Category: Latest Stories

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IndustryLatest Stories

Chennai Developers Warn of Rising Home Prices Due to Material Costs

A ₹1 crore house may soon see a price hike of about 10% due to a more than 23% rise in construction material costs. Industry experts point to escalating prices of gelatin and diesel, linked to the West Asian conflict, and a supply shortage caused by the shutdown of unauthorized quarries. They caution that these increased material costs are likely to be passed on to homebuyers. Recent price adjustments indicate significant rises in various construction inputs such as ready mix concrete (RMC), M-sand, P-sand, aggregates, and materials for road construction. For instance, the price of RMC has surged by ₹300…

CommercialLatest Stories

TCS Renews Chennai Office Lease: 1.5M Sq Ft for ₹1,420 Crore

MUMBAI: Tata Consultancy Services (TCS) has renewed its lease for nearly 1.5 million sq ft of office space in Chennai, with a total rental commitment of approximately Rs 1,420 crore over a decade. This move underscores the company’s long-term dedication to one of its key operational hubs. This lease renewal stands out as one of the largest reported in India, especially amid rising concerns about artificial intelligence’s effects on employment in the tech sector. Many global and Indian IT firms have reported productivity improvements due to AI-driven automation, sparking discussions about potential workforce reductions and decreased hiring. The lease pertains…

Latest StoriesResidential

Bengaluru: Bescom Extends OC Relief for Pre-May 31 Buildings

BENGALURU: After days of speculation, Bescom has provided significant relief to homeowners regarding occupancy certificate (OC) requirements. The power utility has announced that residential properties up to 2,400 sqft within the Greater Bengaluru Authority will no longer need an OC to secure a permanent electricity connection, regardless of whether they applied before May 31, 2026. This decision expands the state government’s recent easing of OC regulations and resolves confusion caused by earlier stipulations that seemed to limit this benefit to applications submitted before May 31. The confusion stemmed from the Karnataka government’s announcement, following Chief Minister DK Shivakumar’s directive, which…

Latest StoriesRera

UP Government to Streamline RERA Regulations

LUCKNOW: Uttar Pradesh Chief Minister Yogi Adityanath has directed officials to ease legal aspects concerning corporate restructuring, Limited Liability Partnerships (LLPs), and real estate transactions under RERA, aligning the legal framework with evolving economic and business needs. During a review of the Stamp and Registration Department’s operations, Adityanath emphasized that, “Given the state’s rapidly growing economy, investment activities, and urbanization, the department must become more transparent, tech-savvy, accountable, and citizen-focused.” He noted that “Registration offices interact directly with the public, so their processes need to be modernized, streamlined, and user-friendly,” according to an official statement. Adityanath also advocated for the…

InfrastructureLatest Stories

Delhi: MCD Dismantles 26 Properties for Non-Compliance

NEW DELHI: The Municipal Corporation of Delhi (MCD) initiated a citywide crackdown on illegal structures on Monday, demolishing or partially razing 26 properties and sealing 42 others, according to officials. Additionally, the Delhi government’s Revenue department inspected 86 properties, raising the total number of inspections to 452 since June 5. This effort comes in response to a series of tragedies prompted by deficiencies in civic infrastructures, breaches of fire safety regulations, and corruption. The most tragic incident occurred on June 3, when a fire swept through a five-storey hotel, resulting in the deaths of 22 individuals, including a 16-year-old girl…

IndustryLatest Stories

VDA to Launch Three Mega Townships in Varanasi After 32 Years

VARANASI: The Varanasi Development Authority (VDA) is launching three integrated townships as part of its first major initiative since the Lalpur Awas Yojana in 1994. This plan includes a Sports City near the under-construction international cricket stadium at Ganjari, with an investment of ₹400 crore from the state government, and close oversight from Chief Minister Yogi Adityanath, aimed at enhancing urban development in the city. According to VDA vice-chairman Purna Bora, the two upcoming projects — the 250-acre Anand Kashi Township at Kallipur and the 165-acre Rudra Vihar Township at Madhni — are on the brink of launch, while the…

Latest StoriesRegulatory

SC Orders Settlement Execution in Ardee Family Dispute

NEW DELHI: The Supreme Court has instructed the execution of a settlement concerning the family of the late real estate developer Ashok Varma, associated with the Ardee Group and its family assets. A bench led by Justices J K Maheshwari and Atul S Chandurkar acknowledged the mediator’s report and ordered the parties to implement the settlement. The case involves Shefali Varma and Shibani Varma Kapur, the daughters of Ashok Varma, and their dispute over the family’s real estate assets and business endeavors. The court had assigned former Justice Kurian Joseph as a mediator to facilitate an amicable resolution. The bench…

Latest StoriesRegulatory

CBI Charges Ninex Developers and Director in Builder-Bank Case

NEW DELHI: The Central Bureau of Investigation (CBI) has charged real estate company Ninex Developers Ltd and its director for alleged fraud in a housing project based in Gurugram, according to official reports released on Monday. This marks the CBI’s 11th report related to builder-banker collusion, where numerous homeowners have been misled by false assurances. According to the charge sheet, the director of Ninex Developers purportedly deceived homebuyers and investors with misleading claims, profiting at their expense. The Supreme Court, on April 29, 2025, directed the CBI to initiate several preliminary inquiries into builders in the National Capital Region (NCR),…

CommercialLatest Stories

Smartworks Leases 400+ Seats to Japanese NBFC in Mumbai

NEW DELHI: Smartworks Coworking Spaces has secured a lease for over 400 seats with a Japanese NBFC subsidiary in Mumbai. The five-year deal is projected to yield rental revenue of ₹35 crore. Neetish Sarda, the founder and managing director, stated, “Large teams necessitate a specific set of workplace needs – they require a space that operates seamlessly, maintains consistency across touchpoints, and is scalable as the organization expands.” Clients occupying 300 or more seats represent 69% of the company’s rental income, with an average tenure of 47 months for this group. Approximately 90% of the firm’s revenue is derived from…

Latest StoriesRegulatory

SC-appointed amicus requests MCD action on illegal constructions

NEW DELHI: An amicus curiae appointed by the court has approached the Supreme Court with requests for directions, including an affidavit from the Municipal Corporation of Delhi (MCD) detailing the survey and actions taken against illegal constructions in the capital. This plea comes in the wake of the collapse of a purportedly illegal five-storey building in Saidulajab, which resulted in six fatalities and at least 14 injuries on May 30. On March 25, a bench featuring Justices Ahsanuddin Amanullah and R Mahadevan expressed serious concern regarding the widespread violations of building regulations and the municipal authorities’ failure to curb unauthorized…