Category: Latest Stories

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IndustryLatest Stories

Noida Builders Push for Rehab Policy Amid Sports City Stalemate

NOIDA: Developers are calling on the UP government to establish a rehabilitation policy akin to that of stalled group housing projects, in order to break the deadlock surrounding Sports City. This request is based on the recommendations from the Amitabh Kant committee. The builders propose to settle their recalculated dues by paying 25% within 60 days and the remainder over a three-year period. This appeal is particularly significant as over 8,000 residents currently occupy homes in Sports City across sectors 78, 79, and 150, with another 20,000 awaiting possession. Credai (Western UP), representing builders, emphasized that although Sports City developments…

Latest StoriesRera

20% Extra Deposit for Project Registration Extension: TN RERA

CHENNAI: To protect homebuyers and minimize project delays, the Tamil Nadu Real Estate Regulatory Authority (TNRERA) has mandated that developers seeking project registration extensions beyond one year must deposit an additional 20% of the amounts collected from allottees into the designated project account. This directive is issued under Section 7(3) of the RERA Act, 2016, allowing TNRERA to establish terms in favor of homebuyers rather than outright cancellation of project registrations. Officials state this measure ensures that funds collected from buyers are used for construction rather than diverted elsewhere. TNRERA noted that many project delays are due to insufficient funds…

Latest StoriesRegulatory

HC Upholds YEIDA’s Decision to Cancel Greenbay Land Allotment

NOIDA: The Allahabad High Court’s Lucknow bench has issued an injunction against the Yamuna Expressway Industrial Development Authority (YEIDA) from canceling Greenbay Infrastructure’s land allotment for its 100-acre township project in Sector 22D. YEIDA is prohibited from proceeding with the cancellation until the state government addresses the company’s two revision applications seeking relief under the “zero period” policy, which concerns non-possession of 30-35% of the land. The “zero period” policy allows developers some relief from interest and penalties on unpaid land dues for projects that have been stalled. This interim order, issued on July 30, came just one day before…

Latest StoriesRegulatory

FIRs Launched to Combat Illegal Sand Mining in Maharashtra

PUNE: The state government has instructed district collectors and police commissioners to register FIRs and take strict criminal action against individuals engaged in unauthorized excavation, transport, and use of sand or other minor minerals. On July 17, the revenue and forest departments issued a circular that empowers officials to prosecute offenders under various laws, including the Maharashtra Land Revenue Code of 1966, the Bharatiya Nyaya Sanhita (BNS) of 2023, the Environment Protection Act of 1986, the Mines and Minerals (Development and Regulation) Act of 1957, and the Prevention of Damage to Public Property Act. The circular also states that any…

Latest StoriesResidential

Anand Automotive Purchases Delhi Bungalow for ₹195 Crore

Representative image created by AI Auto component manufacturer Anand Automotive has acquired a 1,550 square yard bungalow in the prestigious Kautilya Marg area of New Delhi for ₹195 crore, marking one of the highest-value property transactions this year. The total transaction, including ₹13.65 crore for stamp duty, amounts to nearly ₹210 crore. The Anand Group did not respond to an email inquiry, and CBRE, the transaction advisor, was unavailable for comment. Experts indicate that Kautilya Marg is favored by high-net-worth individuals due to fewer construction restrictions compared to Lutyens Delhi. In recent transactions, Anurag Jain, managing director of Endurance Technologies,…

Latest StoriesRegulatory

FIR Filed Against Ansals, Officials in Farmhouse Land Fraud

Representative image created by AI GURUGRAM: After a decade of a complaint regarding extensive land manipulation, the Anti-Corruption Bureau (ACB) initiated an FIR on Friday against Ansal Housing, its partner firms, a former patwari, and officials from the revenue department for constructing illegal farmhouses in the Sohna Aravalis. These officials have been charged with altering the classification of land from ‘gair mumkin pahad’ (protected uncultivable hills per the Punjab Land Preservation Act) to ‘farmhouse’, ‘roads’, and ‘houses’ in revenue records dating back to 1995. This alteration allowed the development of farmhouses on protected Aravali land, breaching the Aravali Notification of…

IndustryLatest Stories

10% of Kolkata’s 3,000 Unsafe Buildings at High Risk

KOLKATA: Following the recent collapse of several unsafe buildings after heavy rainfall, the Kolkata Municipal Corporation (KMC) has initiated a city-wide campaign to demolish highly insecure structures, aiming to prevent further accidents. A KMC buildings department official stated that they are monitoring 300 extremely dilapidated buildings from a total of 3,000 identified as unsafe and requiring urgent repair or partial demolition. Most of these buildings are situated in boroughs I to IX. According to another official, the KMC is concentrating on numerous old and unstable buildings in areas such as Cossipore, Burtolla, Burrabazar, Rabindra Sarani, and others. The buildings department…

Latest StoriesResidential

Angel One Founder’s Son Sells Mumbai Apartment for ₹52 Crore

Vinay Thakkar, part of the family of Dinesh Thakkar—the founder of Angel One, a well-known stockbroking and wealth management firm—has sold a high-end apartment in Andheri West, Mumbai, for Rs 52.48 crore. This 25th-floor apartment, boasting a RERA carpet area of 3,891 sq ft and an additional 409 sq ft of balcony space, is valued at an effective carpet area rate of Rs 1.4 lakh per sq ft. This positions it as one of the priciest residential transactions on a per sq ft basis. The sale, recorded on June 20, includes four exclusive car parking slots for the buyer, as…

IndustryLatest Stories

Maharashtra Minister Proposes Direct Land Purchase Policy for Industries

NAGPUR: In an effort to simplify the land acquisition process for industries, Maharashtra’s Minister of State for Finance, Planning, Agriculture, Labour, Relief, and Rehabilitation, Ashish Jaiswal, has proposed a draft initiative allowing direct land purchases, bypassing the Land Acquisition Act that mandates a fourfold payment rate. Jaiswal’s proposal aims to grant full land ownership to industries, as opposed to the current system which allows for only leased land. Currently, the Maharashtra Industries Development Corporation (MIDC) facilitates land acquisitions for industries. Upon paying the fourfold price, industries can only lease the land, explained Jaiswal. According to the draft proposal, companies looking…

IndustryLatest Stories

Mumbai Residents Worry About Builder-Committee Nexus in Redevelopment

Representative image created by AI Residents of a housing society in Khar were taken aback to discover that some members of the managing committee indulged in an all-expenses-paid trip to Bangkok, sponsored by a builder. The son of the society chairman, who runs a small software firm, secured contracts worth ₹6.5 crores, while his sister, a doctor, landed a high-ranking position at a hospital. Meanwhile, the secretary of another society, who owns a printing press, received a lucrative deal to print annual reports for a construction firm. In a society located in Vile Parle, a female committee member has taken…