Category: Latest Stories

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Latest StoriesRegulatory

Morbi Ceramics Face ₹122 Crore Fine After NGTC Ruling

Here’s a rewritten version of the content: AHMEDABAD: The National Green Tribunal (West Zone) has dismissed appeals from 337 ceramic units in the Morbi and Wankaner region concerning the payment of ₹122.05 crore for environmental damage compensation (EDC) related to the use of banned coal gasifiers. The Gujarat Pollution Control Board (GPCB) had prohibited the use of coal gasifiers following Supreme Court scrutiny. Ceramic units were allowed to operate under the condition that they switch to PNG. A committee report in 2024 assessed environmental damage at ₹122.05 crore, proposing an equitable distribution of the amount among the affected industries. In…

Latest StoriesRegulatory

FIR Against 6 Directors in ₹5 Crore Gurugram Real Estate Fraud

GURUGRAM: An FIR has been filed against six directors of two real estate companies for fraud and criminal conspiracy. According to police, a resident of Sector 54 alleged that she was swindled out of ₹5 crore regarding a commercial project in Sector 57. The case has been registered under IPC sections 120B (criminal conspiracy) and 420 (cheating) at Sector 56 police station. The accused include Sanjay Gupta, Deepak Gupta, and Akshat Gupta, directors of Ameya Commercial Projects, as well as Anjali Gupta, Ekta Gupta, and Varuni Gupta, directors of Anek Estates and Ventures. Complainant Mridula Kumari claimed she was misled…

Latest StoriesRegulatory

HC Affirms Ghaziabad Property Tax Hike as Lawful

GHAZIABAD: The Allahabad High Court has declined to interfere with the Ghaziabad Municipal Corporation’s (GMC) decision to increase property tax. This ruling comes as a setback for residents, whose tax bills have surged by three to four times due to the revision. On Wednesday, a bench consisting of Chief Justice Arun Bhansali and Justice Kshitij Shailendra rejected a petition from three former GMC councillors, affirming that the corporation’s approach to setting minimum monthly rent rates (MMRR) and adjusting property tax accordingly was legally justified. The court stated, “We find no error in the determination of ‘MMRR’ nor any illegality in…

IndustryLatest Stories

Panel to Investigate Alleged Housing Fraud in Navi Mumbai

MUMBAI: An investigation into the alleged housing fraud in Navi Mumbai will be led by a committee which includes a representative of the Additional Chief Secretary from the Urban Development Department, as announced by Minister Uday Samant in the legislative council on Wednesday. The inquiry aims to scrutinize allegations of regulatory non-compliance in the construction of affordable housing, he mentioned. The Industries Minister is authorized to address questions and motions during the state legislature’s Budget session on behalf of Deputy Chief Minister and Urban Development Minister Eknath Shinde. Samant stated that actions will be taken against CIDCO officials who approved…

IndustryLatest Stories

Merlin Group Buys 3.3 Acres Near Pune’s Koregaon Park for ₹273 Cr

Representative Image MUMBAI: The Merlin Group has acquired a 3.26-acre land parcel in the Mundhwa area near Koregaon Park, Pune, for ₹273 crore. Merlin Prime Spaces, a subsidiary of the Kolkata-based property developer, plans to construct a commercial project on this site with a total investment exceeding ₹1,000 crore, which includes the land cost. “We intend to develop an office-led commercial project aimed at banking, financial services, insurance companies, and global capability centers,” stated Saket Mohta, MD of Merlin Group, to RealtyDailyNews. The project is expected to complete by 2030 and could be valued around ₹3,000 crore upon occupation. The…

CommercialLatest Stories

WeWork India to Add 7,700 Desks in Hyderabad, Pune, Bengaluru

NEW DELHI: WeWork India Management has announced plans to expand into Hyderabad, Pune, and Bengaluru, adding approximately 7,700 desks as part of its growth strategy. According to a regulatory filing, the company has signed a sub-lease agreement for 145,114 sq ft in Hyderabad, which will add roughly 2,100 desks. This center is expected to become operational by July 2026, with an estimated investment of ₹32 crore, funded through internal accruals and debt. Additionally, WeWork has entered into a leave-and-license agreement for 162,665 sq ft in Pune, projected to introduce around 2,500 desks by August 2026, involving an investment of about…

Latest StoriesRera

Odisha Housing Minister Discloses ORERA Case Backlog

BHUBANESWAR: The Odisha Real Estate Regulatory Authority (ORERA) has registered a total of 4,334 cases against 714 builders since its establishment in 2017. Out of these, 1,028 cases are still pending resolution, as reported by Housing and Urban Development Minister Krushna Chandra Mahapatra in the state assembly. The minister addressed a question from MLA Mangu Khilla regarding ORERA’s operational effectiveness. Khilla also inquired about the government’s actions to enhance ORERA’s functions. Mahapatra stated that the government has increased staffing and oversight, but various external factors continue to obstruct timely justice for homebuyers. He indicated that procedural and legal hurdles, rather…

Latest StoriesRera

Telangana RERA Fines Bagiratha Builder ₹3,000 Daily for Green Space

HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a daily penalty of Rs 3,000 on a real estate developer for failing to comply with a previous order. This action stems from a complaint lodged by Ch Venkateswara Rao from Khajaguda, Hyderabad. The complaint pertains to the Green Space Bagiratha project in Aurangabad village, Medak district, covering a layout of 4 acres. The complainant demanded that the project be completed according to the brochure specifications, obtain the necessary NOC, and display the DTCP draft layout plan with the TLP number. TGRERA indicated that the developer did not pay the…

Latest StoriesRegulatory

ED Seizes Anil Ambani’s ‘Abode’ Valued at ₹3,716 Crore

File photo NEW DELHI: The Enforcement Directorate (ED) announced on Wednesday the attachment of Anil Ambani’s Mumbai residence, ‘Abode’, valued at ₹3,716 crore, under the anti-money laundering law. This action precedes Ambani’s anticipated second round of questioning by the agency on Thursday in connection with the alleged bank loan fraud involving Reliance Communications (RCOM). The lavish residence, standing at 66 meters with 17 floors, is situated in Mumbai’s Pali Hill area. The ED has issued a provisional order for the asset attachment under the Prevention of Money Laundering Act (PMLA), citing connections to alleged fraud related to RCOM. The agency…

Latest StoriesRegulatory

CAG Highlights Issues in PMAY-Gramin Bihar Implementation

PATNA: The Comptroller and Auditor General (CAG) of India has raised concerns about irregularities in the implementation of the PMAY-G scheme in Bihar. Allegations include the sanctioning of pucca houses to minors and geo-tagging of houses located in Delhi and Jharkhand. The findings were presented in the state Assembly on Thursday. According to the report, “During the audit of sampled districts, instances were found where houses were sanctioned to ineligible beneficiaries. The PMAY-G does not allow the registration of houses to minors unless specific conditions are met. In September 2017, the central government clarified that if both beneficiaries (husband and…