Tag: Hyderabad

Latest StoriesRera

Telangana RERA Fines Three Developers for Project Delays

HYDERABAD: The Telangana Real Estate Regulatory Authority (TGRERA) has imposed fines on three developers for delays in project delivery and other violations of the Real Estate (Regulation and Development) Act. The orders were issued on September 29. In the first case, Sumit Kumar Soni and Ranjana Bansal from Gachibowli filed a complaint against Jayathri Infrastructures Pvt Ltd regarding the ‘Sky Exotica’ project in Gopanpally. They claimed they paid Rs 30 lakh but received neither a refund nor an allotment, and construction never began. The authority ordered the developer to refund the total amount with a 10.8% annual interest from the…

Latest StoriesRegulatory

ED Questions Actor Jagapathi Babu in Sahiti Infra Case

HYDERABAD: On Thursday, Enforcement Directorate (ED) officials interrogated actor Jagapathi Babu regarding the Sahiti Infra case. Investigations revealed that his financial interactions with the company were primarily legitimate. Sources indicated that the actor was summoned to clarify his financial transactions with Sahiti Infra, which is being scrutinized for allegedly defrauding numerous homebuyers. Jagapathi Babu had promoted the real estate company in various advertisements and received payment for his endorsements. The ED confirmed that there are no criminal proceeds associated with him. The ED’s prosecution complaint elaborated on the actions of Sahiti Infratech Ventures India Private Limited (SIVIPL), spearheaded by Boodati…

IndustryLatest Stories

Telangana to Amend Stamp and Registration Act

HYDERABAD: Property buyers at bank and financial institution auctions may soon need to pay stamp duty based on transaction value as the Telangana government considers significant changes to the Indian Stamp Act and the Registration Act, aimed at reducing revenue losses, according to officials. The government also plans to grant authority to the inspector general and commissioner of the registration and stamps department to annul fraudulent registrations, including double registrations. Proposed amendments are expected to be presented to the Telangana cabinet shortly. Officials indicate that many auction property buyers evade stamp duty by presenting a ‘sale certificate’—a document banks submit…

CommercialLatest Stories

CapitaLand India Trust Sells CyberVale, CyberPearl for ₹11,031M

NEW DELHI: CapitaLand India Trust (CLINT) has made an agreement to sell CyberVale in Chennai and CyberPearl in Hyderabad to an unrelated third party for ₹11,031 million (around S$161.7 million). The assets will be sold at about a 3% premium over their independent valuations as of December 31, 2024. The expected net proceeds from the sale stand at ₹10,828 million (approximately S$158.8 million). CyberVale features roughly 0.8 million sq ft of an IT special economic zone (SEZ) and about 0.2 million sq ft designated as a free trade warehousing zone in Mahindra World City. CyberPearl is an IT park that…

IndustryLatest Stories

Hyderabad Land Auctions Fall Flat, Most Plots Remain Unsold

Representative AI Image HYDERABAD: The Telangana government is making efforts to increase revenue through land auctions, though the Hyderabad Metropolitan Development Authority (HMDA) encountered a tepid response for its recent offerings, with most plots remaining unsold. In Turkayamjal, only two bidders showed interest in the 12 available plots, indicating a lack of market enthusiasm. After a two-year pause, HMDA resumed land auctions, offering 93 open plots for bidding from September 17-19 across the city. This include 70 plots in Bachupally, 12 in Turkayamjal, and four each in Kokapet, Poppalguda, Chandanagar, and Bairagiguda in the Rangareddy district. An additional seven plots…

Latest StoriesRera

Telangana RERA Fines Sunrise Infra for Illegal Plot Sales

HYDERABAD: The Telangana Real Estate Regulatory Authority (TG RERA) has imposed a fine of ₹25.8 lakh on Sunrise Infra Properties for promoting and selling plots in its Siri Vanam project without obtaining the required approvals. Following a complaint from a third party, TG RERA determined that the company was marketing agricultural land as farm plots, dividing them into layouts, and selling them without layout approval, land conversion, or project registration as mandated by the Real Estate (Regulation and Development) Act. Documentation such as registered sale deeds, marketing materials, and encumbrance certificates corroborated these violations. A show cause notice was issued…

IndustryLatest Stories

Telangana aims for ₹2,000 crore per acre in Raidurg auction

HYDERABAD: Two years ago, the Hyderabad Metropolitan Development Authority (HMDA) made headlines by selling a one-acre plot in Neopolis Phase II in Kokapet for an astounding Rs 100.75 crore, which significantly impacted the real estate landscape in Hyderabad. Currently, the Telangana government aims to achieve a similar success with the auction of two land parcels totaling 18.67 acres in Raidurg Knowledge City. The Telangana State Industrial Infrastructure Corporation (TGIIC) has set an upset price of Rs 101 crore per acre for these prime plots located in Hyderabad’s bustling business and IT zone. This area houses over 100 companies across approximately…

InfrastructureLatest Stories

L&T Looks to Exit Hyderabad Metro Over Challenges

HYDERABAD: Larsen and Toubro (L&T), the principal stakeholder in Hyderabad Metro Rail Phase I, has announced its intention to withdraw from the operations of Hyderabad Metro Rail Limited (HMRL) for Phase I and will not participate in the proposed Phase II expansion due to substantial operational difficulties and increasing financial losses. In a letter to the Ministry of Housing and Urban Affairs obtained by TOI, KVB Reddy, Managing Director and CEO of L&T Hyderabad Metro Rail Limited (L&THMRL), detailed various complications arising from the separate management of stations from the two phases. The letter highlights that having different entities operate…

Latest StoriesResidential

Hyderabad Duo Acquires Delhi Bungalow for ₹140 Crore

NEW DELHI: Sasidhar Chinta and Lakshmi Priyadarshini Chinta from the Hyderabad-based conglomerate Vishwa Samudra Group have acquired an 883-square meter bungalow in Jor Bagh, Delhi, for ₹140 crore, as per official documents. The sale deed was registered in June, and the executives paid ₹8.96 crore in stamp duty. The Vishwa Samudra Group is a multinational conglomerate involved in engineering and infrastructure. The group has not responded to RealtyDailyNews’s email inquiry. The property was owned jointly, requiring signatures from 10 representatives on the seller’s side. This transaction contributes to an ongoing trend of high-value deals in the Lutyens’ Bungalow Zone (LBZ),…

Latest StoriesRegulatory

Hyderabad Builder Ordered to Refund Buyer for Undelivered Plot

HYDERABAD: The Ranga Reddy District Consumer Disputes Redressal Commission has mandated a real estate company to refund ₹42.04 lakh, along with interest, to a homebuyer after the firm failed to deliver a promised residential plot in a pre-launch project. The complainant, Gaurav Khandelwal, 43, from Gachibowli, reported that he paid ₹32.34 lakh in 2022 for a 308-square-yard plot in a proposed layout. Per the agreement, the company was required to obtain HMDA approval, develop the site within a year, and register the plot in his name. They also provided a buy-back option with a 30% return if the project didn’t…