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Hindustan Construction Company sells 2.35 lakh sq meters land for Rs 95 crore

Thursday 7th December 2023

Hindustan Construction Company (HCC) has finalized a 'deed of conveyance' for the sale of a land parcel spanning 2,35,870 sq meters in Village Karnala (Tara), Maharashtra. The company has successfully sold the land for Rs 95 crore to Oak and Stone Construction.   ...

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Brigade Group to jointly develop two lakh sq ft office space in Bengaluru

Thursday 7th December 2023

Brigade Group has entered a joint development agreement with a landowner for the construction of grade-A office space on Sankey Road in Bengaluru. The project, with a developable area of approximately 0.20 million sq ft, is valued at around Rs 500 crore in gross development value (GDV). ...

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NFRA bans two auditors for up to 10 years for lapses in DHFL FY18 audits

Thursday 7th December 2023

The National Financial Reporting Authority (NFRA) has penalized two partners from Mumbai-based Chaturvedi & Shah LLP (C&S) for alleged professional lapses in auditing the FY18 accounts of the now-defunct Dewan Housing Finance Corporation Ltd (DHFL). This action is part of the ongoing regulatory measures against the auditors of the crisis-hit housing finance company. ...

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Actis, Mahindra Lifespace to make partial exit worth Rs 120 crore from Mahindra Homes

Thursday 7th December 2023

Actis and Mahindra Lifespace Developers, the real estate and infrastructure arm of the Mahindra Group, are jointly making a partial exit exceeding Rs 120 crore from Mahindra Homes. The developer has submitted an application to the National Company Law Tribunal (NCLT) to reduce equity share capital and facilitate the exit of both entities. ...

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Seller PAN-Aadhaar not linked? Pay 20% TDS on property purchase

Wednesday 6th December 2023

Ensure that when buying property, both your Aadhaar and PAN cards are linked, and verify that the seller has done the same. Failure to do so may result in a 20% TDS on your property purchase instead of the standard 1%. As per the Income-Tax Act, if the property is valued at Rs 50 lakh or more, the buyer must pay 1% TDS to the government and 99% to the seller, who can later claim it as credit. ...

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Byju reducing real estate footprint, vacates two offices in Bengaluru

Wednesday 6th December 2023

Edtech giant Byju's has relinquished 6,20,000 sq ft of office space in Bengaluru to cut costs and raise capital amid crises. The surrendered office assets include 550,000 sq ft in Kalyani Tech Park, Whitefield, and 70,000 sq ft in IBC Knowledge Park, relinquished between 2022 and 2023. ...

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Falsely named in duping case by Samir Kochhar &Varun Bangera: Architects

Wednesday 6th December 2023

Architects Pronit Nath and Amisha Nath, based in the city, refute allegations in a Rs 1 crore cheating case filed by actor Samir Kochhar and his friend Varun Bangera. They claim it was the accusers who defaulted on payment for two flats. ...

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Oberoi Realty completes acquisition of 6.4 acres land in Thane for Rs 196 crore

Wednesday 6th December 2023

Oberoi Realty has successfully acquired approximately 6.4 acres of land for around Rs. 196 crore, paid in full. ...

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UP-RERA issues standard directions for advertisements of projects

Tuesday 5th December 2023

Following a directive from the Uttar Pradesh government regarding real estate project advertisements, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has instructed all stakeholders to adhere to specified standard guidelines for promotions and advertisements. ...

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Brigade Enterprises to jointly develop four acres project in Mysuru

Tuesday 5th December 2023

Brigade Enterprises has engaged in a joint development agreement with landowners to construct a residential project spanning four acres in Kurubarahalli, Mysuru. The project's developable area is approximately 0.40 million sq ft, with a gross development value (GDV) of Rs 300 crore. ...

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MahaRERA to set framework for quality assurance of real estate projects

Tuesday 5th December 2023

In response to a query, Minister Kishore mentioned that the Maharashtra Real Estate Regulatory Authority (MahaRERA) aims to implement a robust framework for quality assurance, mirroring Singapore's Building and Construction Authority (BCA), marking the first such initiative by an Indian regulatory authority. ...

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Over 340 proposals cleared till Nov 16 to complete stalled real estate projects: Government

Tuesday 5th December 2023

The government, as of November 16 this year, greenlit 342 proposals to revive stagnant real estate projects, benefiting over 2 lakh homebuyers and unlocking projects valued at Rs 94,367 crore. Union Minister Kaushal Kishore revealed these approvals under the Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH) investment fund. ...

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About 5,000 registries across 20 projects in past four months: Greater Noida development body

Monday 4th December 2023

Over the last four months, the Greater Noida Industrial Development Authority (GNIDA) has completed almost 5,000 property registrations. This followed developers of more than 20 housing projects settling their outstanding payments and obtaining occupation certificates from the Authority.   ...

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Ericsson in talks to pick up over five lakh sq ft workspace on lease from Skootr in Gurugram

Monday 4th December 2023

Ericsson, the Swedish telecom equipment manufacturer, has entered agreements to lease up to 525,000 square feet of office space from Skootr at the Vatika One on One building in Gurgaon. This marks one of the most significant managed workspace deals in the country, as disclosed by three individuals familiar with the matter. ...

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Everest Food promoters buy two more flats in Mumbai Worli for Rs 143.50 crore

Monday 4th December 2023

Everest Food Products' promoter group, renowned for the Everest spice brand, has acquired two additional sea-view luxury apartments in a high-end residential tower on Dr. Annie Besant Road in Mumbai's upscale Worli area, totaling a transaction value exceeding Rs 213 crore, with the latest purchase amounting to over Rs 143.50 crore. ...

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Land fee illegal , HC asks YEIDA to return over Rs 60 crore to Logix Infrabuild

Monday 4th December 2023

The Allahabad High Court directed the Yamuna Expressway Industrial Development Authority (YEIDA) to refund over Rs 60 crore to Logix Infrabuild, stating that the deduction was made "illegally" despite the developer surrendering the allocated land for a township. ...

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Greater Noida: Rs 2 crore dues not cleared, movie theatre sealed in Grand Venice Mall

Thursday 30th November 2023

The district administration in Greater Noida sealed a "cinema hall" at Grand Venice Mall on Monday. This action followed the developer's failure to settle dues of at least Rs 2 crore against recovery certificates issued by the Uttar Pradesh Real Estate Regulatory Authority (Rera) and the consumer forum. ...

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Delhi RERA withdraws order banning registration of new property after meeting LG

Thursday 30th November 2023

The Delhi Real Estate Regulatory Authority reversed its September order instructing sub registrars not to register properties violating building bylaws. This decision came shortly after top officials met with Lt Governor V K Saxena on Tuesday. Saxena had earlier convened a meeting at Raj Niwas with the chairman, members of Delhi RERA, chief secretary, and divisional commissioner to address the issue. ...

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Maharashtra government cuts transfer fee for slum rehabilitation flats by 50%

Thursday 30th November 2023

In a significant relief for slum dwellers, the state cabinet decided on Wednesday to slash the flat transfer fee in slum rehabilitation units by 50%. Currently set at Rs 1 lakh, the transfer fee will now be reduced to Rs 50,000. Officials clarified that Slum Rehabilitation Authority (SRA) flats are provided free of cost to slum dwellers. ...

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Piramal Group can get back 75% at least of Rs 600-crore loan

Thursday 30th November 2023

The Piramal Group has secured a binding bid from CFM ARC for the sale of Tridhaatu Realty, ensuring a minimum 75% recovery in the structured deal. CFM ARC proposed a ?450 crore payment for the ?600-crore bad loan, employing a 15:85 structure with 15% in cash and the remainder in security receipts, which are quasi debt instruments paid to the lender upon recovery. ...

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Gurugram: 21 floors in two buildings sealed for violating occupation norms

Friday 24th November 2023

The District Town Planner Enforcement (DTPE) sealed 21 floors across two apartment buildings for allegedly running commercial activities in violation of occupation certificate norms. Additionally, Malibu Town Club faced closure following complaints about illegal construction within its premises.   ...

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Allotted land not available, Rudra Buildwell gets zero period relief

Friday 24th November 2023

Another real estate company, similar to the Ace group, received a 'zero period' waiver from the Allahabad high court. This waiver was granted due to the company's inability to acquire unencumbered land for its project, which is essential for construction to proceed. ...

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Three entities sell Home First Finance shares for Rs 753 crore

Friday 24th November 2023

Home First Finance Company's two promoters and a Warburg Pincus affiliate sold shares worth Rs 753 crore through open market transactions. The company's promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, offloaded shares on the BSE in two tranches each. ...

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NCLAT admits SBI plea against Lavasa Corporation resolution

Friday 24th November 2023

The insolvency process for Lavasa Corporation took a new turn as the National Company Law Appellate Tribunal's principal bench granted State Bank of India's petition to set aside a lower court's approval of the resolution plan by Darwin Platform Infrastructure (DPIL). ...

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NCDRC enforces Parsvnath Developers to refund, monitors timely payments

Thursday 23rd November 2023

Addressing consumer concerns about non-compliance with orders from consumer commissions, the NCDRC, through continuous monitoring, has compelled a major real estate player to compensate a flat buyer with around Rs 80 lakh. ...

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Sebi board likely to discuss regulation of realty platforms, delisting changes

Thursday 23rd November 2023

On November 25, the Securities and Exchange Board of India's board is expected to discuss proposals on regulating investment platforms offering fractional real estate ownership and changing delisting rules, aiming to enable companies to go private at a fixed price. ...

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NCLT allows 936 days exclusion from Lok Housing resolution process

Thursday 23rd November 2023

The NCLT has granted an exclusion of 936 days from the 270-day Corporate Insolvency Resolution Process (CIRP) for Lok Housing and Constructions, marking one of the lengthiest exclusions for any company. ...

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Mumbai: Actor Samir Kochhar and Karishma Tanna husband duped by builder

Thursday 23rd November 2023

Mumbai Police has filed a case against a builder couple accused of duping actor Samir Kochhar and Varun Bangera, Karishma Tanna's husband, of over Rs 1 crore. The allegations involve taking advance payment for two flats. ...

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Haryana RERA benches yet to appoint a chairman

Wednesday 22nd November 2023

While the Haryana Chief Minister's Office (CMO) is actively preparing for next year's Lok Sabha and assembly elections, crucial state organizations—such as the Haryana Human Rights Commission (HHRC), Haryana Electricity Regulatory Commission (HERC), and the Gurgaon and Panchkula benches of Haryana Real Estate Regulatory Authority (HRera)—are currently without leadership. ...

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WeWork enters financing agreements with certain lenders

Wednesday 22nd November 2023

WeWork announced securing commitments for up to $682.5 million in debtor-in-possession financing from certain lenders on Tuesday, following its recent filing for bankruptcy protection. ...

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Unregistered Navi Mumbai projects get MahaRERA notices

Wednesday 22nd November 2023

In the last 1.5 years, a coalition of small-scale developers, with support from property brokers, has elevated land speculation in Navi Mumbai. After securing Cidco plots in auctions by quoting exorbitant rates—sometimes three to four times the reserved price—they proceeded to sell apartments without the necessary permissions or allotment letters from Cidco.   ...

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DLF buys office space in Gurugram for Rs 81 crore

Wednesday 22nd November 2023

DLF Building and Services Pvt Ltd, an entity within the DLF group, has acquired 31,254 sq ft of high-end office space at Horizon Centre on Golf Course Road in Gurgaon for Rs 81 crore, as revealed by documents on FloorTap.com, a commercial property marketplace. ...

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MahaRERA suspends registration of 248 projects over failure to update reports

Tuesday 21st November 2023

MahaRERA has taken decisive action by suspending the registration of 248 projects, including three MHADA projects in Pune and Beed. These projects, registered in February, face suspension due to their failure to update quarterly progress reports. Additionally, registration for 224 projects registered in March is on the verge of suspension for similar non-compliance regarding quarterly project reports. ...

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Delhi-RERA order stalls registration of properties

Tuesday 21st November 2023

Property registrations in Delhi came to an abrupt standstill on Monday following a directive from the Real Estate Regulatory Authority (RERA). The directive instructed all sub-registrars not to register new properties that contravene the maximum number of dwelling units permitted on a certain plot size under the Unified Building Bye Laws for Delhi, 2016 (UBBL). ...

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Uttar Pradesh set to unveil plan to revive stalled projects

Tuesday 21st November 2023

The Uttar Pradesh government is gearing up to unveil a rehabilitation package for legacy stalled projects. The package, based on recommendations from an expert panel led by former Niti Aayog CEO Amitabh Kant earlier this year, is highly anticipated by realtors and homebuyers. It is expected to include a rescheduling scheme enabling builders to settle dues owed to the state in manageable instalments. ...

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Everest Food Products promoters buy flat in Mumbai Worli for Rs 73.50 crore

Tuesday 21st November 2023

The promoter group of Everest Food Products, renowned for its Everest spice brand, has successfully purchased a sea-view luxury apartment in Mumbai's plush Worli locality. This upscale residence, located on the 37th habitable floor of the Oberoi Three SixtyWest tower, spans an impressive 6,130 sq ft carpet area. The transaction, valued at over Rs 73.50 crore, reflects a premium rate exceeding Rs 1.16 lakh per sq ft. ...

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Book builders if stop-work notice ignored, BMC chief tells squads

Saturday 18th November 2023

BMC chief I S Chahal directed 96 squads to file FIRs against developers ignoring air pollution mitigation measures. Despite stop-work notices, some construction sites continue without pause. ...

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Delhi HC grants bail to ex-Amrapali Group director in four cases

Saturday 18th November 2023

Delhi High Court granted bail to former Amrapali Group director Ajay Kumar in four cheating and fraud cases filed by police on complaints from homebuyers in Greater Noida. Homebuyers allege stalled projects despite payment. ...

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Priyanka Chopra sells two Mumbai apartments to director Abhishek Chaubey

Saturday 18th November 2023

Priyanka Chopra Jonas, busy with Hollywood projects, sold two Mumbai apartments in Andheri to director Abhishek Chaubey for a total of Rs 6 crore. ...

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One-time, 50% Covid rebate to buy extra FSI to stay till projects completed: Bombay HC

Saturday 18th November 2023

The Bombay High Court has ruled that the 50% rebate for developers on additional Floor Space Index (FSI) during the pandemic, granted by the state government, applies until project completion. The court directed BMC to renew building permissions without insisting on differential premiums. ...

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Realty prices in Mumbai may rocket on back of Dharavi revamp TDR

Friday 17th November 2023

A recent notification from the state urban development department mandates city builders in Mumbai to incorporate transfer of development rights (TDR) from the Dharavi redevelopment project. The directive specifies that 40% of TDR utilized in a building project must originate from the Dharavi initiative. Market observers express concerns about a potential surge in real estate prices in Mumbai when TDR from the Dharavi redevelopment project becomes accessible.   ...

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Adani Unit, ArcelorMittal, JSWin race to buy Vadraj Cement

Friday 17th November 2023

In the context of the Insolvency and Bankruptcy Code process, Adani group, JSW Cement (owned by Sajjan Jindal), and ArcelorMittal Group are potential buyers for Vadraj Cement, an ABG Shipyard group company. The Bombay High Court had ordered Vadraj Cement's winding up in August 2018 following a legal dispute with a trade creditor, Beumer Technology India. ...

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Brigade Group to develop over 14 acres land in Yelahanka, Bengaluru

Friday 17th November 2023

Brigade Group has entered into a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs for the development of a 14-acre land parcel in Yelahanka, Bengaluru. The project aims to create a residential housing space with a total area of approximately two million sq ft, carrying a gross development value (GDV) of Rs. 2,100 crore. ...

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Suraksha Realty directors buy Rs 100-crore apartments in Mumbai Worli

Friday 17th November 2023

Paresh Parekh and Vijay Parekh, directors of Suraksha Realty, recently acquired two luxury apartments in Mumbai's Worli area for a combined sum of Rs 100 crore. These residences, situated on the top floors of Naman Xena, offer 6,458 sq ft of carpet area each on the 26th and 27th floors of the ongoing construction project. ...

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Control of Aamby Valley stays with the Sahara Group

Thursday 16th November 2023

Sahara Group asserts full control over its real estate assets, including Aamby Valley City near Mumbai and Pune, following the passing of founder Subrata Roy at the age of 75 in Mumbai. The group emphasizes that these assets are operating at their full potential. ...

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Puravankara acquires rights for three-acre redevelopment project in Mumbai

Thursday 16th November 2023

Puravankara, a realty developer, has obtained redevelopment rights for two housing societies spanning three acres in Andheri, Mumbai, with a potential gross development value of Rs 1,500 crore. This acquisition marks Puravankara's entry into the redevelopment business in the western region. ...

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Mumbai: BMC draws flak for nod to 10,000 PAP flats on private plot in three days

Thursday 16th November 2023

Criticism arose over the BMC's swift decision to change the reservation of a 20-acre private open plot in Andheri (West) and, within three days, approve a developer's proposal for commercial exploitation under a different scheme, providing flats for project-affected persons (PAPs). The plot's ownership changed twice in three months, and the PAP project request was swiftly approved. ...

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Mumbai: Royal Realtors partner who cheated buyers of Rs 11 crore gets three years jail

Thursday 16th November 2023

A 50-year-old developer was sentenced to three years in prison by a magistrate's court for defrauding flat purchasers in a redeveloped Byculla building, totaling nearly Rs 11 crore. The primary complainants, a mother-son duo, had paid the full amount of Rs 57 lakh for a 1,000 sq ft flat in 2012. ...

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Delhi HC asks DDA if forged property allotment case be given to CBI

Tuesday 14th November 2023

The Delhi High Court has inquired with the Delhi Development Authority (DDA) about whether the allocation of 128 properties in Delhi, based on forged recommendation letters, should be referred to the Central Bureau of Investigation (CBI). This query arises in response to a plea from Govind Saran Sharma, seeking the execution of conveyance deeds or title documents for one of the properties. ...

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Gurugram: 10 realtors flout GRAP norms, to cough up fines, DTCP warns of strict action

Tuesday 14th November 2023

The enforcement wing of the town and country planning department (DTCP) has opted to levy penalties on developers for violating GRAP norms. Additionally, the department has introduced helpline numbers for residents to report offenders. DTCP has issued warnings to developers in licensed colonies, urging compliance with GRAP norms and cautioning of potential action for detected violations during inspections. ...

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Housing rental grow up to 30% across top seven cities during Jan-Sept 2023

Tuesday 14th November 2023

In the first nine months of 2023, housing rents in the top seven cities, including IT/ITeS hubs Bengaluru, Hyderabad, and Pune, rose by over 30%, as per ANAROCK Research data. Residential rentals in prominent areas of Bengaluru surged by more than 30% during the same period. ...

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WeWork refuses to sell India unit stake to Embassy; talks continue

Tuesday 14th November 2023

WeWork Inc. has declined WeWork India's offer to repurchase its 27 percent stake in the local business. However, sources indicate that discussions between the majority owner of the local unit and WeWork Inc may result in a different outcome. ...

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Star Housing Finance raises Rs 60 crore capital for expansion

Friday 10th November 2023

Star Housing Finance (Star HFL), a home finance company, has received board approval for a capital raise of Rs 60 crore, pending shareholders' approval. This capital infusion aims to support the company's growth and expansion plans, as indicated in a filing with the Bombay Stock Exchange (BSE). ...

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SC grants three months interim bail to HDIL promoter

Friday 10th November 2023

In the Punjab and Maharashtra Cooperative (PMC) Bank scam case involving Rs 4,300 crore, the Supreme Court granted HDIL promoter Rakesh Wadhawan interim bail for three months on medical grounds. The bench of justices Aniruddha Bose and Bela M Trivedi considered Wadhawan's medical condition when approving the bail. ...

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Signatureglobal (India) posts net loss of Rs 19.92 crore in Q2 FY24

Friday 10th November 2023

Signatureglobal (India) reported a net consolidated loss after tax of Rs 19.92 crore for the quarter ending September 30, 2023. In the corresponding quarter of the previous fiscal year, the company had incurred a loss after tax of Rs 59.25 crore, as stated in a BSE filing. The company's net consolidated total income for Q2 FY24 was Rs 121.16 crore, reflecting a 10.70% decrease from the Rs 135.68 crore recorded in the similar quarter last year. ...

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NDTV leases 1.28 lakh sq ft at Max Square in Noida

Friday 10th November 2023

Max Estates, the real estate branch of the Max Group, has disclosed that NDTV secured a lease for approximately 128,000 sq ft at Max Square in Noida. Skootr also secured a lease for around 103,000 sq ft of super built-up area in the same building. The project's total leasable area is approximately 0.7 million sq ft, with New York Life Insurance Company holding a 49% stake. ...

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WeWork filed for bankruptcy protection

Thursday 9th November 2023

WeWork, a flexible workspace provider, filed for bankruptcy protection in the United States on Monday due to substantial debt and increased losses stemming from reduced demand for office space among cost-conscious customers. WeWork, once valued at $47 billion and attracting investments from notable entities like SoftBank, Benchmark, and major Wall Street banks such as JPMorgan Chase, has faced financial challenges leading to this decision.   ...

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Nexus Select Trust net profit declines 27.18% in Q2 FY24

Thursday 9th November 2023

In financial news, Nexus Select Trust reported a 27.18 percent decrease in its net consolidated profit for the quarter ending on September 30, 2023. Their profit after tax for Q2 FY24 was Rs 251.46 crore, down from Rs 345.34 crore in the same quarter the previous fiscal year. The company's net consolidated total income for Q2 FY24 was Rs 557.32 crore, reflecting a 34.38 percent decline from the Rs 849.30 crore recorded in the corresponding quarter of the previous year. ...

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Maharashtra government to acquire Air India building for Rs 1,601 crore

Thursday 9th November 2023

The Maharashtra government has made a decision to purchase the iconic Air India building at Nariman Point in Mumbai for Rs 1,601 crore during a cabinet meeting chaired by Chief Minister Eknath Shinde. Additionally, the government has agreed to waive around Rs 250 crore of unrealized income and interest associated with the property. ...

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Kinnteisto LLP buys office spaces for Rs 739 crore in Mumbai BKC and Andheri

Thursday 9th November 2023

Kinnteisto LLP, backed by Rekha Jhunjhunwala, has acquired prime office space worth approximately Rs 740 crore in Mumbai's commercial towers located in the Bandra-Kurla Complex (BKC) and Andheri, adding to their real estate portfolio. Rekha Jhunjhunwala, the wife of the late billionaire stockholder Rakesh Jhunjhunwala, is renowned for her investments, and Rakesh was often likened to India's Warren Buffett for his four-decade-long investing career in Mumbai. ...

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MahaRERA initiates action against 370 projects in state

Wednesday 8th November 2023

In the state, 370 projects have received show-cause notices and fines totaling Rs 33 lakh for failing to display MahaRERA registration numbers and QR codes. Of these, 173 projects are from the Mumbai region, followed by 162 from Pune region and 35 from Nagpur. ...

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IBBI proposes changes to rules for insolvency resolution process

Wednesday 8th November 2023

The Insolvency and Bankruptcy Board of India (IBBI) has introduced several key changes to address issues in the insolvency resolution process for real estate projects. These changes include mandatory project registration with the Real Estate Regulatory Authority, the exclusion of properties in the possession of homebuyers from liquidation proceedings, maintaining separate bank accounts for each real estate project, executing registration/sublease deeds with Committee of Creditors (CoC) approval during resolution, and allowing the CoC to consider separate plans for each project. ...

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Delhi development body to offer 36,000 flats around Diwali

Wednesday 8th November 2023

Around Diwali, the Delhi Development Authority is set to launch its largest housing scheme, offering over 36,000 newly constructed flats in Dwarka, Lok Nayak Puram, and Narela. These flats will include 14 penthouses, 170 super HIG, 3,000 HIG, 4,700 MIG, 20,000 LIG, and 8,430 EWS flats. ...

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SoftBank makes another bet on WeWork, hoping landlords will too

Wednesday 8th November 2023

WeWork's $3 billion debt-to-equity swap deal with creditors is the latest attempt by SoftBank, its top shareholder, to revive the troubled office space provider and recover some of its significant investments. The success of this endeavor hinges on WeWork's ability to renegotiate expensive long-term leases signed during prosperous times, which it is now struggling to pay, potentially leading to a bankruptcy filing on Monday. ...

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No registration for 182 realty projects, says MahaRERA

Tuesday 7th November 2023

The MahaRera has rejected requests to lift the suspension on the registration of 182 projects that failed to meet the conditions of quarterly progress report updates. Promoters of 222 projects had sought to have the suspension lifted, claiming they had paid penalties and updated their quarterly reports. ...

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Jaiprakash Associates defaults on Rs 4,258 crore loans

Tuesday 7th November 2023

The Jaypee Group's primary company, Jaiprakash Associates, announced a default on loans totaling Rs 4,258 crore, including both principal and interest amounts. This default occurred on October 31, with a principal default of Rs 1,733 crore and interest default of Rs 2,525 crore. ...

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DB Realty divests 100% stake in Real Gem Buildtech for about Rs 231.42 crore

Tuesday 7th November 2023

DB Realty has entered into a share purchase agreement to sell its entire 100% stake in equity and preference shares of Real Gem Buildtech to Kingmaker Developers, a company within the Rustomjee Group, for approximately Rs 231.42 crore. ...

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SoftBank WeWork, once most valuable U.S. startup, succumbs to bankruptcy

Tuesday 7th November 2023

WeWork, a startup backed by the SoftBank Group, filed for bankruptcy protection in the United States on Monday. This move comes as a recognition by SoftBank, which owns around 60% of WeWork, that the company's survival depends on renegotiating its expensive leases during bankruptcy, as its strategy of providing office-sharing space to companies did not yield the expected results. ...

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REITs, InvITs collect Rs 18,658 crore in April-September 2023

Monday 6th November 2023

Driven by strong demand for infrastructure investment, attractive returns, and supportive government policies, the mobilization of funds through listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in India reached Rs 18,658 crore during the April-September period of the current fiscal year. This impressive figure follows a total collection of Rs 2,596 crore through listed InvITs in the entirety of the 2022-23 fiscal year, although no funds were raised through listed REITs, as reported by the Securities and Exchange Board of India (SEBI).   ...

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DRI conducts search operation at Havells India corporate office

Monday 6th November 2023

The Directorate of Revenue Intelligence (DRI) recently conducted a search operation at the headquarters of Havells India, a prominent manufacturer of electrical goods and appliances. The DRI, acting as the primary agency for combatting smuggling and cases of commercial fraud, conducted this search in relation to alleged misclassification in the import of Heating Elements, as stated by the company. ...

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Mumbai: More than 460 building sites get directives from civic body

Monday 6th November 2023

Following an extensive inspection of approximately 815 construction sites, the BMC has issued written directives to 461 of these sites, instructing them to adhere to air pollution control guidelines. The civic body has also issued a warning, indicating that stop-work notices or site closures may occur if the specified environmental norms are not promptly met. Construction projects have been given a specific timeframe within which to align with these regulations. ...

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Brookfield Properties Equinox Business Parks refinances Rs 2,100 crore debt

Monday 6th November 2023

Brookfield Properties, a global real estate services company under Brookfield Asset Management, has successfully refinanced a debt of Rs 2,100 crore associated with its commercial property, Equinox Business Park in Mumbai. The company secured these funds from Punjab National Bank to replace the previous debt, which was initially provided by Housing Development Finance Corporation (HDFC) in two separate installments in 2018 and 2020. ...

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Provident Housing in talks with HDFC Capital to raise over Rs 1,000 crore

Friday 3rd November 2023

Provident Housing Ltd (PHL), a wholly-owned subsidiary of Puravankara Ltd, is currently in discussions with HDFC Capital Advisors to secure over Rs 1,000 crore in funding to support its expansion plans. The proposed capital infusion will be in the form of equity and will be utilized for the construction of middle-income housing projects in the southern regions of Bangalore, Chennai, and Hyderabad, as well as for venturing into new markets. ...

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Godrej Properties net profit grows by 7.41% in Q2 FY24

Friday 3rd November 2023

Godrej Properties has announced a 7.41 percent increase in its consolidated net profit for the quarter ending on September 30, 2023. In Q2 FY24, the company's profit after tax reached Rs 72.64 crore, compared to Rs 67.63 crore in the same period of the previous fiscal year, as stated in a filing with the BSE. ...

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Berger Paints net profit increases by 33% in Q2 FY24

Friday 3rd November 2023

Berger Paints India has posted a 33.08 percent growth in its consolidated net profit for the quarter ending on September 30, 2023. The company's profit after tax in Q2 FY24 reached Rs 292.13 crore, compared to Rs 219.51 crore in the corresponding quarter of the previous fiscal year, according to the company's BSE filing. ...

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Aptus Value Housing Finance net profit up 20% in Q2 FY24

Friday 3rd November 2023

Aptus Value Housing Finance India has reported a 20.04 percent increase in its consolidated net profit for the quarter ending on September 30, 2023. In Q2 FY24, the company's profit after tax stood at Rs 148.01 crore, compared to Rs 123.30 crore in the same quarter of the previous fiscal year, as per the company's BSE filing. ...

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MCD changes building plan sanction fee, houses to cost more in east & south Delhi

Thursday 2nd November 2023

The Municipal Corporation of Delhi (MCD) has decided to impose a compensatory regulatory charge, an additional fee for obtaining building plan approval for all properties, including residential ones, aimed at strengthening civic infrastructure. This fee was previously applied only in areas under the erstwhile north corporation, and there has been ongoing demand for its implementation across the entire MCD jurisdiction since the unification of the three civic bodies. ...

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Punjab & Haryana HC grants bail to M3M group MD in money laundering case

Thursday 2nd November 2023

In a significant development, the Punjab and Haryana High Court has granted regular bail to Roop Bansal, Managing Director of M3M, in a money laundering case, declaring his arrest as "illegal." This decision has led to an embarrassment for the Enforcement Directorate (ED). ...

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Housing policy draft to be cleared in December: Maharashtra housing minister

Thursday 2nd November 2023

The housing policy draft in Maharashtra, which is expected to be approved in December, will emphasize skilled manpower, rental housing programs for migrant workers, and colonies for senior citizens. It will also offer incentives for affordable housing and streamline approval processes, as announced by State Housing Minister Atul Save. ...

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Builders, RWAs liable to pay GST for over-charging electricity tariff from flat owners

Thursday 2nd November 2023

Real estate developers and Resident Welfare Associations (RWAs) will be required to pay 18% GST on electricity bills when they charge more than the power tariff prescribed by Discoms to flat owners. The Central Board of Indirect Taxes and Customs (CBIC) has provided clarification regarding the application of GST on the reimbursement of electricity charges received by entities like real estate companies, malls, airport operators, etc., from their lessees or occupants. ...

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Mumbai air pollution: Cant meet 30- day deadline for smog guns, say builders

Wednesday 1st November 2023

On Monday, builders requested more time from the BMC to implement mandatory measures at project sites to combat pollution, including 35ft-high metal sheets, sprinklers, anti-smog guns, and air quality index (AQI) monitors. Representatives of a developer's organization, along with local MLA Mihir Kotecha, met with the T ward officer and other civic officials to seek this relaxation. ...

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SC issues notice to ED on bail plea of Supertech chairman

Wednesday 1st November 2023

The Supreme Court issued a notice to the Enforcement Directorate regarding the bail plea of Supertech's chairman, who alleges that his arrest by the agency violated the apex court's order. He claims that he has not been provided with the grounds for his arrest. ...

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WeWork plans to file for bankruptcy as early as next week

Wednesday 1st November 2023

WeWork is reportedly planning to file for bankruptcy as early as next week due to its significant debt and substantial losses. The company, backed by SoftBank Group, has seen its shares decline by 96% this year, with a 32% drop in extended trading after the news was first reported by the Wall Street Journal. ...

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Maharahstra housing ministry to help revive stuck realty projects

Wednesday 1st November 2023

The Housing Minister of Maharashtra, Atul Save, has announced that the Maharashtra Real Estate Regulatory Authority will review and revive 7,500 stalled real estate projects in the next two weeks. This initiative is based on recommendations from a committee led by former NITI Aayog CEO Amitabh Kant, which called for state intervention or a rehabilitation policy to address stuck projects. The committee submitted its report to the Ministry of Housing and Urban Development in August. ...

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Dont ban non-polluting infrastructure work, say NCR builders

Monday 30th October 2023

With deteriorating air quality affecting the National Capital Region (NCR), real estate developers are urging the government not to impose bans on construction-related activities that do not contribute to pollution. They emphasize the need to meet project deadlines. According to the revised graded response action plan (GRAP) for the NCR, in the event of "severe" air quality conditions (stage III), authorities will be required to implement a ban on construction and demolition activities in the region. ...

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Delhi government digitises land records to make property sales safe

Monday 30th October 2023

To combat fraudulent property transactions, eliminate corruption, and prevent delays in the registration of sale deeds, the Delhi government's revenue department has initiated an effort to make all land records easily accessible to the general public. Officials have disclosed that digitized records related to various types of land and properties, including gram sabha, enemy, evacuee, custodial, prohibited, acquired, and earmarked properties, have been centralized and integrated with the Delhi Online Registration Information System (DORIS) portal of the revenue department. ...

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Mumbai air pollution: BMC asks some builders to stop work over foul air

Monday 30th October 2023

Under pressure, the BMC has initiated the issuance of stop-work notices to builders who fail to adhere to their recent anti-air pollution guidelines. Reports indicate that a minimum of three to four construction sites, including one in Mulund and another in Santacruz, have received these stop9-work notices. For instance, Prestige City in Mulund (West) received a stop-work notice from the T ward office, which stated that a specialized team tasked with enforcing air pollution control measures visited the construction site and discovered that the builder had not met 13 specified conditions. ...

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Macrotech Developers posts net profit of Rs 202.8 crore in Q2 FY24

Monday 30th October 2023

Macrotech Developers has reported a net consolidated profit after tax of Rs 202.8 crore for the quarter ending on September 30, 2023. This marks a significant turnaround from the net consolidated loss after tax of Rs 932.9 crore registered during the same quarter in the previous fiscal year, as reported in a filing to the BSE. However, the company's net consolidated total income for Q2 FY24 was Rs 1,755.1 crore, representing a slight decrease of 0.35% compared to the Rs 1,761.2 crore recorded in the corresponding quarter of the previous year. ...

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Mumbai: BMC scraps credit note deal with DBS Realty for PAP tenements

Friday 27th October 2023

The BMC has revoked a contract it had previously awarded to DBS Realty in March of the previous year. This contract was for the construction of 4,000 tenements intended for project-affected people (PAPs) in Chandivali, under the new "credit note" policy. The reason for this cancellation was the developer's failure to transfer the land title as required. DBS Realty was responsible for acquiring the necessary land and ensuring the land title was transferred to the BMC before commencing construction. ...

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Indian Bank to wind up Ind Bank Housing after RBI cancels CoR

Friday 27th October 2023

The public sector Indian Bank will wind up its subsidiary, Ind Bank Housing Ltd, following the cancellation of the certificate of registration (CoR) for the Housing Finance Company (HFC) by the RBI. Indian Bank's MD & CEO, S L Jain, confirmed in Chennai that Ind Bank Housing had remained inactive for the past two decades. ...

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ED attaches assets worth over Rs 70 crore of DHFL promoters

Friday 27th October 2023

The Enforcement Directorate has announced the attachment of assets, including diamond jewelry and flats, valued at over Rs 70 crore, belonging to DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan. This action is part of a money laundering investigation related to an alleged bank loan fraud case. ...

