Category: Latest Stories

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IndustryLatest Stories

Pune: Property Tax Discounts for Green Buildings Double in 6 Years

PUNE: The Pune Municipal Corporation (PMC) recently released its Environment Status Report (ESR), highlighting that the number of beneficiaries receiving discounts on property tax for adhering to green building norms has doubled over the past six years. This raises a critical question: Are these positive outcomes visible on the ground? Citizens, activists, and experts are calling for improved oversight of compliance by local authorities. The ‘green discount’ offers property owners a 5-10% reduction in property tax if they have installed solar and vermicomposting systems. According to PMC’s ESR, around 86,000 property owners benefitted from this incentive in 2019-20, which surged…

Latest StoriesRegulatory

Zirakpur Tops Mohali in Property Tax Collection on OTS Deadline

MOHALI: On the final day of the Punjab government’s one-time settlement (OTS) scheme, the Zirakpur municipal council emerged as the leading performer in property tax collection within Mohali district, successfully collecting Rs 12.2 crore. The OTS scheme, which commenced on July 1, allowed property owners to settle their overdue payments by paying just the principal amount, waiving off all interest and penalties if completed by July 31. The initiative saw an impressive turnout, especially on its last day, with the municipal council office witnessing an influx of 200 to 250 taxpayers daily. This enthusiastic response propelled Zirakpur ahead of other…

IndustryLatest Stories

Karnataka to Develop Policies Supporting Real Estate Sector

AI generated image for representation purposes. BENGALURU: The Karnataka government is dedicated to fostering a policy environment that bolsters the real estate sector, as stated by a senior official on Thursday. Karnataka Urban Development Department Additional Chief Secretary Tushar Giri Nath delivered the keynote at the second CII Karnataka Real Estate Conference here. “To develop Tier 2 and 3 cities as future growth engines, a robust transportation network, integrated urban planning, and aligned policy frameworks are vital,” he noted. Nath emphasized that as Karnataka experiences swift urbanization, it is essential to ensure that growth remains inclusive and carefully planned. “We…

InfrastructureLatest Stories

Uttar Pradesh to Launch New Housing Authorities in Four Cities

Representative image created by AI LUCKNOW: The UP housing department is considering the establishment of four new housing development authorities to facilitate planned development in Naimisharanya (Sitapur), Deoria, Farrukhabad, and Barabanki. Barabanki is experiencing organic growth due to its closeness to Lucknow, while Naimisharanya has been strategically selected for its religious significance. Both Deoria and Farrukhabad have also witnessed heightened real estate activity and development, both in urban cores and surrounding areas. Once a housing development authority is created, construction activities will adhere to standardized bylaws, enhancing infrastructure. Currently, building plans are approved by the relevant urban local bodies or…

IndustryLatest Stories

Yogayatan Group from Mumbai Raises Bid for Lavasa, Tops List

Representative image created by AI The Mumbai-based Yogayatan Group has placed the highest bid for the financially troubled Lavasa Corporation, raising its offer to ₹795 crore on a net present value (NPV) basis, up from ₹725 crore. After the initial bidding round earlier this month, bidders were given a chance to enhance their proposals. Yogayatan’s substantial increase in its bid surpasses Valor Estates’ offer of ₹771 crore, which did not change in the latest round. The third competitor, Welspun Group, also raised its bid to ₹785 crore on an NPV basis, up from ₹750 crore in the first round. “Currently,…

InfrastructureLatest Stories

Ludhiana: LIT Uses Land Pooling to Complete Delayed Project

Representative image created by AI LUDHIANA: In a bid to prevent its dissolution, the Ludhiana Improvement Trust (LIT) is focusing on the Punjab government’s land pooling scheme to advance its longstanding project aimed at creating a new residential and commercial zone in Lohara or Jaspal Bangar. The appointed consultant was recently tasked with submitting the project report. Meanwhile, LIT Chairman Tarsem Bhinder intends to discuss this initiative with key officials in Chandigarh. After several years without launching new projects, LIT’s only current endeavor is the construction of Atal Apartments on Pakhowal Road. Officials expressed concern that without significant projects, LIT…

IndustryLatest Stories

Four Nerul Cidco Plots Sold at ₹7.65 Lakh per Sq Metre

Representative image created by AI NAVI MUMBAI: Four Cidco tender plots in Nerul were sold to a developer on Thursday for an astonishing price of Rs 7.65 lakh per sq m. Real estate analysts suggest that the high price reflects the impending Navi Mumbai International Airport. However, activists express concern over the affordability of housing for working-class individuals, given the steep land prices. Parth Life Spaces, the winning bidder, will owe Cidco a total of Rs 1,500 crore for these four plots. Manohar Shroff, a partner at Shivam Builders, remarked: “The four adjacent plots in Nerul Sector 28, ranging from…

IndustryLatest Stories

Govandi Slum Redevelopment Project Lacks Interest

MUMBAI: The slum areas of Shivaji Nagar and Baiganwadi in Govandi, identified as having the lowest Human Development Index (HDI) according to BMC’s 2014 report, have attracted no interest for a redevelopment project. The Brihanmumbai Municipal Corporation (BMC) issued a tender for the redevelopment of these regions over two months ago, on May 14, but no developers have expressed interest in the project. The BMC initiated the redevelopment of 64 slum sites under its jurisdiction, inviting bids for 47 slum areas citywide. “We have received proposals for 29 locations, but none from the 18 sites in the M-East ward that…

IndustryLatest Stories

Ranchi: Buyers Flock to Registry Office Before Price Hike

RANCHI: As of August 1, land and property valuations are set to increase by up to 10%, prompting an extraordinary surge of land buyers at the district registration office on Thursday. Buyers rushed to finalize registrations before the new rates take effect. The government-mandated increase in land valuation, or circle rate, directly affects the baseline price for land transactions. A higher valuation translates to increased registration fees, which are determined as a percentage of this new benchmark. This increase will affect all 53 urban wards and the surrounding mouzas, with more significant rises in sought-after areas such as Hinoo, Harmu,…

CommercialLatest Stories

BlackRock Negotiates for 1 Million Sq Ft Office in NCR

Asset manager Blackrock Inc. is currently negotiating with two real estate developers in the National Capital Region (NCR) to lease 1 million sq ft of office space, according to sources close to the matter. As part of its strategy to strengthen and expand its footprint, Blackrock is in discussions with Bharti Real Estate and DLF regarding their forthcoming projects, ‘Worldmark’ and ‘Downtown’, respectively. Blackrock is eyeing an entire building within the ‘Worldmark’ complex in Delhi’s Aerocity or the ‘Downtown’ project in Gurgaon, with an imminent deal expected, according to the sources. “This will not be a built-to-suit property; however, both…