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IndustryLatest Stories

Gmada proposes ₹800/sq yard cut in enhancement fees for sectors 76-80

MOHALI: A potential relief for over 30,000 plot allottees in sectors 76 to 80 is on the horizon as the Greater Mohali Area Development Authority (GMADA) has proposed reducing enhancement charges by Rs 800 per square yard. However, this proposal awaits final approval, as the state government is seeking a comparative review of enhancement charge calculations used by other regional development authorities. The decision was made during a GMADA executive committee meeting chaired by Punjab Chief Secretary K.A.P. Sinha, who also leads the committee. The meeting took place at the PUDA office in Sector 62 on Thursday. Before proceeding with…

Latest StoriesResidential

Bhubaneswar Body Allows Housing Society to Cut Utilities for Dues

BHUBANESWAR: In a landmark decision, the Bhubaneswar Development Authority (BDA) has made history in Odisha by granting an order that empowers an association of residential project allottees. This ruling allows the association to disconnect vital services to units that fail to pay monthly maintenance charges consistently. The allottees’ association filed a complaint with the competent authority regarding the ongoing non-payment of shared expenses by certain flat owners. The BDA reviewed the case and ruled in favor of the association, referencing provisions from the Odisha Apartment (Ownership and Management) Act of 2023. In total, four homeowners out of approximately 160 in…

Latest StoriesRera

Telangana RERA Halts ‘Shrivari Brundavanam’ Project Amid Complaints

HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has suspended the housing project ‘Shrivari’s Brundavanam’ due to multiple complaints from buyers. The project, developed by Shrivari Constructions and represented by P Uma Devi, is situated at Padmashri Hills in Bandlaguda Jagir municipality within Gandipet mandal in Rangareddy district. According to the complaints, the project consists of 80 flats developed under a joint venture agreement with landowners. The sales agreements promised possession dates of February 2023 and May 2024. Despite substantial buyer payments, the builder has failed to complete construction and deliver the flats within the agreed timelines. Following a review,…

Latest StoriesResidential

YEIDA Draw for Sector 18 Residential Plots Set for July 11

Representative image created by AI NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) is set to conduct a draw for its residential plot scheme in Sector 18 this Friday. Launched on April 21, the scheme offers 276 plots of 200 sqm each and has attracted over 54,000 applications during the month-long registration period. The draw will commence at 10 AM at India Expo Mart, overseen by a panel of three retired High Court judges to ensure transparency. OSD Shailendra Bhatia noted that arrangements are in place for approximately 2,000 attendees to watch the draw live. The entire event will be…

Latest StoriesRera

Telangana RERA Criticizes Kavuri Forest Nest Developer for Neglect

HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has instructed the developer of Kavuri Forest Nest to uphold the maintenance of community common areas as per the sales agreement. This order followed a collective complaint from 10 villa owners against developer Kavuri Ravi Kumar and the Kavuri Forest Nest Villa Owners’ Maintenance Mutually Aided Co-operative Society. The complainants reported that the developer halted several service provisions since June 2024, despite a contractual obligation to maintain the project for five years post-handover at a rate of 50 per square foot, while also seeking extra charges. Among the issues raised were suspended…

IndustryLatest Stories

Bain Capital sells 1.9% stake in Embassy REIT for ₹691 crore

NEW DELHI: On Thursday, private investment firm Bain Capital divested 1.9% of its unitholding in Embassy Office Parks REIT for ₹691 crore via an open market transaction. Bain Capital, based in the US, sold just over 1.78 crore units through its affiliate, APAC Company XXIII, representing 1.87% of its stake in Embassy Office Parks REIT in Bengaluru, according to bulk deal data from the BSE. The units were sold at an average price of ₹388 each, resulting in a total deal value of ₹691.41 crore. The identities of the buyers for these units remain unknown on the exchange. Following the…

Latest StoriesResidential

Zomato Founder Purchases ₹52.3 Crore Apartment in Gurugram

NEW DELHI: Deepinder Goyal, the founder of Zomato, has purchased an expansive 11,000 sq ft apartment in Gurugram’s upscale DLF Camellias for Rs 52.3 crore, as reported by Zapkey. This purchase, made in August 2022 from DLF Ltd, has had its registration completed in March this year, according to the documentation reviewed by Zapkey. Goyal’s new residence boasts a super built-up area of 10,813 square feet and is located on Golf Course Road, DLF Phase-5. Market analysts estimate the current value of this property to be between Rs 125 crore and Rs 150 crore. Over the past three years, real…

IndustryLatest Stories

Mittal Builders, HoABL to invest ₹2,000 Cr in Mumbai project

NEW DELHI: Realty company Mittal Builders has partnered with House of Abhinandan Lodha to launch a housing project in the Mumbai Metropolitan Region with a total investment of ₹2,000 crore. On Thursday, Mittal Builders announced it has signed a Joint Development Agreement (JDA) with House of Abhinandan Lodha (HoABL) to co-develop an 11-acre project comprising 3 million sq ft, including over 4,600 apartments and high-street retail spaces. The project is anticipated to be unveiled in the second quarter of 2025-26. “The joint venture entails an investment of approximately ₹2,000 crore and a gross development value (GDV) of over ₹3,000 crore…

InfrastructureLatest Stories

Only 15 of 8,000 Villagers Choose Land Pooling in Mohali

Representative image created by AI MOHALI: The Greater Mohali Area Development Authority (GMADA) is facing significant pushback against its land pooling initiative, achieving participation from only 15 landowners out of nearly 8,000, even after a two-month application period aimed at acquiring 2,600 acres. This scheme has ignited protests among farmers across various villages in Mohali district. In a move to secure land for commercial, institutional, industrial, and residential use, GMADA opened applications, yet the response has been overwhelmingly negative, with many farmers rejecting the proposal entirely. “We have received very few applications for the land pooling option. We are trying…

InfrastructureLatest Stories

Delhi to Install Solar Panels on 989 Buildings for Savings

NEW DELHI: The Municipal Corporation of Delhi (MCD) plans to install rooftop solar power plants on 989 municipal buildings to cut down on conventional energy use and lower electricity expenses, officials announced on Wednesday. The initiative will be executed in partnership with NTPC Vidyut Vyapar Nigam Limited (NVVN), a wholly-owned subsidiary of NTPC. Under the RESCO model, the implementing agency covers installation, operation, and maintenance expenses, later recouping costs through a fixed tariff outlined in a Power Purchase Agreement (PPA). The MCD has identified a potential of 10 to 15 megawatt (MW) solar capacity across the proposed buildings, pending a…