a projected investment of ₹15,266 crore and the potential to create 600 jobs. Phenom People Private Limited…

InfrastructureLatest Stories

Ranchi Civic Body Orders New Land Survey to Stop Encroachment

RANCHI: The Ranchi Municipal Corporation (RMC) has initiated a thorough survey and demarcation of all plots owned by the municipality to safeguard against encroachment. This order was recently given by municipal commissioner Sushant Gaurav. The action follows a rise in land grabbing activities on corporation-owned properties, some of which were detected through drone surveillance. Deputy municipal commissioner Gautam Prasad Sahu stated that the survey would assist in identifying unused land, protect public assets, and facilitate future civic infrastructure development. “Many RMC lands have been repurposed for government structures over the years. However, numerous areas remain underutilized and vulnerable to encroachment.…

IndustryLatest Stories

Tax Scam Affects 1,000 Residents in Ahmedabad

AHMEDABAD: Picture waking up to a hefty property tax bill from the civic body, demanding payment for something you believed was settled long ago. This is the alarming reality for numerous residents in Ahmedabad, entangled in a “property tax scam.” This scam, affecting all city zones but particularly impacting the West Zone, has left over 1,000 property owners—who had settled their dues—receiving alarming bills from the Ahmedabad Municipal Corporation (AMC), some amounting to lakhs of rupees. This issue has been concealed for nearly five years. A senior AMC official suspects a group of touts or agents, who assisted citizens in…