The UP industries department has prepared a note for the state council of ministers on creating a metropolitan corporation in Noida, a move requiring legislative changes. This proposal stems from a Supreme Court order following a Special Investigation Team's report that criticized Noida Authority's functioning and recommended a more transparent, citizen-centric governance model. Source link...
The Supreme Court has underscored the importance of environmental stewardship, imposing a hefty Rs 5 crore fine on a construction firm for breaching eco-friendly regulations. The court highlighted that larger corporations, which disproportionately benefit from their extensive operations, bear a heightened duty to mitigate their environmental impact. Source link...
Rating agency Crisil has secured over 2.5 lakh sq ft of office space in Mumbai's Saki Vihar for 15 years, with total rentals nearing Rs 600 crore. This move signifies workspace consolidation, while the vacated Powai office has been leased by Brookfield Properties to CoWrks India for managed office services. Source link...
Noida Authority has finalized a decade-long land dispute for Wave Mega City Centre, allowing the developer to retain 1.2 lakh sqm and surrender 5 lakh sqm. The reclaimed land will be used for commercial development, while Wave can complete viable project portions under revised terms after a settlement policy review. Source link...
The Maharashtra Cabinet has approved a scheme to redevelop Mumbai's slums into integrated housing projects, aiming to improve living conditions and urban infrastructure. Additionally, a state-wide sewage treatment and reuse policy was greenlit to promote a circular economy and sustainable urban growth. Source link...
The Reserve Bank of India is poised to liberalise its foreign loan regime, potentially allowing External Commercial Borrowings (ECBs) in real estate for the first time in three decades. This policy shift, previously resisted due to the '97 Asian Crisis, aims to bolster the rupee with increased dollar supply and acknowledges the sector's evolving maturity. Source link...
The Enforcement Directorate has attached properties worth over Rs 423 crore belonging to Bengaluru-based Ozone Urbana Infra Developers and its promoter S Vasudevan under anti-money laundering law. This action follows allegations of defrauding homebuyers of Rs 927.22 crore by failing to deliver apartments and diverting funds to other entities and family members. Source link...
The Income Tax department has imposed two separate fines totaling Rs 23.07 crore on ACC Ltd, an Adani Group firm. These penalties, for "inaccurate particulars of income" (AY 2015-16) and "under-reporting of income" (AY 2018-19), will be contested by ACC before appellate authorities. The company stated these demands, from before Adani's acquisition, will not impact its financial...
WeWork India's initial public offering received a 4% subscription on its first day, with retail investors at 14% and institutional buyers at 2%. The Rs 3,000-crore offer for sale, valued at Rs 8,685 crore, will conclude on October 7, with proceeds going to selling shareholders like Embassy Buildcon and WeWork Global. Source link...
Developers will now earn green credits for planting trees in Gurugram's Matri Van. This initiative aims to boost green cover in the Aravalis. Environmentalists express concerns about the policy. They fear it could compromise ecological integrity. Critics suggest it may lead to land capture. Experts advocate for natural regeneration over token plantations. The Green Credit Programme faces...