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Embassy REIT net profit increases by 68.67% in Q2 FY24

Friday 27th October 2023

Embassy Office Parks REIT (Embassy REIT) has reported a significant increase of 68.67 percent in its net consolidated profit for the quarter ending on September 30, 2023. Its profit after tax reached Rs 216.67 crore in Q2 FY24, compared to the Rs 128.46 crore recorded in the same quarter of the previous fiscal year, as stated in a filing with BSE. ...

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Goldman,Warburg sell - Good Host Spaces for Rs 2,700 crore to Alta Capital

Thursday 26th October 2023

In the most extensive student housing deal ever conducted in India, the real estate investment and asset management firm Alta Capital has acquired a 100% stake in the country's largest student housing platform, Good Host Spaces, previously owned by Goldman Sachs and Warburg Pincus. This acquisition was valued at $320 million, which is nearly 2,700 crore Rupees, according to individuals with direct knowledge of the matter.   ...

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Tenants in cessed buildings must get 405 sq ft rehab flats: Bombay HC

Thursday 26th October 2023

Bombay High Court reaffirmed on Monday that tenants residing in cessed buildings are entitled to receive a rehab flat with a carpet area of 405 square feet. This decision came in response to a writ petition filed by 59 residents of Mohamed Tajbhai chawl in Worli, contesting the developer Oricon Properties Pvt Ltd's proposal to provide them with 351 square feet of carpet area. ...

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NCLT admits insolvency plea against Pune-based Darode Jog Realties

Thursday 26th October 2023

The National Company Law Tribunal (NCLT) has accepted the insolvency application filed by ICICI Bank against the real estate developer Darode Jog Realties. The tribunal has appointed Akansha Rathi as the insolvency professional to oversee the company's affairs until the process is finalized. The bank initiated this action under the Insolvency and Bankruptcy Act of 2016 in February 2022 due to outstanding dues amounting to 154 crore Rupees. The company began defaulting on these payments in November 2021. ...

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Preity Zinta buys apartment in Mumbai Pali Hill for over Rs 17 crore

Thursday 26th October 2023

Bollywood actress and entrepreneur Preity Zinta has recently bought a residential apartment spanning approximately 1,721 square feet in the upscale Pali Hill area of Mumbai's Bandra suburb, within the high-end residential tower known as Rustomjee Parishram. The purchase price for this property exceeded 17 crore Indian Rupees. This transaction values the 11th-floor apartment in the under-construction tower at over 1.15 lakh Rupees per square foot based on a carpet area of 1,474 square feet. ...

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NCLT admits insolvency plea against Precision Realty Developers

Wednesday 25th October 2023

The National Company Law Tribunal (NCLT) has accepted a petition submitted by Phoenix Asset Reconstruction Company, initiating the Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers, a real estate company. This action was taken by a financial creditor due to a default of nearly Rs 119 crore by the property developer.   ...

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Gurugram: Checks at building sites to curb dust rule violations

Wednesday 25th October 2023

In response to the escalating air pollution caused by construction activities and the non-compliance of NGT rules in licensed colonies by property developers and owners, the Department of Town and Country Planning (DTCP) has established a team of assistant town planners, junior engineers, and field technicians. This team's role is to monitor and enforce adherence to NGT rules as part of stage 2 of the Graded Response Action Plan (GRAP). ...

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Piramal Group gets premium for Rs 531 crore residual bad loans

Wednesday 25th October 2023

Piramal Group has successfully offloaded residual non-performing loans amounting to Rs 531 crore related to its Advantage Raheja exposure. This includes assets like the JW Marriott hotel in Bengaluru and a Crowne Plaza unit in Pune. Omkara Asset Reconstruction Co. has acquired these loans, granting them complete ownership of all loans associated with this exposure. These loans, previously represented as security receipts (SR) on Piramal's books, are now being sold for an upfront cash sum. ...

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Macrotech Developers raises Rs 650- crore to refinance high-cost debt

Wednesday 25th October 2023

Macrotech Developers, a prominent player in Mumbai's real estate sector, has secured a debt facility of Rs 650 crore from Standard Chartered Bank and Deutsche Bank for a three-year term. This funding will be used to refinance their high-cost debt. Standard Chartered Bank extended Rs 245 crore at an annual interest rate of 9%, while Deutsche Bank provided Rs 405 crore at a quarterly interest rate of 9.5%. ...

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Mumbai civic body directs infra, realty projects to follow pollution control measures

Monday 23rd October 2023

In response to a recent decline in air quality in Mumbai, the city's civic authority has issued directives to real estate developers and infrastructure-related contractors to adhere to pollution control measures. ...

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Mumbai: Ninth FIR on jailed builder for cheating 28 of Rs 40 crore

Monday 23rd October 2023

Builder Jayesh Tanna, along with his brother Deep and son Vivek, faces another FIR for allegedly defrauding 28 flat buyers of Rs 40 crore. This case is expected to be transferred to the police's economic offenses wing. The new complaint relates to a 2012 redevelopment housing project in Goregaon, which was co-owned by Tanna and operated by Sai Siddhi. Bhavin Barot was seeking to purchase a flat when he visited Pearl CHS in Goregaon. ...

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MCD penalises Godrej Properties arm for violating NGT construction norms

Monday 23rd October 2023

A subsidiary of Godrej Properties was fined Rs 5 lakh by the Municipal Corporation of Delhi (MCD) for not adhering to environmental safety precautions during its construction project. In a regulatory disclosure, Godrej Properties stated that its subsidiary, Godrej Vestamark LLP, received an order under the Delhi Municipal Corporation Act 1957 on October 16. ...

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DLF & Shapoorji Pallonji take Hubtown, PNB to HC over South Mumbai project

Monday 23rd October 2023

DLF and Shapoorji Pallonji jointly held 37.5% each, with their partner Hubtown owning 25% of Joyous Housing LTD (JHL). JHL was in the process of redeveloping a 17-acre slum property near Willingdon Club in Mahalaxmi's Tulsiwadi area. Upon providing free housing to slum dwellers as part of a rehabilitation scheme, the three developers were entitled to around 12 lakh sq ft of free sale space valued at a total of Rs 10,000 crore. ...

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Mumbai: Three builders booked for forging construction documents in Virar

Saturday 21st October 2023

The Virar police, who were investigating a case involving counterfeit seals, arrested five individuals in August. These individuals were accused of constructing 55 residential buildings using forged documents. Now, three more builders have been booked by the Virar police in a similar case.   ...

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MahaRERA deregisters three projects in Mumbai, one in Pune

Saturday 21st October 2023

MahaRERA (Maharashtra Real Estate Regulatory Authority) has canceled the registration of seven projects in the state. This decision came after developers cited financial difficulties and poor responses to their projects. Among these projects, one is from Pune, three from Mumbai, two from Thane, and one from Sindhudurg. The Pune project is located in the Karvenagar area. ...

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Lake Shore India invests Rs 415 crore in 3.3 lakh sq ft mall in Pune

Saturday 21st October 2023

Lake Shore India has invested around Rs 415 crore in its first mall located in Koregaon Park. The real estate investment manager acquired this property in 2019. The mall spans over 3.3 lakh square feet and houses a collection of 100 brands, including renowned luxury brands such as Michael Kors, West Elm, White Crow, Victoria's Secret, Nappa Dori, Hugo Boss, Brooks Brothers, and Tumi in anchor spaces. ...

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Lake Shore India invests Rs 415 crore in 3.3 lakh sq ft mall in Pune

Saturday 21st October 2023

Lake Shore India has invested around Rs 415 crore in its first mall located in Koregaon Park. The real estate investment manager acquired this property in 2019. The mall spans over 3.3 lakh square feet and houses a collection of 100 brands, including renowned luxury brands such as Michael Kors, West Elm, White Crow, Victoria's Secret, Nappa Dori, Hugo Boss, Brooks Brothers, and Tumi in anchor spaces. ...

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Paytm Payments Bank MD buys two duplexes in Mumbai for Rs 20 crore

Saturday 21st October 2023

Surinder Chawla, who serves as the Managing Director and Chief Executive of Paytm Payments Bank, has acquired two duplex apartments in the luxury residential tower named 'Sky Forest' located in the Lower Parel area of Mumbai. The combined cost of these two adjacent apartments on the 42nd and 43rd floors, both offering a sea view, is Rs 20 crore. These apartments have a total area of 3,488 square feet. Additionally, Chawla will have access to four parking slots as part of the deal. ...

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Mumbai builder sent to judicial custody in Rs 4 crore flats scam

Friday 20th October 2023

In a cheating case, Mumbai-based builder Suresh Bhatade has been remanded to judicial custody by Judicial Magistrate NR Indalkar for the illegal sale of six flats in Pioneer CHS, Panvel, collectively valued at Rs. 4.3 crore. In a separate development, Additional Sessions Judge KG Paldwar has denied anticipatory bail requests for two other builders, including retired Assistant Commissioner of Income Tax Sunita Joshi, and another Mumbai-based builder Bhavesh Jain. ...

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Adani Group set to refinance $3.5 billion debt taken for ACC-Ambuja buy

Friday 20th October 2023

The Adani Group is on the verge of finalizing an agreement to refinance $3.5 billion in loans used for the acquisition of ACC Ltd and Ambuja Cement last year. A consortium led by Barclays, Deutsche Bank, Standard Chartered, and supported by 18 global banks, is facilitating the debt refinancing for what was the largest M&A deal in India's building materials industry. ...

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PropShare Capital launches second fund PREF II; plans to raise Rs 500 crore

Friday 20th October 2023

PropShare Capital, a SEBI-registered category-II AIF manager, has introduced the PropShare Real Estate Fund II (PREF II), the second scheme within their existing category II Alternative Investment Fund (AIF). PREF II aims to raise Rs. 500 crores with an additional Rs. 200 crore green shoe option. It will primarily invest in completed Class A income-generating commercial real estate properties leased to multinational and blue-chip tenants in India's technology hubs. ...

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Godrej Landmark Redevelopers receives order for GST demand worth Rs 129.39 crore

Friday 20th October 2023

Godrej Landmark Redevelopers (GLRPL), now merged with Godrej Projects Development (GPDL), a subsidiary of Godrej Properties, has been ordered by the Additional Commissioner of CGST & C. Ex. in Navi Mumbai to pay a GST demand of Rs. 129.39 crore, in addition to interest and a penalty of Rs. 129.39 crore. ...

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Ahmedabad civic body cancels permit, licences of HR Exeter-2 project

Thursday 19th October 2023

The Ahmedabad Municipal Corporation (AMC) revoked development permission for the HR Exeter-2 construction site in Ambawadi following a tragic incident in which a girl lost her life on the site. Upon inspection, AMC officials discovered that the company had failed to implement necessary safety measures at the location. ...

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Delhi development authority launches mega e-auction for prime plots

Thursday 19th October 2023

The Delhi Development Authority has initiated a large-scale e-auction for prime plots, built-up shops, kiosks, mobile tower sites, and other properties. This online bidding event is scheduled to take place over three days, from November 7 to 9, for the convenience of the public. ...

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SC order paved way for bail to Ireo MD in money laundering case

Thursday 19th October 2023

The Supreme Court's decision to grant bail to the directors of real estate firm M3M, Basant Bansal and Pankaj Bansal of Gurugram, set the stage for Lalit Goyal, MD of Ireo Group, to secure bail from the special Prevention of Money Laundering Act (PMLA) court in Panchkula. Goyal was granted bail on October 13, with the judge meticulously examining potential violations related to his arrest by the enforcement directorate in light of Supreme Court directives. ...

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NCLT admits insolvency plea against Supertech ORB

Thursday 19th October 2023

Supertech ORB, a project constructing luxurious high-rise residential apartments in the southeastern suburbs of Delhi-NCR, is facing bankruptcy proceedings. This situation may lead to a delay in handing over the properties to the homebuyers in one of Noida's most upscale residential areas. Furthermore, Supertech's other project along the Noida-Greater Noida Expressway encountered issues when twin towers had to be demolished due to construction faults and rule violations. ...

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Mahindra Lifespaces to jointly develop 37-acre plot in Mumbai Bhandup

Wednesday 18th October 2023

One of the largest land parcels in Mumbai, spanning 37 acres and owned by the defunct engineering firm Guest Keen Williams (GKW) in Bhandup, will undergo joint development by the landowner and the real estate company Mahindra Lifespaces. ...

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Orient promoter CK Birla taps Adani for cement business sale

Wednesday 18th October 2023

CK Birla, an industrialist, has approached Gautam Adani to sell his promoter stake in Orient Cement, a listed company. This move came after Birla rejected initial offers from other domestic players as they did not meet his valuation demands. Senior executives from both sides have held discussions regarding a potential deal. It's worth noting that the Adani Group already possesses India's second-largest cement capacity. ...

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Google leases office space in Blackstone GIFT City tower

Wednesday 18th October 2023

Google Inc, the tech giant, has secured office space spanning an entire floor in the Fintech One commercial tower at Gujarat International Finance TecCity (GIFT) in Gandhinagar, which is owned by Blackstone Group. This space will be used to establish Google's global fintech center. ...

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Mukesh Ambani luxury real estate bet gets HSBC financing boost

Wednesday 18th October 2023

HSBC Holdings Plc has increased the size of a loan arrangement for a part of Mukesh Ambani's business empire in India, showing confidence in Asia's wealthiest individual. Initially, the London-based bank offered a £60 million ($73 million) loan facility to a Reliance Industries Ltd subsidiary shortly after its acquisition of the Stoke Park estate in southeast England for £57 million in 2021, as per UK registry filings. ...

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Builders not to build power infrastructure, as Haryana brings in major policy change

Tuesday 17th October 2023

In a significant policy change rectifying a prior decision that burdened numerous housing societies, the Haryana government will no longer require developers to construct power substations or provide bank guarantees for them. The Haryana Electricity Regulatory Commission (HERC) has notified that these substations will be built by distribution companies. Developers will be responsible for the sanctioned load of a condominium or township and will need to allocate land for the substation to the discom at no cost. ...

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Noida authority demolishes 50 farmhouses on Yamuna floodplains, more to follow

Tuesday 17th October 2023

In its first anti-encroachment operation since this year's floods, the Noida Authority demolished approximately 50 illegal farmhouses situated on the Yamuna floodplains in Sector 151. These farmhouses encompassed several acres and had concrete structures where commercial activities were being conducted. ...

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Maruti leases 270,000 sq ft at Tag Avenue in Gurugram

Tuesday 17th October 2023

Maruti Suzuki, India's largest passenger car manufacturer, has secured a 270,000 sq ft lease in Tag Avenue, a commercial building located in Gurgaon. This move follows a request from Haryana Chief Minister Manohar Lal Khattar last year for the automobile giant to relocate its corporate office to Gurgaon. As part of this agreement, 900 acres of land were allocated to Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana. ...

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Cidco cancels allotment of two plots in Navi Mumbai to Godrej Properties

Tuesday 17th October 2023

The City and Industrial Development Corporation of Maharashtra (CIDCO) has revoked the allocation of two adjacent plots in Sampada, Navi Mumbai, to Godrej Properties, as reported in a BSE filing. Godrej Properties has contested this cancellation by filing a writ petition with the Bombay High Court. ...

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Emaar India to invest $1.85 billion in two years: CEO Kalyan Chakrabarti

Monday 16th October 2023

Emaar India, the local subsidiary of Dubai's Emaar Properties, plans to invest at least $1.85 billion over the next two years. CEO Kalyan Chakrabarti aims to achieve in 21 months what previously took 21 years, with a plan to release approximately 10 million square feet of real estate in key markets such as Mumbai, Pune, Bengaluru, and Hyderabad.   ...

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Cement industry struggles to compete in oversees markets

Monday 16th October 2023

The Indian cement industry is facing challenges in competing in international markets due to duty-free imports of cement in the country, along with the duties imposed on domestic producers for raw materials. The PHD Chamber of Commerce and Industry (PHDCCI) has conveyed this concern to the commerce and industry ministry. ...

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Proptech firm Blox to buy controlling stake in Justo for Rs 350 crore

Monday 16th October 2023

Blox, an AI-powered proptech company, is in the final stages of acquiring a controlling stake in Justo, a mandate brokerage firm with a strong presence in Maharashtra. The deal is valued at ?350 crore and is expected to be completed using a combination of cash and stock, according to individuals with direct knowledge of the matter. ...

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Delhi court denies default bail to Supertech chairman in money laundering case

Monday 16th October 2023

A Delhi court has rejected R K Arora's request for 'default bail' in a money laundering case. Arora, the chairman and promoter of Supertech Group, argued that he should be granted bail due to an 'incomplete charge sheet' filed by the central probe agency, but Additional Sessions Judge Devender Kumar Jangala dismissed the application. ...

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Mumbai: Highstreet Paramvir Developers failed to give information sought for audit

Friday 13th October 2023

The Economic Offences Wing (EOW) of the city police has launched an investigation into Highstreet Paramvir Developers for financial irregularities following a complaint from the Maharashtra Real Estate Regulatory Authority (MahaRera). These irregularities revolve around a project situated on a 6,525 sqft plot in Khar. MahaRera filed the complaint after conducting a forensic audit of the project. Notably, this marks the first instance in which the real estate regulator has taken action against financial improprieties. ...

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Mumbai: Borivli CHS, developer sent to arbitrator over transit rent dispute

Friday 13th October 2023

In a separate legal matter, the Bombay High Court has appointed a single arbitrator to resolve a dispute related to a redevelopment agreement that has been ongoing for over a decade. The court has also directed the secretary of the cooperative housing society involved to provide the relevant documents and records of the society, including checkbooks, to its chairman within one month. ...

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Bombay HC refuses bail to Radius Group MD in Yes Bank money laundering case

Friday 13th October 2023

The Bombay High Court has declined to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case. The court reasoned that money laundering involves intricate processes designed to legitimize illegally obtained funds, necessitating thorough investigation. ...

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Litigants cant hijack court cases: Bombay HC; Rs 2 lakh cost imposed on Modern Realty

Friday 13th October 2023

Bombay High Court bench, comprised of Chief Justice Devendra Kumar Upadhyaya and Justice Arif Doctor, dismissed a petition from builder Modern Realty Pvt Ltd seeking permission to participate in a BIT chawl redevelopment tender process. The court also imposed a fine of Rs 2 lakh on Modern Realty Pvt Ltd, payable to KEM Hospital and Medical College within one month, emphasizing that court proceedings should not be exploited by unscrupulous litigants. ...

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Supreme Court rejects bail plea of expromoter of AN Buidwell

Thursday 12th October 2023

The Supreme Court has dismissed the bail request from the former promoter, Surendra Kumar Hooda, of a real estate company accused of defrauding investors, and has ordered them to surrender. On October 4, a bench of justices Aniruddha Bose and Bela M Trivedi rejected the plea of Surendra Kumar Hooda, the former promoter and director of AN Buildwell, a real estate firm.   ...

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NGT bars leasing of plot next to Navi Mumbai creek for development

Thursday 12th October 2023

The National Green Tribunal (NGT) has prohibited Cidco, the planning authority for Navi Mumbai, from leasing a 25,000 sq m (6.2 acre) plot near the NRI Colony in Seawoods, Nerul, falling under Coastal Regulation Zone (CRZ). Local residents and activists have been opposing Cidco's plans to auction the plot, which is located in a mangrove and flamingo habitat, for residential and commercial purposes. ...

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Hero Realty forms JV with Saheb Enterprise for a residential project in Gurugram

Thursday 12th October 2023

Hero Realty Pvt Ltd has formed a new joint venture (JV) with Saheb Enterprise, based in Gurgaon, to construct a high-end residential complex in sector 104, Gurgaon. This marks the second partnership between Hero Realty and the same company. In April 2023, both firms entered into a JV to develop a project covering approximately 2 million square feet, with an anticipated revenue of Rs 2,000 crore. ...

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Jaypee Group cites banks support, Amitabh Kant panel report before Allahabad HC

Thursday 12th October 2023

Banks that provided financing to Jaiprakash Associates Ltd (JAL), the primary company of the struggling Jaypee Group, have submitted affidavits in the Allahabad High Court in support of the developer's petition to invalidate an order from the Yamuna Expressway Industrial Development Authority (YEIDA) that canceled the allocation of 1,000 hectares of land to the company. ...

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iSprout raises Rs 40 crore from Vivriti Asset Management

Wednesday 11th October 2023

iSprout, a co-working company, has secured an investment of Rs 40 crore by issuing its first secured bond. This bond was subscribed by Vivriti Asset Management (VAM), a credit asset manager with investments exceeding Rs 3,000 crore in mid-market enterprises. ...

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Give SRA powers to evict illegal occupants: Bombay HC

Wednesday 11th October 2023

The Bombay High Court, on Monday, expressed the need to grant the Slum Rehabilitation Authority (SRA) and the state government summary powers, even if they are considered "draconian," to remove unauthorized occupants of SRA flats. This concern arises due to illegal transfers and the improper use of rehabilitation tenements. The ownership of SRA rehabilitation flats, allocated free of cost to project-affected individuals, cannot be transferred within 10 years of allocation, except to heirs. ...

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NSDL to acquire office space in BKC from IDFC Bank

Wednesday 11th October 2023

The National Securities Depository Limited (NSDL) has purchased a 68,000 sqft office space from IDFC First Bank in Mumbai's Bandra-Kurla Complex (BKC) for roughly Rs 198 crore. This decision is part of the bank's efforts to consolidate its operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai, as mentioned in their regulatory filing. ...

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Godrej Properties to sell 14 acres land in Gurugram

Wednesday 11th October 2023

Godrej Properties is in advanced negotiations with Hero Realty to sell a 14-acre land parcel in Gurugram, valued at around Rs 730 crore. The Mumbai-based real estate company acquired this land in Sector 89 approximately two years ago from a local land-aggregating company. ...

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MahaRERA to cancel 291 projects if builders dont update QPR in a month

Tuesday 10th October 2023

MahaRera is set to cancel the registration of 291 real estate projects that have been suspended unless builders update quarterly progress reports by November 10. These projects include 104 in MMR, 63 in Pune, and 46 in Nashik. The suspension of registration came about because Forms 1, 2, and 3, which provide project status information, were not submitted on the MahaRera website. Out of the 363 initially suspended projects, 72 have updated their information and paid a fine of Rs 50,000. ...

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Ghaziabad: 18 years on, no nod for Suncity hi-tech township yet

Tuesday 10th October 2023

The GDA board has revoked Suncity Hi-tech Infrastructure's plan to develop a residential project on 828 acres off NH-9 due to MoU violations and unpaid dues. This decision has left numerous homebuyers in uncertainty. Originally proposed in 2005 under the state government's hi-tech township policy, the project was meant to cover 4,312 acres. However, land acquisition delays due to farmer protests allowed the developer to acquire only 828 acres over 18 years. ...

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Gurugram: 45 South City houses are under lens for violations

Tuesday 10th October 2023

The Department of Town and Country Planning (DTCP) has issued show-cause notices to 45 residential properties in South City 2 for property misuse and violations of the Haryana Urban Development Act, 1975. After a recent survey, the DTCP enforcement team found these properties to be in violation of regulations. Property owners have been given seven days to respond to the notices, or they could face actions such as restoration orders and cancellation of occupation certificates. ...

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Experion buys six-acre land parcel in Gurugram for Rs 400 crore

Tuesday 10th October 2023

Experion Development has successfully acquired a six-acre land parcel in Gurugram's Sector 53, valued at approximately ?400 crore, through an auction organized by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. Additionally, the HSVP auctioned a two-acre plot in Sector 56 for ?120 crore to TREVOC (The Real Estate Venture of Chawlas), one of the three promoters in the Spaze group. ...

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Godrej Properties land deal in Nagpur faces one more case

Monday 9th October 2023

Another lawsuit has been filed against Godrej Properties regarding the Rs227 crore real estate deal from last year, involving a 58-acre land parcel near the Besa area of the city. Following a case citing provisions of Muslim personal law, this second suit challenges the deal on the grounds of the Mental Health Act, which safeguards the interests of mentally challenged individuals. ...

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Centrum Capital explores sale of its stake in housing finance business

Monday 9th October 2023

Centrum Capital, the financial services company led by Jaspal Bindra, is considering the possible sale of its stake in its mortgage financing business, Centrum Housing Finance, as reported by two informed sources. The Mumbai-based Centrum group currently holds a 74% stake in Centrum Housing Finance, with private equity investor Morgan Stanley PE Asia holding approximately 25%, following a ?190 crore investment in the business in 2020. ...

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Repair or demolish? Bombay HC to examine civic guidelines for unsafe buildings

Monday 9th October 2023

The legal dispute surrounding Mehta Mahal, referred to by the Bombay High Court as one of the most contested properties in south Mumbai, may determine whether local body guidelines can ever establish enforceable rights in favor of private individuals. This 56-year-old commercial building on Mathew Road, a narrow lane leading from Charni Road to the rear of Opera House, is once again in court, this time over a 2021 report by an expert panel appointed by the BMC concerning its structural stability. ...

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Implement old zoning policy for fourfloor buildings in one month: Gurugram builders

Monday 9th October 2023

Developers and residential plot owners are reiterating their demand for the state to implement its policy, which allows for the construction of four floors before Diwali, in order to provide relief to property owners and homebuyers. It has been eight months since the government put approvals for new four-floor building plans in residential areas on hold, following protests by residents who claimed that these "builder floors" were straining resources and infrastructure in already densely populated colonies. ...

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Maharashtra CM orders fire safety audits of all SRA buildings

Saturday 7th October 2023

Following a tragic blaze in a residential building in Goregaon, Mumbai, resulting in the loss of seven lives and injuries to 62 individuals, including two minors, Maharashtra Chief Minister Eknath Shinde has instructed officials to conduct fire audits for all Slum Rehabilitation Authority buildings. The fire occurred in the Jay Bhavani SRA building, leaving five people in critical condition out of the 62 injured. ...

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Title not clear but Ahmedabad development body offers plots to LuLu Group

Saturday 7th October 2023

The Ahmedabad Urban Development Authority (Auda) plans to auction two plots in Chandkheda town planning scheme 44, even though it has not officially taken possession of one of the plots, which still belongs to private landowners. These plots were included in the TP scheme and designated for commercial sale by Auda. ...

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Haryana CM announces regularisation of additional 303 unauthorised colonies

Saturday 7th October 2023

Haryana Chief Minister Manohar Lal Khattar announced the immediate regularization of 303 unauthorized colonies across 14 districts, allocating Rs 3,000 crore for comprehensive infrastructure development within these colonies. Among these colonies, 193 fall under 39 municipalities, and 110 are under the jurisdiction of the Town and Country Planning Department. ...

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HSVP auctions two land parcels in Gurugram for Rs 520 crore to Experion & Trevoc group

Saturday 7th October 2023

Experion Developers recently acquired a six-acre land parcel in Gurgaon's Sector 53, valued at approximately Rs 400 crore, through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. Additionally, a two-acre plot in Sector 56 was auctioned to TREVOC (The Real Estate Venture of Chawlas) for Rs 120 crore. TREVOC is one of the three promoters associated with the Spaze group. ...

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Macrotech Developers sales bookings up 12% annually to Rs 3,530 crore in Jul-Sep 2023

Friday 6th October 2023

Macrotech Developers has reported a 12 percent year-on-year increase in sales bookings, totaling Rs 3,530 crore during the July-September period, driven by robust demand in the housing sector. In the same period of the previous fiscal year, the company had recorded sales bookings of Rs 3,150 crore.   ...

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Enforcement directorate attaches Shine City properties worth Rs 17.9 crore

Friday 6th October 2023

The Enforcement Directorate (ED) has provisionally attached properties valued at Rs 17.92 crore belonging to M/s Shine City Properties Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These attached properties consist of 47 parcels of land measuring 10.27 hectares located in Rajatalab Tehsil of Varanasi. ...

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Gurugram: Five illegal colonies near Sultanpur sanctuary demolished

Friday 6th October 2023

In an effort to combat illegal colonies and unauthorized commercial activities, the enforcement team of the Department of Town and Country Planning (DTCP) has demolished five illegal colonies that had sprung up in a no-construction zone near Sultanpur Sanctuary. Additionally, the department has sealed 28 major commercial stores that were operating illegally in Sushant Lok 2. ...

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SMFG India Credit leases 1,94,000 sq ft at Embassy 247 in Mumbai

Friday 6th October 2023

SMFG India Credit Company, a subsidiary of the Japanese conglomerate Sumitomo Mitsui Financial Group (SMFG), and Singapore's Fullerton Financial Holdings (FFH) have signed a lease agreement for 194,000 square feet of space at Embassy 247 in Vikhroli, Mumbai. Cushman & Wakefield played a role in facilitating this transaction for SMFG. ...

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Developers on land acquisition spree on Noida Expressway

Thursday 5th October 2023

While more than 20,000 homebuyers await the delivery of their homes due to the insolvency of Jaypee townships in Noida and Greater Noida, these land parcels have attracted various developers. In the past year, companies like Max, L&T, Gaurs, Saya, Paras, and Gulshan have purchased land worth Rs 3,000 crore and initiated projects with a revenue potential exceeding Rs 10,000 crore.   ...

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Raymond to invest Rs 301 crore in Ten X Realty

Thursday 5th October 2023

Raymond's board of directors has approved an investment of up to Rs. 301 crore in Ten X Realty (TXRL), a wholly-owned subsidiary of the company. This investment will include up to Rs 125 crore in redeemable preference shares, subject to final terms and agreements. ...

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In jail since 2019, plead HDIL promoters; court refuses to grant bail

Thursday 5th October 2023

The special PMLA court has denied bail to HDIL promoters Rakesh and Sarang Wadhawan. They had requested bail, arguing that they had spent more than half of the prescribed sentence as undertrials. The court's decision was based on the rejection of their earlier bail pleas, indicating their deep involvement in money laundering. The father-son duo was initially arrested in a case related to the Punjab and Maharashtra Co-operative (PMC) Bank in 2019. ...

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Lenskart Peyush Bansal buys south Delhi property for Rs 18 crore

Thursday 5th October 2023

Peyush Bansal, the CEO and co-founder of Lenskart, has acquired property in Delhi's Neeti Bagh for Rs 18 crore, purchasing the basement and ground floor of an 813-square yard property. He also paid Rs 1.08 crore for stamp duty and corporation taxes, according to documents accessed through CRE Matrix, a data analytics firm. ...

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Two directors of M3M granted bail by SC in money laundering case

Wednesday 4th October 2023

In a money laundering case, the Supreme Court on Tuesday granted bail to Basant Bansal and Pankaj Bansal, directors of the Gurugram-based realty group M3M. Following the submission of arguments by lawyers, a bench of justices A S Bopanna and Sanjay Kumar, which had reserved its verdict on September 11, extended relief to the directors of the realty firm. ...

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Maharashtra government approves law to evict redevelopment dissenters

Wednesday 4th October 2023

In private housing societies registered under the Maharashtra Apartment Ownership Act, the state cabinet has approved a proposal from the housing department to amend the act, enabling the forcible eviction of members who obstruct redevelopment. ...

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Gurugram: All stages of structural audit to be carried out at a time in highrises

Wednesday 4th October 2023

To enhance transparency and reduce costs and time, the district administration has instructed that all three stages of structural audits for high-rise residential societies be conducted concurrently. Although tests to assess the structural integrity and stability of 38 societies in the city have been underway in two phases since April last year, no concrete progress has been made yet. ...

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Uttar Pradesh plan for stalled projects: Four-year zero period & codeveloper rights

Wednesday 4th October 2023

The state government is likely to introduce a rehabilitation package for stalled projects, taking into account key recommendations from an expert committee led by bureaucrat Amitabh Kant earlier this year. During a meeting in Lucknow on September 28, specifically convened to discuss the expert panel's suggestions and chaired by the chief secretary, there was unanimous agreement to provide developers with a four-year 'zero period' and allow the original allottees to bring in co-developers to complete financially viable projects. ...

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Ludhiana civic body collects 71% of revenue target for property tax

Tuesday 3rd October 2023

In the first half of the current fiscal year, the Ludhiana Municipal Corporation (MC) has successfully collected around 70.7% of its targeted property tax revenue, amounting to Rs 130 crore for the city. The local body had set a goal of acquiring Rs 90 crore in property tax by September 30. To encourage tax return filing, the local bodies department had also announced a 10% rebate for taxpayers who settled their dues by September 30. ...

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WeWork to withhold interest payment on some notes

Tuesday 3rd October 2023

WeWork Inc. announced on Monday its decision to withhold approximately $95 million in interest payments related to some of its notes as part of its efforts to enhance its capital structure. WeWork, supported by SoftBank, has been facing challenges since its 2019 initial public offering plans fell apart due to concerns about substantial losses and doubts about its business model, which involves long-term leases and short-term rentals. ...

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Breather for buyers as town planner revokes ban on registries in Sushant Lok

Tuesday 3rd October 2023

Providing relief to numerous homeowners and potential buyers of Ansal properties, the Department of Town and Country Planning (DTCP) has executed deeds in Sushant Lok 2 and 3. Builder floor owners have faced difficulties in selling or buying properties since DTCP imposed a registration ban in the area last year, following the developer's failure to renew its license on May 25, 2022. ...

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SSSC Escatics properties seized by court in loan default of over Rs 200 crore

Tuesday 3rd October 2023

A court-appointed commissioner has taken symbolic possession of properties owned by developer Jayesh Tanna in various Mumbai locations, including Borivli, Andheri, Goregaon, south Mumbai, and Kandivli, due to a loan default exceeding Rs 200 crore under The Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession is a tactic to pressure the debtor to clear the dues without banks physically taking control of the properties. ...

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Over 1,600 properties on list of tax defaulters in Nagpur

Friday 29th September 2023

The Nagpur Municipal Corporation (NMC) has compiled a list of 1,664 properties, including hotels, clubhouses, lawns, hospitals, and theaters, with outstanding property tax payments totaling Rs 66.38 crore. Private hospitals, which have been criticized for misusing parking spaces and causing traffic problems, top the list of defaulters, owing the corporation Rs 27.29 crore collectively.   ...

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Gujarat RERA to penalize builders for pre-registration sales

Friday 29th September 2023

To safeguard home buyers from potential fraud, the Gujarat Real Estate Regulatory Authority (Rera) will take proactive measures and impose penalties on builders involved in soft launches or pre-Rera marketing without obtaining the mandatory Rera registration number. Many developers sell units at lower rates before obtaining Rera approval, which violates Rera regulations and leaves buyers unprotected under the law. ...

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Co-working firm EFC exploring FPO, other routes to raise funds for expansion

Friday 29th September 2023

Co-working spaces firm EFC India is exploring various options, including a Follow-on Public Offer (FPO), to raise funds for expanding its capacity to accommodate 60,000 seats by the end of this fiscal year. The company recently announced the acquisition of approximately 5 lakh square feet of office space in Pune, Noida, Hyderabad, and Kolkata. ...

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Godrej Properties acquires 49% equity shares of Godrej Skyline Developers for Rs 37.64 crore

Friday 29th September 2023

Godrej Properties (GPL) has purchased 49% of Godrej Skyline Developers' (GSDPL) equity shares for Rs 37.64 crore from the existing shareholder. Following this acquisition, the company, along with its wholly-owned subsidiary Godrej Projects Development (GPDL), now holds 93% of GSDPL's equity share capital. ...

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Over 20 government departments owe Rs 23.84 crore property tax to Panchkula civic body

Thursday 28th September 2023

The Municipal Corporation (MC) commissioner, Sachin Gupta, conducted a review meeting of the property tax branch on Tuesday and instructed them to send notices to 22 government property tax defaulters who collectively owe Rs 23.84 crore to the MC. ...

