Tag: Delhi-NCR

Latest StoriesResidential

DDA Begins Phase Two of Jan Sadharan Awaas Yojana

Representative image NEW DELHI: The Delhi Development Authority (DDA) has commenced the second phase of the Jan Sadharan Awaas Yojana housing scheme, providing approximately 1,500 affordable flats in well-connected districts of the city, officials announced on Saturday. Launched on November 7, the scheme targets the low-income group and economically weaker sections (EWS), with flats located in key areas like Shivaji Marg, Ramgarh Colony, Rohini, and Narela. “All flats in Rohini, Ramgarh Colony, and Shivaji Marg were booked on the first day,” the DDA stated. In the first 24 hours, over 1,000 flats were reserved, highlighting continued public enthusiasm and trust…

Latest StoriesRegulatory

NCLAT Halts Mahagun Insolvency, Orders NCLT to Rehear Case

NEW DELHI: In a significant development for the real estate firm Mahagun, the National Company Law Appellate Tribunal (NCLAT) has annulled the insolvency proceedings against it and instructed the NCLT to reconsider the petition in light of a new status report relating to the projects. A two-member bench of the appellate tribunal noted that the NCLT had overlooked crucial guidelines from the Supreme Court’s ruling in the Mansi Brar Fernandes case, which stipulates that insolvency proceedings for real estate should be project-specific. Additionally, the NCLAT acknowledged an intervention request from various homebuyers associated with different Mahagun projects, seeking to overturn…

Latest StoriesResidential

Delhi: Signature View Residents to Start Receiving Rent in July 2023

NEW DELHI: The Delhi Development Authority (DDA) has greenlit facilitation fees for residents of Signature View Apartments, who vacated their homes due to significant structural damage. The compensation will assist with rent payments, set at ₹50,000 monthly for High-Income Group (HIG) flats and ₹38,000 for Medium-Income Group (MIG) apartments starting July 1, 2023, or from their vacating date, whichever is later. The compensation amount will increase by 10% annually, with the first revision on July 1, 2024, followed by adjustments in July 2025 and July 2026. In 2024, residents will receive ₹55,000 (HIG) and ₹41,800 (MIG); in 2025, this will…

IndustryLatest Stories

M3M India to Invest ₹7,200 Crore in Delhi Integrated City

NEW DELHI: M3M India is set to invest around ₹7,200 crore to create Gurgaon International City (GIC) on the Dwarka Expressway Link Road in New Delhi. This integrated township, spread over 150 acres with plans for expansion to 200 acres, is projected to generate a revenue of approximately ₹12,000 crore. Pankaj Bansal, the company’s promoter, stated, “Our vision is to draw global corporations and enterprises that epitomize future innovation and sustainable growth.” The initial phase of Gurgaon International City (GIC), covering 50 acres and already RERA-approved, will feature 300 plots. The development will comprise data centers, innovation parks, EV hubs,…

IndustryLatest Stories

Real Estate Firms Surge to NCR Amid Rising Demand and Prices

Representative AI image NEW DELHI: The National Capital Region (NCR) is progressively attracting developers from Mumbai and Bengaluru, with price growth in the market surpassing other areas, experts indicate. Mumbai’s Oberoi Realty is set to introduce its initial project in Gurugram this fiscal year, while Lodha and Rustomjee are exploring land acquisition opportunities in the region, according to informed sources. Bengaluru’s Prestige Group and Sobha, early movers in the region, are now ramping up their expansion, making NCR their fastest-growing market. Godrej Properties and Tata Realty from Mumbai are also bolstering their presence in NCR. Newcomers like Dalcore are selecting…

Latest StoriesRegulatory

SC Rejects Request to De-Seal Commercial Properties in Delhi

NEW DELHI: On Friday, the Supreme Court dismissed a request to de-seal a commercial property located in New Rajinder Nagar Market, Delhi. A bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran issued the order in response to a longstanding environmental public interest litigation (PIL) initiated by MC Mehta in 1985. Justice Chandran, authoring the judgment, rejected the de-sealing request but ordered the Municipal Corporation of Delhi (MCD) to conduct a new inspection, identify any non-compoundable violations, and outline conversion and penalty fees. The court indicated that the applicant could regularize the property by eliminating illegal constructions…

CommercialLatest Stories

Table Space leases 540k sq ft of workspaces in NCR

NEW DELHI: Table Space has successfully leased more than 540,000 sq ft of office space throughout the National Capital Region (NCR). The company has launched new centers at Worldmark 4, Aerocity in Delhi, as well as at DLF Downtown, Godrej GCR, Atrium Place, and Good Earth Business Bay II in Gurugram. With this latest expansion, Table Space’s portfolio in NCR has surpassed 2.2 million sq ft, having leased over 50,000 sq ft at Worldmark 4. The DLF Downtown center, located in DLF City Phase-III, encompasses over 85,000 sq ft across two floors, while the Godrej GCR center on Golf Course…

Latest StoriesResidential

DDA, IIT-Delhi to Investigate Dwarka Apartment Structural Issue

NEW DELHI: The Delhi Development Authority (DDA) is teaming up with IIT Delhi to investigate the Triveni Apartments in Dwarka. The inspections are set to commence on Thursday to determine the cause of a recent “explosion-like” sound reported in the building, officials stated. The DDA confirmed, “In a prompt effort to identify the cause of the incident, IIT Delhi has been contracted and the consultancy fee for the inspection has been settled. They are expected to arrive soon.” Residents of the Dwarka Sector 16-B apartment complex voiced their concerns regarding the lack of immediate remedial actions after hearing the “explosion-like”…

IndustryLatest Stories

Panel to Review Delhi’s Settlements and Land Use Plans

Representative image Delhi’s land challenges, including contentious topics like the regularisation of unauthorised colonies and the implementation of a land pooling policy, are now under scrutiny by a parliamentary committee. The 31-member standing committee on housing and urban affairs is set to delve into three significant urban development and land matters concerning Delhi. Recently reconstituted, the panel has identified 23 issues for examination. Currently, the committee is assessing the implementation of prominent missions under the housing and urban affairs ministry. Among the 23 issues, three directly address Delhi’s land concerns, including the regularisation of unauthorised colonies, the status of the…

Latest StoriesRegulatory

NCLAT Bars Raheja Developers from Creating Third-Party Rights

The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) in Delhi has prohibited Raheja Developers from selling units or land, thus preventing the creation of third-party rights. “With insolvency proceedings underway, it is clear that the management of the corporate debtor must not create any third-party rights in its immovable properties,” stated the NCLAT in its ruling. Earlier, homebuyers expressed concerns over the company’s assets being sold without guidance from the Interim Resolution Professional (IRP). The company’s advocates contended that such sales are necessary for maintaining the company’s operations and should include the unsold inventory. “It is our…