Category: Latest Stories

Access daily updates on all real estate sectors including residential, commercial, retail, and infrastructure. Stay ahead with market trends, policy changes, investment news, and expert analysis from across the globe.

Latest StoriesResidential

Download Allotment Letters from Lucknow Development Website

LUCKNOW: The Lucknow Development Authority (LDA) is urging allottees to download their allotment letters from its official website and complete the necessary formalities within a three-month timeframe. Failure to do so will result in automatic cancellation of the allotment without prior notice. This directive was issued by LDA vice-chairperson Prathamesh Kumar. This initiative aims to enhance transparency in the allotment process and minimize procedural delays. Previously, allotment letters for residential and commercial properties allocated through various schemes, including lotteries, e-auctions, and first-come-first-served methods, were sent via registered post. Officials noted that delays often compelled allottees to visit LDA offices for…

InfrastructureLatest Stories

Ahmedabad’s 2041 Draft Development Plan Expected in June

GANDHINAGAR: The long-awaited draft development plan for Ahmedabad, put together by the Ahmedabad Urban Development Authority (Auda), is projected to be released in June, shortly after the local body elections. According to key sources involved in the process, substantial revisions are anticipated in the new draft development plan (DP), which will also encompass additional areas within the urban development authority’s jurisdiction. “The new DP will shift focus from a standard 10-year plan to a vision extending to 2041 and 2047, aimed at significantly enhancing the city’s infrastructure, particularly as Ahmedabad is set to host the Commonwealth Games in 2030 and…

IndustryLatest Stories

NDMC Tax Reform Could Slash Property Tax by 50% in Delhi

NEW DELHI: The New Delhi Municipal Council (NDMC) announced on Monday that implementing the Unit Area Method (UAM) could lower property taxes by 30 to 50%, particularly benefiting older, self-occupied properties. This initiative is part of key amendments in the Jan Vishwas (Amendment of Provisions) Bill, 2026, introduced by Minister of State for Commerce and Industry Jitin Prasada in the Lok Sabha on Friday. The bill seeks to amend several provisions of the Delhi Municipal Corporation Act, 1957. NDMC Vice-Chairperson Kuljeet Singh Chahal emphasized that UAM could provide significant relief for older properties and allow for separate assessments of different…

Latest StoriesRegulatory

CAG Queries Telangana’s Land Allotment to Amazon in Pharma City

HYDERABAD: The Comptroller and Auditor General (CAG), in a report presented to the assembly on Monday, raised concerns over the allocation of 48 acres to Amazon Data Services India Private Ltd within the limits of the Hyderabad Pharma City (HPC). The report noted that the land was initially intended for a dedicated pharmaceutical manufacturing cluster under the National Investment and Manufacturing Zone (NIMZ) guidelines. The audit scrutinized land allocations and project execution, highlighting significant irregularities. According to the NIMZ guidelines, land in such zones must be exclusively used for purposes specified in the master plan. The CAG stated that allocating…

IndustryLatest Stories

Fire Safety Essential in Building Code: BIS Panel

NEW DELHI: In light of recent fatal building fires in Delhi, Odisha, and Goa, a technical committee from the Bureau of Indian Standards (BIS) has opposed the Cabinet Secretariat’s deregulation cell’s proposal to remove “fire safety” provisions from the National Building Code (NBC). The committee, however, has accepted various other recommendations, including omitting certain administrative and development control norms. The deregulation cell suggested that different parts of the NBC, including fire safety regulations, should be simplified into handbooks and removed from the official code. This marks the second time the Cabinet Secretariat has requested alterations to BIS regulations, following a…

CommercialLatest Stories

Thiruvananthapuram: Neopolis IT Project Delayed by Expansion Plans

THIRUVANANTHAPURAM: The Neopolis IT township project proposed by the Union government in the capital is expected to face delays, as the Centre plans to revise the scheme significantly by increasing its scope from 10 to nearly 100 cities nationwide. This expansion, aimed at enhancing next-generation IT infrastructure, casts uncertainty over the timeline of the Thiruvananthapuram project. The Neopolis project received preliminary approval from the Union Ministry of Housing and Urban Affairs in December 2024 and is intended for development at Technopark Phase IV. It represents the initial phase of the ambitious Outer Area Growth Corridor (OAGC) project, which aims to…

IndustryLatest Stories

Lok Sabha Approves Insolvency Law Amendments to Boost Stakeholder Value

NEW DELHI: The Lok Sabha has passed a bill amending the insolvency law to introduce strict timelines, an out-of-court settlement option, and a framework for cross-border insolvency processes. Presenting the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman stated that the amendments to the Insolvency and Bankruptcy Code (IBC), which took effect in 2016, aim to maximize stakeholder value and enhance the governing process. The amendments are intended to bolster the existing insolvency framework while tackling practical challenges and integrating global best practices, which, according to the minister, have significantly improved the health of the banking sector. The Lower House…

IndustryLatest Stories

Vedanta Challenges Adani’s ₹14,535-Crore Jaiprakash Bid in SC

NEW DELHI: Mining giant Vedanta Ltd has filed an appeal in the Supreme Court seeking to stay the NCLT’s approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The appeal was submitted on March 25, following the National Company Law Appellate Tribunal’s (NCLAT) refusal to stay the plan’s implementation. Adani Enterprises Ltd has also filed a caveat with the Supreme Court, requesting an opportunity to be heard before any decision is made regarding Vedanta’s petition. On March 24, the insolvency appellate tribunal denied an interim stay on Vedanta’s plea against the NCLT ruling that approved Adani’s bid…

IndustryLatest Stories

Kirloskar Realty Secures ₹1,150 Cr Loan from ICICI Bank

Kirloskar Industries’ real estate division, Avante Spaces, has secured a ₹1,150 crore term loan from ICICI Bank to support a Grade A office project in Pune’s Kothrud area, showcasing lenders’ ongoing interest in well-established urban developments. The funding for this 1.9 million sq. ft office project is organized in two tranches: ₹1,050 crore and ₹100 crore, with a repayment schedule of 44 months at an annual interest rate of 8%. The company has placed a mortgage on its land and all current and future constructions, securing the loan with approximately 7.25 acres of land across Plots A, C, and D…

Latest StoriesRegulatory

New Town Kolkata Issues Notices to 65+ Buildings

Representative AI image KOLKATA: In response to complaints about significant irregularities in the use of residential buildings for commercial activities without proper authorization, the New Town Kolkata Development Authority (NKDA) has issued stop-operation notices to 69 buildings following inspections in New Town last year. The authority is conducting a block-wise evaluation of nearly 1,000 buildings that were flagged for potentially violating the allowed 40% commercial use within residential structures. According to officials, around 1,200 buildings were identified as part of investigations into suspected violations that emerged from surveys conducted in late 2024. “Initial visits led to a reduction in the…