Category: Latest Stories

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Latest StoriesResidential

Lotus 300 AOA Questions Noida Authority on 228 Unregistered Flats

NOIDA: The apartment owners association (AOA) of Lotus 300, a condominium located in Sector 107, has issued a legal notice to the Noida Authority for allegedly ignoring Supreme Court orders related to the registration of flats. According to AOA officials, despite receiving occupancy (OC) and completion certificates (CC) for four towers with a total of 228 flats on April 22, the registration process has not progressed. The AOA has expressed concerns about initiating contempt proceedings to safeguard the rights of homebuyers. AOA president Bhuwan Chaturvedi stated that 25 flat owners from towers 3 to 6 had completed their purchases and…

Housing FinanceLatest Stories

Housing finance firms see modest Q1 growth; rate cuts to impact margins

MUMBAI: Housing finance companies (HFCs) are projected to report moderate earnings for the June quarter, with industry-wide loan disbursals increasing by approximately 8% year-on-year, as per analyst projections. Nonetheless, margins are expected to face pressure due to intensified competition from banks and the effects of recent interest rate cuts. Moreover, provisioning costs may rise due to slower recovery rates, potentially resulting in stagnant profit after tax growth. As estimated by PL Capital, HFCs’ assets under management (AUM) are anticipated to exceed ₹3.7 lakh crore by the end of the June quarter, reflecting a 1% sequential growth. However, loan disbursals could…

Latest StoriesRegulatory

Bombay HC Rejects PIL on Salt Pan Land for Dharavi Rehab

File Photo MUMBAI: On Thursday, the Bombay High Court dismissed a Public Interest Litigation (PIL) that contested the allocation of 250 acres of salt pan land for the rehabilitation of individuals affected by the Dharavi redevelopment project. Chief Justice Alok Aradhe and Justice Sandeep Marne stated, “It goes without saying that the state government must consider environmental issues while executing the project.” Advocate and activist Sagar Devre questioned the state’s decisions from August 7 and September 30 regarding the transfer of 255.6 acres of salt pan land in Mulund, Bhandup, and Vikhroli for housing projects for Dharavi’s affected individuals. He…

IndustryLatest Stories

CM Welcomes Investments in Madhya Pradesh Real Estate

INDORE: Chief Minister Mohan Yadav announced on Friday that the Madhya Pradesh government is dedicated to attracting investments in the real estate sector while ensuring necessary amenities like water, electricity, and transportation. The CM mentioned that the Growth Conclave, titled ‘Next Horizon: Building Cities of Tomorrow’, aims to advance urban development in Madhya Pradesh. He highlighted successful infrastructure projects in Surat and Ahmedabad, proposing the establishment of at least ten similar markets in MP. “Being centrally located, MP possesses excellent potential for the real estate sector,” he remarked. “Two decades ago, MP faced challenges with basic amenities such as water,…

Latest StoriesResidential

Delhi to Launch New Premium Housing Scheme Soon

Representative image created by AI NEW DELHI: The Delhi Development Authority (DDA) is set to unveil a premium housing scheme in 2025, featuring 177 residential flats across high, middle, and lower-income groups, as well as garages throughout the city. The flats will be available via e-auction in locations such as Vasant Kunj, Dwarka, Rohini, Pitampura, and Jasola, among others. “During a meeting chaired by Lieutenant Governor VK Saxena, the DDA approved the Premium Housing Scheme for 2025,” a DDA official stated. The e-auction will also include 67 car or scooter garages. The authority made two significant decisions: first, it has…

InfrastructureLatest Stories

Lucknow Body Plans Industrial Township near Agra Expressway

Representative image created by AI LUCKNOW: The Lucknow Development Authority (LDA) is set to establish an industrial township along the Agra Expressway. A meeting was conducted with farmers at Dona village in Kakori on Friday. The meeting gathered village leaders and district panchayat members from 12 nearby villages to discuss land acquisition. LDA Joint Secretary Sushil Pratap Singh announced that the township will span 5,610 acres in the Sadar and Sarojininagar tehsils, impacting several villages, including Bhalia, Adampur Indwara, Bahru, Jaliyamau, Madarpur, Ibrahimganj, Naktaura, Gehalwara, Tejkrishna Khera, Rewari, Sakra, and Dona. The development aims to provide residential options for over…

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…