Category: Latest Stories

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Latest StoriesRegulatory

FIR Filed Against Hiranandani Builders for Unauthorized Excavation

Represenational image MUMBAI: Powai police have filed a case against Hiranandani Builders & Developers for alleged unauthorized excavation in a hilly area, causing soil erosion near the helipad in Powai following a complaint from BMC. “Unauthorized soil excavation occurred over a 300m long, 4-5m wide, and 1-2m deep area near Hiranandani Helipad,” stated Sanjay Dudhbate, assistant engineer of the buildings and factories department, L ward. On July 7, a notice was issued to Hiranandani Builders regarding the unauthorized excavation, along with a copy affixed at the site. The case was registered under sections 52 (unauthorized development) and 43 (restrictions on…

IndustryLatest Stories

KSH Infra to spend ₹550 crore on Tamil Nadu logistics park

Representative Image KSH Infra, a developer of warehousing and logistics parks, plans to invest over ₹550 crore to establish its second industrial and logistics (I&L) park in Tamil Nadu, bringing its total investment in the state beyond ₹1,000 crore. Last year, the company entered the southern market with an investment exceeding ₹450 crore to develop its first park on a 50-acre site in Hosur. The new warehousing facility, covering 60 acres, will be located in the Sriperumbudur-Oragadam corridor, with a development potential of 1.6 million sq ft, complementing the 1.25 million sq ft at the Hosur park. “Our vision at…

Latest StoriesRegulatory

Unitech Group Promoters Misused ₹8,000 Crore in Buyer Funds: ED

NEW DELHI: The Enforcement Directorate (ED) has accused the Unitech Group and its promoters of misappropriating nearly half of the over Rs 16,000 crore obtained from homebuyers and financial institutions for personal use and through various “benami” entities. This allegation was made in a recent chargesheet filed against them. The third prosecution complaint (chargesheet) was submitted to a special Prevention of Money Laundering Act (PMLA) court in Delhi on July 10. Unitech promoter Ramesh Chandra, along with linked companies like Shivalik Ventures Private Limited, Auram Asset Management Private Limited, Unitech Build Tech Limited, Unitech Golf Resorts Limited, and Ranchero Services…

IndustryLatest Stories

TDR for Reserved Land Amenities in Nashik City

NASHIK: The Nashik Municipal Corporation (NMC) is set to permit landowners to develop amenities on reserved land in exchange for Transfer of Development Rights (TDR). This initiative aims to enhance the creation of public facilities while compensating property owners. Under this proposal, landowners who develop amenities on their reserved plots can receive TDR, contingent upon securing approval from the planning authority. This measure aligns with the Unified Development Control Promotions and Regulations (DCPR), a statewide policy enacted by the Maharashtra government in December 2020. To manage this process, the civic body’s general body has recently approved the establishment of a…

CommercialLatest Stories

Smartworks Coworking IPO Fully Subscribed by Day 2

NEW DELHI: Smartworks Coworking Spaces Ltd’s initial public offering (IPO) was subscribed 1.15 times by the end of the second day of bidding on Friday. According to NSE data, the IPO received bids for 1,19,96,496 shares, surpassing the 1,04,01,828 shares available. The non-institutional investor category saw a subscription rate of 1.79 times, while retail individual investors (RIIs) subscribed 1.18 times. Qualified institutional buyers (QIBs) had a 63% subscription rate. Smartworks Coworking Spaces has secured Rs 173.64 crore through anchor investors. Launching on Thursday, the IPO aims to raise nearly Rs 600 crore to facilitate business expansion and debt reduction. The…

CommercialLatest Stories

DDA Approves Reforms to Boost Delhi’s Commercial Real Estate

Representative image created by AI NEW DELHI: The Delhi Development Authority (DDA) has enacted significant reforms aimed at revitalizing Delhi’s commercial real estate sector, making the city more appealing for investment and large-scale development. This announcement was made on Friday. During a DDA meeting led by Lieutenant Governor V K Saxena, the agency announced a drastic reduction in amalgamation charges for commercial properties, slashing them from the existing 10% of the circle rate to just 1%. “High amalgamation costs have long been a major hurdle for developers in Delhi. This decision is anticipated to spark a fresh wave of commercial…

InfrastructureLatest Stories

Height Limits Set Within 20 km of Noida Airport

Representative image created by AI NOIDA: On Friday, Noida International Airport issued a public advisory emphasizing that builders and local authorities must adhere to height restrictions within a 20 km radius of the airport. According to Kiren Jain, Chief Operating Officer (COO) of Noida International Airport, no construction, building, or tree planting is permitted in this radius unless one obtains a ‘Height Clearance’ or ‘No Objection Certificate’ (NOC) from the Airport Authority of India (AAI). This clearance is essential, not just a regulatory formality, to protect flight operations and navigation infrastructure from possible obstructions, Jain explained. “As the Noida International…

Latest StoriesRegulatory

AP HC Orders Release of Builder Detained by Consumer Body

VIJAYAWADA: The Andhra Pradesh High Court recently stated that the consumer redressal commission must adhere to procedural safeguards protecting a citizen’s liberty before incarcerating any defaulter. In a ruling that led to the immediate release of a realtor who had spent three years in jail, the court reaffirmed that human liberty is a fundamental right that must be protected diligently. It asserted that a violation of orders from the consumer redressal commission does not inherently warrant imprisonment. This case emerged from complaints against Vijaya Saradhi Housing Pvt Ltd, a real estate firm based in Guntur, which had taken advances for…

Latest StoriesResidential

Kerala: Stamp Duty Relief for Life Mission Beneficiaries

THIRUVANANTHAPURAM: The cabinet approved the tripartite agreement for the Wayanad Township project on Thursday and appointed S Suhas as the special officer for its execution. The cabinet also decided to waive registration and stamp duty charges for Life Mission beneficiaries acquiring land for housing, contingent upon certification from the district collector or designated officer. This exemption was similarly granted to nine flood-affected families who received homes built by the Muthoot Pappachan Foundation in Chittar village. A tribal taluk supply office will be established in Attapadi, Palakkad, with new posts, including taluk supply officer and rationing inspector, created, and staff reallocated…

Latest StoriesResidential

Chandigarh Housing Board Launches New Projects in Sector 54

CHANDIGARH: After nearly a decade of inactivity, the Chandigarh Housing Board (CHB) is finally addressing the housing demands of the city. As it gears up to introduce the Sector 53 self-financed housing scheme, plans are also underway for a new project in Sector 54. A senior UT official stated, “The CHB has been allocated approximately 32 acres in Sector 54. Recently, a meeting regarding land availability for various purposes took place under the UT administrator’s leadership, during which the Sector 54 land was discussed. Approval has been granted to proceed with the conceptualization and planning for public housing on this…