Category: Latest Stories

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Latest StoriesRegulatory

ED Seizes ₹100 Crore in Jaypee Properties, Alleges Gaur Laundering

NEW DELHI: The Enforcement Directorate (ED) has attached assets worth Rs 100 crore belonging to two real estate firms associated with Jaypee Infratech Ltd (JIL). The agency has accused JIL and its promoters of laundering part of the Rs 33,000 crore collected from homebuyers for the construction of flats in Jaypee Wish Town, which spans 1,162 acres in Noida along the Noida Expressway. “The investigation revealed that out of Rs 32,825 crore collected by Jayprakash Associates Ltd (JAL) and JIL from homebuyers, substantial amounts were misappropriated for non-construction purposes and transferred to related companies, such as JC World Hospitality Pvt…

IndustryLatest Stories

Delhi CM: No Demolition of O-Zone Colonies

NEW DELHI: Delhi Chief Minister Rekha Gupta announced on Tuesday that there will be no demolition actions against existing constructions in the colonies and villages within the O-Zone area. In a meeting held at the Secretariat, Gupta discussed the matter with senior officials and public representatives, including MPs Manoj Tiwari and Ramvir Singh Bidhuri, MLA Arvinder Singh Lovely, as well as senior officers from the Municipal Corporation of Delhi (MCD) and the Delhi Development Authority (DDA). Approximately 91 unauthorized colonies and a dozen old villages, housing around 15 lakh people, are located in the O-Zone area, which encompasses the eco-sensitive…

Latest StoriesResidential

Odisha Cabinet Approves Lower Stamp Duty for EWS Housing

BHUBANESWAR: The state cabinet has approved a significant reduction in stamp duty and registration fees for the Economically Weaker Section (EWS) beneficiaries of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 and other state affordable housing schemes. This decision is aimed at alleviating financial burdens. In accordance with the guidelines from the Union housing ministry, states are expected to limit these charges to below 1% for dwelling units up to 60 sqm under PMAY-U 2.0. Currently, stamp duty and registration fees in Odisha vary between 6% and 7%. With the new provision, these fees will be lowered to between 0.6% and 0.7%,…

Latest StoriesRegulatory

ED Raids Punjab, UP in Sanjeev Arora Case

JALANDHAR: The Enforcement Directorate launched new searches on Tuesday as part of a money laundering investigation involving Punjab Minister Sanjeev Arora and others in connection with a suspected ₹100 crore GST fraud linked to mobile phone sales. Authorities revealed that approximately six locations in Jalandhar, Ludhiana (Punjab), Bareilly, and Noida (Uttar Pradesh) are being examined. The searches target both residences and business offices associated with the individuals and entities under scrutiny, including Hampton Sky Realty Ltd., a company linked to Arora. Arora, 62, was arrested by the central agency last month after extensive searches at his official residence in Chandigarh,…

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…