Chandigarh Police arrested realtor Vikram Wadhwa in connection with an alleged Rs 116.84 crore scam involving Chandigarh Smart City funds. Wadhwa reportedly colluded with a former IDFC First Bank manager to divert funds through shell companies and invest in real estate. Three other accused were also brought from jail for interrogation. Source link...
The government has decided to abandon its plan for the development of eight new cities, explaining that inadequate planning frameworks rendered the Rs 8,000 crore grant from the 15th Finance Commission unusable. With a keen eye on effective fund management, the ministry has opted to reallocate the budget towards bolstering seven established city economic zones, aiming for more sustainable...
Enforcement Directorate filed a prosecution complaint in a TDR scam involving Valmark Realty Holdings director and 19 others, including BBMP employees. The probe, based on an ACB FIR, alleges illegal profit of Rs 27.7 crore through fraudulent TDR procurement. Brokers, landowners, and officials conspired to obtain TDR by misrepresenting property status and valuations. Source link...
Brookfield India REIT is preparing to raise ₹4,000 crore through institutional placements. Arliga Ecoworld Business Parks, its subsidiary, is anticipated to fetch ₹1,125 crore from the 360 ONE WAM funds. These funds will not only aid in acquisitions and debt repayments but also enhance capital expenditures to drive future growth initiatives. Source link...
The Supreme Court has expressed strong displeasure with the CBI's investigation into a nexus between banks and developers. This alleged collusion has defrauded numerous homebuyers across India. The court emphasized that delays in the probe only increase the suffering of flat buyers. It has directed the CBI to expedite all cases and convert preliminary inquiries into regular ones. Source link...
Uttar Pradesh's Cabinet has approved mandatory checks of property ownership details before registration to prevent the sale of fake or disputed land. New rules will empower sub-registrars to refuse registration if ownership documents are incomplete, aiming to curb fraudulent property deals and prolonged litigation. Source link...
Uttar Pradesh's state cabinet approved a new policy for affordable housing under Pradhan Mantri Awas Yojana-Urban 2.0, offering financial aid to middle and economically weaker sections. Developers will receive exemptions, and beneficiaries get stamp duty relaxation. The policy also includes rental housing for urban poor and specific worker groups. Source link...
Builder Sanjay Chhabria, promoter of Radius Estates, faces a chargesheet for allegedly cheating Yes Bank of Rs 30.39 crore. Funds from a Rs 50-crore overdraft facility for a Mhada redevelopment project were diverted to related entities to repay unsecured loans and interest, violating loan conditions. Source link...
Truhome Finance, backed by Warburg Pincus, is launching an IPO to raise Rs 3,000 crore. The housing finance company plans to use the funds to strengthen its capital base for future lending and meet regulatory requirements. This move signals significant growth plans for the affordable housing sector. The IPO includes a fresh issue and an offer for sale. Source link...
India's largest oil explorer, ONGC, uncovered a decade-long cement price-fixing cartel involving Dalmia Bharat, India Cements, and Shree Digvijay. The companies allegedly colluded on bids, even citing numerology for identical pricing, and attempted to oust foreign competitors. A five-year probe by the CCI found substantial evidence of these anti-competitive practices. Source link...