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Gurugram: Forum orders refund for buyer, says VP Spaces can’t deduct penalties for default

GURUGRAM: The district consumer forum has fined a developer Rs 2 lakh for failing to complete a project within the deadline and directed it to refund the amount collected from buyers with interest. The commission termed the builder-buyer agreement “one-sided”, “unilateral” and “unequal” and restrained the developer from making deductions or imposing a penal interest […]

Delhi: NDMC okays 1% point hike in property transfer duty

NEW DELHI: The New Delhi Municipal Council (NDMC) on Thursday decided to increase transfer duty on properties by a percentage point. “On July 10, Delhi government approved an increase in transfer duty rates in MCD. To bring parity, NDMC proposes to execute the transfer duty at a similar rate. The modified rates in case of […]

Dues stuck, Noida authority plans escrow accounts for 59 developers

NOIDA: The Noida Authority has decided to open escrow accounts for 59 developers who have defaulted on payments. Officials said the move was aimed at recovering dues and curtailing its financial losses. Officials said many of the developers who defaulted on the payments were found to have diverted funds to other projects. But when an […]

Brookfield, Alta Capital, Keppel in talks to buy Goldman Sach’s Good Host Spaces stake

Global alternative investment major Goldman Sachs has shortlisted Brookfield Asset Management, Alta Capital, and Singapore’s Keppel Corp to sell its stake in India’s largest student housing platform Good Host Spaces, said persons with direct knowledge of the development. Goldman Sachs holds around 70% in the company that owns and operates third-party purpose-built, oncampus student housing […]

Get Chintels Paradiso Tower H vacated, DTCP tells builder as IIT report flags flag flaws

GURUGRAM: The department of town and country planning (DTCP) has directed the developer of Chintels Paradiso to get Tower H of the society vacated. Tower H is the fifth and the latest building to be declared unsafe at the Sector 109 society, where a vertical cave-in at tower D killed two women in February 2022. […]

Haryana TCP department acts tough, bars IDC defaulters from new projects

CHANDIGARH: The Haryana town and country planning department has put 300 colonizers on notice while barring them from floating new projects as well as giving extension to their existing projects on account of default of clearing arrears of infrastructure development charges (IDC) pending against them. According to information, to start with the department has targeted […]

Decks cleared for registry of over 1,100 flats in Greater Noida

NOIDA: Soon, 1,139 home buyers from three builder projects in Greater Noida (West), also known as Noida Extension, will finally receive ownership rights as the Greater Noida Authority has granted permission for the registration of these flats. “On Monday, CEO of Greater Noida Authority, N G Ravi Kumar handed over the authorisation letter to the […]

Why Chintels Paradiso’s Tower H is deemed unsafe by IIT-Delhi

GURUGRAM: Extensive corrosion due to chloride in steel reinforcements and poor quality of concrete are the reasons why tower H of Chintels Paradiso can’t be renovated and is unsafe for living, IIT-Delhi experts concluded in their structural audit report. Tower H was the fifth and the latest building to be declared unsafe at the society, […]

WeWork India to lease upto four lakh sq ft space from Panchshil Realty in Pune

NEW DELHI: WeWork India, a flexible workspace provider, has signed a partnership with Panchshil Realty under which it will lease upto four lakh sq ft space from the builder in Pune. The company has already leased Eleven West building having nine floors and about 92,000 sq ft area in Baner. In June 2023, the company […]

Suraksha Group offers to build 20,000 Jaypee Infratech flats

NOIDA: Suraksha Group, the resolution applicant approved by the National Company Law Tribunal (NCLT) to complete projects of Jaypee Infratech Ltd (JIL), has submitted a proposal, agreeing to build 20,000 flats and offer additional compensation to farmers. The proposal will now be evaluated by financial consultant Currie and Brown. The Yamuna Expressway Industrial Development Authority […]

DDA’s FCFS scheme: Around 25% flats booked in 10 days

NEW DELHI: Around 25 per cent of the 5,500 flats on offer as part of an ongoing housing scheme of the Delhi Development Authority (DDA), has been booked since July 10, officials said on Friday. The DDA on June 30 launched on a first-come, first-serve (FCFS) basis a housing scheme that includes 5,500 flats across […]

Gurugram: Illegal colony built in Sultanpur park buffer zone razed

GURUGRAM: The department of town and country planning (DTCP) has razed a farmhouse colony that was being built on 20 acres of land in the no-construction area near Sultanpur national park. The enforcement team dismantled the road and sewerage network and boundary wall of the upcoming colony. Apart from this, three more illegal colonies on […]

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