Tag: Kolkata

Latest StoriesRegulatory

ED Raids Kolkata’s Merlin Group in PMLA Case

KOLKATA: The Enforcement Directorate (ED) initiated fresh searches on Friday as part of its ongoing money laundering investigation into Merlin Group, a Kolkata-based real estate company, and related entities, according to officials. This recent action follows previous raids conducted by the agency on April 8 targeting Merlin Projects Limited and its promoters, Sushil Mohta and Saket Mohta. Officials indicated that 4-5 locations in Kolkata and the North 24 Parganas district are being searched under the Prevention of Money Laundering Act (PMLA) as part of the investigation. The Merlin Group has stated that it is cooperating with the ED and maintains…

Latest StoriesRegulatory

ED Investigates Financial Ties of Kolkata’s Merlin Group

KOLKATA | NEW DELHI: The Enforcement Directorate (ED) announced on Thursday that it is probing potential financial connections between a Kolkata real estate firm and several politicians and government officials in West Bengal as part of a money laundering investigation. Following raids at seven locations tied to the Merlin Group (Merlin Projects Limited) and its founders Sushil Mohta and Saket Mohta, investigators seized certain “incriminating” digital devices and documents. The company has stated it is fully cooperating with the investigation and maintains that all of its transactions are transparent. “Merlin Group is aware of the ongoing inquiry by the Enforcement…

CommercialLatest Stories

TCS Secures 20-Acre Site in Kolkata’s New Town on 99-Year Lease

MUMBAI: Tata Consultancy Services (TCS) has acquired a 20-acre land parcel in the Bengal Silicon Valley Tech Hub at New Town, Kolkata, for Rs 94 crore through a long-term lease spanning over 99 years. The West Bengal Housing Infrastructure Development Corporation (WBHIDCO), the government agency overseeing the development of New Town as a tech and urban hub, has allocated this land to TCS. The plot allocation took place on March 22, 2023, and the transaction agreement was signed on January 9, 2026, according to documents obtained from Propstack, a realty data analytics firm. This land has been leased to TCS…

Latest StoriesRegulatory

ED Raids Seven Properties Linked to Kolkata’s Merlin Group

KOLKATA | NEW DELHI: The Enforcement Directorate (ED) conducted searches at the premises of Kolkata-based real estate firm Merlin Group and its promoters on Wednesday as part of a money laundering inquiry, officials confirmed. Approximately seven locations connected to the company and its promoters, Sushil Mohta and Saket Mohta, were raided under the Prevention of Money Laundering Act (PMLA). A response from Merlin Group regarding the searches is still pending. The promoters and the company are under scrutiny by the federal agency for allegedly fabricating a “false” chain of title with “forged” documents, which has raised land grabbing allegations. This…

Latest StoriesRegulatory

New Town Kolkata Issues Notices to 65+ Buildings

Representative AI image KOLKATA: In response to complaints about significant irregularities in the use of residential buildings for commercial activities without proper authorization, the New Town Kolkata Development Authority (NKDA) has issued stop-operation notices to 69 buildings following inspections in New Town last year. The authority is conducting a block-wise evaluation of nearly 1,000 buildings that were flagged for potentially violating the allowed 40% commercial use within residential structures. According to officials, around 1,200 buildings were identified as part of investigations into suspected violations that emerged from surveys conducted in late 2024. “Initial visits led to a reduction in the…

IndustryLatest Stories

DLF Sells IT-SEZ and Land in Kolkata for ₹710 Crore

Representative Image NEW DELHI: DLF, a leading real estate developer, has finalized a deal to sell its IT-ITeS special economic zone (SEZ) project along with nearly 18 acres of undeveloped land in Kolkata for Rs 710 crore to the Srijan Group, as part of its asset monetization strategy. The announcement came in April last year. In a regulatory update on Monday, DLF reported that the transfer of its IT/ITeS SEZ assets, including ‘DLF TechPark II’, has been completed to Makalu Builders LLP, which is associated with Srijan Group and Srijan Realty Pvt Ltd. Additionally, the company has sold a 17.75-acre…

Latest StoriesResidential

Kolkata Home Registrations Fall 1% YoY to 4,974 in Feb 2026

Sure! Here’s a rewritten version of the content: KOLKATA: In February, the Kolkata Metropolitan Area (KMA) saw a significant increase in residential property registrations, reaching 4,974—a 63% rise from the previous month. This uptick is attributed to a recovery from the seasonal dip observed in January, according to property consultant Knight Frank India. Compared to February 2025, this year’s registrations saw a slight decline of 1%, with 5,016 units recorded last year. The data originates from the Directorate of Registrations and Stamps Revenue, Government of West Bengal, and accounts for transactions in both the primary (new sales) and secondary (resale)…

Latest StoriesRegulatory

Calcutta HC Cancels Builder’s Bail, Rejects ‘Sinful’ Protection

KOLKATA: The Calcutta High Court has revoked the bail granted to a builder involved in a cheating case by a lower court, stating that the liberty of an accused cannot be safeguarded by an order “born in sin”. Justice Uday Kumar noted that a bail order that is unsigned or partially initialed, lacks a rationale addressing the victim’s specific objections, and disregards witness intimidation history, constitutes a perverse ruling that the high court must annul. “This case showcases a troubling scenario where the liberty of the accused overshadowed the victim’s safety through an order that fails the fundamental requirements of…

InfrastructureLatest Stories

West Bengal Plans Reuse of Treated Wastewater in Housing

Representative AI image KOLKATA: The Urban Development and Municipal Affairs Department of West Bengal has drafted a new state policy aimed at the safe reuse of treated wastewater. This initiative is designed to encourage sustainable practices in the reuse of treated water. The draft outlines that new residential housing projects, which have received environmental clearance, must incorporate systems for the maximum reuse of treated wastewater for non-potable purposes. This directive is particularly intended for multistoried buildings, gated communities, public institutions, commercial establishments, hotels, airports, and major railway stations. Stakeholders, experts, and organizations are invited to share their feedback on the…

IndustryLatest Stories

Godrej Properties Snags 11 Acres in Gurugram, 5 Acres in Kolkata

Representative AI image NEW DELHI: Godrej Properties (GPL) has secured 11.36 acres of land in Sector 63A, Gurugram, for residential development via an outright purchase. This venture is projected to generate an estimated revenue of over ₹4,500 crore, featuring a combination of premium low-rise and high-rise residences. Gaurav Pandey, Managing Director & CEO, stated, “With this new project, we have successfully added over ₹40,000 crore in future sales potential through portfolio expansions in FY26, achieving twice our business development target for the fiscal year.” In a separate initiative, the company also won a bid in an e-auction conducted by the…