Business
States sue Zillow, Redfin for alleged antitrust violation in online rental housing
Rafael Henrique | Lightrocket | Getty Images
Attorneys general from five states sued Zillow and Redfin on Wednesday, alleging the companies schemed to stop competition in the online housing rental market.
The lawsuit follows a similar one filed by the Federal Trade Commission on Tuesday.
Officials from New York, Arizona, Connecticut, Washington and Virginia jointly filed the lawsuit Wednesday, citing a February deal between the two companies in which Zillow “paid Redfin $100 million to shut down its apartment rental advertising business and transfer its clients to Zillow,” New York Attorney General Letitia James’ office said in a news release.
“This agreement is nothing more than an end run around competition that insulates Zillow from head-to-head competition on the merits with Redfin for customers advertising multifamily buildings,” the lawsuit reads.
The suit alleges that the agreements violate federal antitrust laws and may harm renters using the companies’ resources. It also claims that Redfin fired hundreds of employees and then worked with Zillow to rehire some of them.
“Millions of New Yorkers rely on online apartment listings to find an affordable and safe place to live,” James said in a statement. “Zillow’s attempt to shut down its competition could drive up costs for advertisers and leave renters with fewer options when searching for a new apartment.”
Zillow, Redfin and CoStar, which owns Apartments.com, are the three largest players in the market and account for 85% of all market revenue, according to James’ office.
The AGs are seeking an injunction to bar the two companies from allegedly scheming and proposes a possible restructuring of the businesses to maintain competition.
“Redfin strongly disagrees with the allegations and is confident we will be vindicated by a court of law,” a spokesperson for the company said in a statement. “Our partnership with Zillow has given Redfin.com visitors access to more rental listings and our advertising customers access to more renters. By the end of 2024, it was clear that the existing number of Redfin advertising customers couldn’t justify the cost of maintaining our rentals sales force. Partnering with Zillow cut those costs and enabled us to invest more in rental-search innovations on Redfin.com, directly benefiting apartment seekers.”
A Zillow spokesperson said the company maintains that its partnership with Redfin is “pro-competitive and pro-consumer by connecting property managers to more high-intent renters so they can fill their vacancies and more renters can get home.”
Shares of Zillow and Redfin’s parent company Rocket Companies initially traded lower following the announcement, after each losing ground on Tuesday following the FTC’s lawsuit.
The FTC’s complaint cites a similar alleged scheme between the two companies. Zillow and Redfin both disagreed with those allegations and said they remained confident in their partnership.
Last Updated:
Bolstered by the popularity of Premanand Maharaj and the Banke Bihari Temple Corridor, Varanasi’s land prices have gone from Rs 20,000 per 900 sq ft to Rs 1 crore in just 4 years
Ayodhya land prices increased 50-100% due to Ram Temple construction.
In a striking shift from the traditional focus on metro and tier-1 cities, the real estate landscape is witnessing a new trend as pilgrimage and religious cities are becoming prime destinations for homebuyers and investors. Cities such as Ayodhya, Varanasi, Prayagraj, Vrindavan, and Haridwar are seeing a surge in property demand, with some areas experiencing price jumps of up to 500%.
Experts attribute this boom to a combination of religious tourism, major infrastructure projects, and increased economic activity in these cities. “The construction of the Ram Temple in Ayodhya, the Kashi Corridor in Varanasi, and major festivals like the Maha Kumbh have attracted a growing number of devotees,” said a property analyst. He said that the rise in footfall is directly influencing real estate, with demand for second homes, retirement properties, and serviced apartments at an all-time high.
Vrindavan: Prices Jump 500%
Vrindavan has emerged as one of the most expensive religious real estate markets in the country. The city’s growing prominence, bolstered by the popularity of Saint Premanand Maharaj and the Banke Bihari Temple Corridor, has seen land prices escalate from Rs 20,000 per 100 square yards to over Rs 1 crore in just four years in approved residential projects like Rukmini Vihar. Developers such as Omaxe, Basera, and Amaiya are actively launching high-rise residential and commercial projects, including Omaxe Krishna Crest, Omaxe Eternity, and Omaxe Bettgather Courtyard Mall, catering to the surge in demand.
