Category: Latest Stories

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Latest StoriesResidential

Supertech Homebuyers: Work Slows Despite NBCC Takeover

Representative AI image NOIDA: Residents from Supertech’s unfinished projects are urging authorities to speed up construction, noting that several developments remain incomplete despite the National Buildings Construction Corporation (NBCC) being tasked with their completion. Arun Sharma, president of Supertech Capetown in Sector 74, highlighted that the project encompasses 5,038 flats across 39 towers, with three towers still not completed. “The developer has transferred 4,419 flats, but nearly 500 remain undelivered. Out of those delivered, around 3,300 flats have been registered,” Sharma stated. He continued to express that the society faces many issues, including the lack of a functional firefighting system,…

Latest StoriesRera

Odisha REAT Rejects Promoter’s Appeal on ORERA Ruling

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has rejected a promoter’s appeal against a ruling by the Odisha Real Estate Regulatory Authority (ORERA), affirming decisions aimed at safeguarding apartment owners’ interests in a significant residential project in Patia. During a recent session, the tribunal asserted that the promoter is legally required to adhere to ORERA’s directives regarding promised amenities, rectification of structural flaws, transparency in maintenance and corpus fund accounts, as well as the transfer of common areas to the allottees’ association. According to the case background, a complaint was lodged by the apartment owners’ association, highlighting that numerous…

Latest StoriesRera

Gurugram: RERA Orders ₹50L Compensation After 13-Year Delay

GURUGRAM: The Haryana Real Estate Regulatory Authority (HRera) has ordered Ramprastha Promoter and Development Pvt Ltd to pay Rs 50 lakh as compensation, along with an 11% annual interest, to a homebuyer due to significant delays in delivering a residential unit in the Edge Tower project, situated in Sector 37D. Vinod Kumar Gupta, the complainant, had booked the unit in 2010 for Rs 49.8 lakh, with an expected possession date of August 31, 2012. However, the project remains unfinished years later. Gupta had initially sought a refund through HRera. In October 2022, the authority instructed the developer to refund the…

IndustryLatest Stories

Bangalore Body Limits Revised Building Plans After OCs

BENGALURU: In a positive development for apartment residents, the Bangalore Development Authority (BDA) has implemented new restrictions on revising building plans post-issuance of occupancy certificates (OC). A circular issued by BDA on July 15 requires approval from at least two-thirds of apartment owners for any modifications when third-party rights are involved, and disallows revisions in projects that have already utilized the permissible Floor Area Ratio (FAR). A senior official mentioned to TOI that BDA will no longer issue revised master plans for builders, clarifying the enforcement of these regulations. This directive follows an ongoing legal dispute involving residents of HM…

IndustryLatest Stories

Govt Restructures Housing and Urban Affairs Ministry

Representative AI Image NEW DELHI: The Union government has reorganized the Ministry of Housing and Urban Affairs by establishing two distinct departments: the Department of Capital Development and the Department of Urban Development, as per a recent gazette notification. The Department of Capital Development will oversee functions associated with the national capital and the Union government. Its responsibilities include managing the Central Public Works Department (CPWD), the Delhi Development Authority (DDA), the Delhi Metro Rail Corporation (DMRC), Union government buildings, land acquisition, and development within the National Capital Territory, as well as planning for the National Capital Region (NCR). The…

InfrastructureLatest Stories

UP Housing Board to Demolish 44 Sealed Properties in Meerut

MEERUT: Following a Supreme Court ruling from July 14, the Uttar Pradesh Housing and Development Board (UPHDB) has begun the demolition process for 44 sealed properties in the Shastri Nagar Residential Scheme No. 7, a key residential and commercial zone in Meerut. Officials reported that the survey of these properties is complete and a 15-day notice will soon be sent to the property owners. Deputy Housing Commissioner Anil Kumar Singh stated on Wednesday that 859 properties are affected by the Supreme Court’s decision, including the 44 sealed shops in the Central Market, around 350 houses for the Economically Weaker Section…

Latest StoriesRegulatory

SC delays plea hearing for Supertech twin towers homebuyers’ refund

NEW DELHI: The Supreme Court has postponed the hearing on a plea demanding refunds for homebuyers of the demolished twin towers belonging to Supertech in Noida, granting an additional three months. A bench led by Chief Justice Surya Kant, alongside Justices Joymalya Bagchi and V Mohana, acknowledged ongoing efforts to address the claims of homebuyers who declined alternative allocations. The hearing was postponed as the bench was informed that time was needed to explore other options for fulfilling the homebuyers’ claims. A lawyer representing several affected buyers noted that refunds have not yet been issued, with the last payment made…

IndustryLatest Stories

Mahindra Lifespaces Q1 FY27 Net Profit Soars 67% to ₹85.55 Cr

NEW DELHI: Mahindra Lifespace Developers has recorded a 66.9% rise in its net consolidated profit after tax, reaching ₹85.55 crore for the quarter ending June 30, 2026, up from ₹51.26 crore in the same quarter last year. The company’s total consolidated income surged to ₹977.54 crore in Q1 FY27 from ₹40.61 crore in Q1 FY26. Consolidated sales in residential, integrated cities, and industrial clusters climbed 70% year-on-year to ₹966 crore during the quarter. Residential pre-sales soared by 106% to ₹925 crore, with the company selling 0.60 million sq ft of saleable area, equating to 0.39 million sq. ft. of RERA…

CommercialLatest Stories

Knowledge Realty Trust Sees 16% Revenue Growth, 18% EBITDA Rise

NEW DELHI: Knowledge Realty Trust reports over 16% revenue growth, with EBITDA and net operating income up by 18% since its IPO, according to CEO Shirish Godbole. In a conversation with Ankit Sharma, Godbole highlighted the company’s robust performance in the nine months following its IPO, indicating strong potential for continued growth through enhanced occupancy, rental adjustments, ongoing construction, and acquisitions. With current occupancy around 92%, the company aims to reach 95-96%. It has 2.6 million sq ft under development—1.2 million sq ft anticipated for completion this year, with an additional 1.4 million sq ft ongoing. An asset in Hyderabad,…

Latest StoriesRegulatory

Panel to Investigate Illegal Transfer of 356 Tax Accounts in Indore

INDORE: The Indore Municipal Corporation (IMC) has formed a five-member committee comprised of senior officials and IT specialists to investigate the illegal transfer of 356 property tax accounts. IMC Commissioner Kshitij Singhal stated that the committee includes two experts from the Computer Emergency Response Team of the Madhya Pradesh State Electronics Development Corporation. The investigation is co-led by the IMC’s additional commissioners for Revenue and IT. The formation of the panel follows complaints about unauthorized changes to property tax accounts, which were allegedly made using the login credentials of municipal officials who previously lacked essential security measures like One-Time Password…