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Linkedin renews lease for office space in Mumbai Bandra-Kurla Complex

Thursday 28th September 2023

LinkedIn, the social media platform focusing on business and employment, has extended its lease for approximately 18,000 square feet of office space in the Maker Maxity commercial project located in Mumbai's business district, Bandra-Kurla Complex (BKC). This lease renewal is for a long-term tenure of five years. ...

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Delhi: Construction firms told to register on portal before GRAP kicks in

Thursday 28th September 2023

With the updated GRAP set to be enforced from October 1, the Delhi Pollution Control Committee (DPCC) has instructed construction companies to register on a designated web portal to be allowed to carry out their activities. DPCC has also reinforced the importance of adhering to a 14-point dust mitigation plan for all construction and demolition activities in Delhi. Additionally, they have introduced a 27-point checklist for projects exceeding 500 square meters in a bid to reduce dust pollution. ...

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Cement makers hike prices to counter rising costs

Thursday 28th September 2023

Cement manufacturers have recently increased prices by approximately 12-13% in response to rising input costs, even though the expected post-monsoon demand surge has not yet materialized. This move is seen as a bold departure from the cautious approach cement companies had taken in setting prices in previous months. ...

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How to revive stalled projects? Uttar Pradesh government may decide on waivers this week

Wednesday 27th September 2023

Representatives from the Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow on Thursday to discuss strategies for reviving stalled real estate projects in their respective regions. They will also deliberate on the recommendations put forth by a committee chaired by bureaucrat Amitabh Kant regarding potential waivers for developers to facilitate the completion of delayed projects. ...

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Delhi court takes cognisance of charge sheet against Supertech chairman

Wednesday 27th September 2023

In a money laundering case, a Delhi court has acknowledged the charge sheet submitted by the Enforcement Directorate against the chairman and promoter of the Supertech real estate group. Special Judge Devender Kumar Jangala has stated that there appears to be sufficient incriminating evidence against the accused in the case. ...

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UP RERA warns buyers, investors against misleading, fraudulent ads

Wednesday 27th September 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has labeled the advertisements for Sarvottam World as "misleading and fraudulent." UP RERA has cautioned prospective buyers and investors about an upcoming project called 'Megapolis/Sarvottam Megapolis' within the hi-tech township of 'NEWOIDA,' which is being promoted by 'Sarvottam World.' These misleading advertisements have been disseminated across various media platforms, including newspapers, radio, and digital channels, according to an official statement. ...

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Godrej Fund set to sell three floors in BKC project for Rs 900 crore

Wednesday 27th September 2023

Godrej Fund Management, the real estate private equity arm of the Godrej Group, is nearing the sale of office space spanning three floors in the Godrej BKC commercial project located in Mumbai's Bandra Kurla Complex. The deal, valued at approximately ?900 crore, is in its final stages, with both parties having signed a term sheet, and property due diligence is underway. ...

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Japan Sumitomo Corp concludes 80- year lease for BKC plot for Rs 2,067 crore

Tuesday 26th September 2023

Japan's Sumitomo Corporation Group has finalized a long-term lease agreement for a nearly 3-acre land parcel in Mumbai's Bandra-Kurla Complex, in collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA), for a sum exceeding Rs 2,067 crore. This land parcel was acquired through an 80-year lease agreement by Goisu Realty, a subsidiary of Sumitomo Realty & Development Company. ...

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What is your stand on Jaypee Group land row, Allahabad HC asks financiers

Tuesday 26th September 2023

The Allahabad High Court has requested that banks which provided financing to the Jaypee Group clarify their positions in a case related to the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). Notably, this disputed land includes the Buddh International Circuit, where the three-day MotoGP event concluded on Sunday. ...

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House construction may get costlier in south, east Delhi

Tuesday 26th September 2023

The construction of residential buildings in south and east Delhi may soon become more expensive due to the Municipal Corporation of Delhi (MCD) considering the imposition of "compensatory regulatory charges." Previously, this fee was only applied in north Delhi by the former north corporation. The proposed fee will be calculated based on the built-up area of new residential constructions or renovations to existing residential buildings. ...

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ED provisionally attaches land worth over Rs 125 crore in Unitech case

Tuesday 26th September 2023

The Enforcement Directorate has provisionally attached land valued at Rs 125.06 crore owned by Unitech Infopark Limited as part of its investigation into money laundering allegations stemming from complaints by Unitech group home buyers. Officials announced this development on Monday. Specifically, the ED has provisionally attached 39.83% of the shares of a 4.79-acre land parcel within the Uniworld City township in Nallambakkam, Chennai. ...

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Gurugram: Buyers seek handover of flats, Orris Infrastructure says waiting for SC order on plea

Monday 25th September 2023

A group of homebuyers gathered at the Greenopolis project site in Sector 89 to inquire about the status of their flats on Sunday. They urged the developer to complete the project, which has been delayed by over eight years, as soon as possible and hand over the flats to them. ...

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Uttar Pradesh government to launch trust-based building plan approval system

Monday 25th September 2023

Uttar Pradesh is set to introduce a new system called FASTPAS (fast and simplified trust-based plan approval system) for granting approvals for building maps and layouts in townships. This new system is being implemented to accommodate the latest tools and concepts introduced by the state to promote urbanization. FASTPAS will enable applicants to purchase additional floor area ratio (FAR), facilitate land use changes, and avail of compensatory FAR, among other options. ...

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LandCraft leases Salman Khan Mumbai property for gourmet store

Monday 25th September 2023

LandCraft Retail has signed a lease for a commercial property on Linking Road in Mumbai, owned by actor Salman Khan, at a monthly rent of 1 crore rupees. They intend to open a new gourmet store called Food Square, replacing the debt-ridden Future Group's Food Hall. This new chain will compete with Nature's Basket and Reliance Freshpik, both owned by RP Sanjiv Goenka. ...

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Gaurs Group buys two projects for Rs 700 crore

Monday 25th September 2023

The Gaurs Group, based in Noida, has acquired 18 acres of land in Sector 129 of Noida and a stalled project in Jaypee Greens, Greater Noida, for approximately 1700 crore rupees, according to three individuals familiar with the transaction. The Noida land will be utilized for a Grade-A retail and office project. In Jaypee Greens, the real estate company will complete two stalled residential towers and create an additional 1.5 million square feet of space. ...

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Real estate agents in Maharashtra can get competency certificates by January 1

Friday 22nd September 2023

MahaRERA has extended the deadline for 32,000 registered real estate agents to complete their competency certification from September 1 to January 1, 2024. The order specifies that only agents with valid certificates will be permitted to apply for and renew real estate registrations. ...

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Limit our responsibility to seven days after granting OCs: Gurugram architects

Friday 22nd September 2023

Architects, who are now authorized to issue occupation certificates (OCs) for residential buildings under a self-certification scheme, are calling for a seven-day time limit for their responsibilities after granting the certificates. They also propose that property owners should be held accountable if there are any rule violations or changes in the buildings after this seven-day period. ...

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DLF rental arm DCCDL raises Rs 1,100 crore through issue of debentures

Friday 22nd September 2023

DLF's rental subsidiary, DCCDL, has successfully raised Rs 1,100 crore through the issuance of non-convertible debentures on a private placement basis. DLF has disclosed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allocation of these debentures. DCCDL has sanctioned the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) with a face value of 1 lakh each, on a private placement basis to eligible investors. ...

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Viacom18 to strike deal with Blackstone for new Mumbai HQ: Sources

Friday 22nd September 2023

Viacom18, the broadcasting unit of Indian billionaire Mukesh Ambani, is reportedly finalizing a lease agreement with Blackstone-owned Nucleus Office Parks for its new headquarters in Mumbai, spanning 400,000 square feet. This new office will be situated across approximately eight floors within the "One International Center" complex in Mumbai's Lower Parel business district. Viacom, known for its TV channels and the JioCinema digital streaming platform, competes with giants like Walt Disney in India. ...

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Nagpur: MahaRERA freezes builders escrow accounts over non-filing of returns

Thursday 21st September 2023

In a firm response to builders, the Maharashtra Real Estate Regulatory Authority (MahaRera) has frozen the bank accounts of more than 40 real estate projects in the Nagpur division. This includes projects in Nagpur city and surrounding districts in eastern Vidarbha, such as Wardha, Bhandara, Gondia, Gadchiroli, and Chandrapur. ...

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Bafna Motors sells four-acre plot in Navi Mumbai Nerul to Greenscape IT Park

Thursday 21st September 2023

Bafna Motors (Mumbai), a prominent dealer for Tata Motors commercial vehicles, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality within the Trans Thane Creek industrial area for an impressive sum of over Rs 145 crore to Greenscape IT Park LLP. ...

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Signature Global Rs 730 crore IPO receives 54% subscription on first day of bidding

Thursday 21st September 2023

On the first day of its Initial Public Offering (IPO), real estate firm Signature Global (India) witnessed a 54 percent subscription rate. The public offering garnered bids for 60,34,704 shares out of the 1,12,43,196 shares available, according to data from the NSE. Non-institutional investors subscribed 1.42 times, while the Retail Individual Investors (RIIs) category achieved an 89 percent subscription rate.   ...

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Ranbir Kapoor leases out apartment in Trump Tower Pune for Rs 4 lakh per month

Thursday 21st September 2023

Bollywood actor Ranbir Kapoor has leased his luxurious apartment in Pune's Trump Towers for 36 months at a monthly rate of Rs 4 lakh. The apartment, situated on the 10th floor of one of the towers in Kalyani Nagar, spans nearly 6,100 sq ft. It has been rented to Duroshox, a Pune-based company that specializes in suspension and motion control solutions for automobile Original Equipment Manufacturers (OEMs). ...

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MSRDC to monetize land parcels along Pune-Mumbai expressway to fund big projects

Wednesday 20th September 2023

The Maharashtra State Road Development Corporation (MSRDC), responsible for major infrastructure projects in the state, plans to monetize 24 land parcels along the Pune-Mumbai expressway. These parcels, totaling 450 hectares, will be leased to generate funds for key infrastructure projects, including the Samruddhi expressway, Pune ring road, Virar-Alibaug multimodal corridor, and Jalna Nanded expressway, among others, according to a senior MSRDC official. ...

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Plot in Ahmedabad sells for Rs 3.25 lakh per square yard

Wednesday 20th September 2023

A significant land deal has taken place on S G Road, with a plot of approximately 4,000 square yards, situated between Iskcon Circle and Prahladnagar, being sold at a record rate of Rs 3.25 lakh per square yard. The buyer is in discussions with a developer for a joint venture project on the land. This transaction is noteworthy as it is the first major land deal since the jantri revision in mid-April. ...

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Income tax department raids five builders, finds Rs 400 crore tax evasion

Wednesday 20th September 2023

200 income tax officials have conducted raids at 28 locations over the past five days, uncovering alleged tax evasion of Rs 400 crore by five real estate developers, some of whom own hotels and schools in the city. The raids began on September 14 and are still ongoing. ...

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Insolvency & Bankruptcy Code cannot be used as a tool for recovery NCLT

Wednesday 20th September 2023

The National Company Law Tribunal (NCLT) dismissed a plea from two unit buyers of a commercial complex, stating that the Insolvency & Bankruptcy Code cannot be used as a "tool for recovery." The plea sought to initiate insolvency proceedings against Orris Infrastructure for an alleged default of Rs 3.60 lakh. The NCLT bench noted that the buyers had already received full payment from Orris Infrastructure according to their agreement. ...

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MahaRERA suspends 388 realty projects registration for not providing quarterly updates

Tuesday 19th September 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against 388 real estate projects by suspending their registrations due to non-compliance with the mandatory quarterly updates of project information, as required by the Real Estate (Regulation & Development) Act, 2016. According to the act, real estate developers must register their projects with MahaRERA and regularly update project-related information. ...

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Delhi: 3,000 premium DDA houses up for grabs

Tuesday 19th September 2023

The Delhi Development Authority (DDA) is set to unveil its next housing scheme, featuring 3,000 premium properties, ahead of Diwali. These flats will be allocated through a lottery system and will include penthouses, Super HIG, HIG, MIG, and EWS flats in locations such as Dwarka, Lok Nayak Puram, Vasant Kunj, among others. Officials have noted that several of these properties are currently under construction. ...

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SRS Group directors and promoters get pre-arrest bail in bank fraud cases

Tuesday 19th September 2023

In a recent development, the special judge at the CBI court in Panchkula has granted anticipatory bail to four individuals currently incarcerated in Faridabad jail in connection with two separate cases of cheating and fraud involving a nationalized bank, amounting to Rs 152 crore. Both cases were filed by the CBI three years ago. ...

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Signature Global raises Rs 318.5 crore from anchor investors ahead of public issue

Tuesday 19th September 2023

Signature Global, a realty firm preparing to launch its initial public offering, has successfully secured Rs 318.5 crore from anchor investors, including Nomura. In a regulatory filing, Signature Global revealed that 82,72,700 equity shares were subscribed at Rs 385 per share in the Anchor Investors (AIs) segment, with Nomura Trust and Banking Co Ltd acquiring the largest portion of 18,70,094 shares. ...

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Salary not an issue, safety is: Construction workers at NBCC lift crash site in Noida

Monday 18th September 2023

At the Amrapali Dream Valley project in Noida Extension, where a tragic lift accident claimed the lives of eight construction workers on September 15, concerns have been raised by construction workers regarding safety measures at the site. The troubled Amrapali Group's ambitious housing project, originally planned for over 7,500 flats, is now being completed by the state-run NBCC under the Supreme Court's supervision. ...

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Aerotropolis to be built next to Noida airport on 6,500 acres

Monday 18th September 2023

The Noida aerotropolis is set to serve both residential and industrial needs, featuring modern infrastructure to support various themed developments. These include an innovation and tech hub, commercial centers, a logistics hub, hospitality options, and recreational and entertainment areas, as stated by YEIDA CEO Arun Vir Singh. ...

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Bombay HC asks BMC to grant builder TDR in four weeks

Monday 18th September 2023

During this week, the Bombay High Court issued a directive to the BMC to issue a transferable development rights (TDR) certificate to a private builder who had provided and surrendered land for the Sahar Elevated Ring Road leading to International Airport Terminal 2. This order followed the MMRDA's statement that it was not the planning authority for the section of the Sahar Elevated Road constructed on land owned by Eversmile Construction Company Pvt Ltd. ...

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Income tax department raids Noida premises of Orris Group

Monday 18th September 2023

On Saturday, the Income Tax department conducted searches at properties associated with a real estate developer in Noida and Greater Noida, suspecting tax evasion. Similar searches had been conducted on Friday at locations of the same group in Noida, Greater Noida, and Gurugram. Over the past two days, the Income Tax department has conducted raids at various sites belonging to different builders in the Delhi-NCR region. ...

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I-T department conducts raids in offices of several builders in NCR, Haryana, Punjab

Saturday 16th September 2023

The Income Tax department initiated raids on the offices and premises of multiple builders in Gurugram and other cities. These raids, conducted at 28 locations, are part of an investigation into builders accused of tax evasion. The affected areas include Gurugram, Chandigarh, Karnal, Delhi, Ludhiana, and Rewari. The searches commenced at 6 am and extended into late Friday evening, resulting in the confiscation of certain documents, according to an official statement. ...

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Uttar Pradesh government plans Olympic Village with 5,000 flats near Noida airport

Saturday 16th September 2023

In Uttar Pradesh, plans are underway for an expansive Olympic Park near the upcoming Noida International Airport. This development aligns with India's infrastructure ambitions as it seeks a larger role on the global stage, following the recent expression of interest from the Indian government to host the 2036 Olympics. ...

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Adore Group to invest Rs 200 crore in Gurugram project

Saturday 16th September 2023

Adore Group, a real estate developer based in Gurgaon, has acquired a 10.20-acre land in sector 77 for a residential project with an investment of Rs 200 crore. The project will feature a 60,000 sq ft clubhouse and is expected to generate revenue of Rs 1,000 crore. It will consist of 12 towers and over 700 units. Adore Group has successfully completed 20 projects covering a cumulative area of 10.11 million sq ft. ...

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MahaRERA soon to bring an act to monitor quality housing: Chairman

Saturday 16th September 2023

MahaRERA, the Maharashtra Real Estate Regulatory Authority, is in the process of discussing an act to oversee housing quality, aiming to protect the interests of homebuyers and ensure they receive the promised quality from developers, as stated by Ajoy Mehta, the chairman of MahaRERA. Currently this enactment is at an discussion stage. ...

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Builders without QR code in ads may be fined by MahaRERA

Thursday 14th September 2023

The Maharashtra Real Estate Regulatory Authority (MahaRera) has mandated that builders include a QR code for every project in their promotional materials, enhancing transparency. Officials at the Rera office in Nagpur have reported no complaints thus far. In case of non-compliance, builders can face penalties of up to 5% of the project's cost. ...

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Amid boom in Mumbai redevelopment projects, triple GST sees court cases build up

Thursday 14th September 2023

In Mumbai, the redevelopment of cooperative housing societies is progressing vigorously, but challenges related to goods and services tax (GST) in such schemes are resulting in legal disputes that is litigation. Appeals in the court are being made to the finance ministry to streamline the tax process. Typically, members of a cooperative housing society collectively transfer their development rights to a redeveloper, receiving a new flat in exchange for their old one upon project completion. ...

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ASK Property Fund invests Rs 225 crore in Pune

Thursday 14th September 2023

ASK Property Fund, the real estate private equity division of the ASK Group, has injected an investment of Rs 225 crore into Pune through its recently raised fund, ASK Real Estate Special Opportunities Fund IV (RESOF IV). This venture primarily focuses on residential developments and forms an integral part of the Megapolis integrated township within Hinjewadi, developed by Kumar Realty. Within this township, 4,600 units have already been delivered, with a majority being occupied, and there are an additional 3,000 units currently under construction. ...

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Signature Global cuts IPO size by 27% amid high borrowing costs

Thursday 14th September 2023

Indian real estate firm Signature Global has adjusted the total offer size for its initial public offering (IPO) to 7.3 billion rupees ($88 million) from the initially planned 10 billion rupees, as per the updated prospectus dated Sept. 12. The IPO comprises a fresh issue of shares worth 6.03 billion rupees and 1.27 billion rupees worth of shares being divested by the company's existing shareholder, International Finance Corporation, a member of the World Bank Group. ...

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Kochra Realty acquires Rs 700 crore stressed residential project in Mumbai Dahisar

Thursday 14th September 2023

Kochra Realty, a real estate developer, has taken over a stalled residential project worth Rs 700 crore in Mumbai's Dahisar suburb. The company aims to revive and complete the long-delayed project by early 2025. Initially, the project, which has nearly 600 homebuyers, was being developed by Ashapura Housing with financial support from an alternate investment fund. ...

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Ajmera Realty to redevelop four residential societies in Mumbai Borivali

Thursday 14th September 2023

Ajmera Realty & Infra India (ARIIL) is embarking on the redevelopment of four societies in Yogi Nagar, Borivali West, Mumbai. This project is expected to yield sales of approximately Rs. 330 crore and primarily features 2 & 3 BHK residential apartments with an estimated total carpet area of 1,07,000 sq ft. The company has secured a Letter of Intent from these societies, and the project is slated for launch in the first half of 2024, with an estimated completion timeline of three and a half years. ...

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Sonakshi Sinha buys apartment in Mumbai Bandra

Thursday 14th September 2023

Bollywood actress Sonakshi Sinha has recently acquired a Rs 11 crore apartment in the upscale residential tower, 81 Aureate, located near Bandra, in Mumbai. Her new apartment, situated on the 26th floor, spans approximately 2,430 sq ft. The purchase was made directly from developers Pyramid Developers and Ultra Lifespaces, and she paid a stamp duty of Rs 55 lakh for the registration of the transaction, which occurred on August 29, as per documents obtained from Zapkey.com. ...

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In Mumbai, Malabar Hill bungalow give way for flats for netas

Wednesday 13th September 2023

In a separate development, there are plans to demolish a bungalow in Malabar Hill to make way for the construction of 12 luxury sea-view apartments. Out of these, six will serve as residences for prominent government officials, including the speaker and deputy speaker of the assembly, the chairperson and deputy chairperson of the council, and the leaders of the opposition in both Houses. Ajantha bungalow on Narayan Dabholkar Marg, currently the official residence of the council chairperson, will be razed to create these 6,500 sqft luxury condominiums. ...

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Gurugram: DTCP serves notices to 19 more architects for violating OC rules

Tuesday 12th September 2023

The planning division of the Department of Town and Country Planning (DTCP) has sent notification of notices to 19 architects for breaching regulations in the issuance of occupation certificates (OCs) through the self-certification scheme. These infringements were identified in properties situated within licensed colonies such as Sushant Lok 1 and 3, South City 1, DLF 2 and 3, and others, which had received OCs in August. During the on-site inspection, Rajesh Kaushik, the DTP (Planning), identified violations such as unfinished work, filled cutouts, breaches of projections, and additional constructions such as bathrooms on stilts. ...

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Sebi issues framework for REITs, InvITs about board nomination rights

Tuesday 12th September 2023

On Monday, the Securities and Exchange Board of India (SEBI) issued a framework for the exercise of board nomination rights by eligible unitholders of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). During its board meeting on June 28, SEBI approved the introduction of nomination rights for unitholders of REITs and InvITs. An eligible unitholder is defined as a unitholder who holds 10 percent or more of the total outstanding units of a REIT or InvIT, either individually or collectively. ...

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Prestige Group looks to partner TDI in Lutyens Delhi

Tuesday 12th September 2023

The Prestige Group, headquartered in Bengaluru, is currently in advanced discussions with TDI Infratech to establish a joint development agreement for the construction of a residential property spanning 5,100 square yards located on Kasturba Gandhi Marg in the prestigious Lutyens' Delhi area. Individuals familiar with the matter have disclosed that the property, owned by TDI Infratech, is valued at approximately ?325-350 crore and holds a projected revenue potential of ?700 crore. Experts believe that Prestige Group is likely to consider the development of eight to nine boutique apartments, signifying its entry into the residential real estate market in Delhi. ...

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Gurugram: After audit, builder of Brisk Lumbini starts repairs, RWA says - keep us in loop

Tuesday 12th September 2023

Following a structural audit conducted by the district administration, the developer of Brisk Lumbini in Sector 109 has initiated repair work to address structural issues through its contractor. Nevertheless, the Residents Welfare Association (RWA) expresses dissatisfaction with the process, asserting that both the residents and the structural audit agency are not adequately informed about the methodology and other updates related to the repairs. ...

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Motilal Oswal buys 12-storey tower in Ahmedabad from Claris Life Sciences

Tuesday 12th September 2023

Motilal Oswal Financial Services (MOFSL) has completed the acquisition of a standalone commercial tower encompassing 12 upper floors, spanning approximately 1,10,000 sq ft in Ahmedabad's financial district. This strategic acquisition from Claris Life Sciences aligns with MOFSL's growth and expansion strategy. The property, situated on 0.56 acres of land, will be the new home of Motilal Oswal Tower, marking the company's third independent commercial tower alongside its existing properties in Mumbai and Bengaluru. ...

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Sumadhura Infracon to invest Rs 5,000 crore in next three years

Tuesday 12th September 2023

Sumadhura Infracon, a real estate developer, intends to expand its residential and commercial portfolio significantly over the next three years, with an investment of approximately ?5,000 crore, as per the company's chairman's. The company has recently acquired 45 acres of land situated along Bengaluru's Outer Ring Road for the construction of a commercial facility. In 2023, their plan includes the construction of three million square feet of new homes and the development of two million square feet of land. ...

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Real estate leasing companies in a fix over blocked credit eligibility

Tuesday 12th September 2023

Real estate developers who lease their commercial properties are currently facing credit eligibility challenges under sections 17 (5) C and 17 (5) D, even as the matter is being debated in the Supreme Court, according to stakeholders in the real estate industry. In cases where a developer constructs a commercial building and sells it before obtaining an occupancy certificate, they might be able to qualify for credit, as long as they fulfill their obligation to pay the output GST for the sale transaction. ...

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MahaRERA clears 323 project registration applications in three months

Monday 11th September 2023

Over the past three months, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved a total of 323 project registration applications out of 1,100. These approvals were granted after thorough verification by the respective local authorities. The majority of the approved applications (117) were from Pune district, followed by Raigad (52), Thane (48), and Mumbai suburban (35). Since June 19, MahaRERA has been implementing a policy where project registrations are only granted following the verification of commencement certificates (CC) issued by civic bodies. ...

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Gurugram: 18 architects, owners served notices for flouting OC norms

Monday 11th September 2023

The Department of Town and Country Planning (DTCP) has taken action by sending show cause notices to both architects and property owners of 18 properties. This action follows an inspection of 45 residential properties situated in prestigious licensed residential colonies within the city. Furthermore, an additional 17 properties are also expected to receive notices for similar violations in the near future. These notices are being issued due to the construction activities carried out by these properties after they had already obtained occupation certificates (OCs). ...

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WeWork begins to renegotiate leases globally

Monday 11th September 2023

WeWork announced on Wednesday that it has initiated a worldwide effort to engage with landlords to reevaluate almost all of its lease agreements. This move resulted in an increase in its shares, rising as much as 9% during morning trading. With backing from SoftBank, the company expressed its intention to negotiate more favorable terms with its landlords and intends to exit leases for locations that are not suitable or are underperforming. The goal is to redirect these resources towards reinvesting in its other assets. ...

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Flipspaces raises $4 million in pre series-B funding in mix of equity and debt

Monday 11th September 2023

Flipspaces has successfully raised $4 million in funding from its current investors, with Prashasta Seth, former CEO of IIFL AMC, heading the group of investors. This funding round also attracted participation from various family groups and investment funds. According to the company, these funds will be allocated towards expanding their presence in the US market and enhancing their integrated technology platform, coupled with a global supply chain, for the design and construction needs of SMEs. ...

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Indian REITs Association formed to foster industry best practices

Monday 11th September 2023

The Indian REITs Association (IRA) has officially unveiled its establishment as a non-profit trade organization with the primary goal of promoting the expansion and progress of the Real Estate Investment Trust (REIT) industry in India. This association will work in partnership with the Securities and Exchange Board of India (SEBI) to champion the interests of both businesses and investors while ensuring compliance with regulatory guidelines. ...

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Greater Noida: Pay 50% dues by this year to get discounts

Monday 11th September 2023

The Greater Noida Authority has introduced an Offer-to-Settle (OTS) program designed to assist purchasers of multi-story buildings in settling outstanding payments. This initiative is set to be advantageous for more than 2,200 property buyers who have yet to finalize their lease agreements. It is estimated that the GNIDA will be able to recover around Rs 468 crore in outstanding fees and premiums through this program. Prospective applicants will have a window of over three months to apply for this scheme, running from September 5th to December 31st. Depending on the size of their apartments, participants can enjoy discounts ranging from 20% to 80% on penalties related to premiums, additional compensation, and late fees for lease deeds. ...

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MahaRERA to grade every real estate project

Tuesday 5th September 2023

In a significant step aimed at enhancing transparency and accountability in the real estate sector and ensuring greater consideration for homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a milestone by becoming the first regulatory body in the country to implement a grading system for every real estate project. Builders will be required to regularly submit technical, legal, financial, and general project information through an online platform every six months for assessment. ...

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Banks moot covering stamp duty, registry charges in home loans

Tuesday 5th September 2023

Individuals seeking home loans could potentially access increased financing if a proposal submitted by banks to incorporate stamp duty and additional registration charges into the project cost gains approval from the banking sector regulator, as per sources familiar with the situation. Following internal discussions during a meeting held last month, lenders have reached out to the Reserve Bank of India (RBI), according to these sources. ...

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About 3,000 building sites in Gurugram, but only 220 registered on dust portal

Monday 4th September 2023

Winter is approaching in a matter of weeks, yet out of over 3,000 construction sites within the city, only 220 have registered on the government's dust portal so far. This indicates a continuation of normal operations, despite regulations aimed at preventing Delhi-NCR from experiencing hazardous air conditions once again. The dust portal was introduced by the Haryana government in January of the previous year, following directives issued by the Commission of Air Quality Management (CAQM) in October 2021. ...

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Mindspace REIT acquires 2.41 lakh sq ft in Chennai for Rs 181.60 crore

Monday 4th September 2023

Mindspace Business Parks REIT (Mindspace REIT) has purchased a leasable area of 2,41,694 square feet at Commerzone Porur, Chennai, for a total cost of Rs 181.60 crore, inclusive of transaction expenses, equating to Rs 7,512 per square foot, as reported in a filing with the BSE. This acquisition will enable the company to strengthen its ownership stake in the project. ...

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SIT uncovers forged land registries worth Rs 400 crore in Dehradun

Monday 4th September 2023

The Special Investigation Team (SIT) probing the fake property registry scandal in Dehradun has revealed the participation of a 'white-collar gang' consisting of attorneys, government personnel, and real estate agents who were involved in deceptive property registrations. While the estimated total worth of these properties is assessed at Rs 400 crore, a senior SIT official suggests that the actual extent of the scam could be even larger. ...

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Bombay HC directs Mhada not to insist on NOC for building reconstruction

Monday 4th September 2023

The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (Mhada), instructing them not to insist on a No Objection Certificate (NOC) from any prior developer or architect when the housing society of a seven-story building in Kherwadi, Bandra (East), which collapsed 25 years ago, selects a new developer and submits a reconstruction proposal. ...

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Pilot launched for easier property registration, rent agreements in Delhi

Friday 1st September 2023

In order to expedite the registration process for property documents, wills, lease agreements, rental agreements, and similar documents, the revenue department has initiated an online system. A pilot project was recently initiated at the Defence Colony and Najafgarh subregistrar offices. Under this system, applicants have the option to enter their personal information, upload necessary supporting documents, make online payments for stamp duty, and schedule appointments for document registration. ...

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Over 1.7 lakh register for 1,200 plots near Noida airport

Friday 1st September 2023

A scheme introduced by the Yamuna Expressway Industrial Development Authority (YEIDA) less than three weeks ago, which aims to allocate plots for independent houses near the upcoming Noida International Airport, has garnered an overwhelming response. People are rushing to secure a piece of what is widely perceived as a lucrative opportunity in the real estate market. As of Wednesday evening, the online portal recorded 173,000 users registering their interest for the 1,184 plots available. Additionally, 123,000 individuals purchased application forms online, 110,000 applications have been submitted, and 78,290 applicants have also submitted 10% earnest money. The application deadline expires on Friday night. ...

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Defaulting builders should not be given three-year time to complete stalled projects: FPCE

Thursday 31st August 2023

The FPCE, an organization representing homebuyers, has recommended that concessions to real estate developers be exclusively offered to address long-pending, stalled housing projects from the past. The organization emphasized that developers with a history of not meeting deadlines should not be granted a general three-year extension for completing these projects. ...

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If SRA transit rent is unpaid, act within 30 days, says Bombay HC

Thursday 31st August 2023

On Wednesday, the Bombay High Court issued a directive stating that recently appointed nodal officers of the Slum Rehabilitation Authority (SRA) must expeditiously address complaints regarding the nonpayment of transit rent to eligible individuals and slum residents during the ongoing redevelopment process. The court specified that these officers should take necessary actions within a 30-day timeframe. ...

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Architects flouting norms in Haryana? DTCP to check OCs granted after Aug 1

Thursday 31st August 2023

In response to complaints about norm violations, the Department of Town and Country Planning (DTCP) has mandated the inspection of buildings for which architects have issued occupation certificates (OCs) after August 1. ...

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Noida: 14 builders have two days to open escrow accounts or face recovery certificates

Wednesday 30th August 2023

The Noida Authority has given a deadline until August 31st to fourteen developers who have defaulted, requiring them to establish escrow accounts. This decision aims to help the Authority recover the outstanding payments owed by these builders. Currently, six developers have complied by creating such accounts under the Authority's supervision. Around two months ago, the Authority had instructed 59 developers, who collectively owed Rs 7,000 crore, to initiate escrow accounts. The primary purpose of these jointly managed accounts is to discourage the practice of diverting funds collected from homebuyers towards other projects. ...

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Mindspace REIT to raise Rs 500 crore by way of private placement

Wednesday 30th August 2023

According to a filing with the Bombay Stock Exchange (BSE), the executive committee meeting of K Raheja Corp Investment Managers, which serves as the manager for Mindspace Business Parks REIT (Mindspace REIT), has granted approval for a private placement to raise Rs 500 crore. ...

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Delhi court to consider taking cognisance of charge sheet against Supertech chairman on Sept 15

Tuesday 29th August 2023

On September 15, a Delhi court is scheduled to deliberate whether to acknowledge a charge sheet filed against R K Arora, who is the chairman and promoter of Supertech Group, in connection with a money laundering case. Special Judge Devender Kumar Jangala presided over the proceedings on Monday and noted the extensive nature of the documents, leading to an adjournment of the proceedings. ...

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Noida, Greater Noida authorities have six-point plan to compete projects, recover dues

Monday 28th August 2023

The authorities of Noida and Greater Noida have devised a comprehensive six-point strategy with the goal of tackling challenges within group housing ventures, retrieving outstanding payments from developers, and encouraging property registrations. This strategy encompasses several measures, such as revoking plot allotments for projects that haven't commenced, facilitating project completion via co-developers in case of stagnation, offering alternatives for surrender, and even revoking permissions for projects that fail to adhere to regulations. ...

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Circle rates in Delhi to go up by 35%? Work on to redraw proposal

Monday 28th August 2023

The Delhi government's intention to modify the circle rates for residential and commercial zones within the city has encountered a setback. Officials have indicated that the earlier proposal, crafted by the revenue department, which suggested the establishment of subcategories within the A to H categories for residential areas, accompanied by various tiers of circle rates, has been sent back by the finance department. This return was made with specific objections and recommendations. ...

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China approves guidelines to boost affordable housing amid property debt crisis

Monday 28th August 2023

China's cabinet, chaired by Premier Li Qiang, has endorsed guidelines for the planning and construction of affordable housing. The Xinhua news agency, a state-run media outlet, reported this development. The Chinese property sector is currently grappling with a deepening crisis, marked by an increasing risk of default among certain developers as they encounter difficulties in selling apartments and raising funds. ...

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Flats ready, submit papers, take them: 1,100 Amrapali buyers get final notice

Monday 28th August 2023

The Supreme Court-appointed receiver for the Amrapali projects has issued a "final" notification to approximately 1,100 homebuyers who have yet to verify their allocated flat documents. This includes those who have not taken possession of their units even after reviewing the provided papers. The Amrapali Group's projects have been in a standstill since its promoters were imprisoned. The completion of these projects is being overseen by NBCC, a government-backed construction company, under the supervision of the Supreme Court.  ...

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Metamor Software directors buy Hyderabad property for Rs 48 crore

Friday 25th August 2023

In a recent high-value residential transaction in Hyderabad, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions have acquired a property for Rs 48 crore. The residence, located in the Jubilee Hills locality, spans 13,000 sq ft in total area, with a built-up area of 3,951 sq ft. The sellers of this property were Manoj Kumar Tibrewala and the purchase marks one of the most expensive real estate deals in the city recently. ...

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Bandhan Bank spends Rs 160 crore to buy office space in Mumbai

Friday 25th August 2023

Bandhan Bank has made the strategic choice to establish a corporate office in Mumbai. Additionally, the bank intends to create a zonal office that will also serve as a government business center in New Delhi. To facilitate this expansion and development, the private sector bank has invested approximately Rs 160 crore to acquire commercial real estate in Mumbai, the nation's financial hub. This newly acquired space will not only serve as the corporate center but will also accommodate the bank's treasury operations, according to Chandra Shekhar Ghosh, the Managing Director of Bandhan Bank. ...

