Tag: Ahmedabad

CommercialLatest Stories

Gujarat WTC Project Transferred to Allottees for Completion

AHMEDABAD: In an unprecedented decision in Gujarat, a committee led by the chief secretary has resolved to transfer a stalled real estate project to the allottees’ association for its completion. This decision involves the World Trade Center (WTC) in GIFT City, where Towers B and C remain unfinished following the arrest of the project’s original promoter by the Enforcement Directorate (ED) over a fraud case. A group of allottees from Tower B is currently forming an association, while those from Tower C have already established one and are in the process of registering a society, according to sources. The handover…

IndustryLatest Stories

Arvind SmartSpaces Q3 FY26 Net Profit Drops 41.79%

NEW DELHI: Arvind SmartSpaces has experienced a significant decline of 41.79% in its net consolidated profit for the quarter ending December 31, 2025, with a profit after tax (PAT) of ₹29.21 crore compared to ₹50.18 crore in the same quarter last year, as noted in a BSE filing. The company’s net consolidated total income for Q3 FY26 was ₹170.50 crore, down by 20.87% from ₹215.47 crore reported in the equivalent quarter the previous year. The board of directors has approved the re-designation of Priyansh Kapoor, currently the whole-time director & CEO, as managing director & CEO of the company effective…

IndustryLatest Stories

Six Ahmedabad Plots Valued at ₹528 Crore Approved for Auction

Representative AI image AHMEDABAD: On Wednesday, the standing committee of the Ahmedabad Municipal Corporation (AMC) approved the auction of six plots located in various parts of the city, with a total base price set at Rs 528.38 crore. Among the approved properties is a 3,365 sq m commercial plot in Motera, with a starting price of Rs 2.81 lakh per sq m. The committee also authorized the sale of a 3,546 sq m residential plot in Chandkheda, priced at Rs 1.63 lakh per sq m. In Nava Vadaj, a 3,229 sq m commercial plot will be auctioned at a base…

Latest StoriesRegulatory

Ahmedabad: Developers Charged with ₹2 Crore Investor Fraud

AHMEDABAD: Two separate complaints have been filed at the Bopal police station accusing developers associated with the Privilon Group of defrauding investors by promoting housing and commercial projects on land they allegedly do not own and without the necessary regulatory approvals. Police indicate that these complaints, along with other reports from investors, suggest a fraud amounting to approximately Rs 2.22 crore involving flats and shops in proposed developments in Ghuma village, located on the city’s outskirts. The first FIR was lodged by Shanti Jadav, 49, a farmer from Gujar village in Dhandhuka taluka. Jadav claims he was misled into investing…

InfrastructureLatest Stories

140 Ahmedabad Construction Sites Under Air Pollution Watch

Representative Image AHMEDABAD: As part of preparations for the 2030 Commonwealth Games, the Ahmedabad Municipal Corporation (AMC) is intensifying its efforts to enhance air quality by focusing on reducing pollution from construction activities. To achieve this, AMC has introduced the Good Construction Practices Policy, which mandates that construction sites with a built-up area over 20,000 sq. m must install dust sensors, air quality display boards, and CCTV cameras. Currently, around 140 construction sites throughout the city are equipped with these air quality sensors, which are routinely monitored. Enforcement actions have been taken against non-compliant sites, resulting in penalties totaling Rs…

IndustryLatest Stories

Nila Spaces’ Q3 FY26 Net Profit Soars 118.45%

NEW DELHI: Nila Spaces, based in Ahmedabad and a subsidiary of the Sambhaav Group, has reported a remarkable 118.45% increase in net consolidated profit for the quarter ending December 31, 2025. The company’s profit after tax rose to ₹8.17 crore in Q3 FY26, compared to ₹3.74 crore in the same quarter of the prior fiscal year, as disclosed in a BSE filing. The total income for the quarter also increased, reaching ₹55.51 crore in Q3 FY26, a growth of 58.28% from ₹35.07 crore in the corresponding quarter last year. Amit R. Chokshi, an independent director, has resigned and consequently will…

InfrastructureLatest Stories

Survey urges holistic rethink of development control rules

NEW DELHI: India’s urban areas are at a pivotal point, as highlighted by the Economic Survey 2025-26, which emphasizes that the nation’s urban narrative currently reflects an “unfinished promise.” To fully harness the capabilities of these “engines of growth,” the report advocates for a comprehensive reassessment of development control regulations (DCR) and a strategic overhaul in urban financing and governance. Central to this shift is the imperative to recognize cities as “critical economic infrastructure” rather than just living spaces. The survey points out a notable “governance deficit,” suggesting that while major global cities operate with autonomy, Indian cities often prioritize…

Latest StoriesRegulatory

Income Tax Raids on Ahmedabad Builders Continue Day Three

AHMEDABAD: The income tax (I-T) department’s ongoing search of real estate groups in the city is now entering its third day. Officials have not disclosed any details about the seizures made, as they are in the process of verifying bank account and locker information, according to sources. On Tuesday, searches commenced at over 30 locations throughout the city, including corporate offices and the homes of key individuals from two groups. These operations were prompted by a decoy sent by the department that confirmed builders were accepting part of the payment for real estate in cash. The searches included corporate offices,…

IndustryLatest Stories

Gujarat Plans Deregulation of NA in Town Planning Schemes

GANDHINAGAR: The Gujarat government is considering a proposal to remove the mandatory requirement for obtaining a non-agriculture (NA) certificate from the revenue department for projects—be it residential, commercial, mixed-use, or industrial—within town planning (TP) scheme areas. In a high-level meeting held on Thursday in Gandhinagar with officials from the government of India and secretaries of all state departments, the Gujarat government indicated to the Union government that it would likely repeal the clause requiring NA permission in areas governed by draft and finalized TP schemes. This certificate, issued by collectorates and district development offices, has been cited as a significant…

Latest StoriesRegulatory

I-T Raids on 30 Ahmedabad Sites Linked to Builders’ Cash Deals

AHMEDABAD: The income tax (I-T) department conducted a search on over 30 locations linked to two builder groups. This action was undertaken after a decoy from the department confirmed that the builders were accepting part of the payment for real estate in cash. The searches included corporate offices, construction sites, suppliers, and homes of key officials and promoters, involving over 100 I-T officials, as per sources. “The builders have multiple schemes around SG Road and beyond, and they have been under surveillance since Diwali. Initial findings indicate transactions worth crores have been uncovered,” sources revealed, noting that the search began…