The Ghaziabad Development Authority has increased charges on development fees, building permits, and inspection fees by an average of 4% for the current financial year. These revisions, linked to the cost index, are part of an annual exercise. Developers warn that these cumulative levies will ultimately be passed on to homebuyers, adding to existing inflationary pressures. Source link...
The NCLAT has rejected Raheja Developers' request to halt insolvency proceedings for its Raheja Shilas project in Gurugram, citing unresolved issues with flat buyers. The tribunal stated that withdrawal of the Corporate Insolvency Resolution Process (CIRP) requires full settlement with buyers. The CIRP will now proceed, confined solely to the Raheja Shilas project. Source link...
Haryana Rera has clarified its jurisdiction, ruling that projects completed before its establishment are not subject to registration. In a separate case, the authority upheld the finality of adjudicated disputes, dismissing a fresh compensation plea against Emaar India Ltd after a prior settlement for possession delays. Source link...
The Punjab and Haryana High Court has temporarily halted Haryana's "stilt-plus-4 policy," which permits four-storey houses in residential areas. This interim order, effective until a final decision, follows petitions challenging the policy. Concerns were raised about the strain on existing infrastructure, particularly in Gurgaon, due to increased building density. Source link...
Mindspace Business Parks REIT has bought a large office property in Chennai for approximately ₹2,541 crore. This acquisition significantly boosts its presence in South India. The deal includes existing office space and new development expected by March 2027. This move increases Chennai's share in Mindspace REIT's overall portfolio. The transaction was completed under a special arrangement...
Finance Minister Nirmala Sitharaman announced that land authorities can now join Committee of Creditors meetings to expedite bankruptcy resolutions for real estate projects. The Insolvency and Bankruptcy Code (Amendment) Bill, 2025, passed by Rajya Sabha, aims to speed up case admission and resolution plan approval, benefiting thousands of homebuyers. Source link...
Tata Realty and Infrastructure Ltd (TRIL) has acquired over 38 acres in Bengaluru for approximately Rs 2,300 crore, marking the city's largest land transaction. This significant deal underscores investor confidence in Bengaluru's office market and TRIL's strategy to expand its commercial portfolio with high-quality, large-scale developments. Source link...
Haryana's collector rates have undergone fresh revisions, drawing insights from detailed property registry analyses. Rates for many real estate segments held steady, with only specific categories reflecting increases predicated on transaction value discrepancies. This strategic adjustment aims to enhance transparency and promote equitable property dealings in the region. Source link...
The Insolvency and Bankruptcy Board of India (IBBI) has suspended insolvency professional Hitesh Goel for two years due to multiple lapses in handling Supertech Ltd and Nobility Estates insolvency proceedings. Goel failed to disclose key details in the Information Memorandum and delayed crucial meetings and filings, impacting thousands of homebuyers. Source link...
Avante Spaces, Kirloskar Industries' real estate arm, secured a Rs 1,150 crore term loan from ICICI Bank for a Grade A commercial development in Pune's Kothrud. This financing, structured over 44 months at 8% interest, underscores lender confidence in established urban locations and well-backed projects. Source link...