Railways Suffer Rs 835 Crore Loss Due to Botched Mumbai Land Deal
A damning report by the Comptroller and Auditor General (CAG) has revealed a colossal financial loss of Rs 835 crore incurred by the Indian Railways due to a series of missteps in a land deal in Mumbai. The state-owned rail behemoth’s subsidiary, IRCON, had secured a 4.3-hectare plot in Bandra
Godrej Properties and Sobha Lead the Charge in Greater Noida Land Auction
New Delhi: A spirited bidding war unfolded as the Greater Noida Authority successfully auctioned five prime group housing plots, generating a substantial revenue of ₹1,500 crore – a remarkable twofold increase over the reserve price. Amidst the intense competition, real estate powerhouses Godrej Properties and Sobha Limited emerged as the
UP-RERA Escalates Delayed Possession Cases to Adjudicating Officers
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has taken a proactive stance in addressing the persistent issue of delayed possession of homes. In a bid to expedite justice for aggrieved homebuyers, the authority has forwarded 250 cases related to project delays and non-compliance to the courts of adjudicating officers.
RBI’s Steady Hand: A Boon for Homebuyers and Real Estate
The Reserve Bank of India (RBI) has once again opted to maintain the status quo on its key lending rate, leaving the repo rate unchanged at 6.5%. This decision, marking the ninth consecutive hold, has been met with relief by homebuyers and a positive reception from the real estate sector.
Greater Noida Authority Bags ₹1,500 Crore Windfall from Group Housing Plot Sale
The Greater Noida Authority has experienced a significant financial boon, amassing a substantial ₹1,500 crore from the recent auction of five prime group housing plots. This figure represents a staggering 128% premium over the initial reserve price, underscoring the fervent interest and robust competition among developers for land parcels in
Chintels Paradiso Nightmare Deepens: Another Tower Evacuated
The crisis at Gurugram’s Chintels Paradiso residential complex has escalated once again. Following the tragic collapse of a portion of Tower D in February 2022, which claimed two lives, authorities have ordered the evacuation of Tower J. This decision comes after an IIT-Delhi structural audit deemed the tower unsafe for
Reliance Brands Ups Its Luxury Retail Play
Reliance Brands, a key player in the Indian retail landscape, is aggressively expanding its luxury retail portfolio. The company’s flagship multi-brand luxury store, ‘The White Crow’, is set to witness a significant expansion across India’s major metropolitan cities. Currently operating in 12 cities with expansive store formats averaging 8,000 to
Delhi High Court Appoints Arbitrator to Resolve Yuvraj Singh-Brilliant Etoile Dispute
The Delhi High Court has stepped in to mediate a legal dispute involving former Indian cricket star Yuvraj Singh and real estate developer Brilliant Etoile. In a significant development, the court has directed the appointment of an arbitrator to adjudicate the claims and counterclaims between the two parties. Yuvraj Singh
S+4 Policy Resurfaces Amidst Legal Turmoil
The Haryana High Court is once again grappling with the contentious issue of the stilt-plus-four floor policy for residential plots in Gurgaon. The policy, which has been a subject of much debate and legal wrangling, has resurfaced despite an ongoing legal challenge. A fresh plea filed by the Gurgaon Citizens
Residential Market Poised for Steady Growth, Says ICRA
India’s residential real estate sector is projected to maintain its upward trajectory in FY25, with average sale prices anticipated to increase by 5-6% compared to the previous year. This growth is primarily attributed to a strategic shift by developers towards the luxury housing segment, which has been driving demand and
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