Category: Latest Stories

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IndustryLatest Stories

August Launch: 5 Private Property Registration Hubs, 1 in Pune

PUNE: The state registration department is set to launch its first five private model sub-registrar offices, including one in the city, this August. A senior official revealed that two offices will be established in Mumbai, one in Navi Mumbai, and another in Nagpur during the initial phase. This initiative is part of the registration department’s broader plan to create 60 model registration centres across the state through public-private partnerships, while maintaining the existing 517 government-run offices. The private operator has assured that these first five centres will commence operations between August 1 and August 30, with the original target being…

Latest StoriesResidential

Odisha Government Releases SOP for Apartment Registration

BHUBANESWAR: To enhance transparency in the apartment registration process, the revenue and disaster management department, along with the housing and urban development department, issued a joint standard operating procedure (SOP) on Friday. Officials indicated that the SOP aims to eliminate uncertainties arising from varied interpretations of the Odisha Apartment (Ownership and Management) Act, 2023, the Real Estate (Regulation and Development) Act, 2016 (RERA), and the Registration Act, 1908, thereby standardizing the registration process. The SOP categorizes apartment registrations into three types: resale of pre-RERA apartments, first sale of unsold flats in pre-RERA projects, and post-RERA apartments. It outlines the necessary…

CommercialLatest Stories

Demand Steady Despite Decline in Institutional Office Supply

India’s office market is experiencing a significant shift. Developers, institutional investors, and REIT-backed platforms are increasingly opting for leasing arrangements instead of selling assets, reshaping the commercial real estate landscape and reducing the availability of premium office spaces across the country’s leading property markets. Data from CRE Matrix reveals that single owners and REITs collectively account for 72% of the nation’s 1,085 million sq ft ready office inventory, with properties under multiple ownership structures comprising 27% of the total stock. The trend is evident in the 550 million sq ft of planned or under-construction inventory, where 61% is managed by…

Latest StoriesResidential

Over 300 Jamshedpur Beneficiaries Get New PMAY Home Keys

JAMSHEDPUR: On Friday, over 300 beneficiaries were handed the keys to their new homes, developed under the Pradhan Mantri Awas Yojana (Urban) in Birsanagar, Jamshedpur. The event was inaugurated online by Jharkhand Minister for Urban Development and Housing, Sudivya Kumar. A total of 322 individuals received symbolic keys to their new residences as part of the Birsanagar Affordable Housing Project under the PM Awas Yojana. Two blocks, totaling 644 housing units, were constructed as part of this initiative. During the event, BJP MP Bidyut Baran Mahato and Jamshedpur East MLA Purnima Das Sahu planted saplings on the project grounds, emphasizing…

Latest StoriesRegulatory

Punjab Auctions Properties of VAT, GST Defaulters for Dues

CHANDIGARH: Punjab Minister Harpal Singh Cheema announced on Friday that the state government has ramped up efforts to recover taxes from defaulters by initiating public auctions of properties owned by persistent VAT and GST evaders. “In a decisive move to recover long-overdue state revenue, the Department of Excise and Taxation has successfully carried out three major property auctions, reclaiming substantial amounts from businesses and individuals who have consistently neglected their tax obligations despite numerous opportunities and official legal notices,” he remarked. Detailing the initial successes of this enforcement initiative, the Finance, Excise and Taxation Minister stated that the first significant…

Latest StoriesResidential

41 Lakh Homes Built for Poor: Bihar IPRD Minister

PATNA: Shrawan Kumar, the Rural Development and IPRD Minister, announced that Bihar has constructed 4.156 million pucca houses for the impoverished over the past decade, starting from the 2016-17 fiscal year. During this period, administrative approval was granted for a total of 4,909,806 housing units, with over 85% of construction successfully completed. The minister detailed that the former Indira Awas Yojana was revamped in the 2016-17 financial year to provide durable housing with essential amenities to impoverished families in rural areas, many of whom lived in makeshift and crumbling homes or were entirely homeless. This program was rebranded as the…

Latest StoriesRegulatory

Indore Mayor-in-Council Rejects Property Tax Re-zoning Plan

INDORE: The Mayor-in-Council (MiC) declined a proposal on Thursday to adjust property tax rate zones for over 50 localities, including 29 recently integrated villages. This revision would have moved developing areas from lower tax brackets (Zone 5) to higher ones (Zones 1 and 2). The MiC, led by Mayor Pushyamitra Bhargav, approved a standard licensing fee for each cinema screen displaying commercial advertisements without prior authorization from the IMC. The council also authorized the tender invitation for the construction of 8,100 housing units under the Pradhan Mantri Awas Yojana 2.0. The council granted in-principal approval to regularize the corporation’s regulated…

IndustryLatest Stories

AI and Sustainability Driving Real Estate Growth: Experts

NEW DELHI: During the NAREDCO Real Estate Conclave 2026, experts highlighted that artificial intelligence, sustainable construction, regulatory compliance, and skill development will be pivotal in shaping India’s real estate landscape. Anand Kumar, Chairman of AIFORERA and Delhi RERA, emphasized that while significant growth is expected in the sector, it necessitates investor confidence, regulatory compliance, and strategic long-term planning. “The Real Estate (Regulation and Development) Act (RERA) has been essential in restoring trust among homebuyers, investors, and developers. All stakeholders must understand and fulfill their responsibilities under the law for sustainable sector growth,” Kumar stated. Kumar identified emerging segments like commercial…

Latest StoriesRera

UP-RERA Mandates Quarterly Reporting for Real Estate Agents

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has mandated quarterly transaction reporting for registered real estate agents and has revised the financial reporting formats for promoters. The authority has announced the 11th amendment to the Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019, implementing new record-keeping and disclosure mandates for real estate agents. According to the new regulations, all registered real estate agents are required to upload transaction details facilitated during a quarter on the authority’s website within 15 days after each quarter ends. Agents must also provide information about their employees. Failure to submit quarterly…

IndustryLatest Stories

Mahindra Secures 15 Acres in Mumbai; YKK to Build Chennai Plant

NEW DELHI: Mahindra Lifespace Developers (MLDL) has acquired a 15-acre land parcel in Kandivali East, Mumbai. This site presents a development opportunity of approximately 1.8 million sq ft, with an estimated gross development value of ₹5,600 crore, as stated by the company. The acquisition was made through a competitive bidding process. The land is conveniently located near the Western Express Highway and metro corridors. “This acquisition enhances our footprint in one of Mumbai’s key residential areas,” commented Vimalendra Singh, Chief Business Officer – Residential. The site benefits from a well-established social infrastructure, including schools, hospitals, and retail centers. Connectivity is…