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ED files charge sheet against Supertech chairman in money laundering case

Friday 25th August 2023

On Thursday, the Enforcement Directorate (ED) submitted a formal charge sheet against R K Arora, who is the chairman and promoter of the prominent real estate firm Supertech Group, along with his company and eight other individuals. This charge sheet is a result of a money laundering investigation and alleges that they were involved in a "criminal conspiracy" to deceive individuals who had purchased homes. The accusations revolve around the claim that they collectively swindled a minimum of 670 home buyers, amounting to Rs 164 crore. ...

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Shriram Properties &ASK Property Fund invest Rs 206 crore in a residential project in Chennai

Thursday 24th August 2023

Shriram Properties (SPL) and ASK Property Fund have collaboratively infused Rs 206 crore to acquire complete development rights for an ongoing project in Chennai. This transaction has been facilitated through SPL's wholly-owned subsidiary, Shrivision Elevations. The necessary working capital for the project will be provided independently. The funds for this investment are sourced from the ASK Real Estate Special Opportunities Fund IV ...

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Register projects with RERA, safeguard interests of buyers: UPRERA chairman to promoters

Wednesday 23rd August 2023

On Tuesday, Sanjay Bhoosreddy, the chairman of Uttar Pradesh RERA, urged real estate developers in the state to ensure the registration of their projects with the authority. He emphasized their obligation to protect the interests of all stakeholders, particularly homebuyers. Recently appointed as the second chairman of UP RERA, Bhoosreddy also underscored the importance for developers to actively build a strong and advancing real estate industry by willingly adhering to regulatory guidelines. ...

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Delhi RERA directs builders to open allottee grievance cell

Wednesday 23rd August 2023

The Delhi Real Estate Regulatory Authority (DRERA) has issued a directive to real estate developers and builders in the national capital, instructing them to establish an "Allottee Grievance Cell" for every project. This cell should include a dedicated phone number to effectively address any concerns raised by allottees. Additionally, DRERA has mandated that these developers prominently display their names, addresses, RERA registration numbers of the projects, along with the contact details of the Allottee Grievance Officer and the Allottee Grievance Cell, at the construction site of each respective project. ...

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Expert panel suggests changes in insolvency law among others to revive stalled realty projects

Wednesday 23rd August 2023

An expert panel has proposed a range of measures to the government for revitalizing inactive real estate projects in the country. Led by former NITI Aayog chief Amitabh Kant, the 14-member committee submitted its findings to Union Housing and Urban Affairs Minister Hardeep Singh Puri on Monday. The committee's report, suggests various steps, including the establishment of a program that provides reduced interest rates. This proposed interest rate subsidy scheme, akin to the one for MSMEs, aims to incentivize financial institutions to support stalled projects. ...

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Survey soon, circle rates in Noida to be revised after three years

Wednesday 23rd August 2023

Following a pause lasting three years, there are indications of a potential adjustment in circle rates in Noida, as the stamp and registration department gears up to initiate property assessments. Atul Kumar, the ADM (Finance and Revenue), stated that the district administration issued instructions to subregistrars on Thursday, tasking them with examining the existing circle rates and market valuations across diverse sectors and classifications such as residential, industrial, commercial, agricultural, and more. The objective is to compile a comprehensive report that will pinpoint the specific areas warranting a revision in rates. ...

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Refunds, a relief guaranteed under UP-RERA, eludes many homebuyers

Wednesday 23rd August 2023

To what extent are Rera recovery certificates (RC) effective in providing relief to distressed homebuyers? In Noida, the largest real estate market in Uttar Pradesh and also the one grappling with most of the issues – primarily related to project delays and incomplete constructions – only 5% of RCs issued by the real estate ombudsman since 2018 have been successfully retrieved. RCs are granted based on two provisions — Section 40 (1) of the UP Rera Act and Rule 23 of UP-Rera Rules — when affected homebuyers file complaints with Rera against non-compliant developers to seek refunds. However, the responsibility for enforcing the collection of RCs rests with the local administrations. ...

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Premium for open space relaxation can only be 10%: SC

Wednesday 23rd August 2023

The Supreme Court has affirmed a 2017 ruling from the Bombay High Court, stating that the premium imposed for inadequate open space can only be 10%, rather than 100%. The court has instructed the BMC (Brihanmumbai Municipal Corporation) to subtract the 10% fee and reimburse the remaining amount along with interest within six weeks to Wadhwa Estate and Developer (I) Pvt. Ltd. In 2011, the developer had submitted a proposal to renovate a MHADA building and requested leniency for the shortfall in open space. ...

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Noida authority to set up a special cell to check illegal constructions

Wednesday 23rd August 2023

The Noida Authority board has given its endorsement for the establishment of a specialized enforcement unit within the planning division. This unit will be responsible for monitoring and curbing unauthorized constructions by residents and developers who deviate from approved layouts. Officials have revealed that there is a proposal underway to hire 20 junior engineers through external sourcing. Their primary task will involve examining construction undertakings and ensuring rigorous compliance with the sanctioned architectural plans. ...

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Government to soon launch scheme for those who want to own house in cities: PM

Wednesday 23rd August 2023

On Tuesday, Prime Minister Narendra Modi announced that the government will introduce a scheme in the near future aimed at offering interest relief on bank loans for individuals aspiring to own homes in urban areas. Speaking to the nation on the occasion of the 77th Independence Day, Modi stated that his administration will initiate this program to assist middle-class households residing in urban locations who currently lack their own residences. He further highlighted that individuals with limited financial means residing in urban areas without proper housing often encounter challenges. ...

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MahaRERA asks realty developers to set up redressal cells for homebuyers’ issues

Wednesday 23rd August 2023

Realty developers in Maharashtra have been instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to establish dedicated grievance redressal cells aimed at handling complaints from homebuyers. These cells, which pertain to the developers' projects, are required to include a minimum of one grievance redressal officer. Adherence to this requirement will hold significant weight in the potential assessment of projects by the regulatory authority. ...

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Noida: 13 builders told to pay fines in one week over illegal groundwater extraction

Wednesday 23rd August 2023

Thirteen builders have been notified by the groundwater department, with a stipulated period of seven days, to halt their unlawful extraction of groundwater and to remit a fine of Rs 5 lakh each. This action has been prompted by the builders' non-compliance with previous notices issued by the department. These earlier notifications had instructed the builders to settle the charges for their unauthorized utilization of groundwater, conducted without the necessary permissions. Despite receiving these notifications, the builders persisted in drawing water for construction activities through their unapproved borewells. ...

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Solitaire Group acquires 20-acre land parcel in Mumbai’s Andheri for Rs 550 crore

Wednesday 23rd August 2023

Real estate firm Solitaire Group, operating under its subsidiary Honest Vastunirman, has purchased a land parcel measuring over 20 acres in the Andheri suburb of Mumbai. The seller of the land is Arogya Bharti Health Parks and Arogya Bharati Hospitals, and the transaction amount is approximately Rs 550 crore. The overall deal encompasses 140 residential units with a carpet area totaling almost 38,000 square feet. The responsibility of constructing these units lies with the developer, and they are expected to be completed and handed over to the seller within six years from the date of the conveyance deed. ...

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Notices sent to 18 homeowners in Gurugram for building norm violations, may lose OCs

Monday 14th August 2023

Authorities announced on Sunday that show-cause notices have been served to eighteen residents in Sushant Lok-1 and -2, DLF-2, Vatika India Next, and Uppal Southend. These notices pertain to suspicions of unauthorized construction and the operation of commercial establishments without proper permissions. The homeowners have been granted a one-week period to provide their responses to the notices. If the responses are deemed insufficient, the department of town and country planning (DTCP) holds the authority to revoke their occupation certificates (OCs). ...

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FIR against Puri Construction for alleged fraudulent practices in Gurugram project

Monday 14th August 2023

Based on a complaint filed by a collective of eight homebuyers, the Economic Offence Wing (EoW) of the Delhi Police has initiated the registration of an FIR against a real estate developer. The complaint accuses the developer of engaging in fraudulent tactics to wrongfully obtain the money of these homebuyers. Among the accusations is the claim that the builder guaranteed apartments with picturesque views, yet upon inspecting the completed units, the homebuyers were dismayed to find that a few of them overlooked an operational crematorium. ...

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HC slams PNB for auctioning property without clear title, orders refund to bidder

Monday 14th August 2023

The high court has ruled that the inclusion of the 'as is where is' clause in a public auction does not imply any deficiency in the absolute ownership of the property under consideration. As a result, the court has instructed a nationalized bank to reimburse a sum of Rs 30.7 crore to a successful bidder who had acquired a property. In response to a petition submitted by M/s Paramount Constructions, Justice M Nagaprasanna has mandated Punjab National Bank (PNB) to provide a payment of Rs 30,69,08,217 to the petitioner. This amount encompasses the property's purchase cost, coupled with interest calculated at the bank's lending rate, as well as any associated charges. ...

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HC axes builders from redevelopment project in South Mumbai over arrears

Monday 14th August 2023

A week ago, the Bombay High Court, which had previously expressed its frustration with the repeated defaults on transit rent payments, has now taken the step of excluding the builders from a combined redevelopment venture in the southern part of Mumbai. The reason for their removal stems from their failure to comply with the court's directive to deposit Rs 3.5 crore in arrears for tenants who had left their homes seven years ago. The builders, namely Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty Swati Deshpande, must vacate the project site located in the Chira Bazar area before Independence Day, as ordered by the High Court on Friday. The court also ruled that Mhada has the authority to select a new builder for the project. ...

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MahaRERA appoints intelligence agency to get real-time project information

Friday 11th August 2023

The MahaRera authority has enlisted the services of a real estate intelligence agency with the aim of assisting its compliance cell in obtaining firsthand insights regarding real estate projects. This pertains specifically to projects that have lapsed, are facing financial strain, or have been neglecting their obligations to submit quarterly reports or adhere to regulatory standards. This agency will furnish MahaRera with an additional means of independently verifying the "current status of the project," encompassing the provision of on-site photographs depicting various stages of completion. Moreover, the agency will collaborate with MahaRera in implementing corrective measures against any project in which the developer furnishes inaccurate information or fails to provide any information at all. ...

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Home loan, other borrowers can switch to fixed-rate regime: RBI

Friday 11th August 2023

On Thursday, the Reserve Bank announced its intention to introduce a system that permits borrowers to transition from a floating interest rate to a fixed interest rate. This initiative aims to alleviate the financial burden faced by borrowers of various types of loans, such as home and auto loans, who are currently grappling with the repercussions of high interest rates. During the unveiling of the bi-monthly monetary policy, Shaktikanta Das, the Governor of the Reserve Bank, explained that this forthcoming framework will require lenders to effectively communicate important details regarding the loan tenure and equated monthly installment (EMI) to the borrowers. ...

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ED arrests suspended Panchkula special court judge in relation to M3M-Ireo case

Friday 11th August 2023

On Thursday, the Enforcement Directorate apprehended Sudhir Parmar, a suspended judge from the Panchkula special court, in connection with an ongoing money laundering probe related to accusations of bribery, according to official sources. Following an interrogation at the agency's Gurugram office, the former judge was arrested under the provisions of the Prevention of Money Laundering Act (PMLA), situated near Delhi. It is anticipated that he will be presented in court on Friday, where the ED will request his custody for further investigation. ...

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Once worth $47 billion, WeWork shares near zero after bankruptcy warning

Thursday 10th August 2023

On Wednesday, the value of WeWork shares nearly plummeted to zero, marking a turnaround for the once-favored startup. The company, which was previously assessed at a substantial $47 billion in private valuation, is indicating the possibility of bankruptcy. WeWork, backed by SoftBank, has faced a series of challenges since its ambitious attempt to become publicly traded faltered back in 2019. ...

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Nearly 470 flats, 1,200 plots are up for grabs as YEIDA rolls out new schemes

Thursday 10th August 2023

Yamuna Expressway Industrial Development Authority (YEIDA) has initiated the launch of two residential schemes, presenting an opportunity for individuals to acquire homes in close proximity to the upcoming Noida International Airport. The flat scheme encompasses a total of 468 flats, whereas the plot scheme provides access to 1,184 plots ranging in size from 120 to 2,000 sqm. Those interested in the plot scheme can submit their applications until September 1. The allocation of plots in sectors 16, 17, and 20 will be determined through a fortunate draw scheduled for October 18. The plots are being offered at a rate of Rs 24,600 per sqm. ...

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Tata Realty & Infra buys 25-acre land parcel in Bengaluru for Rs 986 crore

Thursday 10th August 2023

Tata Realty and Infrastructure Ltd (TRIL), which is the real estate development branch of the Tata Group, has successfully purchased a land area spanning 25.3 acres in Doddanekundi, located near the Whitefield area in Bengaluru. The acquisition cost for this land parcel amounted to over Rs 986 crore. The transaction involved the acquisition from Graphite India through TRIL's wholly owned subsidiaries, namely TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd. ...

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Mindspace REIT appoints Ramesh Nair as its CEO

Thursday 10th August 2023

Mindspace Business Parks REIT, known as Mindspace REIT, has designated Ramesh Nair as its incoming chief executive officer (CEO). The company has officially confirmed, through a regulatory submission, that the board of directors of K Raheja Corp Investment Managers, the entity managing Mindspace REIT, has granted approval for Ramesh Nair to assume the role of CEO and become a significant member of the company's leadership team, starting from September 1, 2023. ...

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Gifting property? Uttar Pradesh relaxes stamp duty to a flat Rs 5,000

Thursday 10th August 2023

As of August 3, the state government has introduced a new rule that sets a maximum stamp duty of Rs 5,000 for property gifting. Previously, the stamp duty rate was 5% for properties in the city and 7% for properties in other parts of the state. However, the new notification, issued by principal secretary Leena Johri, applies only to residential or agricultural properties gifted from one individual to another and does not include properties gifted by firms, companies, trusts, or institutions. Additionally, if a person receives a property as a gift, the notification will not apply to them if they decide to gift the same property to someone else within a period of 5 years from the date of property registration. ...

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About 125 property documents under lens for MahaRERA violations

Thursday 10th August 2023

Property registration officials in Maharashtra have revealed that they are investigating at least 125 property registrations in the district for non-compliance with various laws related to the real estate sector. This scrutiny was conducted over the past two months across 27 offices in the district, examining a total of 28,200 documents. The identified 125 documents have been found to be in violation of the Real Estate (Regulation and Development Act) 2016 and the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act, 1947. ...

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Applicants anxious as Mhada yet to declare date of Mumbai housing lottery

Thursday 10th August 2023

Hopeful participants of Mhada's Mumbai housing lottery 2023 are eagerly anticipating the agency's announcement of the draw date. Initially scheduled for July 18, the lottery got postponed due to an extension in the application deadline. Mhada officials have now stated that they will finalize the date "within a day or two". ...

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Karnataka RERA asks builders, banks to deposit mortgage amount into designated account

Thursday 10th August 2023

The Karnataka Real Estate Regulatory Authority (KRERA) has released a notification that mandates real estate promoters, banks, and other stakeholders to deposit the money obtained through mortgages on housing project land into a specific account designated by the RERA project. Furthermore, KRERA has directed the real estate promoters to utilize the borrowed funds exclusively for the development of the respective housing project. ...

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Panel moots relief for home buyers of stalled projects

Wednesday 9th August 2023

A committee of experts, tasked with finding solutions for reviving stalled real estate projects, has put forward several recommendations. These proposals include making changes to the insolvency law and implementing a payment moratorium to land-owning authorities affected by "unusual circumstances" (four years for Noida properties). The aim is to bolster the financial position of builders, enabling them to successfully complete and hand over apartments to homebuyers. This initiative is expected to bring much-needed relief to hundreds of thousands of buyers. According to the committee's assessment, there are over four lakh properties across the country with a combined value of approximately Rs 4.5 lakh crore that are currently stalled. ...

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Brookfield India REIT raises over Rs 2,300 crore through QIP of units

Wednesday 9th August 2023

Brookfield India Real Estate Trust (Brookfield India REIT) has successfully raised Rs. 2,305 crore through a Qualified Institutional Placement (QIP) of units. The funds raised will be utilized to finance the acquisition of two major commercial assets from Brookfield Asset Management's private real estate funds, as previously announced. ...

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Mere pendency of civil suits cannot act as a legal bar on registration of realty projects: Assam REAT

Wednesday 9th August 2023

On Monday, the Assam Real Estate Appellate Tribunal (REAT) ruled that the mere pendency of civil suits should not serve as a legal impediment to the registration of real estate projects. The tribunal dismissed an appeal filed by a builder against a judgment issued by the Real Estate Regulatory Authority (RERA), Assam. ...

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Sify Infinit Spaces leases over 1.5 lakh sq ft office space in Hyderabad

Wednesday 9th August 2023

Sify Infinit Spaces, a subsidiary of Sify Technologies, an Information and communications technology (ICT) company, has recently leased more than 1.5 lakh sq ft of office space in Hyderabad. The office is situated in Nanakramguda, within the financial district of Hyderabad, and spans across five floors with a lease period of 60 months. ...

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Noida: NCLAT allows Sequel Buildcon to finish housing project

Wednesday 9th August 2023

The National Company Law Appellate Tribunal (NCLAT) has granted permission for a reverse corporate insolvency resolution process (CIRP) for a group housing project in Sector 79. The project will be overseen by an interim resolution professional (IRP). This decision was made after the developer provided assurance that they would complete the project within a specified timeframe and secure interim finance for the same. ...

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Real estate agents cannot operate from homes, commercial address must for registration: Delhi-RERA chairman

Wednesday 9th August 2023

The Chairman of Delhi's Real Estate Regulatory Authority (RERA), Anand Kumar, emphasized that all real estate projects, whether in planned or unplanned areas of Delhi, fall under RERA's purview and must be registered with the Act. Additionally, he stated that real estate agents are not permitted to operate from residential addresses and must maintain a commercial office for which property tax has been duly paid. Kumar issued a stern warning to builders and developers, cautioning them against promoting false narratives to sell properties in projects without RERA registration. He emphasized that strict action will be taken against such offenders, and there will be no leniency from RERA in this matter. He stressed that plots larger than 500 square metres and projects featuring more than eight units, including shops, flats, apartments, or commercial spaces, are mandated to be registered under RERA. ...

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Hostel rent not exempt from GST, to attract 12% tax: AAR

Wednesday 9th August 2023

In two distinct instances, the GST Authority for Advance Rulings (AAR) has ruled that hostel rent paid by occupants does not fall under the category of 'residential dwelling' and, therefore, does not qualify for goods and services tax (GST) exemption. Additionally, the AAR highlighted that the exemption from GST for hostel accommodation tariffs below Rs 1,000 per day was applicable only up to July 17, 2022. Consequently, hostel rent will be subject to a 12% GST rate. ...

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Dues stuck, Noida authority plans escrow accounts for 59 developers

Wednesday 9th August 2023

The Noida Authority has taken the decision to establish escrow accounts for 59 developers who have failed to meet their payment obligations. The main objective of this step is to recover outstanding dues and minimize financial losses. Investigations have revealed that several developers diverted funds meant for one project to other ventures. By creating escrow accounts, developers are required to deposit 50% of the funds collected from homebuyers and other sources. This measure allows the Authority, currently grappling with losses, to access a portion of these funds as needed. Both the developers and the Authority will jointly manage these escrow accounts. ...

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Display QR code in ads or face up to Rs 50,000 fine, Maharashtra builders warned

Wednesday 9th August 2023

Starting from August 1, developers across the state of Maharashtra have been instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to prominently display the QR code of their real estate project in advertisements on various platforms. Failure to comply with this requirement may result in penalties ranging from Rs 10,000 to Rs 50,000. If a promoter does not rectify the violation within 10 days after the penalty is imposed, appropriate action will be taken against them, as stated by a MahaRERA official. ...

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MahaRERA clears 290 of 450 projects after verification

Wednesday 9th August 2023

In the past 40 days, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved the registration of 290 projects out of a total of 450 applications received from builders. The approval process involved thorough verification conducted by local authorities, including the Pune Municipal Corporation in Pune. To ensure authenticity, these local authorities were instructed to send the commencement certificates (CC) of the projects from their official email ID to MahaRERA for verification and subsequent registration starting from June 19. This measure was taken in response to the submission of fake documents for project registration in Kalyan Dombivali. ...

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Income tax department raids on DN Group offices in Odisha

Wednesday 9th August 2023

For the second consecutive day, Income Tax Department officials carried out raids at 20 locations associated with DN Group, a prominent real estate company based in Odisha, on charges of tax evasion. Although both the company and the IT department have not provided any official statements regarding the ongoing situation, sources revealed that the raids persisted at the director's residence, staff members' residences, and the company's office in IRC Village. Notably, a significant sum of cash, approximately Rs 9 crore, was allegedly seized from the home of an employee residing in Unit-4. ...

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HDFC sells more bad loans to ACRE ARC

Thursday 6th July 2023

HDFC Bank, which recently merged with HDFC, has successfully sold a collection of eight real estate accounts to Assets Care and Reconstruction Enterprise (ACRE) ARC for a total value of ?305 crore. The portfolio includes well-known entities such as Tridhaatu Realty, ATS Infra, Paranjape Schemes, and Puranik Builders. The combined outstanding loan amount for these accounts was approximately ?1,300 crore, resulting in an immediate recovery of around 23%. ACRE ARC, supported by Ares SSG, emerged as the primary bidder by offering ?305 crore in upfront cash for the acquisition. Furthermore, HDFC is entitled to receive 65% of any recoveries above ?85 crore for one group of accounts. ...

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Prestige to develop 1.1 million sq ft IT park on seven acres in Chennai

Thursday 6th July 2023

Prestige Group, a property developer based in Bengaluru, has recently formed a joint venture with WS Industries, located in Chennai, to collaborate on the development of a 1.1 million sqft IT park. This park will be constructed on a seven-acre plot of prime land situated on Mount Poonamallee Road. It is worth noting that the size of the upcoming park is comparable to that of Tidel Park, which was the city's pioneering mega tech park established in 2000, spanning 1.2 million sqft. ...

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HDFC looks at promoter offer for two Radisson Blu hotels

Wednesday 5th July 2023

Currently, HDFC, which recently merged with HDFC Bank on July 1st, is in the process of considering a one-time settlement (OTS) proposal put forth by promoter DP Jain regarding the sale of two Radisson Blu hotels located in Ghaziabad, situated on the outskirts of New Delhi. The promoter has made an offer of ?315 crore, while Prudent ARC has submitted a binding offer of ?311 crore, and HDFC is carefully evaluating these options. ...

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Piramal Capital & Housing Finance to sell more loans for Rs 1,669 crore

Wednesday 5th July 2023

Piramal Capital & Housing Finance is currently engaged in discussions to sell a distressed loan portfolio amounting to ?2,437 crore, which is spread across 14 accounts, to JM Financial ARC for ?1,669 crore. This proposed transaction would result in a recovery of 68% on the loan amount. To facilitate a transparent process and optimize the value of the asset, the loan was put up for sale through a Swiss auction, which involves a competitive bidding mechanism. The auction was concluded on June 27, with JM Financial ARC emerging as the main bidder. As no other interested parties came forward, the loan will be sold to the anchor bidder. ...

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YEIDA will contest NCLT nod to Ace Infracity resolution plan for 3C Homes

Wednesday 5th July 2023

The Yamuna Expressway Authority (YEIDA) has decided to challenge the approval of a resolution plan for the Lotus City residential plots project in Sector 22 by the National Company Law Tribunal (NCLT) in June. The NCLT, consisting of Atul Chaturvedi and Bachu Venkat Balram Das, expressed satisfaction with the resolution plan amounting to Rs 140.39 crore, submitted by Ace Infracity Developers. They deemed it compliant with the provisions of the Insolvency and Bankruptcy Code (IBC) as well as the regulations set by the Insolvency and Bankruptcy Board of India (IBBI). The plan received a unanimous endorsement from the Committee of Creditors (CoC) with a 100% vote. However, YEIDA intends to challenge this approval. ...

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L&T Finance sells real estate loans to Phoenix ARC for over Rs 1,000 crore

Tuesday 4th July 2023

According to individuals familiar with the matter, L&T Finance, a subsidiary of the publicly listed L&T Finance Holdings, recently conducted an auction where they sold a distressed portfolio of loans worth ?1,800 crore to Phoenix Asset Reconstruction Company (ARC), which is backed by Kotak Mahindra Bank. Within this portfolio, there were six real estate accounts that were successfully sold for ?1,075 crore, resulting in L&T Finance recovering 60% of the total value. To facilitate the sale process, the finance company had earlier invited offers for ten accounts with a combined loan amount of ?3,022.5 crore, following a 15:85 structure. This invitation was made through a notice posted on the finance company's website in the early part of the previous month. ...

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Piramal Capital & Housing Finance sells bad loans to Omkara ARC

Tuesday 4th July 2023

According to two sources familiar with the matter, Piramal Capital & Housing Finance has successfully sold a pool of bad loans with an outstanding amount of ?3,656 crore to Omkara ARC for ?625 crore. The sale, which was concluded last week, resulted in Piramal recovering 17% of the total value. The loan pool comprises accounts obtained through the acquisition of Dewan Housing Finance Limited (DHFL) as well as Piramal's own loan book. ...

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Amalgamation of two flats under FCFS housing scheme allowed: DDA

Monday 3rd July 2023

Officials have announced that the Delhi Development Authority (DDA) has allowed the amalgamation of two adjacent flats offered under their new housing scheme. The scheme, which offers 5,500 flats in various categories across Delhi, has received a positive response from the public, with approximately 4,000 registrations so far. Applicants who purchase two adjacent flats through the scheme will have the option to merge them by creating a common door in the shared wall, pending necessary structural approvals. This opportunity applies to all types of flats and locations. Additionally, if an applicant already owns a flat from a previous scheme and purchases an adjacent flat in the current scheme, they can also merge the two units. The available flats range from 1-BHK to 3-BHK and are located in Narela, Siraspur, Rohini, Loknayak Puram, Dwarka, and Jasola. ...

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Risland Holdings gets nod to resume realty project, sales in Delhi

Monday 3rd July 2023

Risland Holdings, a Hong Kong-based company, has been granted permission by Delhi's Real Estate Regulatory Authority (RERA) to recommence construction and sales for its inaugural project in India. The project, located in Chattarpur, South Delhi, had faced a halt of approximately nine months due to incomplete documentation. Both the building sanction plan and the RERA registration had expired, and the Municipal Corporation of Delhi (MCD) and RERA had previously refused to extend the validity of these documents owing to a dispute over land ownership. ...

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Gurugram: Dhoot Sare buyers yet to get flats, protest

Monday 3rd July 2023

On Sunday, the Dhoot Sare Distressed Homebuyers (DSDHB) Association organized a protest in Sector 92, demanding prompt possession of their homes from KGK-Dhoot company. Around 50 homebuyers gathered with placards, expressing their grievances. According to the association, a total of 471 buyers of SARE Homes were unable to obtain their flats as they were allegedly not informed about the filing process by KGK-Dhoot and the Interim Resolution Professional (IRP). ...

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RCs worth Rs 1,200 crore resolved since 2018: UP-RERA chairman

Friday 30th June 2023

Rajive Kumar, the chairman of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), announced that a total of Rs 1,200 crore worth of recovery certificates have been successfully resolved in the state since 2018. The resolution of these certificates involved both recovery actions and mutual consent between builders and homebuyers. In the 2022-23 fiscal year alone, recovery certificates worth Rs 394.26 crore were resolved. Kumar shared this information during the 125th meeting of the UP RERA, which coincided with his last working day as the chairman of the authority. ...

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Conscient Infrastructure buys 6.6 acre land in Gurugram for around Rs 85 crore

Friday 30th June 2023

Conscient Infrastructure, a realty firm, has recently purchased approximately 6.6 acres of land in Gurugram for approximately Rs 85 crore. The purpose of acquiring this land is to develop a housing project. According to a statement from real estate consultant Cushman & Wakefield, they played a role in facilitating the land deal for this 6.6-acre plot situated in Sector 80, Gurugram. The land holds a development potential exceeding one million square feet. ...

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Developers may soon have to pay cess along Ghaziabad metro & RapidX routes

Friday 30th June 2023

On Wednesday, the Uttar Pradesh cabinet granted approval to a proposal regarding the imposition of a "metro and RRTS cess" on developers in cities where these two services are under construction. Initially, this charge is expected to be enforced in Ghaziabad and Meerut, where the construction of the RapidX corridor, also known as RRTS, is underway. Officials have stated that the relevant authorities have been instructed to formulate the specific details before issuing an official notification. In Ghaziabad, the cess is likely to be implemented within a 1.5km radius from either the metro or the RapidX corridor. ...

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Gurugram: Developer of Platinum Tower fined for illegal construction waste dumping

Friday 30th June 2023

In response to the unlawful disposal of construction and demolition (C&D) waste within the city, the Municipal Corporation of Gurugram (MCG) has taken strong action. On Thursday, the MCG issued a challan of Rs 1.1 crore to the developer of Platinum Tower in Sector 28 for illegally dumping construction waste onto the master stormwater drain that runs alongside the greenbelt. A senior official from the MCG reported that an alarming quantity of 12,881 metric tonnes of C&D waste had been generated and illegally dumped in the greenbelt area. ...

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REIT firms plan to form an association

Wednesday 28th June 2023

Real Estate Investment Trust (REIT) companies in India are engaged in discussions regarding the establishment of an association that would serve as a representative body for the industry and foster the growth of this nascent product. Drawing inspiration from the Association of Mutual Funds in India (AMFI), the proposed association aims to provide a unified platform for the REIT sector. Currently, India has only four REIT entities that are listed in the market. ...

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UP-RERA slaps Rs 3 crore penalty on Ansal API for fund misappropriation

Wednesday 28th June 2023

The Uttar Pradesh Real Estate Regulatory Authority (RERA) announced on Tuesday that it has prohibited realty firm Ansal API from engaging in the sale or transfer of any residential properties within its hi-tech township project in Greater Noida. This action has been taken due to the company's non-compliance with regulations. Additionally, Ansal API has been imposed with a penalty of Rs 3.05 crore for the misappropriation of funds amounting to Rs 60.57 crore, collected from home buyers across three distinct projects, as stated by UP RERA. ...

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Developers of 107 projects apply for deregistration from MahaRERA

Wednesday 28th June 2023

The Maharashtra Real Estate Regulatory Authority, known as MahaRERA, has encountered a wave of requests seeking the annulment of registration for a total of 107 projects, with 41 of them situated in Pune. Notably, the initial count stood at 88, but this number expanded as an additional 19 applications for cancellation were recently submitted. This update was shared by an official representing MahaRERA. ...

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Godrej Properties approves issuance of NCDs worth Rs 750 crore

Wednesday 28th June 2023

The board of directors' management committee at Godrej Properties has granted approval for the placement memorandum concerning the issuance of 75,000 rated listed unsecured redeemable non-convertible debentures (NCDs). These NCDs hold a face value of Rs 1,00,000 each, amounting to a total of Rs 750 crore. This announcement was made by the company through a filing on the Bombay Stock Exchange (BSE). The issuance encompasses a core offering of 50,000 rated listed unsecured redeemable NCDs, carrying a face value of Rs 1,00,000 each, totaling Rs 500 crore. ...

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Macrotech Developers emerges top bidder for Mumbai-based V Hotels

Wednesday 28th June 2023

In a noteworthy development, Macrotech Developers, a listed entity of the esteemed Lodha Groups, has emerged as the highest bidder for V Hotels Ltd, a Mumbai-based hospitality company that owns the renowned Tulip Star, previously known as Centaur Hotel Juhu. The Committee of Creditors (CoC) overseeing the insolvency proceedings of V Hotels has officially declared Macrotech Developers as the successful applicant for resolving the company's financial distress through the Corporate Insolvency Resolution Process (CIRP). ...

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Surge in joint development projects as land prices soar in Ahmedabad

Monday 26th June 2023

In the city's real estate sector, there is a notable increase in joint development agreements, as two well-known developers have joined forces with groups of landowners to initiate fresh projects. This emerging trend is believed to be a direct result of the substantial escalation in land prices observed in recent years, which has posed challenges for developers in allocating significant funds towards land acquisition. ...

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Banks may give up rights to revive housing projects

Monday 26th June 2023

Several CEOs and senior officials from high-street banks engaged in discussions a week ago regarding a significant development. They expressed a willingness to surrender their primary claims over assets and cash flow to new financiers who are prepared to rescue stalled housing projects. These projects have unfortunately left countless home buyers in a state of uncertainty across the nation. The banks are open to granting priority funding rights to these new lenders. ...

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Intel to sell Bengaluru office and lease it back

Saturday 24th June 2023

Intel, the American technology giant, has made the decision to sell its office space located on the Old Airport Road in Bengaluru. This move is part of their strategy to generate revenue from their real estate assets. The office space spans 250,000 square feet and the deal is expected to exceed ?450 crore. According to multiple sources familiar with the matter, the sale is likely to follow a salescum-lease model for a duration of three years, with a one-year lock-in period for the asset. ...

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Train RERA officials on provisions, Bihar REAT tells state government

Saturday 24th June 2023

In a striking development highlighting the need for enhanced oversight in the real estate sector, the Real Estate Appellate Tribunal (Reat) of Bihar has issued a compelling appeal to the state government. The tribunal has urged the government to provide comprehensive "training" to the members of its regulatory authority, Rera, with the aim of fostering a deeper comprehension of the pertinent laws governing the industry. Citing the "improper functioning of the authority" as the driving force behind this call to action, the appellate tribunal expressed its concern over a particular instance where a commercial-cum-residential project was registered without conducting thorough verification of the validated documents. ...

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Pay shifting fee to flat owners in three Chintels Paradiso towers, builder told

Saturday 24th June 2023

District Town Planner (Enforcement), Mr. Manish Yadav, took a proactive step on Friday by addressing a letter to Chintels India, the esteemed developer behind the Paradiso residential project situated in Sector 109. The letter emphasizes the need for the developer to fulfill their obligation of paying the shifting charges to the flat owners residing in towers D, E, and F. Furthermore, DTP Yadav specifically directs the builder to ensure that these charges are disbursed to residents who wish to relocate without providing their consent for either option I or option II as presented by the developer. ...

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Ahmedabad civic body clears 33,000 applications pertaining to property tax-related issues

Saturday 24th June 2023

The Ahmedabad Municipal Corporation announced a significant achievement during its recent 'green corridor drive', having successfully resolved 33,000 applications related to property tax matters. Jainik Vakil, the esteemed chairman of the revenue committee, highlighted the substantial volume of applications received, encompassing various requests such as name changes, ownership transfers, and tax rebates, among others. This commendable accomplishment showcases the diligent efforts undertaken by the corporation to address and resolve property tax-related issues efficiently. ...

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Noida: NexGen Infracon pays penalty for five-year delay in delivering possession of flat

Friday 23rd June 2023

A man based in Delhi has received approximately Rs 16 lakh as a penalty for delay from the developer of a residential complex project in Noida. The possession of the flat was handed over to him five years beyond the originally promised deadline. As per the Uttar Pradesh Real Estate Regulatory Authority (RERA), the buyer had made a booking for a flat in Mahagun Mezzaria, located in Sector 78 of Noida, in 2017. The buyer had paid a sum of Rs 1.35 crore to the promoter, NexGen Infracon. ...