Ayodhya: Land Prices Soar 50-100%
Ayodhya has witnessed a dramatic rise in property rates since the construction of the Ram Temple started. Land surrounding the temple has seen prices climb by 50-100%, prompting developers to plan theme-based townships and modern residential projects. Local developer Ayodhya Home & Soul Developers is reportedly preparing to launch a significant residential project in the city. Improved infrastructure and government-backed initiatives are further enhancing returns, making Ayodhya a hotspot for investors and homebuyers alike.
Prayagraj: From Industrial Hub to Real Estate Attraction
The Naini area in Prayagraj is rapidly transforming, driven by its emergence as both an industrial and educational hub. Developers, including Omaxe, are establishing large residential projects such as Omaxe Sangam City and Omaxe Ananda, shifting the market from traditional low-rise housing to high-rise developments.
Dehradun: Penthouses and Luxury Apartments in Demand
In Dehradun, Sahastradhara Road and Rajpur Road, along with areas near Tapkeshwar Mahadev and Drone Cave Temples, are witnessing growing real estate interest. Projects like Sikka Kimaya Greens and Excentia Tatva are introducing luxury apartments, high-rises, and penthouses, merging modern amenities with serene surroundings. Excentia Tatva, in particular, is being promoted as the city’s first uber-luxury residential experience.
Varanasi: A Rising Hub for Real Estate Investment
Varanasi continues to attract Shiva devotees and investors alike, with both residential and commercial properties seeing heightened interest. Improved connectivity and growing religious tourism are factors driving the city’s rising property prices.
Why Religious Cities Are Gaining Momentum
Several factors underpin this new trend:
- Religious tourism is seeing record growth, drawing lakhs of devotees annually.
- Enhanced highway, rail, and air connectivity makes these cities more accessible.
- Rising demand for retirement homes and second residences is fueling development.
- Branded developers from Delhi-NCR and other major cities are entering these markets.
- Government support and infrastructure projects are boosting investor confidence.
As spiritual hubs evolve into real estate hotspots, these cities are no longer just centres of faith, they are emerging as strong, high-return investment destinations.
November 18, 2025, 20:04 IST
Read More
Business
Aviation upgrade: Aviation Minister K Rammohan Naidu says ATC systems under review; Delhi glitch probe to guide tech overhaul – The Times of India
Authorities are examining ways to strengthen air traffic control (ATC) systems after the technical snag at Delhi airport earlier this month disrupted operations and delayed more than 800 flights. Civil Aviation Minister K Rammohan Naidu said the incident has prompted a wider review of processes and technology at India’s busiest airport.Speaking on the sidelines of a conference on Tuesday, the minister noted that the investigation into the failure of the Automatic Message Switching System (AMSS), which supports ATC’s flight planning function, is still under way. “It will be known after a thorough investigation,” he said when asked if a cyber attack had been ruled out. He added that a detailed assessment has been initiated to identify the exact root cause.Naidu said the focus is now on enhancing the backbone of air navigation systems. “So, we are looking at how we have to improve our systems, meet the standards… (how to bring) future technologies into the ATC… we have asked them to let us know on what should be the way forward in terms of (whether they want) more upgraded technologies,” he said, according to PTI.The communication, navigation and surveillance (CNS) functions that support Air Navigation Services (ANS) and Air Traffic Management (ATM) are handled by the Airports Authority of India (AAI). Following the disruption on November 7, the minister had directed officials to conduct a root-cause analysis and put backup servers in place to reinforce operations.In a statement issued on November 8, the civil aviation ministry said the system had been restored by the afternoon owing to “the coordinated efforts of ECIL engineers, ATC personnel, and the ministry’s proactive monitoring”. It added that no flights were cancelled that day due to the issue.The Indira Gandhi International Airport (IGIA), which has four runways and manages over 1,500 daily flight movements, continues to operate normally as the probe into the November 7 disruption progresses.
Business
Budget 2026: Market Leaders Urge Govt To Reduce STT; What’s This, How Does It Impact Investors?
