Category: Latest Stories

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Latest StoriesRegulatory

Lucknow Civic Body Seals Seven Establishments for Tax Dues

LUCKNOW: On Monday, the Lucknow Municipal Corporation (LMC) sealed seven establishments across zones 2 and 4 as part of a drive to recover outstanding property and house tax from major defaulters. In zone 4, three government-sector buildings were sealed due to significant tax arrears. Zonal officer Shilpa Kumari stated that these institutions had received multiple notices to clear their dues, but payments were not forthcoming. The sealing process was initiated in accordance with municipal regulations. According to records, these three establishments collectively owe more than Rs 1.5 crore in property taxes. Officials confirmed that the enforcement team carried out the…

IndustryLatest Stories

Highway Expansion Reshapes Kochi’s Real Estate Landscape

Representative AI image KOCHI: The extensive development of the national highway is transforming Kochi’s growth trajectory, shifting real estate activities from the city center to the previously quiet suburbs like Maradu, Kundanoor, Madavana, and Koonammavu. The demand is fueled by comparatively lower land prices in these areas, ranging from Rs 7-10 lakh per cent, while Kochi city and the IT hub of Kakkanad command prices between Rs 25-40 lakh per cent. “Now, areas once viewed as outskirts are becoming attractive spots for investors and individuals seeking house plots. There’s a growing interest in mid-range properties, often 3-5 cents with small…

CommercialLatest Stories

CIDCO Launches 120-Acre Commercial Hub Project in Navi Mumbai

MUMBAI: The Maharashtra government’s City and Industrial Development Corporation (CIDCO) has announced a bidding process for the development of a significant International Corporate Park in Kharghar, Navi Mumbai. This initiative is part of a strategic effort to establish a new business district in Navi Mumbai, mirroring the attributes of the prestigious Bandra Kurla Complex (BKC). The planned corporate park will span approximately 120 acres and aims to become a modern commercial hub that invites large corporations, financial entities, and mixed-use developments. This project will be developed in accordance with the state government’s Theme-Based and Iconic City Development policy. CIDCO intends…

IndustryLatest Stories

Maharashtra to Complete Patra Chawl Project, Address Residents’ Needs

MUMBAI: Maharashtra Minister Shambhuraj Desai assured the state assembly on Monday that the government is dedicated to finalizing the long-stalled Patra Chawl redevelopment project. This comes as legislators voiced concerns regarding ongoing delays, incomplete work, and resident protests. Located in Goregaon, the Siddharth Nagar area (formerly Patra Chawl) spans 47 acres and is home to 672 tenant families. In 2008, the Maharashtra Housing and Area Development Authority (MHADA) awarded a redevelopment contract for the area to Guru Ashish Construction Pvt Ltd (GACPL), affiliated with the now-closed HDIL (Housing Development and Infrastructure Ltd). GACPL was tasked with constructing 672 flats for…

Latest StoriesResidential

Lucknow: 549 Plots Assigned in LDA’s IT City Scheme

Representative AI image LUCKNOW: The Lucknow Development Authority (LDA) organized a lottery draw for the distribution of developed residential plots to farmers and landowners who contributed their land under the land pooling policy for the IT City project. The draw took place on Monday at the Mars auditorium in Indira Gandhi Pratishthan, where applicants were invited to participate, and it was also streamed live on YouTube. LDA vice-chairman Prathamesh Kumar announced that the scheme is being developed on approximately 3,490 acres along Sultanpur road. Only landowners who signed agreements with the LDA by January 31 were included in the lottery.…

Latest StoriesRegulatory

Calcutta HC Cancels Builder’s Bail, Rejects ‘Sinful’ Protection

KOLKATA: The Calcutta High Court has revoked the bail granted to a builder involved in a cheating case by a lower court, stating that the liberty of an accused cannot be safeguarded by an order “born in sin”. Justice Uday Kumar noted that a bail order that is unsigned or partially initialed, lacks a rationale addressing the victim’s specific objections, and disregards witness intimidation history, constitutes a perverse ruling that the high court must annul. “This case showcases a troubling scenario where the liberty of the accused overshadowed the victim’s safety through an order that fails the fundamental requirements of…

IndustryLatest Stories

Pirojsha Adi Godrej Acquires 1.8% Stake in Arvind SmartSpaces

NEW DELHI: On Monday, Pirojsha Adi Godrej acquired nearly 1.8% of the stake in Arvind SmartSpaces, a real estate developer, for ₹40.7 crore from an HDFC Capital affiliate through an open market transaction. Pirojsha Godrej serves as the Executive Chairperson of Godrej Properties, Godrej Housing Finance, and is a Non-Executive Director at Godrej Consumer Products and Godrej Agrovet. According to block deal data from the BSE, Pirojsha Godrej purchased 8,17,530 shares, amounting to a 1.78% stake in the Ahmedabad-based company. The shares were acquired at an average price of ₹498 each, bringing the total transaction value to ₹40.71 crore. HDFC…

Housing FinanceLatest Stories

Truhome Finance submits ₹3,000-crore IPO application

NEW DELHI: Truhome Finance, backed by private equity firm Warburg Pincus, has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) seeking to raise ₹3,000 crore through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares totaling ₹1,500 crore and an offer for sale (OFS) of equity shares also valued at ₹1,500 crore from its promoter, Mango Crest Investment Ltd, as detailed in the draft red herring prospectus (DRHP). The funds raised from the fresh share issue will be used to strengthen the capital base to satisfy future funding needs, including…

Latest StoriesRera

UP-RERA fines Lucknow builders ₹2.43 crore for QPR delays

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has levied a fine of ₹2.43 crore on two Lucknow-based promoters for their repeated failure to upload mandatory quarterly progress reports (QPR) of their registered projects on the authority’s web portal. In one instance, promoter Shushil Kumar Katiyar of the Arpita Infinity project has faced penalties. This project, registered with a start date of July 10, 2024, and an expected completion by January 31, 2027, did not adhere to uploading the necessary progress reports despite receiving multiple notices from UP-RERA. Consequently, the authority sanctioned a fine of ₹16.25 lakh, which…

Latest StoriesResidential

Goa: 6 Months Jail, ₹10K Fine for Missing Tenant Records

Representative AI image PANAJI: The Goa government has approved the Goa (Verification of Tenants) Rules, 2026, initiating tenant verification within the state. Under these regulations, property owners are required to verify their tenants’ identities by collecting and examining relevant documents. Failure to comply may lead to imprisonment for up to six months and a fine of up to Rs 10,000. Similarly, the Goa police are tasked with maintaining records of inspections conducted during tenant verifications. The Goa (Verification of Tenants) Act, 2024, which came into effect in December 2024, aims to regulate the occupancy of individuals in residential properties not…