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Gurugram: Five-storey illegal building tilts in DLF 3, 20 residents moved out

Friday 23rd June 2023

Approximately 20 residents residing in a five-storey building located in DLF 3 had to be relocated after the building tilted on Monday night, potentially due to excavation activities taking place on the adjacent plot. The owner of the building, identified as U-20/8, has received a notice for engaging in construction activities that violate the Haryana Buildings Code of 2017. Similarly, the owner of the neighboring plot has also been requested to provide an explanation for conducting excavation work without the presence of an architect or engineer at the site. At present, the building, which has tilted slightly to the right, is being supported by two cranes. ...

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Gurugram: Directors, senior executives of Ansal Housing booked for fraud

Friday 23rd June 2023

The police have filed charges against the directors and a number of high-ranking executives of a developer based in Delhi for allegedly defrauding an investor. As per the authorities, numerous individuals had invested in shops at Ansal Hub, a commercial complex located in Sector 83, back in 2010. The builder, known as Ansal Housing Limited, had promised to deliver the properties by 2014; however, the completion of the properties is still pending. ...

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No decision yet on MOFA repeal, says deputy Maharashtra CM

Friday 23rd June 2023

Deputy Chief Minister Devendra Fadnavis stated on Thursday that the state government has not yet made a decision to revoke the Maharashtra Ownership of Flats Act (MOFA), 1963. Although associations representing developers have called for the repeal of the Act, numerous individuals, including the cooperation department, have expressed their support for its continuation. Various consumer groups have taken the initiative to voice their opposition to the proposal of repealing MOFA by submitting multiple representations to the housing department. ...

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Gurugram: Investors of two projects allege fraud by Ninaniya Estates, protest

Thursday 22nd June 2023

A collective of investors, comprising mainly senior citizens, who have invested in two projects, namely Prism Portico in Sector 89 and Prism Suites in Gwalpahari by Ninaniya Estates Limited, expressed their grievances by staging a protest at the developer's office on Wednesday. These projects have remained incomplete for the past decade, and the investors alleged that the developer has defaulted on multiple occasions and is refusing to provide them with refunds. Despite lodging several complaints with various authorities such as the Department of Town and Country Planning (DTCP), the police, and others, the government has failed to take any action in response to their plight. ...

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Conduct structural audit of tower A again, town planner tells Chintels India

Thursday 22nd June 2023

The Department of Town and Country Planning (DTCP) has instructed the developer of Chintels Paradiso, a society located in Sector 109, to arrange for another structural audit of Tower A. This audit is to be conducted by a different agency, preferably the Central Building Research Institute (CBRI), and must be completed within a period of 30 days. Previously, the Indian Institute of Technology Delhi (IIT-Delhi) had conducted an audit of the tower. While the institute's report, which was made public earlier this month, stated that the tower is currently deemed safe, it also highlighted signs of deterioration. As a precautionary measure, the report recommended an annual structural audit to ensure the safety of the residents.  ...

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Delhi civic body bars 140 architects for three years for approving wrong building plans

Thursday 22nd June 2023

According to officials, the Municipal Corporation of Delhi (MCD) has taken the decision to bar 140 architects from granting approval for building plans. This action was prompted by complaints regarding the approval of plans containing incorrect information by architects affiliated with the MCD. In response, the MCD has announced that 20% of the plans will undergo a thorough scrutiny process. Currently, the MCD has approximately 1,300 architects on its panel. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Wednesday 21st June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that owning multiple residential houses in co-ownership does not prevent taxpayers from availing tax exemption on long-term capital gains. This significant decision, which pertains to Section 54F of the Income-tax (I-T) Act, will have advantageous implications for numerous taxpayers. It is particularly relevant in situations where joint investments in real estate are commonly made within large families. ...

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Ahmedabad: Eight plots with base prices totalling Rs 561 crore on block

Wednesday 21st June 2023

The Ahmedabad Urban Development Authority (AUDA) has recently announced an upcoming auction of eight plots, collectively valued at Rs 561.28 crore. These prime plots are situated in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. Notably, these exclusive spaces will be auctioned at a considerable discount compared to their market price. The auction is scheduled to take place on June 30 and July 1. ...

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MREAT modifies MahaRERA order, directs builder to pay interest from date of payments

Wednesday 21st June 2023

The Maharashtra Real Estate Tribunal (MREAT) has made modifications to a previous 2021 order issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). The original order had denied home buyers the entitlement to receive interest on their payments from the day they were made, as well as refunds for additional payments like stamp duties and registration fees. However, in the latest ruling, MREAT directed a developer based in Andheri to compensate the home buyer with interest, commencing from the day of the initial deposit, and further mandated the refund of all statutory payments. ...

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Delhi HC grants interim protection from arrest to M3M Group owners in money laundering case

Wednesday 21st June 2023

In relation to a money laundering case involving the real estate firm IREO, the owners of M3M Group, Basant Bansal and Pankaj Bansal, have been granted interim protection from arrest until July 5 by the Delhi High Court. A vacation bench presided by Justice Chandra Dhari Singh has specified that if the arrest were to occur, the Gurugram-based realty company owners would be eligible for bail, subject to specific conditions. These conditions include a personal bond of Rs 10 lakh each, along with two sureties of the same amount.  ...

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ED arrests two M3M promoters in money laundering case

Wednesday 21st June 2023

According to official sources, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. Their arrest is connected to a case of money laundering linked to a former special court judge from Panchkula, as per an anti-corruption bureau investigation. The agency took the two directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). ...

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ED arrests nephew of suspended Panchkula special judge in money laundering case

Saturday 17th June 2023

According to official sources, the Enforcement Directorate has arrested the nephew of a suspended judge, who was previously stationed at a special court in Panchkula. The arrest is part of a money laundering investigation connected to a bribery case involving the said judicial officer. Ajay Parmar, the nephew of suspended special court judge Sudhir Parmar, was apprehended after the federal agency conducted searches at his residence. Following his arrest, he was presented before a special Prevention of Money Laundering Act (PMLA) court in Panchkula, which remanded him to ED custody until June 20. ...

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Madras HC seeks report on illegal sand mining in Dindigul

Saturday 17th June 2023

In response to a public interest litigation filed by P Mahalingam, a resident of Dindigul district, the Madras High Court has instructed the Dindigul district collector and the assistant director of the geology and mining department to conduct an investigation and submit a report regarding a plea aimed at preventing illegal sand mining in water bodies within the Dindigul district. This directive was issued by a division bench consisting of Justice R Subramanian and Justice L Victoria Gowri. ...

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Noida: 13 builders extract groundwater for projects, fined Rs 5 lakh

Friday 16th June 2023

In an effort to curb the unauthorized extraction of groundwater for construction purposes in Noida and Greater Noida, the district administration took action on Wednesday by imposing a fine of Rs 5 lakh on each of the 13 developers involved. The decision came after a comprehensive survey conducted at the behest of District Magistrate Manish Kumar Verma, carried out by a collaborative team comprising representatives from the Noida and Greater Noida authorities, the pollution board, and the groundwater department. This step signifies the administration's commitment to safeguarding the region's precious water resources and ensuring sustainable development practices. ...

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ED arrests two M3M promoters in money laundering case

Friday 16th June 2023

In connection with a corruption case involving a former special court judge from Panchkula, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. The official sources revealed on Thursday that the ED took both directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). This move stems from an ongoing money laundering investigation conducted by the agency. ...

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DDA to offer 5,000 flats on firstcome, first-serve basis, more may be added

Thursday 15th June 2023

According to officials, the highest decision-making body of the Delhi Development Authority (DDA) has granted approval to commence Phase IV of DDA's online housing scheme on June 30. Under this scheme, individuals will have the opportunity to book a flat of their choice in their preferred location by paying a token booking amount. The decision was made during a meeting of the authority, chaired by Delhi Lieutenant Governor V K Saxena, who also serves as the Chairman of DDA. Additionally, the authority has approved two options, namely buyback and re-development, for the owners or allottees of Signature View Apartments located in Mukherjee Nagar. ...

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I-T searches 31 places of Vianaar Group and Isprava Group for tax evasion

Thursday 15th June 2023

The Income-Tax Department's Investigation Wing in Panaji has initiated an extensive search and survey operation on two prominent luxury real estate developers, namely Vianaar Group and Isprava Group, as part of an alleged tax evasion investigation. This operation, which is being conducted across multiple states, aims to reveal any instances of tax evasion and undisclosed assets associated with high-end luxury villa projects. ...

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Godrej Properties to acquire about 7.44 acre land for a residential project in Kolkata

Thursday 15th June 2023

Gofrej Properties (GPL) has announced that it will acquire a land parcel of approximately 7.44 acres in New Alipore, Kolkata from the West Bengal Housing Infrastructure Development Corporation. This acquisition was secured by GPL as the highest bidder in an e-auction, as mentioned in a filing submitted to the Bombay Stock Exchange (BSE). GPL intends to utilize this land for the development of a luxury group housing project. The projected size of the project is estimated to be around 9.8 lakh square feet, with an anticipated revenue potential of approximately Rs 1,200 crore. ...

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Noida: 23,000 flats handed over without registry, 66 builders get notices

Wednesday 14th June 2023

A notification has been issued by the stamp and registry department, targeting a total of 66 developers who have granted possession of flats to buyers without completing the necessary registration process. These developers have now received official notices, cautioning them about potential legal consequences if the registration of these flats is not completed within a month. According to officials, a significant number of completion and occupancy certificates, totaling over 23,000 flats, have been issued to these developers. However, it is important to note that none of these flats have been registered as of yet. ...

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WeWork India adds over one lakh sq ft at Raheja Mindspace in Hyderabad

Wednesday 14th June 2023

WeWork India, a renowned provider of flexible workspace solutions, has recently inked an agreement for a brand-new workspace located at Raheja Mindspace in Madhapur, Hyderabad. Encompassing an impressive area of 100,000 square feet, this workspace is designed to accommodate over 1,500 desks. It is anticipated to be operational by August 2023, offering professionals and businesses a convenient and dynamic environment to work and thrive in. ...

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Gurugram: Told to vacate alternative flats in one week, say Chintels Paradiso residents

Wednesday 14th June 2023

Several residents of Chintels Paradiso, who have chosen not to settle after discovering defects in the buildings they reside in, have voiced concerns over the possibility of facing eviction. These homeowners claim that the developer has issued a notice instructing them to vacate their temporary accommodations within a strict timeframe of seven days. According to the affected individuals, at least 10 flat owners residing in towers D, E, and F of the society located in Sector 109, received email communication from the developer on June 11. The emails explicitly state that their rental contracts are being terminated and the families must evacuate the premises within one week. ...

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Government directs states to provide information on stuck housing projects, aims to resolve issues

Tuesday 13th June 2023

As part of its commitment to assisting distressed homebuyers and facilitating the timely completion of housing projects, the government has initiated the process of identifying stalled projects across the nation. The Ministry of Housing & Urban Affairs (MoHUA) has issued instructions to the chief secretaries of all states and Union Territories, urging them to furnish necessary details regarding the stalled projects within their jurisdictions. This proactive step by the government aims to address the concerns of homebuyers and ensure the successful delivery of these projects in a timely manner. ...

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Patna residents can file property tax seven days a week

Tuesday 13th June 2023

In a positive development for residents of the Patna Municipal Corporation (PMC) area, they now have the convenience of filing their property taxes or other municipal taxes throughout the week. The tax filing counter will be operational from 7 am to 7 pm, allowing individuals to avail of these services for extended hours. Additionally, the PMC website offers an online platform for tax filing, making the process even more accessible. Mayor Sita Sahu inaugurated the 7-to-7 tax collection counter on Sunday, with the presence of the deputy mayor and other members of the empowered standing committee. ...

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EY Global Delivery Services India renews office lease of 4.2 lakh sq ft in Bengaluru

Tuesday 13th June 2023

Amid a global financial slowdown, EY Global Delivery Services India has taken a significant step by renewing its lease for office space in Bengaluru. The multinational firm, headquartered in London, has secured 420,000 square feet of office space in WTC Coral, Bengaluru, spanning across 11 floors. The lease agreement, which spans a duration of 60 months, was confirmed through a lease register document provided by Propstack, a data analytics firm. Notably, the lease renewal includes a rental escalation of 13.5% after 12 months, followed by subsequent increments every 36 months. ...

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Delhi HC grants interim protection from arrest to M3M Group owners in money laundering case

Tuesday 13th June 2023

The Delhi High Court has provided temporary protection against arrest until July 5 to Basant Bansal and Pankaj Bansal, who are the owners of the M3M Group. This action comes in relation to a money laundering case connected to the real estate company IREO. Justice Chandra Dhari Singh, presiding over a vacation bench, stated that if the need for arrest arises, the owners of the realty company based in Gurugram would be granted bail under specific conditions. The conditions include a personal bond of Rs 10 lakh for each individual, along with two sureties of the same amount. These orders were issued by the court in response to separate anticipatory bail applications filed by Basant Bansal and Pankaj Bansal. The case is currently being investigated by the Enforcement Directorate (ED). ...

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Successful resolution seen in 62% real estate insolvency cases

Monday 12th June 2023

Experts have noted that despite the complexities involved, the resolution of insolvency and bankruptcy cases in the real estate sector has shown consistent progress. One of the key factors contributing to this progress is the potential for the government to introduce amendments to the existing code, allowing for tailored resolutions based on the specific nature of individual projects, rather than applying a rigid framework to the entire property sector. This flexibility is expected to enhance the performance of the sector and address the challenges faced by numerous homebuyers. ...

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Ahmedabad: Nod from all society members needed to apply for regularization

Monday 12th June 2023

In order to legalize any unauthorized construction within a multi-storied complex, whether it's in a residential apartment or commercial complex, it is necessary to obtain consent from all members before applying to the Ahmedabad Municipal Corporation (AMC) for regularization. This requirement is one of the contributing factors to the limited number of impact fee applications received by the civic body. The officials have conducted site visits for a total of 15,506 applications. Among the approved applications, nearly 90% were related to residential construction, while only 10% pertained to commercial construction. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Monday 12th June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that individuals who co-own multiple residential houses can still claim tax exemption on long-term capital gains. This decision, which pertains to Section 54F of the Income-tax Act, will be advantageous for many taxpayers, especially in larger families where investments are often made jointly. Under Section 54F, if a taxpayer sells capital assets such as jewelry or shares and reinvests the entire net sale consideration in the purchase or construction of a house property within the specified timeframe, no tax liability will arise on the resulting long-term capital gains. In cases where only a portion of the sale consideration is invested in a house property, the tax exemption will be allowed proportionately. ...

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Customised insolvency & bankruptcy code resolutions for real estate on the cards

Friday 9th June 2023

According to sources familiar with the matter, the government is expected to modify the insolvency law in order to facilitate tailored solutions for insolvent residential real estate projects. The aim is to ensure the prompt provision of flats to homebuyers in distressed housing projects. The proposed amendments to the Insolvency and Bankruptcy Code (IBC) would enable project-specific resolutions, rather than imposing a rigid framework applicable to the entire real estate sector. ...

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Now, stamp duty as per circle rate for power of attorney in Uttar Pradesh

Friday 9th June 2023

The UP Cabinet has approved a new rule aimed at combating stamp duty evasion cases that have surfaced recently. Under this rule, if a power of attorney grants the authority to sell a property to someone other than a family member, the registration of that property will be subject to stamp duty based on the circle rate. This measure was implemented due to builders exploiting a loophole and persuading farmers to sell their lands under the pretext of a power of attorney, thereby circumventing the payment of stamp duty. ...

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Panchkula civic body to organise two day property tax camp

Friday 9th June 2023

The Panchkula Municipal Corporation (MC) is preparing to host a property tax data correction camp, catering to both urban and rural property owners in Panchkula. These camps will span two days and will be set up in various wards across Panchkula. Sachin Gupta, the Commissioner of the Municipal Corporation, shared that the camp will be conducted on both Saturday and Sunday. ...

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Delink registries from land dues, UPRERA suggests to state government

Thursday 8th June 2023

The Uttar Pradesh Real Estate Regulatory Authority has put forth a recommendation to the state government, suggesting that the registration process for finished real estate projects should be dissociated from the outstanding debts owed by builders to the Noida and Greater Noida authorities. This proposal aims to provide much-needed respite to homebuyers. However, an impasse between the development authorities and builders, regarding land dues amounting to Rs 39,000 crore, has left approximately 40,000 homebuyers in both cities in a prolonged state of anticipation for the registration of their flats. ...

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Jaiprakash Associates defaults on Rs 3,961-crore loans on May 31

Thursday 8th June 2023

Jaypee Group's prominent company, Jaiprakash Associates, which is currently facing a crisis, has encountered a default situation on loans totaling Rs 3,961 crore, encompassing both the principal amount and accrued interest. As per a regulatory disclosure made by Jaiprakash Associates Ltd (JAL), on May 31, the company failed to fulfill its repayment obligations of Rs 1,600 crore as principal and Rs 2,361 crore as interest. These loans were obtained from various banks and comprised fund-based working capital, non-fund-based working capital, term loans, and FCCB (foreign currency convertible bonds). ...

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Realty projects on three-cottah plot now underWest Bengal RERA watch

Thursday 8th June 2023

Moving forward, all future advancements pertaining to a 3-cottah plot that encompasses six or more flats will be subject to the regulations outlined in the Real Estate (Regulation and Development) Act of 2016. The primary objective behind encompassing these projects within the scope of the real estate regulatory authority is to ensure strict adherence to compliance standards, particularly in approximately 90% of small-scale developments. This proactive measure aims to address the concerns of customers who previously had limited avenues for seeking resolution, often resorting to legal action when developers failed to fulfill their commitments. ...

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About 39 realty projects in Pune apply for deregistration

Thursday 8th June 2023

On Monday, a representative from MahaRERA disclosed that a group of developers involved in 39 real estate ventures located in Pune have submitted applications for deregistration. The state regulatory authority, MahaRERA, has received a cumulative count of 88 applications originating from various regions within the state. These applications were submitted by developers who find themselves unable to proceed with their projects due to an assortment of challenges, including insufficient financial resources, ongoing legal disputes, alterations in government planning regulations, and other related factors. Notably, Pune accounted for the highest number of applications, with 39 submissions, followed by Raigad with 16, Thane with 8, and Mumbai city with 4 applications. ...

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Shareholder seeking to sell property can’t buy shares of other shareholders: Karnataka HC

Thursday 8th June 2023

In a recent ruling, the Karnataka High Court has established that a shareholder who advocates for the sale of a property under Section 2 of the Partition Act is prohibited from purchasing the shares owned by other shareholders. Justice Sreenivas Harish Kumar, while dismissing the petition presented by Mukunda Rao and Venkatesh Rao, emphasized that the petitioners, who expressed their preference for a sale, are not entitled to exercise their rights under Section 3 of the Act if the respondents are willing to acquire their shares at the valuation determined by the court. ...

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Government to take over stalled city redevelopment projects: Maharashtra CM

Thursday 8th June 2023

According to insiders, Adani Cement, the parent company of Ambuja Cement and ACC, has withdrawn from the Cement Manufacturers' Association (CMA), an industry lobby group representing major cement players in the country. The decision was reportedly prompted by disagreements between the Adani Group company and the CMA on various matters, although specific details were not provided by the sources. Additionally, both Ambuja Cements and ACC had ceased sharing their production and sales data with the CMA several years ago and had not actively participated as members of the association. An analyst from a domestic brokerage, who preferred to remain anonymous, confirmed this information. ...

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Ghaziabad: GDA to recover costs from builders if HC upholds land compensation hike

Tuesday 6th June 2023

The Ghaziabad Development Authority (GDA) is potentially facing a significant financial obligation as it may be required to pay an enhanced land compensation amount ranging from Rs 1,000 to 1,200 crore to farmers. This compensation pertains to the acquisition of 1,748 acres of land between 1986 and 1989 for the development of the Indirapuram and Vaishali housing schemes. On July 12, the Allahabad High Court is scheduled to hear the GDA's review petition challenging the court's previous decision in 2017, which set the higher land compensation rate at Rs 297 per square yard. ...

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Embassy REIT raises non-convertible debentures of Rs 1,050 crore at 7.77% coupon

Tuesday 6th June 2023

Embassy Office Parks REIT (Embassy REIT) has announced the successful completion of its Rs 1,050 crore fundraising through coupon-bearing non-convertible debentures (NCDs), as stated in the regulatory filing. The NCDs have a tenure of 24 months, commencing from the deemed date of their allotment, and offer a coupon rate of 7.77% per annum. The interest payments on the NCDs will be made on a quarterly basis to the esteemed debenture holders. ...

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ED raids IREO, M3M, seizes luxury cars worth Rs 60 crore

Tuesday 6th June 2023

The Enforcement Directorate (ED) announced on Monday that it has confiscated luxury cars with an estimated value of Rs 60 crore, encompassing renowned brands such as Ferrari, Lamborghini, and Bentley. Additionally, high-value jewelry worth Rs 5.75 crore was seized during the meticulous raids conducted as part of a money laundering inquiry into the real estate firms IREO and M3M. The esteemed federal agency divulged in an official statement that these extensive searches were executed on the 1st of June at seven distinct locations situated in Delhi and Gurugram. ...

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Mumbai: Now, SRA to acquire slum plots reserved for amenities

Monday 5th June 2023

In accordance with the Development Control and Promotion Regulations 2034 (DCPR-2034), the Slum Redevelopment Authority (SRA) has announced its decision to acquire privately owned plots that have been earmarked for public amenities but are currently burdened by slum encroachments. This move aims to address the issue of slums and ensure the effective utilization of such designated spaces. Notably, three years ago, the Brihanmumbai Municipal Corporation (BMC) acquired a plot in Dahisar for a significant sum of Rs 349 crore, despite its original value being assessed at Rs 54 crore due to the presence of encroachments. This transaction has drawn the attention of BJP leader Kirit Somaiya, who has filed a police complaint against the BMC, raising concerns about the purchase of a plot that had already been designated as a slum. ...

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Panchkula civic body to rein in property tax defaulters

Monday 5th June 2023

MC commissioner Sachin Gupta revealed that a staggering amount of Rs 38.66 crore in property tax is owed by 119 commercial private properties, encompassing esteemed establishments such as Hotel Golden Tulip, Ramgarh Fort, Holiday Inn, Vintegrate Technology Private Limited in Sector 22, and St Teresa Public School in Sector 25. Emphasizing the gravity of the situation, he urged officials to adopt a stringent approach when dealing with those who default on their property tax obligations. It is noteworthy that an additional sum of Rs 32.19 crore remains outstanding from 46 government properties, including UHBVN, HSVP, Tau Devi Lal Stadium, and Gymkhana Club in Sector 3. ...

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Info Edge (India) initiates forensic audit of 4B Networks

Saturday 3rd June 2023

Allcheckdeals India (AIPL), a completely owned subsidiary of Info Edge (India), has commenced a forensic examination of the activities concerning 4B Networks. In connection with this matter, the company has enlisted the services of Deloitte Touche Tohmatsu India LLP as the designated forensic auditor, while Saraf and Partners Law Offices will offer their support and assistance. Over time, AIPL has made substantial financial investments and provided periodic funding to 4B Networks, which totals approximately Rs 288 crore. ...

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Wave Group clears Rs 96 crore UPRERA dues

Saturday 3rd June 2023

Wave Mega City Centre Private Limited, a prominent real estate developer, has deposited a substantial sum of Rs 96 crore to the district administration as a part of settling the recovery certificates (RCs) issued by UP-Rera, with a combined value of Rs 136 crore. In response to the developer's failure to fulfill its obligations towards UP-Rera, the district administration had previously issued an order to auction off 38 shops constructed within a commercial project located in Sector 18. However, with 70.5% of the outstanding dues now settled, it is likely that the district administration will defer the e-auction of the shops at Wave 1st Silver Tower in Sector 18. ...

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NBCC to invest Rs 67 crore in Amrapali projects

Saturday 3rd June 2023

NBCC, a government-owned construction company, has decided to allocate an investment of Rs 67 crore towards the reinforcement and strengthening of buildings in six Amrapali projects. The decision came after a comprehensive structural audit highlighted significant concerns regarding the current condition of these structures. The projects identified with structural deficiencies include Sapphire Phase 1, Sapphire Phase 2, Princely Estate, Zodiac, Platinum, and Titanium. ...

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Delhi Police summons Emaar MD for questioning on Friday in forgery case

Friday 2nd June 2023

The Economic Offence Wing of the Delhi Police has served a formal notice to Mohamed Ali Alabbar, the visionary founder and managing director of Emaar Properties, a renowned real estate company based in Dubai. The notice mandates his presence for interrogation on Friday, regarding a serious and grave accusation of forgery and criminal breach of trust in connection with a residential development undertaking in Gurugram. In response to the query made by PTI, a representative of Emaar India acknowledged the receipt of the aforementioned notice. ...

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CREDAI urges centre to remove GST on flats given free of cost in redevelopment projects

Friday 2nd June 2023

A prominent association of real estate developers, CREDAI, has put forward a strong request to the government to eliminate the Goods and Services Tax (GST) on flats that are provided free of charge to current residents as part of redevelopment projects. The objective behind this plea is to enhance the economic feasibility of such projects, particularly in the Mumbai region. A delegation comprising members from both CREDAI and CREDAI-MCHI had the honor of engaging in a meeting with the esteemed Union Finance Minister, Nirmala Sitharaman. During this significant encounter, the delegation presented a formal representation, shedding light on the paramount issue at hand. ...

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Rebate ends, Chandigarh civic body receives Rs 42 crore property tax in two months

Friday 2nd June 2023

During the two-month rebate period, which concluded on Wednesday, the municipal corporation (MC) has collected a substantial amount of Rs 42.47 crore as property tax. Notably, Panjab University and the UT administration made significant contributions of Rs 1 crore each, while the PGI contributed Rs 88 lakh, and the civic body itself contributed Rs 50 lakh. Out of the approximately 1.42 lakh taxpayers in the city, a commendable number of 64,000 residential property owners and 16,000 commercial property owners fulfilled their tax obligations by submitting their payments in April and May. ...

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TDR allowed for buildings on internal layout roads in Mumbai

Friday 2nd June 2023

The esteemed Municipal Commissioner, Iqbal Chahal, has granted approval to a proposal that permits the Transfer of Development Rights (TDR) for the revitalization of old buildings located on internal roads, specifically private layout roads. However, this provision applies only if the width of the road is a minimum of 9 meters and it is situated at a distance of 50 meters from a public road. Additionally, the TDR will still be permissible even if the width of the private layout road diminishes in certain sections. ...

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Noida authority e-auctions duplex villa for Rs 2 crore

Thursday 1st June 2023

On Tuesday, the Noida Authority conducted an e-auction for four duplex villas, and interestingly, three of them were sold at prices higher than the base price of Rs 1.79 crore. One of the villas fetched a price of Rs 2.08 crore, according to officials. Among the four units put up for auction, the HD-223 unit located in Sector 135 had a reserve price of Rs 1.79 crore but was eventually sold for Rs 2.08 crore. The sale of this unit saw a significant increase of Rs 29.50 lakh, equivalent to a 16.45% surge over the reserve price. ...

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Maharashtra: Now get society land ownership within one month

Thursday 1st June 2023

A government resolution has stipulated that if a residential community successfully passes a self-redevelopment resolution with a majority vote and proceeds to apply for deemed conveyance or land ownership, they will be granted the same within a month. It should be noted that, as per the previous resolution, the decision regarding the application for deemed conveyance was expected to be finalized within six months from the date of submission. ...

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Aurum PropTech set to buy Ratan Tata-backed NestAway

Thursday 1st June 2023

According to individuals familiar with the matter, Aurum PropTech, a prominent proptech company, is preparing to acquire NestAway Technologies, a managed rental home company that has received backing from Goldman Sachs, Tiger Global, and Ratan Tata. In addition to the founders, the shareholders of the company consist of global institutional investors and notable business figures, including the former chairman of Tata Sons. ...

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Gurugram: 18 farmhouses, road network razed in DTCP crackdown

Thursday 1st June 2023

The department of town and country planning (DTCP) took action to demolish six illegal colonies that had been recently established by offenders without obtaining the necessary permissions from the authorities. These violators had constructed 18 farmhouses, 30 additional structures, and offices within these unauthorized colonies. Additionally, the enforcement team demolished the road network that had been developed in connection with these colonies. ...

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Ordinance cleared to comply with Odisha RERA

Wednesday 31st May 2023

On Monday, the state government approved an ordinance to align the local housing regulations with the provisions of the Real Estate (Regulation and Development) Act, 2016. This measure aims to enable the resumption of apartment registrations that have been on hold for over a year since May 17, 2022. During a state cabinet meeting led by Chief Minister Naveen Patnaik, the decision was made to implement the Odisha Apartment (Ownership and Management) Ordinance, 2023, which involves repealing the Odisha Apartment Ownership Act, 1982. ...

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Nod for 50% cut in premium for on year for cluster redevelopment in Mumbai

Wednesday 31st May 2023

With the aim of promoting cluster redevelopment in the city, the state cabinet granted approval on Tuesday to a 50% reduction in premiums. Deputy Chief Minister Devendra Fadnavis, who also oversees the housing portfolio, clarified that this reduction in premiums would be applicable for a duration of one year. Domnic Romell, President of CREDAI-MCHI, a representative organization of the housing industry, expressed that this decision discourages the fragmented development of standalone buildings that lack adequate infrastructure, while simultaneously fostering the adoption of cluster redevelopment. ...

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QR code display for projects must from August 1: MahaRERA

Tuesday 30th May 2023

On Monday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a directive stating that all advertisements or social media displays related to registered housing projects must feature QR codes along with their respective registration numbers, starting from August 1. Since March, the authority has been issuing QR codes for registered projects. By scanning the QR code, prospective homebuyers can access crucial information about a project, including its commencement and completion dates, records of registered complaints, and necessary approvals. Additionally, any modifications to approved plans and project renewals are also incorporated into the QR code. Currently, MahaRERA boasts a registration count of approximately 40,000 projects. ...

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Over 25 lakh property owners in Bengaluru may face hike in tax

Tuesday 30th May 2023

If the hike proposal put forth by the Bruhat Bengaluru Mahanagara Palike (BBMP) receives approval, more than 2.5 million property owners in the city of Bengaluru will need to prepare themselves to allocate additional funds for property tax. Deputy Chief Minister and Minister of Bengaluru City Development, DK Shivakumar, who assessed the functioning of BBMP on Monday, disclosed that the government is contemplating an increase in property tax for the vibrant IT hub. ...

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Need for credible framework to differentiate good & bad builders: Housing Secretary

Tuesday 30th May 2023

Housing and Urban Affairs Secretary Manoj Joshi emphasized the need for a "credible framework" that can distinguish between reliable and unreliable real estate developers. This framework would facilitate easier access to credit from banks for the construction of projects, reducing dependence on customers' funds. Speaking at a real estate conference hosted by CII, Secretary Joshi highlighted that customer advances predominantly finance real estate ventures, particularly housing, and stressed the necessity of altering this existing model. ...

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MahaRERA orders Rs 7 crore refund for 12, but defers payment till Dec 2023 for project completion

Monday 29th May 2023

The builders of the lavish Mirabilis project in Santacruz have been ordered by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to return the money that 12 allottees paid after the allottees complained about the project's delay. Every case is eligible for a refund of up to Rs 1 crore, for a total of over Rs 7 crore. Under the subvention scheme, nine of the allottees will be reimbursed without any interest, while the remaining three buyers will receive full refunds along with accrued interest. ...

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Noida: UPPCB imposes Rs 76.5 crore fine on 38 builders for illegal groundwater extraction

Monday 29th May 2023

The Uttar Pradesh Pollution Control Board (UPPCB) has levied a hefty penalty of Rs 76.5 crore on 38 construction developers for the unauthorized extraction of groundwater through borewells. These builders are required to remit the specified sum within a span of 15 days. According to officials, the UPPCB has imposed the highest penalty of Rs 6.6 crore on the Gaur City 2 undertaking, while the Gaur City 1 project has been fined Rs 4 crore. ...

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Covid moratorium benefit not for plan-flouting builder: MahaRERA

Saturday 27th May 2023

In a cautionary decree aimed at builders, the MahaRERA has denied the advantage of the Covid-19 pandemic moratorium, accessible to all promoters. Furthermore, the regulatory authority has instructed a builder to remunerate the complainant with interest, even for the duration covered by the moratorium, due to a violation of the approved plan. Ajoy Mehta, the chairman of MahaRERA, emphasised that only projects that follow the approved plan are eligible for the benefits of the moratorium. The recent order firmly states that benefits or privileges are exclusively granted to entities that operate within the confines of legal compliance. ...

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Four years on, Karnataka to hike guidance value by 15%

Saturday 27th May 2023

The Congress government is considering raising property guideline values by 15% in an effort to boost income and pay for its poll assurance programme. According to a minister, the government seeks to increase guidance value and encourage online registration by expanding the use of the web-based programme Kaveri 2.0 to places like Bengaluru in order to take advantage of the real estate market's expansion. Due to Covid-19, the guideline value has not been changed since 2019, although being required to be increased by 15% annually. ...

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Gurugram: Audit to check structural flaws in 15 highrise societies in second phase

Saturday 27th May 2023

On Friday, Deputy Commissioner Nishant Yadav issued an order for conducting structural audits of 15 residential societies in the city, marking the commencement of the second phase of an initiative launched following the collapse of flats in Chintels Paradiso last year. These societies will be selected from a pool of 60 projects, where residents and Resident Welfare Associations (RWAs) had lodged complaints regarding construction quality and structural flaws in the past two years. ...

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Mumbai: Post-2000 slums dwellers can buy 300 sq ft rehabilitation flat for Rs 2.5 lakh

Friday 26th May 2023

Post-2000 slum dwellers in Mumbai will have the opportunity to purchase rehabilitation flats measuring 300 square feet at a cost of Rs 2.5 lakh. This initiative aims to provide affordable housing options to residents living in slum areas. According to Satish Lokhande, the CEO of the Slum Rehabilitation Department of the Maharashtra government, the previous cost of these homes was between Rs 10-12 lakh, making them unaffordable for most individuals in the low-income group.  ...

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Push to speedy disposal of land acquisition and rehabilitation cases in Delhi

Friday 26th May 2023

On Thursday, Lieutenant Governor V K Saxena granted approval to the recommendation of appointing an additional district judge as the presiding officer of the Land Acquisition, Rehabilitation and Resettlement (LARR) Authority. According to officials, this new appointment is expected to facilitate the swift resolution of disputes pertaining to land acquisition, compensation, rehabilitation, and resettlement. ...

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Now, separate nod not required for non-agricultural land in Maharashtra

Thursday 25th May 2023

In a significant stride towards enhancing the Ease of Doing Business, developers are now relieved from the obligation of obtaining separate non-agricultural permission subsequent to acquiring building approvals. State revenue minister Radhakrishna Vikhe-Patil emphasized that once the competent authority grants permission for construction on a specific plot, it automatically implies that the land has been converted to non-agricultural usage, thereby eliminating the need for a separate non-agricultural permission. ...

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Registries of almost 1,100 flats approved but held up by builders: Noida Authority

Thursday 25th May 2023

The Noida Authority has declared that the subleased agreements, commonly known as registries, for 1,097 apartments in 21 collective housing ventures within the city are eligible for completion. However, these agreements are currently being delayed by the real estate developers, who are neglecting their responsibilities towards the prospective homeowners. The Authority has issued a strong warning about imposing punitive actions on developers who persistently obstruct the implementation of these registries. ...

