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IndustryLatest Stories

NPCI Buys Prime BKC Land from MMRDA for ₹829 Crore HQ

Representative image created by AI The National Payments Corporation of India (NPCI) has acquired a prime land parcel in Mumbai’s Bandra-Kurla Complex (BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA) for ₹829.43 crore to establish its headquarters. Finalized on June 18, the transaction grants NPCI an 80-year lease on two amalgamated plots in G-Block, covering nearly 1.5 acres with a permissible built-up area of approximately 2.59 lakh sq ft. This deal is one of the significant land transactions in BKC and is expected to impact the area’s real estate landscape, notably regarding future pricing trends and development strategies. NPCI…

Latest StoriesRegulatory

Karnataka HC Upholds RERA Co-op Society, Dismisses Flat Owners’ Plea

BENGALURU: A recent high court ruling could reshape the establishment of apartment associations under Rera regulations. The court affirmed the legitimacy of the Commune 1 Apartment Co-operative Society. The ruling dismissed two writ petitions brought forth by a faction of flat owners and their registered welfare association. It concluded that the cooperative, formed under the Real Estate (Regulation and Development) Act (Rera), has the rightful authority to represent the allottees and oversee the project’s shared areas. The case arose from the Commune 1 Apartment Project, where the Commune 1 Residents Welfare Association contested the establishment of the co-operative society created…

IndustryLatest Stories

Karnataka’s New Apartment Law Draft Almost Complete

BENGALURU: The Karnataka government has announced progress on the long-awaited draft of a new apartment act, aimed at resolving the legal ambiguity surrounding ownership, maintenance, and land rights for thousands of apartment residents. The urban development department stated that the draft—which has been developed in collaboration with apartment associations, legal experts, and stakeholders—will soon be forwarded to ministers for approval. Tushar Giri Nath, additional chief secretary of the department, remarked, “The draft is nearly complete. We’ve conducted meetings and gathered feedback from the law department and apartment owners. We’re now adding the final touches before presenting it to the ministers.…

Latest StoriesResidential

Chandigarh’s Housing Crisis: Running Out of Space and Time

Representative image created by AI CHANDIGARH: Once designed as a vibrant city of gardens and geometric elegance, Chandigarh now faces a significant challenge — a housing crisis. With only 600 acres remaining for residential development within a 28,170-acre master plan, the aspiration of homeownership in this architectural landmark is becoming increasingly unattainable. The last public housing scheme was initiated in 2016, and since then, the city’s skyline has remained relatively unchanged, despite its population having surged to over 1.3 million, nearly three times its planned capacity. Now, even the limited land available is being designated for government housing, with plans…

Latest StoriesResidential

2,000 Ashiana Flats in Panchkula to Get Makeover

Representative image created by AI PANCHKULA: The much-anticipated renovation of 2,072 Ashiana flats in Panchkula is finally commencing, offering hope to residents who have dealt with subpar living conditions for years. Originally constructed by HSVP to house below-poverty-line (BPL) families, the buildings have deteriorated over time, suffering from structural damage, crumbling walls, and overgrown parks and pathways. HSVP has allocated funding for the renovation, which the municipal corporation (MC) will supplement with external civic enhancements to rejuvenate the housing complexes. Two major renovation projects have been approved by HSVP. The first project, estimated at Rs 1.88 crore, will refurbish 960…

Latest StoriesResidential

Telangana to Sell Long-Vacant Rajiv Swagruha Flats for ₹1,000 Cr

Representative image created by AI HYDERABAD: With the real estate market in and around the city gaining momentum, the state government has put Rajiv Swagruha Corporation flats in Bandlaguda, Pocharam, and Gajularamaram townships up for sale, with expectations of raising over ₹1,000 crore. A total of 159 flats in Sahabhavana township (Bandlaguda), 601 in Sadbhavana township (Pocharam), and 418 flats in 9- to 14-storey towers—located in the Medchal-Malkajgiri district—are now available for purchase. Interested buyers must submit applications, and allotments will be decided by a draw scheduled for July 30, August 1, 2, and 20, if there are multiple bids…

Latest StoriesResidential

VMRDA Greenlights 50-Storey Towers in Visakhapatnam

AI-generated Representative Image VISAKHAPATNAM: The Visakhapatnam Metropolitan Region Development Authority (VMRDA) has approved an ambitious residential apartment project in Visakhapatnam. This is a notable first for any urban development authority in Andhra Pradesh in recent years. VMRDA plans to develop a 4.07-acre site near Pebble Towers in Madhurawada, with a residential complex featuring six 50-storey towers. Pricing details have yet to be finalized. The project will include 3 BHK, 4 BHK, and 4 BHK duplex apartments, along with amenities such as a clubhouse, jogging and cycling tracks, a swimming pool with deck, a children’s play area, and more, comparable to…

Latest StoriesRegulatory

ED: Debock Industries Owner Invested Crime Proceeds in Real Estate

AI-generated Representative Image JAIPUR: The owner of Debock Industries Ltd has been investing over Rs 100 crore in real estate, utilizing proceeds from a financial fraud. The acquisitions include villas, housing schemes, hotels, and resorts equipped with wedding banquet halls. This information was disclosed by officials from the Enforcement Directorate (ED), who are investigating the money laundering case concerning the group. As the raids unfolded on Saturday, an ED officer stated, “We have seized Rs 78 lakh, property papers for 150 bighas of land, along with incriminating documents and evidence against the company.” “They were developing a resort near Chaksu…

IndustryLatest Stories

Safety Audits Required for 276 High-Rises in Lucknow

Representative image created by AI LUCKNOW: The Lucknow Development Authority has mandated a structural safety audit for 276 high-rise buildings in the city. This includes 58 LDA-owned buildings and 218 privately owned structures, all ranging in age from 5 to 40 years. This decision follows the collapse of Alaya Apartment in 2023 and a commercial building in Transport Nagar last year. In response, LDA officials prepared a proposal that received board approval in September of the previous year. As per the new regulation, all buildings exceeding 15 meters in height will undergo a structural audit every five years. Although the…

Latest StoriesResidential

Karnataka Housing Board to Acquire 315 Acres Near Kengeri

AI-generated Representative Image BENGALURU: Taking a significant step toward the aspirations of countless urban poor and middle-class families, the Karnataka Housing Board (KHB) has announced the acquisition of 315 acres in BM Kaval village, close to Kengeri. This expansive residential initiative, designed to provide housing and plots for the disenfranchised, was initiated with a preliminary notification released in late June. BM Kaval, located off Mysuru Road and well-connected via NICE Road and the extended Purple Line of Namma Metro, has long been seen as an area rich in urban potential. This housing project is poised to establish the region as…