Tag: Gujarat

IndustryLatest Stories

Uday Kotak Named Chairman of GIFT City, Gujarat

MUMBAI: Uday Kotak, a veteran banker, has been appointed as the chairman of GIFT City in Gujarat, succeeding former bureaucrat Hasmukh Adhia, as per a government announcement. GIFT City, or Gujarat International Finance Tec-City, aims to attract global capital with its favorable tax regulations, competing with established financial hubs like Singapore and Dubai. Earlier this month, the federal government extended the tax holiday for businesses setting up in GIFT City to 20 years. Uday Kotak is the largest stakeholder in Kotak Mahindra Bank, with a diverse financial portfolio that includes alternative investments, asset management, and insurance. Published On Feb 14,…

Latest StoriesRegulatory

Surat Diamond and Real Estate Group Undergoes I-T Search

SURAT: The income tax department executed a significant search operation at various premises linked to a city-based diamond manufacturer and real estate developer. This group also manages educational institutions across the state and is currently under investigation for undisclosed earnings from their real estate activities. Searches were conducted at over 15 locations in Surat, Mumbai, Bengaluru, and New Delhi. Mumbai emerged as a critical area of investigation, especially concerning the younger owners and partners who have residences and offices there. Several individuals associated with the group are also being scrutinized, including a liaison worker with notable connections to high-ranking politicians…

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…

Latest StoriesRegulatory

Gujarat’s Stamp Duty and Registration Fees Up 7% in 9M FY25

GANDHINAGAR | AHMEDABAD: The revenue generated by the Gujarat government from stamp duty and registration fees saw a notable 7% rise during the April-December 2025 period, increasing from ₹12,821 crore in 2024 to ₹13,699 crore in the initial nine months of the current financial year. Official sources indicate that income from these sources, driven by property registrations, is anticipated to exceed the budgetary target of ₹19,800 crore for the financial year 2025-26. “The increase in revenue is attributed to a rise in property transaction values. We expect total revenue for the financial year to surpass the budget estimate,” sources mentioned.…

InfrastructureLatest Stories

Gujarat Plans Five Satellite Towns to Relieve City Pressure by 2030

Representative AI image AHMEDABAD: Gujarat is planning to establish five satellite towns with metro-like amenities and enhanced economic potential to alleviate pressure on major urban centers by 2030, officials announced on Friday. As per a government statement, the proposed satellite towns include Sanand near Ahmedabad, Savli (Vadodara), Kalol (Gandhinagar), Bardoli (Surat), and Hirasar (Rajkot). “The state government is currently seeking urban planners to create master plans for these towns and is in the process of appointing planners through a tender process. By 2030, we aim to equip these towns with metro-like facilities and enhance their economic capabilities, thereby reducing the…

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Panel Established to Revise Gujarat Land Revenue Act

Representative AI image GANDHINAGAR: The state government recently established a committee led by retired IAS officer C.L. Meena to review the Gujarat Land Revenue Act of 1879 and related regulations. The objective is to recommend necessary amendments to the Act. The committee, composed of other members like M.B. Parmar and Anis Mankad (both retired IAS officers) along with a member secretary, is tasked with submitting its report within six months. A notification regarding this was released on December 22. As outlined in the notification, the committee is responsible for assessing the revenue department’s rules, resolutions, and manuals connected to this…

Latest StoriesRera

21% of Builders Still Haven’t Filed Gujarat RERA Report

AHMEDABAD: Despite receiving an extension, only 79% of developers have submitted their annual financial reports for 2024-25, as reported by sources from GujRERA (Gujarat Real Estate Regulatory Authority). The authority has put in place a penalty system for developers who fail to adhere to the regulations. Historically, about 80% of developers complied with submitting this Form-5. GujRERA also actively pursues action against non-compliant developers. Each promoter is obligated to have their accounts audited within six months after the financial year ends for every registered project and must upload the annual report in Form-5 to their GujRERA webpage. This year, for…

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Gujarat’s Real Estate Transformed by Redevelopment Wave

AHMEDABAD: Gujarat’s real estate sector is undergoing a significant transformation as redevelopment and joint development projects rapidly gain traction due to rising land prices and changing business models. Official statistics reveal a notable increase in registered development agreements, indicating that builders and landowners are opting for partnership models rather than outright land acquisitions. In 2024, a total of 777 redevelopment and joint development agreements were recorded in Gujarat, generating over Rs 55 crore in stamp duty for the state government. The momentum continued into 2025, with 983 agreements registered by November 30, yielding more than Rs 59 crore in stamp…

InfrastructureLatest Stories

Gujarat to Build 5 New Satellite Towns for Urban Growth

GANDHINAGAR: In a significant move towards planned urbanization, the state government has introduced initiatives to develop towns surrounding Gujarat’s five major cities—Ahmedabad, Gandhinagar, Vadodara, Surat, and Rajkot—into fully equipped satellite towns. The Urban Development Department (UDD) has established a high-level committee to expedite infrastructure development, ensuring these new urban hubs evolve alongside their “mother cities.” As per a government notification released in October, the identified satellite towns include Kalol (under the Gandhinagar Urban Development Authority, Guda); Sanand (under the Ahmedabad Urban Development Authority, Auda); Savli (under Vadodara Urban Development Authority, Vuda); Bardoli (under Surat Urban Development Authority, Suda); and Hirasar…