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Civic bodies ask UDH to shelve Rajasthan RERA order on registering schemes

Thursday 25th May 2023

A multitude of civic organizations in the state of Rajasthan, comprising the esteemed Jaipur Development Authority (JDA), have corresponded with the Urban Development and Housing department (UDH), expressing their opposition to a notification put forth by the Rajasthan Real Estate Regulatory Authority (RERA) in September 2021. The mandate requires all civic authorities to assume the responsibility of registering all real estate schemes under RERA. ...

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MahaRERA recovers over Rs 8 crore from errant developers

Wednesday 24th May 2023

Without going through the entire recovery process of auctioning properties of defaulting developers, the MahaRera has managed to recover approximately Rs 8 crore against 20 recovery orders issued in Mumbai city, Mumbai suburbs, Raigad, and Thane district. MahaRera has diligently pursued the relevant authorities at the district collector's offices to ensure the effective implementation of the recovery procedure. ...

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Pune civic body earns Rs 40 crore property tax in a week

Wednesday 24th May 2023

It has been one week since the property tax bills were issued, and the civic administration has accumulated a sum of Rs 40 crore through this levy. The Pune Municipal Corporation (PMC) has introduced a favorable initiative by granting a 40% reduction on property tax for self-occupied properties, following the approval of the scheme by the state government. According to the official notification, properties that were registered after the year 2019 and had previously missed out on availing the discount will now undergo evaluation. ...

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Group 108 to invest Rs 2,000 crore Uttar Pradesh

Wednesday 24th May 2023

Group 108, a prominent real estate developer, and the managing partners of Grandthum, an ongoing IT/ITES project situated in Greater Noida West, have announced their intention to allocate a sum of Rs 2000 crore for investments in the region. These investments will be directed towards multiple projects undertaken by the company. ...

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Over 400 brokers appear for MahaRERA certification examination

Tuesday 23rd May 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) certification evaluation was attended by a total of 423 realtors from various state areas on Saturday. According to an authoritative source, this marks the inaugural examination designed to certify real estate agents within the state, organized by MahaRERA. To practise their trade as real estate property agents, all 39,000 agents, both those registered and those not, must obtain the MahaRERA certification by September 1. ...

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Plan in two weeks to resolve stuck housing projects in Noida: Uttar Pradesh officer

Tuesday 23rd May 2023

A high-ranking official from the Uttar Pradesh government announced on Monday that a comprehensive plan to resolve the deadlock among stakeholders in group housing projects in Noida and Greater Noida is expected to be developed within two weeks. According to official assessments, more than 100 housing projects in the neighboring cities of Noida and Greater Noida are currently mired or experiencing significant delays, adversely impacting a large number of individuals. ...

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Blockchain technology for e-registered property deals in Maharashtra

Tuesday 23rd May 2023

The property registration department of the state is currently in the advanced phase of embracing blockchain technology as a measure to safeguard against the replication of authentic online agreement records. An official from the registration department stated that e-registration data will be stored using blockchain technology. This technology enables the sharing of data with pertinent stakeholders, such as property buyers, government authorities, and financial institutions participating in funding the purchase. ...

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Adobe Systems India buys four lakh sq ft office in Bengaluru for Rs 505 crore

Tuesday 23rd May 2023

Amidst corporate expansion concerns, Adobe Systems India, a leading technology company from the United States, has purchased 400,000 square feet of office space in Bengaluru for Rs 505 crore. The purchased office premises, located in Prestige Tech Park IV, will grant the company access to a generous allocation of 640 car parking spaces, along with an undivided share of over 124,000 square feet of land, equivalent to its super-built area. ...

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Charge taken for open car parking area justified: UP-RERA

Monday 22nd May 2023

The Kanpur Development Authority (KDA) has received a crucial judgement from the Real Estate Regulatory Authority of Uttar Pradesh (UP RERA) confirming the legality of the fees levied by KDA for allotted open parking spots for flat owners. Diwakar Patel had challenged the amount being demanded by KDA for the open parking area, but the RERA chairman upheld KDA's right to receive that amount. The clarification was given based on the allotment book of KDA. ...

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Supertech settles 32 recovery certificates issued by UP-RERA, wants cases stopped

Monday 22nd May 2023

Supertech, a real estate company, has settled 32 recovery certificates issued by UP-Rera, amounting to Rs 7.6 crore. It has also paid Rs 3 crore to the administration. Supertech is making efforts to settle the remaining complaints amicably by offering alternative units or other facilities. It has requested the administration to stop RC proceedings against it. ...

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Illegal quarrying found on patta land, Tamil Nadu government informs HC

Saturday 20th May 2023

According to a report by the Tamil Nadu government, the Madras High Court has been notified about the discovery of illegal quarrying activities on land, known as patta land. The information was provided in response to a public interest litigation filed by M Murugan, a local agriculturalist. The concerned region is Kadaladi taluk, located in Ramanathapuram district. M Murugan stated in his plea that the Gundaru river, which runs through Kadaladi taluk, plays a vital role in irrigating agricultural fields and recharging the groundwater. He alleged that an individual had commenced sand quarrying operations on the patta land parcels in Kadaladi and K Veppangulam without obtaining the necessary permissions from the authorities. ...

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Jharkhand RERA blacklists Rebloon Impex, partners for violation of norms

Saturday 20th May 2023

Jharkhand Real Estate Regulatory Authority (RERA) has blacklisted a real estate firm and its three partners from undertaking any projects due to the violation of norms and non-registration of projects. The firm and its partners have received a total of 18 complaints. Birendra Prasad, a member of Jharkhand RERA, stated that the authority is dedicated to ensuring justice to buyers and had to blacklist the firm as a last resort. ...

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About 4,360 acres in Haryana municipal areas illegally occupied, HC told

Friday 19th May 2023

The Punjab and Haryana High Court has ordered that a copy of the status report, which shows that 4,360 acres of land is under unauthorized encroachment in Haryana municipal areas, be sent to the Haryana Chief Secretary for necessary action. The court also ordered that officials/employees who have committed lapses should be dealt with appropriately. In Ambala, more than 115 acres of land are illegally occupied, but no officer has been transferred to the post responsible for clearing squatters. ...

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SC refuses to stay allocation of house sites in Amaravati

Friday 19th May 2023

On Wednesday, the Supreme Court made it clear that the distribution of house sites in the R5 zone of Amaravati to underprivileged individuals is contingent upon the final ruling of the AP High Court. Despite the state government's assertion that it has already allocated sites, the Supreme Court declined to issue a stay order on the allocation. The court emphasized that the rights of plot holders who are not directly involved in the case will also be determined by the judgment of the high court. ...

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Maharashtra CM waives additional development charges in PMRDA areas

Friday 19th May 2023

Builders and individual homeowners will benefit from the Chief Minister Eknath Shinde's decision on Wednesday to waive 100% of the additional development fees that will be assessed and recovered in areas under the Pune Metropolitan Regional Development Authority (PMRDA) with retrospective effect for the period from July 2018 to April 2023. At the PMRDA annual budget meeting on Wednesday, the suggestion was presented to the CM. ...

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Greater Noida authority may cancel allotment of group housing plots lying idle

Friday 19th May 2023

The Greater Noida Authority is conducting a survey to evaluate the construction status of plots allocated to real estate builders for group housing projects. The survey will identify defunct projects and assess under-construction projects. The builders who have failed to commence construction or deposit dues will have their plot allotments cancelled. The development authority is considering a co-developer policy, which will allow another promoter to complete the project and clear dues. ...

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Ganga realty acquires 8.35 acre land in Gurugram for housing project

Thursday 18th May 2023

A senior executive revealed that Ganga Realty has acquired 8.35 acres of land in sector 84, Gurgaon, at a cost of Rs 132 crore. The purpose of this acquisition is to develop a high-end group housing project, for which the company plans to invest an additional Rs 750-800 crore. Furthermore, Ganga Realty plans to invest Rs 750 crore in its brand-new affordable home development Tathastu in Gurugram. The project spans 22 acres and will include approximately 2972 units. This will be Ganga Realty's inaugural affordable housing project. ...

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Premium on transfer of slum flat to dip to Rs.50,000: Maharashtra deputy CM

Thursday 18th May 2023

Deputy Chief Minister Devendra Fadnavis, who also holds the housing portfolio, announced that the state government plans to reduce the premium for the transfer of a slum redevelopment flat from Rs 1 lakh to Rs 50,000. The premium must be paid to the housing society. Fadnavis also stated that builders will be required to pay a year's rent in advance. At all 56 MHADA layouts, camps will be held to distribute Deemed Conveyance to housing societies and complete paperwork for redevelopment. Fadnavis shared these details at a seminar on self-redevelopment. ...

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West Bengal RERA to hear realty plaints lodged with HIRA, says SC

Thursday 18th May 2023

The West Bengal Real Estate Regulatory Authority (WBRERA) will take over all proceedings on complaints filed by home buyers against developers before the now-defunct West Bengal Housing Industry Regulatory Authority (WBHIRA). The Supreme Court has clarified that all orders issued by WBHIRA will remain valid. However, those aggrieved by an order passed by WBHIRA can seek remedy before WBRERA. This clarification brings significant relief to homeowners who had sought resolution through WBHIRA but faced uncertainty following the court's decision to revoke the law. The homeowners will not have to initiate proceedings against developers who have failed to meet their commitments all over again, resulting in time and cost savings. ...

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Ahmedabad civic body to auction off 258 properties over tax dues

Thursday 18th May 2023

The Ahmedabad Municipal Corporation (AMC) has commenced the process of auctioning off 258 properties located in the city after releasing a list of properties in default. The release of the list prompted 55 owners to come forward and pay their tax dues. The AMC has initiated the process of auctioning off the remaining properties. Jainik Vakil, the Chairman of the AMC Revenue Committee, has stated that the AMC will also share the defaulters' information with the Credit Information Bureau (India) Limited (CIBIL). The AMC began to put liens on properties in April to guarantee that defaulters pay their property tax. This marks the first time that the civic body has placed a lien on property. ...

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Prestige Group set to rebuild malls business

Wednesday 17th May 2023

According to a senior official, Bengaluru-based Prestige Group intends to reconstruct its mall collection by adding eight new malls within the next four years. In 2021, Prestige Group divested 4.4 million square feet of retail space across seven shopping malls, valued at approximately ?9,000 crore. Their plan is to augment their existing retail portfolio from four malls spanning 2 million square feet to 12 malls encompassing 9 million square feet within the same four-year timeframe. ...

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Deregistration okayed for two projects in state by MahaRERA

Wednesday 17th May 2023

On Tuesday, authorities said that out of the 60 petitions it received, the Maharashtra Real Estate Regulatory Authority (MahaRERA) had approved the deregistration of two projects in the state. Developers may deregister their projects under specific circumstances, according to a February ruling from the authority. This provision was introduced to address the challenges faced by developers who are unable to initiate or complete construction work. The MahaRERA permits the deregistration of real estate projects without any homebuyers. However, if there are homebuyers involved, deregistration will only be considered if the developer resolves the rights and claims of these buyers. This order was issued on February 10, earlier this year. ...

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For now, DTCP will allow only three floors on affordable housing plots

Wednesday 17th May 2023

The Deen Dayal Jan Awas Yojna (DDJAY) will permit buildings with no more than three floors on affordable housing plots, according to the department of town and country planning (DTCP), as the expert committee set up to look into the policy allowing the construction of stilt plus four floors has not yet turned in its report. On February 23, the state government decided to suspend the approval of fourth floors due to widespread protests by residents' groups. These groups argued that while additional floors have been built in residential areas, there has been insufficient progress in improving infrastructure such as roads, power supply, sewerage, and drainage. ...

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UP-RERA invites EOI for use of AI in quasi-judicial process in e-courts

Wednesday 17th May 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is looking for Indian consulting and IT firms to express their interest in helping to design, develop, and implement the Smart Court, a sophisticated quasi-judicial decision-making system. UP-RERA aims to utilize cutting-edge technologies like artificial intelligence (AI), machine learning, and natural language processing to design and implement the Smart Court. With the aid of this ground-breaking approach, UP-RERA will be able to address received complaints in a transparent, timely, and effective manner while guaranteeing fairness. ...

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Construction cess collection up 30% in FY 2022-23

Tuesday 16th May 2023

The Gujarat government saw a tremendous increase in its construction cess revenue in the fiscal year 2022–2023, exceeding any preceding year with a growth rate of over 30%. During that time, the cess revenue increased from Rs 572 crore to Rs 748 crore. The government has high hopes for the current year and anticipates even higher cess collections. It has set aside Rs 900 crore as part of its plans to provide housing, healthcare, and educational options for construction workers and their families. ...

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Pune civic body finally starts issuing property tax bills

Tuesday 16th May 2023

After a delay of one-and-a-half months, the municipal corporation has commenced the issuance of property tax invoices starting from Monday.  The bills can also be accessed online in addition to the conventional approach. By going to the official website of the Pune Municipal Corporation (PMC), property owners may easily access them. In light of the recent announcement of a 40% tax decrease on self-occupied houses, PMC authorities have reviewed the billing procedure. ...

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Malabar Hill building residents have right to common terrace: Court

Monday 15th May 2023

Residents of a 60-year-old building in Malabar Hill received a favorable ruling from a civil court, affirming their entitlement to access the shared terrace. The residents were compelled to take legal action when a couple, who owned multiple flats and sections of the property, including inherited portions from the original owners, asserted in 2022 that the terrace exclusively belonged to them and denied access to other residents. The plaintiffs, who are owners of other flats involved in the case, informed the court that they intended to utilize the terrace for activities such as walking and other recreational purposes. ...

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ED starts Ansal API probe, seeks details on Thursday

Monday 15th May 2023

According to informed sources, the Enforcement Directorate (ED) has commenced an inquiry into Ansal API, a real estate developer, and has requested details regarding one of the company's projects in Gurgaon. The ED, which is responsible for probing offenses under the Prevention of Money Laundering Act (PMLA), launched the investigation in response to complaints that were raised concerning Ansal API's township project in Lucknow. ...

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Incentive helps Madurai civic body net 35% of property tax dues

Monday 15th May 2023

The introduction of a government incentive by the state has resulted in the Madurai corporation successfully collecting approximately 35% of property tax dues during the first half of the yearly tax cycle. Specifically, in the latter half of April, a significant portion of the total dues amounting to 18 crore out of 50 crore was collected. As part of the incentive, property taxpayers were offered a 5% reduction from their total dues, capped at 5,000 rupees, if paid before April 30. It is important to mention that this incentive, initially exclusive to residents of the Greater Chennai Corporation (GCC), was expanded to encompass other municipal corporations via an amendment in the Tamil Nadu Urban Local Bodies Act of 1998, as clarified by a revenue official. ...

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Nearly 7,000 cases pending with MahaRERA

Sunday 14th May 2023

Chira Bazaar resident Jayshree Sukhadia approached MahaRERA in October 2020 after the developer of a project in Neral demanded additional money and refused to refund the Rs 13 lakh she had paid as consideration for a unit she had reserved in 2017. She had asked for a refund after the builder had failed to do so and demanded additional payment. One year after she initially submitted her complaint, the first hearing on it was held in October 2021, and the subject was then forwarded to the conciliation forum. Despite the conciliation's failure in March 2022, no hearing date has been established. ...

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Odisha RERA may exempt registration & late registration fee for affordable housing projects

Sunday 14th May 2023

For city-wide affordable housing developments, the Odisha Real Estate Regulatory Authority (ORERA) is contemplating waiving registration and late registration fees. The department of housing and urban development is requesting ORERA to waive these costs. Siddhant Das, the chairperson of ORERA, acknowledged receiving the government's request and said that the organisation has agreed to retain an affidavit from the Bhubaneswar Development Authority (BDA) and temporarily exclude affordable housing projects from paying registration costs. ...

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Revenue from property registration up 10% in Indore

Sunday 14th May 2023

A senior revenue department official reported that a rise in the acquisition of residential plots and commercial spaces resulted in a 10% increase year over year in the revenue from property registrations in April. 10,610 homes in total were sold in April, generating income of Rs 131 crore. The revenues from property registrations in Indore in April of the previous year was Rs 119 crore, a 10% rise in revenue. ...

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Rs 100 crore property tax raked in by Thane civic body in 40 days of fiscal

Sunday 14th May 2023

Municipal commissioner Abhijit Bangar has informed that the Thane Municipal Corporation (TMC) in Maharashtra has collected Rs100 crore in property tax in just 40 days of the new financial year of 2023-24, which is nearly 10% of its target annual revenue for this fiscal year. Officials have stated that the collections in this period are nearly 10 times more than what was collected in the same period last fiscal year. Experts have attributed the increase in tax collections to the overall positive approach in the city, which is a result of heightened focus on citizen initiatives and beautification works undertaken by the administration. ...

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SC turns down plea to bring entire Supertech group under insolvency proceedings

Friday 12th May 2023

The Supreme Court has recently issued an interim order regarding the insolvency proceedings of real estate giant Supertech, highlighting that it would bring immense hardship and uncertainty to the homebuyers if all their projects were brought within the insolvency proceedings. The bench of Justices Dinesh Maheshwari and Sanjay Kumar, however, directed that only one of the projects, namely Ecovillage 2 in Greater Noida West, would be proceeded under the Insolvency and Bankruptcy Code (IBC), instead of the entire group. ...

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Supertech to raise over Rs 1,200 crore for the completion of stuck projects

Friday 12th May 2023

Real estate developer Supertech wants to raise between Rs 1,200-1,600 crore from OakTree Financial, according to Mohit Arora, the company's managing director, in order to finish its unfinished projects. Arora continued by saying that on Thursday, the Supreme Court affirmed the NCLAT order from June 2022, allowing the promoters of Supertech to seek money for the projects on a priority financing basis without being hindered. ...

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Mumbai: Housing society office bearers debarred from society elections for five years

Friday 12th May 2023

Due to their alleged improper treatment of the sinking fund and other financial matters, as well as their inability to file audit rectification reports for five years in a row, former members of the management committee of a housing society have been subject to repercussions. According to the judgement, the complainant in the case, M.H. Kapadia, informed the registrar's office that the management committee and its office bearers failed to give the society members access to the audit rectification reports for the fiscal years between 2015 and 2019. ...

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Noida authority may allow co-developers to complete pending projects

Thursday 11th May 2023

The Noida and Greater Noida authorities are exploring a co-developer policy as a viable remedy to deal with two major issues: finishing housing projects that have stopped owing to a lack of funding and collecting its debts. Instead of individual realtors entering into co-development agreements, as has happened for a few delayed projects in the city, under this approach, companies will be able to put money in a project and see it through. ...

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Kolkata civic body may extend property tax rebate date as snag hits e-payment

Thursday 11th May 2023

Many property owners in Kolkata have been unable to pay their property taxes online due to technical issues with the KMC system, which has caused them to miss the deadline for applying for the refund. The Kolkata Municipal Corporation (KMC) is contemplating extending the rebate period for people who missed the cut off by one week in response to this problem. The extension is being taken into consideration in order to offer relief to individuals who were impacted by the server issue in the previous three to four days, claims a source in the KMC evaluation department. ...

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Kolte-Patil Developers signs two new residential projects in Pune

Thursday 11th May 2023

Pune-based builder Kolte-Patil Developers (KPDL) has recently inked agreements for two new residential development projects in Pune, which have a combined estimated saleable area of 1.9 million sq ft and a top-line potential of Rs 1,300 crore. The two projects will be situated in Kondhwa's NIBM Road and Wagholi's Nagar Road. Five acres of land in Wagholi that have a potential buildable area of about 7.5 lakh square feet and a potential revenue of about Rs 400 crore have been acquired by KPDL. ...

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Punjab to enlist design professionals to make buildings energy efficient

Wednesday 10th May 2023

Aman Arora, the Minister of New and Renewable Energy, has announced that Punjab Energy Development Agency (PEDA) plans to engage energy conservation building code (ECBC) experts to improve the energy efficiency of buildings and encourage energy conservation. The Minister also mentioned that the PEDA has initiated the process of selecting ECBC design professionals who can help architects and owners achieve ECBC compliance in the state. Applications can be submitted until May 25th at 3 PM. ...

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SC stays Bombay HC order allowing recreation grounds on podiums

Wednesday 10th May 2023

The Supreme Court has stayed a Bombay High Court order from January 2023 that permitted recreation grounds (RG) on tower podiums, which has caused a setback for builders.  The National Real Estate Development Council (Naredco) had approached the HC seeking clarification on a September 2022 National Green Tribunal (NGT) order that prohibited developers from treating podiums in buildings as RGs, stating that an RG should be open to the sky to enable tree planting. ...

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Builders flout green laws, Rajasthan pollution board fumes

Wednesday 10th May 2023

Builders in the city are constructing high-rise buildings without adhering to environmental laws that are aimed at preventing environmental degradation. While these builders offer state-of-the-art amenities to lure buyers, the Rajasthan State Pollution Control Board (RSPCB) has expressed its displeasure over the lack of environmental clearance sought by most builders. The RSPCB has also found instances where builders sell completed projects to buyers without obtaining Consent to Operate (CTO) from empanelled architects. ...

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SC directs Himachal government to consider objections to the Shimla draft development plan

Wednesday 10th May 2023

The Himachal Pradesh government has been ordered by the Supreme Court to examine and decide on the objections made against the draft development plan for Shimla. The final development plan needs to be made public within six weeks, but it is unable to be put into action until a month after that. On the basis of the draft development plan, the court has further ordered that no construction should be permitted. ...

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MahaRERA issues notices to 584 developers for non-update of quarterly information

Tuesday 9th May 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show-cause notices to more than 584 housing project promoters for failing to update project-related information after their details were registered in January. This action has been taken in relation to a total of 746 new housing projects that include about 50,288 flats and have a registered value of nearly Rs 22,449 crore. MahaRERA provides accurate information on various housing projects, including their status, costs, and other important factors, which can be easily accessed through the regulator's portal, empowering homebuyers by ensuring that developers and builders comply with regulatory directives. ...

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Jaiprakash Associates defaults on Rs 3,956-crore loans on April 30

Tuesday 9th May 2023

The main business of the financially troubled Jaypee Group, Jaiprakash Associates Ltd. (JAL), has defaulted on loans totaling Rs 3,956 crore, which includes both principal and interest payments. The business acknowledged in a regulatory statement that it missed its April 30 principal and interest payment deadline of Rs 1,642 crore and Rs 2,314 crore, respectively. The loans were obtained from several banks and were divided into the following categories: term loans, FCCBs (foreign currency convertible bonds), fund-based working capital, and non-fund-based working capital. ...

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Noida administration gives Supertech chairman 10 days to clear RERA RCs

Tuesday 9th May 2023

Supertech has been given recovery certificates (RCs) by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), but the business has not yet complied with them.  According to officials, Arora was summoned to the SDM Dadri's office to present a schedule for fulfilling the requirements of the recovery certificate. 52 certifications of Rs. 26 crore are included in the RCs, which are for a project off the Yamuna Expressway. ...

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Goa: Quelossim panchayat to hike house tax after 25 years

Tuesday 9th May 2023

The Quelossim village panchayat unanimously decided during a recent gram sabha meeting to amend the house tax rate, which has been the same for more than 25 years. There was no argument or disagreement when the decision was made. The last time the house tax rate was revised was in 1996. The conference also covered the topic of garbage collection in the panchayat's area of responsibility. The panchayat members decided to take action to stop the garbage menace and prevent the area from suffering the negative impacts of waste disposal. ...

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Nagpur civic body sells 80,000 sq ft plot for Rs 111.75 crore

Monday 8th May 2023

A site on the London/Orange City Street Project sold for Rs 14,000 per square foot, setting a new record for the highest sale price in Nagpur Municipal Corporation's (NMC) history. The corporation has received a profit of Rs 156 crore from the project as a result of this sale. By selling an 80,000 square foot plot for Rs 111.75 crore, or over Rs 14,000 per square foot, the municipal commissioner Radhakrishnan B, executive engineer Naresh Borkar, and his team made history. ...

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ASK Property Fund raises over Rs 1,500 crore

Monday 8th May 2023

For its sixth fund, Real Estate Special Opportunities Fund IV, ASK Property Fund, the real estate private equity division of the ASK Group, has successfully raised more than Rs 1,500 crore. Co-investors have also made contributions to the fund. The top five real estate markets in the country will be the primary focus of this fund, with a special emphasis on investments in development projects for mid-income and cheap residential properties. ...

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Crackdown on buildings flouting norms in Jamshedpur

Monday 8th May 2023

In order to identify and penalise building owners who are using their basements for commercial purposes, the Jamshedpur Notified Area Committee (JNAC) has started a series of ad hoc inspections of commercial structures. This unexpected examination started on Saturday and will go on for a while. On the first day of the operation, it was found that three known establishments, two of which were in the upscale Bistupur market and one in the Sakchi market, were making use of their basement spaces for business. ...

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HC directs Noida authority to maintain status quo over farmhouses on Yamuna flood plain

Sunday 7th May 2023

The destruction of farmhouses in Noida's Sector 135 has been put on hold by an order from the Allahabad High Court to the Noida Authority. These buildings are said to have been constructed on the Yamuna River floodplain. The court set the next hearing for the week of July 2, 2023, and directed the Noida Authority and the National Mission for Clean Ganga to submit rebuttal affidavits. The judgement attempts to postpone the farmhouses' destruction until further notice. ...

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Odisha HC backs curbs on owning land in development authority areas

Sunday 7th May 2023

The Orissa High Court has asked the state government to stop allocating property under another development scheme in the same city or any other district to those who already own land in a development authority area. This limitation will prevent some people who have already received land from such entities in any district from receiving preference and will guarantee that all true citizens have access to land. The court's ruling aims to allocate land fairly to all inhabitants. ...

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Civic body, post office complete property tax bill distribution in Chandigarh

Sunday 7th May 2023

All property tax invoices were delivered to 1.42 lakh taxpayers in the residential and commercial categories by the municipal corporation (MC). In order to resolve taxpayer complaints, the civic body is attempting to collect the greatest amount of property tax revenue during the rebate period. The Indian Post Office was employed by the authorities to deliver the bills, and the job was finished on schedule. People now have until May 31 to deposit their tax bills and take advantage of the refund option. ...

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In Pune district, just 39 of 277 recovery warrant orders executed: MahaRERA report

Sunday 7th May 2023

A recent study by the Maharashtra Real Estate Regulatory Authority discovered that only 39 out of 277 orders to recover money from dishonest real estate agents have been completed in the past six years. These agents owe a total of Rs170.37 crore, but only Rs32.92 crore has been collected through the completed orders. In simpler terms, many offending real estate agents owe lots of money, but only a small amount has been collected so far. ...

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Noida authority seals offices, unsold flats in three projects over Rs 1,000 crore dues

Sunday 7th May 2023

The marketing offices and unsold inventory of three projects with outstanding debts totaling Rs 1,000 crore were sealed on Thursday by the Noida Authority. Action was taken against two Gardenia Group projects in sectors 46 and 75 for failing to pay debts totaling Rs. 707 crore, as well as a Logix project in sector 137 for failing to pay Rs. 380 crore. ...

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SC rejects bail plea of Amrapali founder

Sunday 7th May 2023

Anil Kumar Sharma, who founded Amrapali and was its chairman, asked for bail, but the Supreme Court refused. The court said that he didn't deserve mercy because he cheated thousands of people who had bought homes. After reviewing a forensic audit report, the court ordered the arrest of Sharma and other company directors. The report showed that the management had taken a lot of money from homebuyers and didn't finish most of the housing projects. More than 46,000 people had invested their money in these projects. ...

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Delhi: L&DO seals properties for violation of lease conditions

Sunday 7th May 2023

The Land and Development Office (L&DO), which is a part of the housing and urban affairs department, is taking action against those who have broken the terms of their lease agreements. This includes sealing properties where there has been unauthorized construction, non-payment of dues, or the commercial use of residential properties. As part of this crackdown, officials sealed a 800 square yard house in East Patel Nagar this week. The L&DO has also identified other leased properties, including those in wealthy areas of Delhi, where the lessees have violated the terms of their lease agreements. ...

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Max built-up area for farmhouses hiked to 1,000 sq meter in Goa

Friday 5th May 2023

The TCP department has released a new notification allowing farmhouses built on agricultural land to have a maximum built-up area of 1,000 square metres. This is a change from the previous notification on April 27, which limited the maximum built-up area to 500 square metres. The recent notification clarifies that the phrase "maximum built-up area of 500sqm per holding" should be understood as "maximum built-up area of 1,000sqm per holding" for farmhouses. James Mathew, the chief town planner (administration), issued this notification. ...

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Two residential buildings, illegal office sealed for violations in Gurugram

Thursday 4th May 2023

On Wednesday, two residential premises in DLF 1 and an office running out of the Palm Springs Plaza basement on Golf Course Road were sealed by the department of town and country planning (DTCP) for infringing laws. District Town Planner (enforcement) Manish Yadav initiated action against residential premises for breaking occupation certificate regulations in response to complaints received on the CM window. ...

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Chennai: NGT directs Jain Housing to pay Rs 2 crore for violating environmental laws

Thursday 4th May 2023

When Jain Housing expanded one of its high-end properties in Thoraipakkam in violation of environmental rules, the pollution control board fined the company Rs 2.19 crore. The National Green Tribunal has ordered Jain Housing to pay this fine. For the first phase of the Jains Pebble Brook apartment complex, which included 412 housing units, and the second phase, which included 396 additional units, the company received environmental clearance in 2009. ...

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Mumbai: Nirmal Lifestyle directors denied bail in cheating case

Thursday 4th May 2023

On Wednesday, the Esplanade Metropolitan Court dismissed Dharmesh Jain's request for bail in an alleged cheating case and placed him and his brother Rajeev in judicial custody till May 16. The directors of the building company Nirmal Lifestyle, Dharmesh and Rajeev, were both arrested last week in connection with the case. According to the bail request presented by attorney Harshad Bhadbhade, "applicants have settled the matter amicably and have entered into consent terms" with all 29 of the customers who were complainants in the initial information report, the basis for why the economic offences wing initiated the arrest last month. ...

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Telangana government to regularise notarised property deals, eyes Rs 2,000 crore revenue

Thursday 4th May 2023

The state administration will shortly provide guidelines to regularise property transactions on notarized documents, putting an end to the long-running problem. Nearly six lakh people in the state, particularly in Greater Hyderabad, stand to gain from the decision, which will also bring in Rs 2,000 crore for the government in the form of regularisation fees. ...

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‘Partial occupancy’ sparks concern

Wednesday 3rd May 2023

The Karnataka Real Estate Regulatory Authority (K-RERA) must adhere to the regulations governing the occupancy certificate (OC), according to homebuyers. They are asking the K-RERA to prohibit civil bodies to give certificates of partial occupancy to builders. According to Sanchalak Dhananjaya Padmanabhachar of the Karnataka Home buyers Forum, one of the key reasons why RERA Karnataka failed to give justice to home purchasers is the diluted RERA Act 2016 and misunderstood understanding of RERA Rules. ...

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MahaRERA issues show-cause notice to chartered accountants

Wednesday 3rd May 2023

Upon discovering that MahaRERA regulations were being violated, as the same chartered accountant (CA) had been appointed to serve as both the project auditor and the statutory auditor, appropriate action was taken by authorities. MahaRERA issued show-cause notices to CA and also wrote to the Institute of Chartered Accountants of India. Promoters are needed to provide Form 3 when withdrawing funds from the bank, which must be confirmed by the project auditor. Promoters must also present a statutory audit report from a statutory auditor or accountant once a year. MahaRERA discovered that a single chartered accountant had filed both the forms and the certifications, which was against MahaRERA rules. ...

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Panel to collect data on real estate value to plug revenue leaks in Goa

Tuesday 2nd May 2023

The revenue department has agreed to organise a working group committee to collect data on the average real estate value in various locations in order to plug revenue leakage and ascertain the correct market value of real estate. The market value of built-up properties and land will be categorised as "urban, developing, coastal, rural, and similar areas" and communicated with sub-registrars so that stamp duty and registration charges may be computed correctly. ...

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Four lakh owners in Bengaluru issued unique property ownership records cards

Tuesday 2nd May 2023

Under the Urban Property Ownership Records (UPOR) programme, over four lakh property owners in Bengaluru received digitised and georeferenced property cards with a unique land property identification number until mid-April. The UPOR cards issued by the revenue department contain all property-related information. The project seeks to give property cards to all 25 lakh properties within the borders of the Bruhat Bengaluru Mahanagara Palike (BBMP). Staff at Survey Settlement and Land Records (SSLR) are in charge of carrying out the UPOR project. ...

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High court seeks TIDCO housing details from government in Andhra Pradesh

Tuesday 2nd May 2023

On Monday, the high court ordered the petitioners and the government to provide detailed information regarding the residences built by the Andhra Pradesh Township and Infrastructure Development Corporation (APTIDCO) in the capital city for economically weaker individuals. ...

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Coimbatore corporation mops up Rs 50 crore in property tax in April 2023

Tuesday 2nd May 2023

Due to the 5% incentive announced by the department of municipal administration and water supply, the city corporation received a stunning 50.2 crore in property tax in the first month of the fiscal year itself, setting a new record. The offer is valid for individuals who pay the first six months' installment by the end of April.  ...

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Chandigarh civic body collects Rs 4 crore property tax in April

Monday 1st May 2023

In April, one of the two months with a rebate facility, about 12,000 commercial and residential property owners paid Rs 4 crore tax to the municipal corporation (MC). The local body got Rs 3.20 crore tax from 11,500 residential properties and roughly Rs 70 lakh from commercial properties in the first month after offering a 20% rebate on residential property tax and 10% on commercial property tax in April and May. ...

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HC contempt notice to Mumbai collector for inaction on Avarsekar Realty

Monday 1st May 2023

The Bombay High Court has issued a notice to the Mumbai City Collector, Rajiv Nivatkar, for "willfully disobeying" its order to attach flats owned by a builder in Mahim. The notice asks Nivatkar to show cause as to why action should not be taken against him under the Contempt of Courts Act. This notice stems from a legal dispute initiated by a flat buyer seeking compensation from the builder for delayed possession. ...

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About 8% rebate sees Nashik civic body collect Rs 50 crore property tax in April 2023

Monday 1st May 2023

The decision made by the civic body to offer an 8% discount to taxpayers who paid their annual property tax in April appears to have produced favorable outcomes. During the designated month, over 1.5 lakh taxpayers paid approximately Rs50 crore in total property tax. ...

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Do not insist on NOC for building redevelopment halted in 2009, says Bombay HC

Sunday 30th April 2023

In order to allow for the halted project's redevelopment, the Bombay High Court recently instructed Mhada and BMC not to insist on no-objection certificates (NOC), including those from the building's prior developer. ...

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MahaRERA fines 12 builders for issuing advertisements without registration numbers

Saturday 29th April 2023

MahaRERA penalised 12 developers Rs5.8 lakh for publishing project advertising in publications without revealing their registration numbers. The 12 developers were each given a different sum in fines. For publishing an advert with the registration number in a small font and mentioning it, one was fined Rs. 10,000. ...

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MahaRERA cautions homebuyers against 308 projects facing insolvency proceedings

Saturday 29th April 2023

More than 308 real estate projects in significant real estate markets, including Mumbai and Navi Mumbai, have received warnings from the Maharashtra Real Estate Regulatory Authority (MahaRERA). There are insolvency and bankruptcy procedures against Thane, Pune, and the rest of Maharashtra. ...

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Pune civic body to start distribution of property tax bills on May 15

Thursday 27th April 2023

After a one and a half month delay, the civic administration is set to begin delivering property tax bills on May 15. The deadline for taxpayers to receive the 10% discount for on-time payment has also been extended until July 15.  ...

