Category: Latest Stories

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Latest StoriesRegulatory

Court orders Mumbai builder to refund buyer for delayed flat

MUMBAI: The Maharashtra Consumer Disputes Redressal Commission has mandated two builder firms to refund Rs 1.05 crore with interest to a couple for failing to deliver their flat after full payment and selling it to someone else. In a ruling delivered last week, the commission observed that the complainants, having invested their life savings in the Mumbai project, underwent a “prolonged and egregious ordeal lasting over a decade”. The decision was made ex parte, as the builders—Universal Housing & Infrastructure and Universal Construction, along with managers Saquib Shaikh Ahmed Mukadam and Sajid Shaikh Ahmed Mukadam—did not respond to the commission.…

IndustryLatest Stories

Goa: GIDC Allocates Three Plots for New IT Park

Representative image PANAJI: The Goa Industrial Development Corporation (GIDC) has allocated three out of the six large plots at the upcoming Hello World Innovation & Research Park located in the Verna industrial estate. Spanning approximately 4 lakh sqm at the end of Phase IV of the Verna Industrial Estate, this facility is anticipated to create between 20,000 to 30,000 jobs, according to Industries Minister Mauvin Godinho. “Hello World is a prestigious project initiated by GIDC at Verna, dubbed the Innovation Hub or R&D Hub and IT Hub. Of the six large plots available, three have already been secured by a…

Latest StoriesResidential

Sealing Drive Leaves Young Execs ‘Homeless’ in Gurugram

GURUGRAM: By midday, many found themselves homeless. For numerous young professionals residing in paying guest accommodations and rental flats in DLF-3, the current sealing operation against unauthorized constructions has intensified their workdays into a frantic struggle — racing against time to pack up and evacuate. Some were alerted by neighbors or landlords, while others were caught off guard upon arriving home to find police vans and bulldozers waiting outside. All tenants had a mere one or two hours — sometimes even less — to gather their belongings. This crackdown, led by the town and country planning department, comes on the…

CommercialLatest Stories

Uttar Pradesh to establish 500 GCC units by 2031: CM

LUCKNOW: Chief Minister Yogi Adityanath has called on global corporations and tech companies to “build the future in Uttar Pradesh”, positioning the state as a potential hub for Global Capability Centres (GCCs), technology investments, and advanced manufacturing. He emphasized Uttar Pradesh’s skilled workforce, improving infrastructure, and investor-friendly policies. While speaking at the Uttar Pradesh Global Growth Dialogue 2026 in Bengaluru, Yogi stated, “The state aims to facilitate 40 million square feet of Grade-A office space and establish 500 GCC units by 2031.” According to Yogi, Uttar Pradesh offers one of the country’s most competitive business environments, backed by over 36…

IndustryLatest Stories

Vedanta Ventures into Real Estate Market

NEW DELHI: Vedanta Ltd announced on Wednesday the establishment of a wholly-owned subsidiary, Vedanta Property Platforms Ltd (VPPL), to enter the real estate sector. VPPL will act as a strategic platform for Vedanta’s ventures in real estate and associated activities. This initiative is designed to monetize excess land and non-core property assets while creating a dedicated structure for prospective joint ventures and asset-light strategies to finance growth in its primary metals and energy sectors. According to a filing with BSE, VPPL was incorporated in Mumbai, Maharashtra, on June 22. The subsidiary will provide a strategic framework for engaging in real…

Latest StoriesResidential

Tenants in Gurugram must leave illegal PGs by June 30

GURUGRAM: The Department of Town and Country Planning (DTCP) has issued a public advisory urging occupants of illegal paying guest (PG) accommodations, guesthouses, hotels, co-living facilities, and commercial establishments on residential plots to seek alternative arrangements by June 30. This action pertains primarily to residential plots in DLF Phases 1, 2, 3, 4, and 5. The DTCP has encouraged all occupants, tenants, and paying guests to verify the legal status of their properties and, if necessary, secure alternative accommodation ahead of the July deadline to avoid disruptions from sealing or restoration actions. The advisory, released by the district town planner…

IndustryLatest Stories

Medipally Auction by Hyderabad Body Nets ₹120 Crore Amid Demand

HYDERABAD: The recent land auction by the Hyderabad Metropolitan Development Authority in the Medipally layout garnered a strong response, with the sale of 68 plots bringing in almost ₹120 crore on Wednesday. Bidding exceeded the reserve price of ₹45,000 per square yard, reaching as high as ₹80,000 per square yard. The average bid landed at ₹56,260, highlighting the increasing demand for HMDA-developed areas. As part of a phased auction process, further plots in Mokila, Chandanagar, Bairagiguda, Narsingi, and Bowrampet will be sold by June 30. However, the auction faced challenges, including a Telangana High Court order that temporarily halted the…

InfrastructureLatest Stories

NCR to Develop 4 New Cities Along RRTS Corridors for Housing

The National Capital Region Planning Board (NCRPB) has proposed the development of four new greenfield cities along the Rapid Rail Transit System (RRTS) corridors, which experts believe will enhance affordability in the NCR’s real estate market. The initiative identifies the KMP–Eastern Peripheral Expressway area as Central NCR’s Ring of Opportunity, ensuring formal notification for all non-notified land within the CRE-I boundary. This new framework ends a lengthy period of regulatory uncertainty for land located between the jurisdictions of Delhi, Haryana, and Uttar Pradesh, offering a structured path for FAR and land use permissions for the first time. “NCR is expected…

CommercialLatest Stories

Embassy Developments Signs MoU for ₹1,500 Crore Project in UP

NEW DELHI: Embassy Developments has finalized a non-binding memorandum of understanding (MoU) with the Uttar Pradesh government for a proposed commercial real estate project in Lucknow. The preliminary proposal, signed under the Invest UP initiative, plans for the development of approximately 2.5-3 million sq ft of office-centric commercial real estate, with an estimated investment of around ₹1,500 crore. This development will signify Embassy Developments’ entry into the commercial real estate sector within the state. “Lucknow has the potential to transform into a robust commercial hub for the next phase of India’s office-led growth,” stated Jitendra Virwani, chairman of Embassy Group.…

CommercialLatest Stories

West Bengal CM Suspends Kolkata Projects Until July 31

KOLKATA: On Wednesday, West Bengal Chief Minister Suvendu Adhikari announced a suspension of all under-construction commercial projects approved by the previous TMC government until July 31, following a warehouse collapse that resulted in five fatalities. After visiting the accident site, the chief minister revealed that initial reports indicated significant flaws in the approved building plans for the collapsed warehouse. “I have instructed the Kolkata Municipal Corporation (KMC) commissioner and the Urban Development and Municipal Affairs Department to halt work on all projects approved by the previous regime, especially those that involved filling water bodies. We will conduct an audit of…