Category: Latest Stories

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IndustryLatest Stories

Nagpur’s Plot Rates Set to Change in Two Years: Maharashtra

NAGPUR: The Maharashtra government is planning to implement CTS-card-level micro-zoning of Ready Reckoner (RR) rates, designed to benefit landowners by eliminating the practice of assigning the same value to a slum tenement and a luxury high-rise within the same area. Revenue Minister Chandrashekhar Bawankule announced this in Nagpur on Thursday. A three-phase, property-by-property survey has commenced, starting in Mumbai, with a timeline for implementation in Nagpur set for the next two years. Bawankule noted that the survey is being conducted by the Maharashtra Remote Sensing Application Centre (MRSAC). He cited a notable city hotel as an example of the existing…

Latest StoriesResidential

Delhi’s NDMC Residents to Get Uniform Property Tax Soon

NEW DELHI: Residents within the New Delhi Municipal Council (NDMC) area will soon be subject to a unified property tax system, as the civic body has completed the necessary bye-laws and technical preparations for a new assessment method, officials announced on Thursday. Officials indicated that the NDMC has modernized its online property tax platform and conducted tests with the National Informatics Centre, setting the stage for the implementation of changes to the outdated rateable value-based assessment approach. A Municipal Valuation Committee is set to be established shortly, after which it is anticipated that the revised framework will come into effect…

Latest StoriesResidential

Govt Tells CIC: No PMAY-Gramin Denial for Temp Work Migration

NEW DELHI: The Ministry of Rural Development has clarified that eligible migrant laborers cannot be refused pucca houses under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) simply because they are temporarily living outside their native villages for work. This information was provided to the Central Information Commission (CIC) during an RTI hearing. The clarification arose from an RTI request regarding whether rural families migrating temporarily for employment could be excluded from PMAY-G and other rural welfare schemes. According to a recent CIC ruling, the ministry stated, “there is no specific order/circular/rule from the Ministry of Rural Development that a family shall…

Latest StoriesResidential

Delhi’s Low Property Regularisation Response Leads to Fee Cuts, Camps

NEW DELHI: Over a month after the MCD launched a portal for regularizing properties in unauthorized colonies, officials report plans to decrease regularization fees due to only two applications received from eligible beneficiaries. The SWAGAM portal, initiated on April 24, allows residents of unauthorized colonies to regularize their properties on an “as is where is” basis after securing ownership rights under the Centre’s Pradhan Mantri Unauthorised Colonies in Delhi Awas Adhikar Yojana (PM-UDAY). Despite nearly 40,000 PM-UDAY beneficiaries being eligible, only two have taken action through the portal. Officials speculate that this low response is due to a lack of…

IndustryLatest Stories

Prime Securities Group unveils ₹1,000 crore real estate AIF

Representative AI image NEW DELHI: Prime Litmus Investment Management, a subsidiary of Prime Securities, has unveiled the Prime Litmus Real Estate Opportunities Fund. This Category II Alternative Investment Fund aims to provide structured credit investments for under-construction real estate projects. The fund targets a corpus of ₹750 crore, with a green shoe option for an additional ₹250 crore, bringing the total potential corpus to ₹1,000 crore. Prime Litmus Investment Management is a collaboration between Prime Research and Advisory, a wing of Prime Securities, and Litmus Global Services LLP. The fund will focus on self-liquidating real estate ventures that offer cash-flow…

Latest StoriesResidential

Shreyas Iyer Leases Worli Property for ₹7.14 Crore

NEW DELHI: Indian cricketer Shreyas Iyer has rented a residential unit in Artesia, Worli, Mumbai, at a starting monthly rent of ₹18.50 lakh. The unit spans 360 sq meters (3,875 sq ft) and includes four car parking spaces. The registration of the deal involved a stamp duty of ₹1.84 lakh, registration charges of ₹1,000, and a security deposit of ₹74 lakh, as detailed in property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) website. The agreement was officially registered in June 2026. According to an analysis by Square Yards, the lease duration is set for…

IndustryLatest Stories

Oberoi Realty invests ₹268.5 crore in Bandra East project

Representative AI image NEW DELHI: Oberoi Realty has invested ₹268.50 crore in equity shares of Centerstage Realty, its fully-owned subsidiary, via a rights issue, as stated in a regulatory filing. The company purchased 26.85 crore equity shares at a nominal value of ₹10 each. Following this transaction, Oberoi Realty maintains its complete ownership and control of Centerstage Realty. Centerstage Realty was established on June 2, 2026, as a special purpose vehicle for the development of railway land in Bandra East, adjacent to the Western Express Highway in Mumbai. Previously, the company disclosed that its bid to the Railway Land Development…

Latest StoriesRegulatory

Bengaluru’s five corporations collect ₹2,949.56 crore in tax

BENGALURU: The East City Corporation has been recognized as the top performer in property tax collection, while the North City Corporation is at the bottom of the rankings. As of June 9, the Greater Bengaluru Authority (GBA) reported that its five city corporations collectively gathered ₹2,949.56 crore in property tax and additional revenues, which is 44.02% of their annual goal of ₹6,700 crore for the 2026-27 fiscal year. The East City Corporation led the way with collections amounting to ₹792.51 crore, achieving 47.35% of its target of ₹1,673.46 crore. The West City Corporation made a significant recovery from being the…

InfrastructureLatest Stories

Kochi Metro Phase II Delayed: New Launch Set for August 2027

KOCHI: The ambitious Phase II project of Kochi Metro, which will connect Jawaharlal Nehru (JLN) Stadium to Infopark via Kakkanad, is now expected to be completed by June 2027, over a year and a half later than the previously promised December 2025 commissioning. Kochi Metro Rail Ltd (KMRL) stated that the official commissioning and final testing of the project will occur in August 2027. A significant cause of this delay is the state government’s prolonged approval process for securing external funding of Rs 1,116 crore from the Asian Infrastructure Investment Bank (AIIB). The agency noted, “The financing process required approvals…

Latest StoriesResidential

Pimpri Chinchwad’s PCMC Tax on Amenities Sparks Outrage

PUNE: Residents of various housing societies in Pimpri Chinchwad are protesting the civic authorities’ decision to charge property tax on amenity spaces in residential complexes. They argue that this decision adds to the financial strain on residents already facing increased maintenance costs. Recently, several societies received property tax bills ranging from Rs 1 lakh to Rs 5 lakh for common areas like clubhouses, swimming pools, libraries, and society offices. Residents claim that property tax has historically only applied to individual residential units and that common areas should not be taxed separately. Representatives from housing societies expressed surprise at this new…