Category: Latest Stories

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Latest StoriesResidential

Jharkhand Property Prices Set to Rise from August 1

RANCHI | JAMSHEDPUR: Starting August 1, the cost of purchasing a dream home in the state—including Ranchi and non-Tata command areas of Jamshedpur—will see an increase due to a revision in real estate prices. This adjustment will lead to approximately a 10% hike in the prices of both residential and commercial properties in Steel City. Notably, the new rates will not apply to Tata sub-lease land in Jamshedpur. According to officials from the registration department, the last revision occurred in 2023. Ranchi district sub-registrar Vaibhav Mani Tripathi remarked, “The rates for residential and commercial properties in Ranchi’s urban areas—including 53…

Latest StoriesRegulatory

Gujarat HC Lifts Stay on Pacifica Developers’ Civil Prison Order

AHMEDABAD: The Gujarat High Court has undone the stay on the Gujarat Real Estate Regulatory Authority’s (GujRERA) order to detain officials from Pacifica Developers Pvt Ltd, including managing director Rakesh Israni, in civil prison for 60 days. The developers were penalized for not delivering a house to a buyer and for allegedly selling the same property to someone else. Last week, Justice Vaibhavi Nanavati not only permitted the enforcement of the civil prison order but also referred the case to a division bench for potential contempt proceedings against Israni, as well as other officials—Darpan Tarwani, Kaushik Patel, and Jay Chandani—for…

Latest StoriesResidential

Property Allottees Must Get UAN by Aug 31: Bhubaneswar Body

Representative image created by AI BHUBANESWAR: The Bhubaneswar Development Authority (BDA) announced on Tuesday that all property allottees are required to obtain a Unique Account Number (UAN) by August 31. This digital initiative aims to transform BDA’s service delivery and improve transparency in property transactions. The UAN is a 12-digit number that will provide access to various online services, including asset allotment, lease deed execution, no-objection certificates (NOCs) for loans, asset transfers, and conversion of leasehold properties to freehold status. Allottees can generate their UAN by visiting the BDA’s official website (www.bda.gov.in), according to an official statement. The BDA will…

CommercialLatest Stories

GCCs Adopt ‘Hub Plus One’ Plan to Reduce Concentration Risks

Recent data indicates that at least 20% of new investments into global capability centers (GCCs) over the next couple of years will adopt a “hub plus one” strategy. This approach allows firms to expand from metropolitan areas into tier-II cities. “Establishing a second delivery center reduces the risks associated with over-reliance on a single location,” stated Vikram Ahuja, cofounder of ANSR, an organization that assists clients in setting up GCCs nationwide. “Advancements in both physical and digital infrastructure are making these cities increasingly viable for global delivery.” Experts reveal that this model is rapidly gaining traction due to factors like…

Latest StoriesRegulatory

Telangana HC Cautions Petitioner on Repeated Building Appeals

HYDERABAD: The Telangana High Court expressed its discontent towards a local businessman who filed a petition disputing the legality of environmental clearances and building permits for a significant residential project in Hafeezpet, Serilingampally. A division bench, led by Chief Justice Aparesh Kumar Singh and Justice P. Sam Koshy, cautioned the petitioner against misusing the court’s time, stating that appropriate penalties would follow. “Your petition is frequently provoking the court’s ire. Regardless of the circumstances, we will dismiss this petition with substantial costs,” remarked the bench. Nevertheless, after the petitioner’s counsel apologized, the bench allowed the petition’s withdrawal while issuing a…

Latest StoriesResidential

Mumbai Landlords Risk Jail for Undisclosed Tenants

MUMBAI: The Mumbai Police have ramped up efforts to take action against property owners who neglect to provide tenant information to law enforcement agencies. This initiative has resulted in multiple first information reports (FIRs) being lodged at various police stations across the city, showcasing a zero-tolerance stance on what authorities classify as a critical breach of public safety protocols. The warning is clear: Landlords in Mumbai who fail to comply with reporting regulations face severe legal repercussions, potentially including imprisonment. In recent days, six FIRs have already been filed against property owners in areas such as Shivaji Park, Dadar, and…

Latest StoriesRera

Odisha RERA Issues Deadline for Quarterly Reports, Warns Action

Sure! Here’s a rewritten version of the content: BHUBANESWAR: The Odisha Real Estate Regulatory Authority (ORERA) has issued a final notice to promoters to submit their quarterly progress reports (QPR) for the April-June quarter by the end of this month. Previously, ORERA requested promoters to update their data and submit the QPR through its new platform, ORERA 2.0. However, only 64% of the projects have successfully uploaded their data thus far. ORERA has mandated that the reports be submitted by the end of July, either digitally or manually. “In line with prior instructions, particularly the ORERA letter dated June 18,…

Latest StoriesRegulatory

PNB Housing Finance Ordered to Compensate Customer for Lost Docs

COIMBATORE: The district consumer disputes redressal commission has ordered a housing finance firm to pay ₹10 lakh in compensation to a customer for the loss of original property documents. According to sources, S. Murugesan and his son M. Prabhakaran from Vadavalli took out a housing loan with DCB Bank in Coimbatore, using their property as collateral. Later, PNB Housing Finance Ltd., located in Pappanaickenpalayam, agreed to assume the loan and sanctioned ₹22.90 lakh on November 11, 2018. As part of this process, the father-son pair submitted their original title deeds and other essential documents to the finance company after signing…

Latest StoriesRera

Govt Official to Lead Odisha RERA Meeting

BHUBANESWAR: A high-level meeting, chaired by Chief Secretary Manoj Ahuja, will address important issues related to the Odisha Real Estate Regulatory Authority (ORERA) on Wednesday, focusing on enhancing the authority’s operations. This marks the second meeting chaired by the Chief Secretary in recent weeks, following a leadership change at ORERA in June. The initial meeting took place on June 17, and this upcoming discussion will likely focus on the potential introduction of a regularization mechanism for pre-RERA apartments. The agenda, obtained by TOI, also covers discussions on access to private land and the approval process for using government land as…

Latest StoriesRegulatory

Bombay HC Blasts EOW, Transfers Builder Fraud to Crime Branch

MUMBAI: In an unusual and significant decision, the Bombay High Court has redirected a builder fraud case under the Maharashtra Protection of Interest of Depositors (MPID) Act to the Mumbai Crime Branch, citing serious shortcomings in the investigation conducted by the Economic Offences Wing (EOW). The court’s action followed a petition from victims claiming a scam exceeding ₹100 crore, expressing a loss of trust in the EOW’s investigation. In a detailed ruling dated July 7, the court sharply criticized EOW Deputy Commissioner of Police Sangramsinh Nishandar for his lack of decisive action since assuming control of the case in March…