Last Updated:
Budget 2026: Market participants urge Finance Minister Nirmala Sitharaman to reduce the securities transaction tax (STT), especially on cash market transactions.
The Securities Transaction Tax (STT) is a tax levied on the purchase and sale of securities on recognised stock exchanges. (Photo Credit: Freepik)
Finance Minister Nirmala Sitharaman on Tuesday chaired the fourth pre-Budget consultation with the stakeholders from the capital markets to discuss the next Union Budget 2026-27. According to CNBC-TV18 citing sources, market participants urged the government to reduce the securities transaction tax (STT), especially on cash market transactions.
The industry also pushed for reforms in the buyback taxation, calling for the levy to apply only on the profit component of a buyback instead of the entire amount, according to the report. Steps to boost retail participation in the equities markets were also discussed, along with a proposal to raise retail ownership from the current 5% to 8% over time.
Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the fourth Pre-Budget Consultation with the stakeholders from the capital markets in connection with the forthcoming Union Budget 2026-27, in New Delhi, today.The meeting was also attended by Union… pic.twitter.com/RT5LmWZMrI
— Ministry of Finance (@FinMinIndia) November 18, 2025
What’s STT, And How Does It Impact Investors?
The Securities Transaction Tax (STT) is a tax levied on the purchase and sale of securities on recognised stock exchanges. Introduced in 2004, it applies to equity shares, derivatives, equity-oriented mutual fund units, and ETFs. The tax is collected upfront by the exchange and passed on to the government, making compliance automatic and eliminating the need for separate filing.
Current STT Rates, How STT Works
The rate of STT differs depending on the type of transaction:
- For equity delivery trades, STT is charged on both buy and sell sides.
- For intraday and derivatives, it is typically levied only on the sell side.
- Options attract STT on premium, while futures attract it on the contract value.
Because the tax is charged on every trade, the impact compounds for frequent traders and high-volume participants such as proprietary desks, HNIs, and institutions.
As of now, STT on cash-market delivery trades is 0.1 per cent on both the buy and sell side, which is Rs 100 per Rs 1 lakh of trade value when you buy, and another Rs 100 per Rs 1 lakh when you sell. Intraday equity trades attract STT of 0.025 per cent (Rs 25 per Rs 1 lakh) on the sell leg only. In the derivatives segment, the tax is 0.02 per cent on the sale value of equity futures (Rs 20 per Rs 1 lakh) and 0.1 per cent of the option premium on the sale of equity options; if an option is exercised, a separate STT is levied on the intrinsic value at settlement.
How Can Lower STT Benefit Investors?
STT directly raises the cost of trading. Even a small reduction benefits:
- Retail traders, by increasing net return on intraday and F&O trades.
- Derivatives markets, where margins are already tight and volumes are high.
- Liquidity, as lower trading costs can encourage participation.
In the run-up to Budget 2026, this has become a key demand from market leaders looking to keep transaction costs competitive.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
November 18, 2025, 17:54 IST
Read More
Property Prices Have Surged 500% In These Religious Cities, NCR Realtors Enter The Market
Aviation upgrade: Aviation Minister K Rammohan Naidu says ATC systems under review; Delhi glitch probe to guide tech overhaul – The Times of India
Woo’s debut 2026 mock draft: Where Peterson, Dybantsa, Boozer could land
-
Tech1 week agoFrom waste to asset: Turning ethanol production CO₂ into jet fuel
-
Tech3 days agoNew carbon capture method uses water and pressure to remove CO₂ from emissions at half current costs
-
Politics4 days agoBritish-Pakistani honoured for transforming UK halal meat industry
-
Sports3 days agoTexas A&M officer scolds South Carolina wide receiver after touchdown; department speaks out
-
Business3 days agoThese 9 Common Money Mistakes Are Eating Your Income
-
Tech1 week agoSecurity flaws in portable genetic sequencers risk leaking private DNA data
-
Fashion1 week agoBangladesh garment makers eye $5 bn more in exports post policy tweak
-
Sports1 week agoSteelers vs. Chargers (Nov 9, 2025) Live Score – ESPN