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Over 4,500 get 10% more rebate in property tax for prompt pay in Nagpur

Wednesday 26th April 2023

Municipal commissioner Radhakrishnan B's "pay online and get 5% rebate in property tax" initiative, which was included in his budget for 2023–2024, has gotten positive feedback. According to Milind Meshram, deputy municipal commissioner (revenue), as many as 4,598 property owners have paid their property taxes for 2023–2024 in the last 24 days and received a combined rebate of Rs19.89 lakh. ...

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Property tax defaulters to be issued sealing notices in Ludhiana

Tuesday 25th April 2023

Dr. Shena Aggarwal, the MC commissioner, has instructed the zonal commissioners to begin issuing sealing notice against defaulters and launch a sealing drive if they still fail to pay the outstanding dues after taking strict note of the non-payment of property tax. ...

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Income tax department launches searches at G Square

Monday 24th April 2023

The Income Tax authorities conducted searches at the offices of G Square, a well-known Tamil Nadu-based real estate firm, on Monday, according to official sources. According to reports, searches were being conducted throughout the state, particularly in Chennai, Coimbatore, and Tiruchirappalli. G Square did not respond immediately to the tax searches that were taking place on its premises. ...

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MPCB issues notice to Safal Developers for its redevelopment project in Mumbai

Sunday 23rd April 2023

The MPCB has issued a show cause notice to an in progress building project, purportedly a redevelopment project, on Bhau Daji Road near the Manav Seva Sangh in Sion for failing to get environmental clearance and generating noise pollution. Activists had previously complained that the noise pollution created by hammering and building operations was disturbing elderly residents living in an old age home nearby, and they had demanded action. ...

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Ahmedabad civic body instates lien on defaulting property

Saturday 22nd April 2023

The Ahmedabad Municipal Corporation (AMC) has begun imposing liens on homes whose owners have defaulted on property tax in order to get them to pay. The AMC has filed a lien against the Bandhan Party Plot, which is held by Iiva Khoda. The property tax of Rs 17.38 lakh has not been paid by the owner. According to Vakil, the AMC instructed in an order that a lien be placed on the aforementioned property. ...

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Madurai and Trichy corporations offer 5% incentive on property tax

Friday 21st April 2023

The corporations of Trichy and Madurai have provided a 5% waiver incentive of up to 5,000 for people who pay their existing property tax dues for the fiscal year (April 2023 to March 2024) before April 30. Property tax income generated by 2.3 lakh property assessments across five zones yields around 110 crore per year for Trichy Corporations. With over 53 crore accrued as arrears owing to late payments each year, the corporation has stated that residents might get 5% of their total tax demand if they make an early payment. ...

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Pune property market March deal registrations, stamp duty collection at FY23 peak

Thursday 20th April 2023

With a total of Rs 621 crore, up 20% from February, the Pune real estate market posted its biggest monthly stamp duty collection for the fiscal year 2022–2023 in March. According to Knight Frank India statistics, the total value of the 14,309 properties registered in March 2023 was Rs 9,215 crores. ...

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Complainant wants Karnataka Lokayukta to investigate K-RERA

Tuesday 18th April 2023

On Saturday, a property buyer filed a complaint with the Karnataka Lokayukta alleging negligence on the part of the secretary, deputy secretary and under secretary of the housing department as well as the secretary of the RERA. Shailesh Charati, a homebuyer and participant in the Karnataka Home Buyers Forum and Bangalore City Flat Owners' Welfare Association, filed the complaint. ...

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Centre to hold conference in Mumbai to discuss ways to redress consumer grievances in real estate

Monday 17th April 2023

The Department of Consumer Affairs will hold a round table meeting in Mumbai on Tuesday to examine strategies to address the complaints of property buyers because the real estate industry accounts for 10% of all consumer commission cases. The need for comprehensive policy initiatives to lower litigation in the housing industry will be covered during the conference. The cases submitted to the Consumer Commissions would be examined in this respect, and the key causes of consumer cases would be noted and presented for discussion. ...

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Homebuyers seek damages from MahaRERA for project information update delay

Monday 17th April 2023

The Forum for People's Collective Efforts (FPCE), a pan-India of homebuyers in India, has asked MahaRERA to compensate consumers because real estate developers failed to provide the regulatory authority with a quarterly project update as required by law, and the authority disregarded the information for six years. ...

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UP RERA sends notice to M3M India for publicising project in violation of law

Monday 17th April 2023

On Saturday, the Uttar Pradesh RERA said that it had sent a notice to developer M3M India for allegedly beginning promotion and marketing for the sale of apartments in a project in Noida without first registering it with the regulatory authority, resulting into a clear breach of the law. Promoters of M3M India have been advised by the UP RERA to "strictly comply" with Section 3/59, which prohibits them from publicising any housing project without first registering it with the state's RERA. ...

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Rudrapur: Same land sold to many people, director of Samiah Builders arrested

Saturday 15th April 2023

Sagir Khan, the director of Samiah Builders, was detained on Friday for cheating by a combined team from Udham Singh Nagar and the Special Operations Group (SOG). Owner Zameel Ahmed Khan has gone missing. It is noteworthy that since 2006, Samiah Builders has been in charge of erecting a colony on 125 acres of land along the Kashipur highway. ...

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Delhi court orders putting Gopal Ansal on trial in cheating case

Friday 14th April 2023

Gopal Ansal, a real estate magnate in Delhi, has been ordered to go on trial for allegedly deceiving and defrauding a private firm and its promoters in 1991 in connection with an investment in a building at Connaught Place. Ansal will be charged with cheating, forgery, and criminal conspiracy as part of the alleged offence, Metropolitan Magistrate Yashdeep Chahal ordered. However, the court dismissed Sushil Ansal, a director of the accused Ansal Properties, which was building the Statesman House in this location, finding that the papers on file were "grossly insufficient." ...

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Haze over 40% discount hits property tax bill distribution in Pune

Thursday 13th April 2023

Citizens are still unable to pay their property taxes on the Pune Municipal Corporation (PMC) website 12 days into the new fiscal year. Citizens reported being able to check their property tax bills online, however the website displays the message "bill not generated for the current year" when they attempt to make a payment. According to city administration sources, the lack of clarity on property tax invoicing following a 40% reduction for self-occupied houses has caused PMC to delay the distribution of invoices. ...

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Hubballi-Dharwad civic body drive to trace property tax evaders

Wednesday 12th April 2023

Hubballi-Dharwad Municipal Corporation has initiated a campaign to track down and collect property tax evaders as well as penalties. There are various open spots in HDMC's 82 wards that lack sufficient fencing and have become waste dumps. Many of the owners of these properties who do not live in the Twin Cities have not paid property taxes in years. Some people have built houses illegally and are just paying taxes on the open spaces. So far, HDMC has identified 3,614 such properties and made procedures to reclaim unpaid taxes totaling Rs 22 million. According to HDMC commissioner B Gopalkrishna, Rs 6 crore has been received thus far. ...

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Delhi HC directs constitution of joint task force to stop illegal sand mining near Yamuna bank

Tuesday 11th April 2023

The Delhi High Court has ordered the city police to work with their counterparts in Uttar Pradesh to form a combined task force to combat suspected unlawful sand mining on the banks of the Yamuna River in the city's northern outskirts. Justice Prathiba M Singh, who was hearing a petition alleging illegal sand mining near the Yamuna river embarkment in the national capital's Hiranki village area, observed that illegal sand mining was still going on and that undue advantage was being taken of the fact that while some of the area was within Delhi, the other part was in Uttar Pradesh. ...

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Bihar RERA to compensate aggrieved buyers of Agrani Homes in Patna

Monday 10th April 2023

The Bihar Real Estate Regulatory Authority (RERA) seized 27 katha of land held by Agrani Homes in Patna after it failed to meet its commitments to home purchasers and breached RERA standards. On Saturday, RERA erected a sign on the property. The authority would auction the land, according to Naveen Verma, chairman of RERA, Bihar, and the money will be divided to the dissatisfied consumers of various Agrani Homes Private Limited projects to compensate them. ...

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Many services linked to flat construction to attract lower 12% GST: AAAR

Sunday 9th April 2023

A recent Appellate Authority for Advance Rulings (AAAR) judgement in the instance of a Thane-based developer would be welcomed by buyers of underconstruction houses, since it may result in lower costs. The appeal panel determined that payments received by the developer, Puranik Builders, for services such as water connection, electricity meter installation and deposit for metre, development costs and legal fees are "inextricably linked" to the principal service of building. ...

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Order asking BMC to refund extra property tax upheld by Supreme Court

Sunday 9th April 2023

After the Supreme Court's rejection of its review petition, the Brihanmumbai Municipal Corporation (BMC) would have to recalculate the capital value of all homes in Mumbai and reimburse people who paid property tax under the Capital Value System from 2010 to 2012. The Supreme Court dismissed a review plea filed by the BMC last month appealing a Bombay High Court ruling from 2019 that set aside certain BMC-framed guidelines for retrospective tax assessment. The court has ordered the BMC to create new guidelines and pass new legislation. ...

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Chennai civic body aims for Rs 300 crore property tax boost with reassessment

Saturday 8th April 2023

Any city resident who is engaging in unlawful construction in violation of building plans may soon have a corporate official knocking on his or her door. Greater Chennai Corporation intends to reassess 2.79 lakh underassessed properties, bringing them into the tax fold and increasing its property tax collection by 300 crore per year. The assessment job has been contracted out to Prime Meridian Surveys Private Limited, Arasu Associates, and Arul Nambi Engineering Consultants, and the civic authority will review under-assessed houses with its own tax assessors. The corporation intends to complete the work in the next nine months, with a budget of 5 crore. ...

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Uttar Pradesh RERA hires company to find a way out of land dues logjam

Thursday 6th April 2023

The development authorities of Noida and Greater Noida and real estate corporations are at odds over legacy land dues of about Rs 39,000 crore. UP Rera has appointed a consultant who will produce a report in a month outlining potential resolutions. The deadlock has stalled registration processes in Noida's residential societies and resulted in additional issues like residents of buildings with incomplete amenities. Realtors have been requesting a refund for the punitive interest that has accumulated as a result of their repeated defaults. Developer delegations recently presented their requests to Manoj Kumar Singh, the newly appointed infrastructure and industrial development commissioner (IIDC), and Rajive Kumar, the head of UP Rera. ...

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Uttar Pradesh RERA to take action against 41 developers

Thursday 6th April 2023

For failing to attend the authority's review meeting, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has decided to take action against 41 developers. Rajesh Kumar Tyagi, the secretary of UP RERA, claims that promoters who persistently skip review meetings and disobey authority directives have been singled out for harsh punishment. Promoters will be charged with violations of the RERA Act and may face imprisonment if they sell the unit after the project registration has expired. ...

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Mohali civic body makes record collection of Rs 33 crore property tax last fiscal year

Wednesday 5th April 2023

For the fiscal year 2022–2023, the municipal corporation collected property taxes at a record-breaking rate, totaling Rs 33.36 crore. The civic organisation set a target of Rs 22 crore for the fiscal year but was able to make an additional Rs 11.36 crore. At the end of March, the municipal organisation had collected a record Rs 33.36 crore in unpaid property taxes, according to MC commissioner Navjot Kaur. Using this as a starting point, MC has suggested collecting Rs 33 crore in the fiscal year 2023–2024. ...

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Government calls meeting of stakeholders over real estate pendency cases

Tuesday 4th April 2023

The consumer affairs ministry has organised a high-level meeting of all stakeholders for the purpose of "effectively addressing" such complaints due to the significant number of real estate-related consumer commission cases that are still pending (nearly 10% of all cases) and their growing backlog despite states having RERA tribunals. 53,518 consumer cases are currently pending before consumer commissions nationwide, 9,767 of which are before the National Consumer Disputes Redressal Commission, according to the Consumer Affairs Ministry. ...

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Uttar Pradesh RERA got 48,500 complaints in five years, 60% from Noida

Tuesday 4th April 2023

On Monday, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) said that it had received 48,500 complaints over the previous five years, with over 60% of them coming from Gautam Buddh Nagar and 17% from Lucknow. UPRERA stated in a statement that it was able to resolve 42,980, or 88.61 percent, of the total complaints submitted over the time period. According to the UPRERA, Unnao had the lowest complaint disposal percentage (77.02%) and Kanpur Nagar had the highest (93.56%). ...

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Over 35 builders in Greater Noida West to be booked for water theft

Monday 3rd April 2023

The National Green Tribunal mandated that 38 builders in Greater Noida West be charged with water theft for allegedly exploiting groundwater and neglecting to pay environmental compensation despite notifications from the Uttar Pradesh Pollution Control Board (UPPCB). The groundwater department was requested by the environmental control board in a letter sent last week to lodge a complaint against the negligent builders. ...

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Pune: June 30 last date to avail property tax concessions

Monday 3rd April 2023

The deadline for making reduced property tax payments has been extended by the local government. If diligent property owners pay the tax before June 30 as opposed to the previous deadline of May 31, they will receive a discount. Moreover, tax defaulters will get an additional month to pay their debts. They have till April 30 to pay the tax for the fiscal year 2022–2023. ...

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Rajasthan RERA fines builder for changing sale deed

Monday 3rd April 2023

In one of its significant rulings, the Real Estate Regulation Authority (RERA) ruled that the builder (promoter) may not alter the draft agreement to sell a specified unit in accordance with RERA Guidelines. The allottee is not needed to wait for the resale of the cancelled booking of the apartment in order to receive a refund from the promoter, according to a subsequent Rajasthan RERA ruling. Salvinder Singh Sohata, a member of Rajasthan RERA, made the decision in response to a complaint submitted by allottee Pramod Kumar. ...

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Visakhapatnam civic body collects record Rs 421 crore in property tax

Sunday 2nd April 2023

The GVMC collected 421.5 crore in property taxes, including proceeds from the unoccupied land tax, for the just ended 2022–2023 fiscal year. The Vizag civic authority has never received tax income this high. By doing this, the GVMC exceeded its own goal of 375 crore in tax revenue for the 2023 fiscal year. The interest waiver offered by the state government for long-term defaulters or for the accumulated debt, as a one-time action, the GVMC officials claim, worked in the municipal body's favour. After the disturbance brought on by the Covid-19 outbreak, the state administration granted the request of several politicians and authorities of the populace. ...

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Gurugram: FIR likely against Malibu Estate for illegal construction

Sunday 2nd April 2023

In a letter to police commissioner Kala Ramachandran, the department of town and country planning (DTCP) requested that a FIR be filed against Malibu Estate Pvt Ltd, the company that developed Malibu Towne, for unauthorised building and encroachment. The developer, according to DTCP, encroached on the park area and carried out unauthorised development in the club building. Manish Yadav, the district town planner (enforcement), wrote to the police chief requesting the filing of a FIR and the prosecution of the builder and any accomplices in the unlawful conduct. ...

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Vatika, its directors booked for fraud after Noida court order

Sunday 2nd April 2023

A city-based builder and its directors have been charged with forgery, fraud, and criminal conspiracy. Assotech Ltd, a real estate firm based in Noida, claims that Vatika Limited entered into a deal with them in 2012 to build a group housing society on 10 acres of property in Gurgaon. A Vatika spokesperson refuted the charges, claiming that Assotech owes them money, including payment for the land as well as fees paid to DTCP on its behalf by Vatika. ...

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Chennai civic body proposes 20% discount to property tax defaulters

Saturday 1st April 2023

A one-time 20% rebate has been proposed by the Greater Chennai Corporation for high-profile property tax defaulters who collectively owe the civic body more than 346 crore. However there are certain restrictions on the GCC's offer. Defaulters are only eligible for the concession if they pay all of their debts at once and do so within three months of the council enacting a resolution to that effect. At least 44,436 of the 1.12 lakh defaulters have not paid property tax for more than ten years, and they alone owe the GCC 245 crore. The programme, which has been submitted to the state government for approval, is aimed at those whose overdue accounts have been open for more than five years. ...

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Regularisation law not weapon to be utilized for illegal construction: Bombay HC

Saturday 1st April 2023

The Bombay High Court ruled that the legal mechanism for regularisation "cannot be a weapon to be utilised by the petitioner in every case of rank unlawful building." The HC turned down a hotelier's request for an injunction to stop a civic organisation from tearing down the unlawful buildings and provide time to file a regularisation application. The petitioner, Saqib Khan, agreed to dismantle the unauthorised commercial structure himself in four weeks after the High Court rejected the argument in the morning session on March 15 and allowed for civic action. ...

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Thiruvananthapuram corporation sets record in property tax collection, grosses Rs 115 crore

Saturday 1st April 2023

The controversy surrounding tax theft at zonal offices has actually worked in the municipal corporation's favour. According to the most recent numbers included in the budget paper for 2023–24, an updated database of tax dues and vigorous promotion of online payment of property tax have generated a sort of record in collection, with the corporation earning Rs 115 crore as property tax in 2022–23. The city authority set a goal of Rs 100 crore in 2022–2023. According to statistics, the city's property tax collection climbed by 167% during the previous five fiscal years. ...

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NCLT orders initiating insolvency proceedings against Mantri Developers

Friday 31st March 2023

The NCLT has ordered that Mantri Developers, a real estate company with offices in Bangalore, begin bankruptcy proceedings after allowing the claim made by Indiabulls Housing Finance Ltd. A two-member panel has also suspended the Mantri Developers board and named Ahsan Ahmad as the organization's temporary resolution specialist. Mantri Developers, a member of the Mantri Group of Companies operating in the real estate sector in Bengaluru, had been accused of defaulting by Indiabulls Housing Finance Ltd (IHFL), according to a complaint filed with the NCLT's Bengaluru bench by IHFL. As of January 1, 2022. ...

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MahaRERA issues notices to 261 projects with slow progress

Friday 31st March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has sent 261 projects show cause notices because less than 40% of the work has been completed despite the flats' projected possession date of December 2023. There are 45,539 flats altogether in the developments, 26,178 of which have been reserved by house purchasers. As part of its monitoring effort, the regulatory authority has been reviewing projects that have been registered with it. MahaRERA has sent the developers show-cause warnings to find out how they plan to finish these projects in the following nine months. ...

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Chennai: Property tax keeps the cash flowing

Thursday 30th March 2023

The Greater Chennai Corporation has managed to reduce its income shortfall while maintaining critical infrastructure projects like as storm water drains, roads, bridges, and buildings, thanks to increased revenue from the property tax hike and smart budgeting. The corporation predicted a deficit of '788.5 crore for fiscal year 2022-23, but the actual deficit was 517.6 crore. The revenue shortfall is predicted at '334.5 crore in the budget for 2023-24, which was announced on Monday, and officials believe they can reduce it further. According to Vishu Mahajan, deputy commissioner of revenue and finance, the corporation got a significant increase in revenue from property taxes and state financial handouts. ...

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Vatika, its directors booked for fraud after Noida court order

Thursday 30th March 2023

A city-based builder and its directors have been charged with forgery, fraud, and criminal conspiracy. Assotech Limited, a real estate firm based in Noida, claims that Vatika Limited entered into an agreement with it in 2012 to build a group housing society on 10 acres of land in Gurgaon. "Assotech paid Vatika around Rs 133 crore, but they did not honour the agreement," the Noida firm claimed in a police complaint. ...

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Promoters can de-register their projects: MahaRERA

Thursday 30th March 2023

The MahaRERA allows promoters to de-register their projects if they are unable to begin or finish construction of a project, or complete a component or a phase of a project, for a variety of reasons such as a lack of funding, the project not being economically feasible, litigation, disagreements, and so on. Yet, according to MahaRERA's requirements for de-registration of a project, the project must have zero allottees or no bookings.   ...

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Enforcement directorate attaches Rs 33 crore assets of Heera Group in Hyderabad

Wednesday 29th March 2023

In connection with the Heera gold scam, the Enforcement Directorate on Saturday provisionally attached 24 movable properties owned by Nowhera Shaik and the Heera Goup of companies, totaling Rs 33 crore, in accordance with the Prevention of Money Laundering Act. Investigations showed that Nowhera Shaik and her Heera Group of companies used some of the profits of crime to buy diverse real estate under their names and the names of their businesses. ...

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Bhopal civic body on overdrive for property tax collection as fiscal year nears end

Wednesday 29th March 2023

In the state capital, the effort by civic bodies to collect property and water taxes is in overdrive. The local body authorities are now going door to house standing to collect every penny owing from city residents after weeks of focusing on huge defaulters. Since November, the Bhopal Municipal Corporation (BMC) has published the names of people who have threatened to put their homes up for sale in order to avoid paying taxes. ...

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Maharashtra: Homebuyers can access all project details with QR code

Wednesday 29th March 2023

Soon, prospective homeowners will be able to view all pertinent project information by just scanning a QR code located on the project registration certificates. In the whole state of Maharashtra, developers' registration certificates are now being given QR codes by the Maharashtra Real Estate Regulatory Authority (MahaRERA). With a project registered in the Wagholi district of Pune, the procedure has already started. "Smartphone users can scan the QR code to instantly access the basic information about each project. Also, anyone would be able to view any grievances filed against the project, "added the top MahaRERA representative. ...

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Assets of Holy Faith Builders to be auctioned

Tuesday 28th March 2023

Sani Francis, the MD of Holy Faith Builders and Developers Pvt Ltd, will have his immovable properties put up for auction for the third time by revenue officials on May 12 at the conference room of the Ernakulam collectorate. There will be 13 properties up for auction, and each plot's value has also been determined. This time, an auction will be conducted plot per plot. Due to Francis' failure to pay the Rs 42 crore he owes to the owners of Holy Faith H2O, one of the four flat complexes razed at Maradu for breaking CRZ regulations, the government has already attached these assets as a result of a Supreme Court order. ...

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DHFL case: SC dismisses ED appeal, says grant of default bail duration to include remand period

Tuesday 28th March 2023

The Supreme Court ruled on Monday that the remand time will be included in the 60/90-day period for the issuance of default bail in a criminal case, dismissing an appeal from the Enforcement Directorate. An appeal by the ED challenging the Bombay High Court judgement granted bail to former DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan in a Yes Bank money laundering case being investigated by the agency was dismissed by a bench of Justices KM Joseph, Hrishikesh Roy, and BV Nagarathna. ...

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Residents protest in Dehradun over delayed probe in Orchid Park case

Tuesday 28th March 2023

Many aggrieved residents staged a protest on Monday outside the Real Estate Regulatory Authority (RERA) office in Dehradun, outraged about the slow-moving investigation into the four-year-old Orchid Park issue. The locals said that despite filing a FIR more than three years prior, a charge sheet was only recently submitted in the case. Residents further stated that they anticipated further action from RERA and cited section 8(a) of the Real Estate (Regulation and Development Act, 2016) which gives RERA the authority to seize a property and transfer ownership to another builder in the event that the original builder is found to be in violation of a provision. ...

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Allahabad HC to monitor civic upkeep in Noida society

Monday 27th March 2023

Since residents claimed that the area lacked basic facilities for over two decades, the Allahabad high court decided to examine the progress of municipal work at a township constructed by the Noida Authority. The court was hearing a plea filed last year by the RWA of Express View Apartments (Super MIG) in Sector 93, alleging "inaction" by the Authority despite multiple letters and reminders. The Authority built the township in 2002, and it now houses roughly 5,000 people in 1,008 flats. ...

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Bombay HC orders occupancy certificate for 27 Virar buildings

Monday 27th March 2023

The Bombay High Court on Friday asked the Vasai Virar Municipal Corporation to award occupancy certificates (OC) to 27 buildings completed more than two years ago on a large HDIL plan in four weeks, providing significant relief to over 1,000 unit buyers. Velson Developers and eight others, including flat owners from nine buildings, petitioned the HC last year to overturn an August 2022 municipal judgement rejecting OC, citing the lapse of a green nod. ...

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Property tax collection doubled in financial year 2022-23 in Chennai

Monday 27th March 2023

The Greater Chennai Corporation has more than doubled its tax collection from 778 crore in fiscal year 2021-22 to 1,408.9 crore this fiscal year. With a week until the fiscal year ends, the civic body has set a target of Rs. 1,500 crore. The civic authority collected 928 crore in 2019-20, however due to Covid-19, it only collected 471.6 crore in 2020-21. Residents who have not paid their taxes have been advised by the corporation to do so promptly. ...

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Bombay HC quashes Jawahar Talkies land auction on Srei petition

Sunday 26th March 2023

Following a petition filed by non-banking financial institution Srei Equipment Finance, the Bombay High Court on Thursday set aside the public auction of Jawahar Talkies Complex, a 0.65-acre property in Mumbai's central district of Mulund. Two Srei enterprises, which are part of the Kolkata-based infrastructure financing group, are in administration. ...

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Greater Noida: GNIDA issues RCs worth over Rs 23 crore against two builders over dues

Sunday 26th March 2023

The Greater Noida Industrial Development Authority issued recovery certificates totaling Rs 23.39 crore against two real estate developers on Wednesday for non-payment of dues dating back a decade, officials said. GNIDA CEO Ritu Maheshwari stated that those who have not paid their dues will face severe consequences. ...

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MahaRERA initiate action against eight more in Pune for advertising unregistered projects

Friday 24th March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against 25 projects across the state that have been advertised without being registered. Officials stated on Thursday that notices had been sent to the developers. In this way, Pune has the second greatest number of breaches. Earlier this month, MahaRERA handed similar letters to 14 such developers across the state. Developers are not permitted to market or sell apartments in a project unless they first register with MahaRERA, according to the Real Estate Regulatory Authority (RERA) Act. The Act requires this registration for each new ongoing project larger than 500 square metres or eight apartments. ...

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Now, camps in your area for property tax collection in Gurugram

Thursday 23rd March 2023

MCG has begun organising camps in various parts of the city where citizens can submit dues in order to supplement property tax collection. The camps will run until March 29. Property tax is one of the civic body's major sources of revenue. According to MCG officials, the corporation aims to collect Rs 1,100 crore from property tax alone in the current fiscal year, but has only collected 16.3% – Rs 180 crore — so far. ...

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Promoters can de-register their projects: MahaRERA

Thursday 23rd March 2023

The MahaRERA allows promoters to de-register their projects if they are unable to begin or finish construction of a project, or complete a component or a phase of a project, for a variety of reasons such as a lack of funding, the project not being economically feasible, litigation, disagreements, and so on. Yet, according to MahaRERA's requirements for de-registration of a project, the project must have zero allottees or no bookings. ...

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Telangana HC stays single-judge order on Ramky Integrated Township, relief for HMDA

Wednesday 22nd March 2023

The Telangana High Court heard an appeal filed by HMDA in relation to a dispute with Ramky Integrated Township Ltd and stayed the ruling of a single judge who asked Maheshwaram sub-registrar in Rangareddy district to allow registration of villas and apartments at its Discovery City. A bench of Chief Justice Ujjal Bhuyan and Justice N Tukaramji was considering HMDA's appeal, which claimed that the single judge order would be detrimental to its interests. Farmers were also dissatisfied with the works being built in their region without their agreement or compensation, and they petitioned the civil court to order Ramky to stop. They also went to the High Court. The bench delayed the single judge's order and scheduled the case for March 23 to hear both HMDA and the farmers' appeals. Discovery City, founded by Ramky, is sprawled across more than 80 acres of land in survey numbers 227 and 230 of Srinagar village in Maheshwaram mandal. ...

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Homebuyers concerned over no representation in West Bengal RERA implementation committee

Wednesday 22nd March 2023

The Forum for People's Collective Efforts (FPCE), a pan-India homebuyers' organisation, has expressed concern about the formation and structure of the West Bengal housing department's committee for implementing the Real Estate (Regulation & Development) Act, 2016 and the West Bengal Real Estate (Regulation & Development) Rules, 2021. FPCE has expressed concerns about the committee's composition, stating little representation for homeowners and a skewed strength of real estate developers despite the committee's goal of easy implementation of the Act and guidelines. ...

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Gujarat HC issues notices over construction near monument

Tuesday 21st March 2023

The Gujarat High Court served notice on the Archaeological Survey of India (ASI), the Ahmedabad Municipal Corporation (AMC), and two developers in response to a public interest litigation (PIL) filed against the erection of buildings in the prohibited and regulated zones of a listed monument in Paldi, the small stone mosque or Rani Masjid. Janaksinh Parmar, a local homeowner, filed the PIL alleging that HR Space Con LLP and Param Con Corp LLP constructed structures inside the 100m restricted and 200m regulated zones. ...

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Ludhiana civic body razes five illegal buildings

Tuesday 21st March 2023

On Tuesday, the Municipal Corporation (MC) razed five illegal buildings being built at Kunj Vihar, Noor Villa, and Malhi road in the Haibowal district, as part of its ongoing campaign against illegal constructions. The proprietors were erecting the buildings without the civic body's approval and in violation of building bylaws. Two residential and one commercial building in Kunj Vihar, one industrial building in Noor Villa, and one commercial building on Malhi Road were all targeted. ...

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Will come up with new planning norms: Cuttack development body to Odisha HC

Tuesday 21st March 2023

The Cuttack Development Authority (CDA) has notified the Orissa High Court that it is working on a new regulation for suitable planning in the city's core/old sections for residential and other purposes, such as kalyan mandaps (banquet halls), and so on. CRISIL, a consultant, had been engaged by the CDA to prepare the new regulation. ...

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Delhi HC dismisses plea by home buyers against loan EMIs without possession of flat

Monday 20th March 2023

The Delhi Court has dismissed many home purchasers' petitions asking banks and financial institutions not to impose EMIs till real estate developers handover possession of their particular units. The sanctioned loan money was given straight to the builder, who was expected to pay the pre-EMIs or full EMIs under the scheme. Unfortunately, in this situation, the builders failed to fulfil their obligations of giving possession and paying EMIs, but the banks demanded repayment from the borrowers. ...

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Bombay HC advises tenants of 10- year stalled redevelopment project to choose new builder cautiously

Monday 20th March 2023

The Bombay High Court warned tenants of a Girgaum building whose reconstruction was suspended ten years ago to be cautious about whatever new developer they chose to finish the unfinished work. A petition was filed by 44 Ratilal Mansion CHSL residents who have been in transit since 2009. The project was halted in 2013 after the developer, Orbit Corporation, went bankrupt. A ground-plus-nine-story incomplete construction stands on the site. ...

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Gurugram court directs police to initiate process to declare former IREO CEO a proclaimed offender

Monday 20th March 2023

Ramesh Sanka, former CEO of IREO Residences Co Pvt Ltd, has been declared a "proclaimed offender" by a Gurgaon court. The Gurgaon Police stated that the order was being carried out. According to the FIR, the accused defendants fraudulently misrepresented the company's data in order to compel its consumers into signing agreements in order to profit from them. ...

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UP-RERA may freeze accounts of 18 promoters who missed hearings

Sunday 19th March 2023

UP-Rera has produced a list of 18 promoters who have failed to appear at its hearings and has threatened to freeze their bank accounts and blacklist them. Officials indicated at a review meeting on incomplete projects in the state that many projects that have passed their projected completion date have not obtained occupancy or completion certificates, and the promoters have not sought an extension of the deadline. ...

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Strict action being ensured against illegal constructions in green belt: Haryana minister

Sunday 19th March 2023

Haryana minister J P Dalal said on Friday that strict action will be taken against unauthorised constructions in green belts on scheduled roads and national highways in the state. Answering to a query from Congress member B B Batra during Question Hour in the state assembly, Dalal stated that over 1,700 unlawful structures have been discovered, with many already dismantled. On the house table, detailed information on such buildings, whether residential or commercial, their construction era, actions taken, and FIRs recorded, was placed. ...

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Andhra Pradesh government waives interest on property tax dues

Sunday 19th March 2023

The state government has waived interest on accrued dues until the end of the current fiscal year, which is a huge relief for property tax payers. Those who pay their property tax and vacant land tax (VLT) before March 31 will be eligible for the interest waiver. Y Srilakshmi, special chief secretary (municipal administration and urban development), stated that the decision to waive interest on old dues was made as a one-time incentive to provide relief to all those who were unable to pay taxes in the previous two years due to lockdowns following the outbreak of Covid-19. ...

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Maharashtra government revises guidelines for houses built, allotted by MHADA

Sunday 19th March 2023

The Maharashtra government has updated the criteria to modify the allowable carpet area of flats to be created and sold through the lottery system of the Maharashtra Housing & Area Development, the state government's nodal agency and statutory housing authority. The state government has also prohibited EWS and LIG applicants from applying for HIG segment apartments. Before, applicants from these groups could apply for any apartment in any category. ...

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Haryana RERA directs Splendor Landbase to pay fine with interest to home buyers

Saturday 18th March 2023

For failing to deliver units on schedule, the real estate regulatory authority (Rera) has ordered a builder to pay delayed possession penalties to its allottees. The authority also set aside a unit cancellation notice issued on February 7 by the builder, Splendor Landbase Limited. ...

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Bombay HC restrains Avarsekar Realty from selling unsold flats across projects

Saturday 18th March 2023

Avarsekar Realty Pvt Ltd, a builder, was recently prohibited by the Bombay High Court from selling any of its unsold flats in a proposed luxurious 42-story highrise in Mahim and its other projects until further orders. A civil contempt plea filed by an advocate and his wife who had booked a flat in Shrishti Sea View in Mahim in January 2012 was deferred to March 27 by the court. The Centre introduced the Real Estate (Regulation and Development) Act in 2016, which went into effect in Maharashtra in April 2017. The same month, Paranjpe demanded interest from the builder over the delay in flat possession, claiming a buyer-friendly provision in RERA, and filed a complaint with MahaRERA in September 2019 when they did not receive possession of the flat booked. ...

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MahaRERA issues notices to 14 projects for advertising without registration number

Friday 17th March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken Suo Moto action against real estate developers who advertise housing projects without a MahaRERA registration number. MahaRERA has issued show-cause warnings to 14 projects in the previous few days after noticing advertisements produced by these developers without a registration number. All of these projects have been given 7 days from the date of notification to present their case to the regulator. The problems are required to be corrected within the specified time frame, and developers who fail to respond correctly will face penalties. ...

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Delhi HC dismisses plea by home buyers against loan EMIs without possession of flat

Friday 17th March 2023

The Delhi High Court has dismissed many home purchasers' petitions asking banks and financial institutions not to impose EMIs till real estate developers handover possession of their particular units. The petitioners have alternative remedies under several statutes, including the Consumer Protection Act, the Insolvency and Bankruptcy Code, and the Real Estate Regulation and Development Act, according to Judge Purushaindra Kumar Kaurav, who refused to hear the writ petitions. Supertech Urban House Buyers Association (SUHA) Foundation and other similarly situated people who have obtained home loans from banks and financial institutions under the subvention plan were among the petitioners before the court. ...

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Civic bodies in Rajasthan to face music over deeds for unregistered projects

Thursday 16th March 2023

The Rajasthan Real Estate Regulatory Authority (RERA) has directed all local bodies to withhold lease documents for plotting projects. Even though the RERA was established in Rajasthan on May 1, 2017, urban bodies such as municipalities, UITs, and development authorities continue to issue leases of houses allotted to private developers or private account holders in plotted schemes in other major cities such as Jodhpur, Kota, and Ajmer. Upon the receipt of complaints, the RERA authority issued a warning letter and stated that fines would be applied for failing to obey the guidelines. "If a local body provides lease deeds without registration, it shall be liable for penalties," stated advocate Mitesh Rathore. According to the RERA rule, if a promoter seeks to create a project with nine or more plots on a plot of land larger than 500 square metres, the project must be registered under RERA. ...

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Plan to bring projects on smaller plots under West Bengal RERA

Thursday 16th March 2023

The state government may explore placing smaller residential constructions under the purview of the West Bengal Real Estate Regulatory Authority (WBRERA) or enact separate legislation to manage these projects. Mamata Banerjee, the chief minister, has urged the housing department to consider the suggestion so that purchasers who are now not covered by WBRERA can also obtain some protection. Sushil Mohta, president of the Confederation of Real Estate Developers' Association of India (West Bengal), raised the issue of small-time local promoters bringing disrepute to the trade by defrauding homebuyers who had no protection, unlike larger developments covered by WBRERA, during the interactive session on Wednesday. ...

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New bill likely to replace MOFA under review: Maharashtra cooperation minister

Tuesday 14th March 2023

On Wednesday, state cooperation minister Atul Save informed TOI that the government was closely evaluating the text of the new Maharashtra Transfer of Title in Real Estate Project Bill, which is expected to replace the existing Maharashtra Ownership of Flats Act (MOFA), 1963. He stated that the draught bill would be discussed with all parties before being approved. The proposed law addresses conveyance documents of housing societies that are not covered by the RERA Act. He stated that his department was reviewing the draught of the Maharashtra Transfer of Title in Real Estate Project Bill, which emphasises the completion of conveyance deeds by developers within three months. Developers' organisations have urged that the current MOFA be replaced. According to state cooperation department officials, the draught bill states mandatory occupancy certificate (OC) for carrying out conveyance deeds, in contrast to the MOFA, which issued a GR for authorising considered conveyance without the OC following a self-declaration that it would be done later. ...

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Special officials must under PMLA for estate agents with Rs 20 lakh turnover: MahaRERA

Tuesday 14th March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) issued an order on Monday mandating real estate agents with an annual turnover of Rs 20 lakh or more to share information about appointments of a principal officer and a designated director. This obligation is mentioned in the Prevention of Money Laundering Act of 2002 (PMLA) and the Prevention of Money Laundering (Maintenance of Records) Rules of 2005. (PMLR). The primary officer would serve as a central point of contact for reporting suspicious transactions and identifying possibly suspicious transactions. The designated director would be responsible for ensuring overall compliance with the duties imposed under the PMLA and the PMLR. Real estate agents have been classified as "reporting entity" under the PMLA Act. It is the reporting entity's responsibility to keep business records. A "reporting entity" is defined as a banking corporation, a financial institution, an intermediary, or a person engaged in a specified activity or profession under the PMLA. ...

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Lapsed building projects haunt Mumbai homebuyers

Monday 13th March 2023

In the city's hot real estate market, a large discount provided in an underconstruction property is particularly appealing to a house buyer. Is it better to wait for a project to be completed and obtain an occupation certificate before purchasing a somewhat higher-priced flat? Particularly given the city's countless terrible stories of families who paid tens of lakhs or even crores to reserve flats but have been unable to take possession for years. A businessman who paid Rs 30 crore for a premium apartment in a central Mumbai skyscraper in 2016 is still waiting after the project was marred by FSI violations and litigation. A prominent builder, whose company has since divided into multiple groups, collected money from clients while guaranteeing them completed Kandivli flats within three years. After fourteen years, the project is still on hold, with only the skeleton of 13 of the 37 levels approved. People who paid exorbitant prices for the flats filed a lawsuit and a receiver was appointed. With the existing area decaying with time, "they are now gathering cash to get their flats erected from scratch. "For the time being, the court has allowed them to develop up to 27 floors," said housing campaigner Chandrashekhar Prabhu. According to Maharashtra Real Estate Regulatory Authority (MahaRERA) data, 988 projects in Mumbai have lapsed through January 2023. ...

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MahaRERA scam: Two architects who prepared plan layouts of buildings untraceable

Monday 13th March 2023

The Enforcement Directorate (ED) is investigating for two architects who developed and certified plan layouts for majority of the unlawfully constructed buildings in Kalyan-Dombivli. However, both architects provided incorrect information about their firms and are untraceable. The ED is conducting an independent investigation into the MahaRERA scandal, suspecting that the developers used black money to illegally construct these structures, causing revenue-related departments such as KDMC and the MahaRERA office to lose money. According to the sources, the ED identified the two architects of two firms, Golden Dimension and Vastu Rachana, who both generated most of the building designs and layout for the fraudster developers. ...

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Cabinet approves Odisha apartment bill 2023

Saturday 11th March 2023

According to reliable sources, the Odisha Apartment (Ownership & Management) Bill, 2023 was approved by the state cabinet chaired by chief minister Naveen Patnaik on Thursday. The cabinet approved the apartment bill in order to bring the legislation controlling housing projects in line with the Real Estate (Regulation and Development) Act of 2016. The bill requires the formation of associations of allottees of housing projects prior to the first selling deed of any unit in an apartment. The shared parts of the apartment, full property, staircases, and existing facilities were registered proportionally in the name of house buyers. The law will most likely be introduced by the government during the current legislative session. Hearing a PIL on the subject, the Orissa high court expressed hope on Monday that the state government would be ready with the RERA-compliant bill during the current session, which is due to end on April 6. Bimalendu Pradhan, a Bhubaneswar-based apartment owner, has challenged the legitimacy of the Odisha Apartment Ownership (Amendment) Regulations, 2021, claiming that they violate the Real Estate (Regulation and Development) Act, 2016. Mohit Agarwal, an advocate, argued on behalf of the petitioner. On May 12, last year, the high court put an immediate halt to the registration of unit sale documents when the builders fail to indicate transfer of common spaces in favour of the Association of Apartment Owners. The HC made it apparent that actual registration of sale deeds in which share of common spaces has been ceded to individual owners cannot be legally sustained because it is contrary with RERA Act requirements. ...

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Pune citizens clamour for speedy disposal of MahaRERA cases

Thursday 9th March 2023

With over 6,000 complaints lingering with the Maharashtra Real Estate Regulatory Authority (MahaRERA), citizens' groups have urged that cases be resolved quickly and that more adjudicating members be appointed to hear the pending cases as soon as possible. Last week, citizen groups wrote to chief minister Eknath Shinde and deputy chief minister Devendra Fadnavis. In his representation, Ramesh Prabhu, chairman of the Maharashtra Societies Welfare Association (MahaSeWA), stated that the chairman and another member handle 2,000 complaints every year on average. Citizen activists have pointed out that the position has been empty since MahaRERA member BD Kapadnis departed in 2020. They have also requested that cases in Pune and Nagpur be heard again. With Fadnavis as housing minister, campaigners are hopeful that more members will be appointed to expedite the resolution of cases. The representation was also forwarded to MahaRERA chairman Ajoy Mehta. ...

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MahaRERA probe finds 1,781 bank accounts linked to multiple projects, issues notices

Thursday 9th March 2023

According to a Maharashtra Real Estate Regulatory Authority (MahaRERA) inquiry, 1,781 projects breached the laws by tying their bank accounts to more than one project. The Real Estate (Regulation and Development) Act of 2016 requires all projects to have a single bank account with a single registration number. This is intended to ensure that all registered housing projects are completed without any monies being diverted. In response to these irregularities, the regulator has issued showcause notices to 45 such projects and is in the midst of mailing notices to the other projects. The regulator has made improvements to its systems to avoid the occurrence of such abnormalities in the futureAny effort to link the designated account of one project with the bank account of another project will be rejected by the updated system. Aside from that, the developer will be unable to update the mutual account under the new system. MahaRERA has issued a new rule requiring previous clearances for this alteration. ...

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Over 1,000 builders respond to MahaRERA show-cause notices

Thursday 9th March 2023

More than 1,000 of the 19,539 developers who received show cause notifications from MahaRERA in the last three months for failing to update project-related facts have responded. While some developers have informed the regulatory body that their projects have already been completed, others have stated that they will renew their projects within a month. According to a MahaRERA official, the figure will climb because many developers have still to react. Section 11 of the RERA Act requires registered project developers to update their details every three months. Developers must give project status, financial situation, booking statistics, annual reports, and other information. Although projects were registered, MahaRERA discovered that the developers were not giving information on the project's status. Breach of section 11 of the act can result in a fine of up to 30% of the total project cost imposed on the developer. The goal of releasing project status details every three months, according to MahaRERA officials, is to keep potential homebuyers updated. This also contributes to the development of trust between purchasers and developers. ...

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Delhi RERA to act against builders avoiding project registration

Thursday 9th March 2023

The Delhi Real Estate Regulation Authority (RERA) has decided to tighten down on builders who dodge registration by conducting surprise inspections. Some builders in Delhi were avoiding project registration with the Authority, despite the fact that it is obligatory for developed sites larger than 500 square metres, regardless of the number of apartments built on it. For unregistered projects, RERA will levy a penalty of up to 5% of the project cost. From 2017 to 2021, Delhi RERA resolved approximately 160 complaints. It resolved 150 complaints last year. ...

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Gujarat RERA posts vacant, 150 projects in limbo

Tuesday 28th February 2023

For the past month and a half, the Gujarat Real Estate Regulatory Authority (GujRERA) has been without two of the required three members. As a result, no new RERA registration numbers have been issued. According to sources within the body, there are over 150 new project files awaiting clearance, in addition to over 250 complaints pending with the authority. Real estate developers are requesting that the state government select the RERA chairman and two members, even on an in-charge basis, so that the body may continue to function normally. ...

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UP-RERA imposes Rs 1.4 crore fine on 13 developers for violating orders

Tuesday 28th February 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has imposed a collective fine of Rs 1.39 crore on 13 developers who have either delayed giving possession to homebuyers or violated its refund/other orders, using its powers under Section 38/63 of the Rera Act, which allows it to fine non-compliant promoters up to 5% of the project cost. “We found 13 developers across the state have violated executing or complying with the UP-Rera orders, ranging from failing to submit refunds to giving a cumulative fine of Rs 1.39 crore on the developers,” said an official from UP Rera. (ET Reality) ...

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Punjab RERA ask property platforms to register as agents

Monday 12th September 2022

Punjab Real Estate Regulatory Authority has asked the property listing platforms such as magibricks.com, 99 acres to get themselves registered in RERA as a real estate agent.In their response to the authority , a property listing platforms argued that the role being played by the online housing portals is that of “ intermediary” and they do not participate or carry out any property transactions. ...

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Delhi RERA registers 18 projects of Delhi Development Authority

Monday 5th September 2022

RERA Delhi has registered 18 DDA projects. In December 2021, the RERA has issued notices to DDA to get projects enrolled under RERA but DDA filed an appeal against the order ."There were 14 projects from 2019 for which we had asked for documents. This will transparency in the real estate market and other agencies such as Delhi State Industrial and Infrastructure Development Corporation Ltd will be encouraged to get registered with the authority" said DDA chairman Anand Kumar.         ...

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MahaRERA plans to help kickstart Rs 78,000-crore stalled, lapsed housing project

Monday 27th June 2022

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is attempting to resurrect stalled and lapsed housing initiatives worth more than Rs 78,000 crore, accounting for roughly one-fifth of such projects in the country. The regulator has formed a special team to investigate the problems with the stalled projects and devise solutions to help them get back on track. This is the first time in the country that a state-specific real estate regulator has organised a special team to resurrect dormant projects. Sanjay Deshmukh, a veteran IAS officer, will lead the new term. Out of the 36,000 projects registered in Maharashtra over the last five years, 4,500, or around 12%, have lapsed, and the state regulatory body's new vertical will assist in resolving the concerns surrounding these projects. Unplanned credit backlogs, issues with the approval procedure, and significant price rises in raw materials have all contributed to the postponement of these projects. "Transparency will be critical in hastening the regulatory process." "We would want sophisticated IT enablement to establish a better Address Resolution Protocol (ARP) that will assist in offering end-to-end solutions," stated Ajoy Mehta, Chairman of MahaRERA. "However, that will require regulatory oversight to monitor the complexities of the projects, and it will become necessary for buyers to play a key role in providing clarity to RERA as well." "With the assistance of MahaRERA and all other stakeholders, there must be a consensus to jointly agree to take a hit in the interest of doing business and, if necessary, to work through joint ventures and other measures to achieve a common goal," stated Boman Irani, President of CREDAI-MCHI. Certain initiatives will be implemented in the next six months to help lay the groundwork for the industry, and particularly MahaRERA, to expedite the resurrection of these delayed projects. ...

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UP-RERA de-registers three housing projects in Ghaziabad over work delay

Thursday 23rd June 2022

The Uttar Pradesh Real Estate Regulatory Authority announced on Wednesday that it has immediately cancelled the registration of three incomplete group housing projects in Ghaziabad and frozen their bank accounts to prevent transactions. Antriksh Sanskriti Phase-2, Antriksh Sanskriti Phase-3, and Raksha Vigyaan Sanskriti Phase-2 registrations have been cancelled, and proceedings have been initiated under RERA Section 8, according to the real estate regulatory authority. Section 8 of the UP RERA Act authorises the real estate regulatory authority to delegate completion tasks of stalled housing projects to their buyers' associations. "Multiple complaints were lodged with the Authority under Section 31 of the RERA Act by allottees of two projects of M/s Antriksh Realtek Pvt. Ltd and a project of Raksha Vigyan Karmacharis Sahkaari Samiti Ltd., alleging violation of the agreement/contract with the promoter and delay in construction," the UP RERA said. According to the promoter, construction and development work on Antriksh Sanskriti Phase 2, Phase 3, and Raksha Vigyaan Sanskriti Phase-2 began in 2015, with completion dates of July 2022, July 2022, and June 2023, respectively. "According to the on-site verification report of projects received by UP RERA, construction and development work has been completed up to 40% in Antriksha Sanskriti Phase-2 and up to 30% in Antriksha Sanskriti Phase-3." Surprisingly, construction and development work in Raksha Vigyaan Sanskriti Phase-2 could not begin," the UP RERA stated. "The inspection report also states that all types of construction work on the project site have been closed for many years, making the chances of project completion absolutely uncertain," it said. According to the statement, the order has also barred the project promoters from accessing the UP RERA website in relation to these projects, and they are now listed in the list of "defaulters" with a photo and name. The Authority has decided to freeze project bank accounts in order to prevent any project-related transactions. ...

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Maharashtra: Temporary Closure of Registration Module for System Upgradation

Wednesday 22nd June 2022

In the matter of application registration process relating to applications submitted for registration of real estate projects as well as for real estate agents it is been hereby informed to Promoters and Real Estate Agents that MahaRERA is upgrading its IT System. MahaRERA scheduled the new application registration process to go-live on 30th of June 2022 at 12:00a.m. Submissions of applications for MahaRERA IT System registration of real estate projects as well as real estate agents shall be unavailable from 12:00a.m. of 20th June 2022 till 12:00 a.m. of 30th June 2022. During this time application registration is being modified to ensure effective scrutiny of the applications. This shall not affect applications submitted by promoters seeking extension and corrections, as the case may be, in respect of their real estate project as well as applications submitted by real estate agents for renewal of their registration. ...

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MahaREAT directs Aishwarya Light Construction to pay buyers for delayed possession

Wednesday 22nd June 2022

The Maharashtra Real Estate Appellate Authority (MahaREAT) directed a developer to pay a couple interest for delayed possession from January 1, 2018, until it is actually handed over, observing that a flat buyer cannot be forced to wait indefinitely for possession of the property. The June 17 order was issued in response to Jervis and Rose Creado's appeal of the Maharashtra Real Estate Regulatory Authority's (MahaRERA) December 24, 2019, order, which directed the developer, Aishwarya Light Construction Company, to execute a registered agreement for sale but refused the couple interest or compensation under Section 18 of the Real Estate Regulation Act for delayed possession because there was no registered agreement showing any date of possession. The couple paid Rs 80 lakh for a 466-square-foot flat with an open parking space in Aishwarya Heights in Majas, Andheri. The developer issued an allotment letter in February 2017 and executed an unregistered agreement for sale to hand over possession by December 2017. The Creados filed a complaint with MahaRERA after neither the agreement nor possession had been registered. The developer was not present prior to MahaREAT. Creados' lawyer, Godfrey Pimenta, argued that there is no word "registered" in Section 18 and that interest for delayed possession cannot be denied to allottees simply because there is no registered agreement for sale. Members S S Sandhu and Shriram Jagtap stated that the record clearly shows that one of the four partners executed an unregistered agreement with the Creados, revealing December 2017 as the possession date and binding on the developer. "Aside from that, we believe that a person cannot be forced to wait indefinitely for possession of the flat allotted to him and is entitled to seek relief in the form of a refund of the amount paid by him or interest on the said amount due to delayed possession," they added. Despite the developer's failure to complete the project on time, the members noted that MahaRERA refused to grant interest on investment. "As a result, we believe that the allottees are entitled to interest on their investments beginning in January 2018," they concluded, directing interest at SBI's highest marginal cost lending rate plus 2% on the amount paid and Rs 10,000 towards litigation costs. ...

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UP RERA to use provisions of civil procedure code for implementation of its orders.

Thursday 16th June 2022

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has resolved to utilise the provisions of the Civil Procedure Code (CPC) for order implementation and to delegate authority to adjudicating officers for strict enforcement. In the 94th meeting of the authority, a more effective policy for enforcement of orders made by RERA on complaints of allottes was laid forth. Section-40(1) of the RERA Act and Rule-23 of the UP RERA provide for the recovery of amounts owed to allottees by the promoter, such as arrears of land revenue. Recovery of amounts received by allottees under UP RERA orders is being collected through the concerned District Magistrates, such as arrears of land revenue, and till now in 1790 cases Rs 282 crore has been recovered and transferred to the complainant/allottees' accounts. In addition, many complaints have resulted in settlements totaling Rs 475 crore. Section-40(2) of the RERA Act and Rule-24 of the U.P. provide legal provisions for the implementation of other RERA orders, such as grant of possession to allottees and registration of allottee units. RERA Regulations. Rule-24 specifies that such orders shall be implemented by RERA in the same manner as if the order in question was a decree of the major civil court. RERA has implemented about 3000 orders out of the 5586 applications received for order implementation, accounting for approximately 54 percent of the requests received for order implementation. RERA is directed to submit the compliance report of the order within 15 days of receiving the application for implementation of the order from the complaint by sending a notice to the promoter and the concerned Bench in case of non-compliance of the order by the promoter despite RERA's notice. The process of implementation is being taken, after hearing both the sides. Normally, after the project is completed, possession is given to the complainants/buyers in accordance with RERA rules. However, in some cases the authority has noted that even after acquiring the "Occupancy Certificate", allottees are encountering problems in getting the possession. "The decision was reached to make the mechanism of implementation of such orders more resilient and effective. RERA will take action in such circumstances under the authority granted by Order 21 of the CPC (Civil Procedure Code). To carry out RERA's possession and registry orders, appropriate steps will be taken to attach the property in question, appoint a receiver, have the registry executed through the receiver, and transfer over ownership "stated the authority Former district judges who work in the NCR and Lucknow offices of U.P. RERA shall be referred and authorised to take the above action. Higher penalties will be levied for non-compliance with RERA directives against promoters who, despite project completion, are evasive in giving possession to allottees. ...

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Centre to form state committees for better execution of RERA orders

Monday 13th June 2022

According to a senior official from the ministry of housing and urban affairs, a detailed note on the Centre's recent decision on the formation of the committees was sent to all ministries on Thursday. The ministry of housing and urban affairs will organise committees involving stakeholders from each state, including homebuyers, developers, and RERA officials, to investigate incidents in which real estate regulatory authorities' instructions have not been followed. The Real Estate (Regulation and Development) Act has been in effect for five years. However, noncompliance with real estate authorities' orders is a source of concern, particularly for several afflicted homebuyers. The homebuyers' forum raised the issue at the Central Advisory Council meeting. Summarized: The ministry of housing and urban affairs will organise committees involving stakeholders etc. from each state. The committees will investigate incidents in which real estate regulatory authorities' instructions have not been followed. Noncompliance with real estate authorities' orders is a source of concern for several dissatisfied homebuyers. ...

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HC asks Haryana, Punjab & UT if state-developed projects can be under RERA

Monday 13th June 2022

The Punjab and Haryana High Court has urged Punjab, Haryana, and the Union Territory of Chandigarh to explain why housing developments created by state agencies/boards should not be placed within the ambit of the Real Estate Regulatory Authority (Rera). The High Court issued these rulings after noting that multiple cases have been filed by residents of these states expressing their dissatisfaction with the state authorities' failure to deliver on promises made in the development of various housing developments. As of now, only housing developments created by various private agencies in the real estate sector are required to be registered under the RERA. Summarized: Housing developments created by state agencies/boards should not be placed within the ambit of the Real Estate Regulatory Authority (Rera), HC has ruled. The ruling was in response to multiple cases filed by residents of Punjab, Haryana and Chandigarh. ...

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UP RERA imposes Rs 1.05 crore penalty on nine developers

Monday 13th June 2022

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) fined 9 promoters Rs 1.05 crore for failing to comply with its order. In its 93rd meeting, the authority reviewed the promoters' compliance with its orders. The authority discovered that some of the promoters disobeyed its directions despite the authority allowing them considerable time. Summarized: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has fined nine real estate promoters Rs 1.05 crore for failing to comply with its order. The authority discovered that some of the promoters disobeyed its directions despite being given time to do so by the authority. ...

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Bengaluru: Revenue officials yet to recover Rs 250 crore compensation owed to buyers

Monday 13th June 2022

According to the Real Estate Regulatory Authority (RERA) Act, orders issued by the RERA or Adjudicating Officer must be carried out by the Revenue Department, and compensation; delay interest or deposit money must be recovered as arrears of land revenue to compensate homebuyers for their losses. However, the inefficiency of revenue officials has become a source of concern for hundreds of homebuyers, who have been forced to wait years for reimbursement. For example, RERA has referred 631 cases to the revenue department in order to recover a penalty of Rs 258 crore from 125 builders, but the revenue department has only recovered Rs 8 crore thus far, and it has yet to recoup Rs 250 crore from 614 cases. Home purchasers who used to visit builders' offices must now attend tahsildar offices to learn about the status of complaints referred by the RERA. Summarized: The inefficiency of revenue officials has become a source of concern for hundreds of homebuyers. RERA has referred 631 cases to the revenue department in order to recover a penalty of Rs 258 crore from 125 builders, but it has only recovered Rs 8 crore so far. ...

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Govt to look into pleas to tweak RERA for redevelopment: Maharashtra housing minister.

Monday 13th June 2022

Jitendra Awhad, the housing minister of Maharashtra, has stated that the government will look into proposals for amendments to RERA in order to enhance redevelopment under the real estate regulatory body. "We will thoroughly investigate the matter," Awhad stated. The state government has reduced the permission of members from 70% to 51% for the redevelopment of housing societies. However, a decision on amending the Real Estate Act, 2016, to put rehabilitation of redevelopment projects totally within the purview of the Maharashtra Real Estate Regulatory Authority has yet to be made (MahaRERA). Summarized: The state of Maharashtra has reduced the permission of members from 70% to 51% for the redevelopment of housing societies. A decision on amending the Real Estate Act, 2016, to put rehabilitation of redevelopment projects totally within the purview of the Maharashtra Real Estate Regulatory Authority (MahaRERA) has yet to be made. ...

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RERA tells Delhi corporations not to approve unregistered building plans

Monday 13th June 2022

The Delhi Real Estate Regulatory Authority (RERA) has directed the city's four municipal corporations and the Delhi Development Authority (DDA) not to approve construction plans for projects that have not been registered with the authority. The decision came just days after the government mandated that builders register projects with a total developed area of more than 500 square metres, regardless of the number of flats built on it. Builders have been avoiding RERA registration by taking advantage of this gap, and the authority has urged the municipal corporation's cooperation to ensure transparency. Summarized: Delhi's real estate regulator has ordered not to approve projects that have not been registered with the authority. The decision comes just days after the government mandated that builders register projects with a total developed area of more than 500 square metres, regardless of the number of flats built on them. ...

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Delhi HC quashes mandatory RERA nod for construction

Monday 13th June 2022

The Delhi High Court ruled on Thursday that the Real Estate Appellate Tribunal lacks the authority to commence suo motu proceedings and overturned one such decision, which barred any construction activity in the capital unless the project was registered with RERA. "This court finds itself unable to appreciate the omnibus direction which ultimately came to be issued by the appellate tribunal. The appellate tribunal clearly and abjectly failed to bear in mind the true ambit of Section 3. It procedded on the incorrect and unfounded premise that all projects were liable to be complusorily registered under the Act," said justice Yashwant Varma, throwing aside two rulings made by the tribunal last year. The HC stated that the tribunal's suo moto proceedings "practically injuncted any construction activities in the NCT of Delhi." Summarized: The Real Estate Appellate Tribunal lacks the authority to commence suo motu proceedings, says the Delhi High Court. The tribunal's suo moto proceedings "practically injuncted any construction activities in the NCT of Delhi," said the court. It threw aside two rulings made by the tribunal last year. ...

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Mahira Homes buyers protest at Haryana RERA office

Monday 13th June 2022

On Monday, some 100 buyers from the Mahira Homes affordable housing project in Sector 68 objected outside the Haryana Real Estate Regulatory Authority (H-Rera) headquarters, seeking stern action against the developer. They requested that construction at the project site resume immediately. In a letter to the chairman of H-Rera The homebuyers stated in a letter to H-Rera chairman KK Khandelwal that the action plan should be provided with them by Friday. "Our objective is to get our homes and guarantee that strict action is taken against the developer by the regulatory body and town and country planning in connection with the cancellation of licence number 106 of 2017 dated in favour of Sai Aaina companies (Mahira group")," a group of homebuyers said. Summarized: Some 100 homebuyers protested outside the Haryana Real Estate Regulatory Authority's (H-Rera) headquarters in Gurugram. They requested that construction at the project site resume immediately.   ...

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Almost Rs 250 crore has been refunded to buyers: Rajive Kumar, Chairman, UP-RERA

Wednesday 25th May 2022

In the journey of four years, UP-RERA has been able to dispose off almost 85% of the complaints which have been launched. Almost Rs 250 crore has been paid to buyers against their UP-RERA orders was the first which started online registration of the complaints. Almost all work is now online. In February 2020, we were the first to introduce e-courts. We also introduced RERA Samwad during lockdown to help home buyers which still continues and is very popular. ...

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Haryana RERA issues notice to freeze accounts associated with Mahira Infratech

Saturday 21st May 2022

Gurugram bench of Haryana Real Estate Regulatory (HARERA) has issued notice to freeze all accounts associated with real estate firm Mahira Infratech.  Mahira Infratech, formerly known as Sai Aaina Farms Pvt Ltd was developing an affordable group housing colony over an area  of approximately 10 acres in sector 68. HARERA Chairman KK Khandelwal said, "We asked the bank to freeze the account of the company so that hard-earned money of innocent buyers  can't be siphoned off to other purposes by the company.   ...

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UP RERA authorises Vasundhara Grand promoters to complete the halted project

Friday 20th May 2022

The Uttar Pradesh Real Estate Regulatory Authority has authorized the promoter of the Vasundhara Grand project in Ghaziabad to complete the remaining construction work by May 2023. This is the 13th real estate project under rehabilitation to achieve completion under section – 8 of the RERA Act. The decision is as per the consent provided by the association of the allottees. ...

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The government says “RERA has assured transparency in the real estate sector in Bihar”

Monday 16th May 2022

State development commissioner Vivek Kumar Singh on Friday said the Real Estate Estate Regulatory Authority (RERA), Bihar has brought transparency to the real estate sector. Addressing a workshop organized here to mark five years of implementation of the Real Estate (Regulation and Development) Act in Bihar, Singh said RERA-Bihar has dispelled the fears that the creation of the authority would lead to license raj in the real estate sector.   ...

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Housing ministry to assess the extent of dilutions in rules by states of central RERA

Saturday 14th May 2022

The housing and urban affairs ministry is compiling the rules notified by state governments under the real estate law, RERA, to assess the extent of dilutions they have carried out compared to the Central  Act.This comes after the Central Advisory Council (CAC) headed by Union housing minister Hardeep Singh Puri recommended to the ministry to ensure that no entity dilutes the rules under RERA. ...

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Government plans to set up a panel on RERA non Compliance

Wednesday 11th May 2022

Government plans to set up a panel on RERA non Compliance India has decided to assess the reasons for non-compliance with orders issued by various chapters of the Real Estate Regulatory Authority (Rera)that were set up to ensure protection for troubled homebuyers. A committee including homebuyers and realty developers will be formed to examine different orders that have been passed by the state-specific authorities but have not been complied with yet. The government may also seek state government to provide their input in this matter with the objective of making Rera more effective and offering an impactful recourse mechanism to homebuyers. The decision to this effect was taken in the recent meeting of the Central Advisory Council (CAC). ...

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UP-RERA to complete festival city in Noida sector 143

Monday 2nd May 2022

UP-RERA has decided to help 600 odd buyers left with no option after the builder defaulted on delivery timelines and then stopped construction altogether. The buyers approached the UP-Rera, which sent notices to the developer. When it failed to respond, the regulatory authority blacklisted the developer and de-recognized the project.“Our next step was to take the consent of all the buyers and get the project completed. Two groups of buyers under Mist Avenue Buyers’ Association and Festival City Welfare Association showed interest in reviving the project, said a Rera official. ...

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Telangana in number four in projects registered with RERA

Tuesday 22nd February 2022

Telangana is among the top four states in India in terms of number of projects registered  with the state-level Real Estate Regulatory Authority (T-RERA).Latest data obtained by TOI from across India shows Telangana had 4,002 real estate projects registered with T-RERA by February and 2,017 registered agents.Two days ago chief secretary Somesh Kumar warned errant builders. Kumar during a meeting on Friday with representatives of Credai, Tredai, Telangana Builders Association and other organisation , warned that criminal cases would be filed as per RERA against persons and developers indulging in undivided and prelaunch sales. ...

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Retired DGP appointed as new retired Tamil Nadu RERA bench

Wednesday 8th December 2021

Retired DGP Sunil Kumar, who was appointed a member of the Tamil Nadu Real Estate Regulatory Authority (TNRERA) in October.will take over a newly constituted single-member bench of the real estate regulator.TNRERA has two other benches. As per proceedings of TNRERA dated November 29 the new bench will adjudicate complaints filed under Section 31 of the RERA Act relating to refund of the amount paid by the allottee complainants and interest, interest on delayed construction, interest on delayed payment by the allottees and penalty. ...

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Builders get three months to file audit reports with Goa RERA

Saturday 9th October 2021

The Goa Real Estate Regulatory Authority on Friday granted a three-month extension for real estate firms to submit their audit reports. Builders and real estate firms have till December 31 for audit of accounts and submission of annual statement of accounts for the last financial year. The Goa Chamber of Commerce and industry and CREDAI - Goa had requested GOA RERA to extend the timelines for the completion of audit and submission of annual account statements for 2020-21 due to the “hardship faced by the real estate sector” during the Covid pandemic.“The Goa RERA discussed the said matter in detail and after considering the current and previous pandemic situation, the authority decided to extend the time to complete the audit of accounts and submit the annual statement of accounts in Form-6 till December 31,” deputy town planner with Goa RERA Yugandaraj Redkar said. ...

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145 new housing projects enrolled with TNRERA in one month

Wednesday 29th September 2021

A total number of 145 new housing projects have been registered with the Tamil Nadu Real Estate Regulatory Authority (TNRERA) between August 24 and September 22. As per the data on the TNRERA's website, a total number of 682 housing projects have been registered till September 22, 2021, this year. Several projects that were registered in nearly 30 days during the past one month period are located in the Chennai Metropolitan Area. ...

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GUJRERA extends date of annual report submission to 31 December 2021

Thursday 23rd September 2021

Gujarat Real Estate Regulatory Authority has extended the deadline for the submission of the annual report on statement of accounts by real estate developers for year 2020-21. The last date for the submission has been extended till December 31, 2021 in order to provide relief to developers amid  Covid-19 pandemic. Real estate developers are required to submit the annual report on statement of accounts in Form-5 within six months after the end of every fiscal year for every registered project. ...

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Rajasthan RERA to send notice to realtors for not submitting QPR’S

Tuesday 7th September 2021

The Rajasthan Real Estate Regulatory Authority will issue notices to approximately 300 developers in the state for not submitting quarterly progress reports.According to the mandatory provision, the promoter has to upload updates on the RERA website for the project at the end of each quarter on apartments/flats, status update of each building. A senior official at RERA said, “After issuing the notices, the developers will be given time to submit their reply in October. Registration will be canceled if the reply is dissatisfactory.” The move to upload reports online help buyers to assess the properties, the progress of the projects, evaluation of the company’s financial status and legal aspects. ...

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UPRERA grants nine month project extension to 45 builders

Monday 23rd August 2021

The Uttar Pradesh Real Estate Regulatory Authority has identified 115 projects that will be given a nine-month extension for completion, with the regulator monitoring the construction activity. The authority had invited applications from developers along with an affidavit that it will complete the projects within the extended period of registration. The developers had to submit requests along with a financial plan for the completion of the projects. Out of the total applications, 45 had already been granted an extension. ...

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Rajasthan RERA to publish list of rejected projects

Sunday 25th July 2021

To make the system transparent, the Real Estate Regulatory Authority (RERA), Rajasthan, will update its website to reflect data lists of projects whose applications for registration have either been rejected, withdrawn or revoked.The move will save the buyers from investing money in projects which are rejected, withdrawn or even in registered projects that have expired. RERA registrar Ramesh Chandra Sharma said, “The orders passed against the revocation or others are already uploaded on the RERA website. We will also prepare a list of these projects to inform buyers.” ...

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Tamil Nadu builders wants extension of RERA certificate by one year

Thursday 17th June 2021

 The Tamil Nadu chapter of the Builders Association of India on Tuesday sought extending the validity of RERA-registered projects by one more year due to Covid-19. In a letter to the chief minister, the association's state chairman R Sivakumar said construction projects have been stalled due to the present scenario and builders are unable to complete projects within the timeline due to pandemic and other restrictions. It also demanded an extension of validity for building planning permissions for one more year for the projects that are valid for five years ending till December 31, 2021. ...

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Rajasthan RERA extends QPR deadline to 30th June 2021

Tuesday 1st June 2021

The Rajasthan Real Estate Regulatory  Authority (RERA) has extended the date for developers for online submission of quarterly progress report (QRPS) of their registered projects.In an order issued on Monday, the authority mentioned that the last date for submission of QRPs for all the earlier quarters and also for the quarters ending on March 31, 2021 has been extended to June 30, 2021 without any delay processing charges or penalty.The order further states, “If QRP for any quarter, including January- March 2021, is not submitted by June 30, it will attract penalty under section 61 of the Real Estate (Regulation and Development) Act 2016 for contravention of relevant provisions. Delay processing charges will also be attracted on delay in submission of QRPs. ...

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Rajasthan RERA goes online to hear complaints

Thursday 27th May 2021

In its endeavour to help home-buyers, the Rajasthan RERA has started virtual hearing of cases.After the lockdown in the state was extended and decision was taken to re-open offices from June 8, the RERA decided to go online. The order reads, “Rajasthan RERA will work from home and court cases listed for hearing before RERA Authority and Adjudicating officer between May 24 and June 7 will be heard through video conferencing.” ...

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HC Kishore Chandra appointed as chairman of Karnataka RERA

Monday 10th May 2021

The Real Estate Regulatory Authority (RERA) of Karnataka has appointed HC Kishore Chandra, a retired DGP rank officer, as the chairman."The term of the chairperson shall be for a period of five years from his assumption of office or till the age of sixty-five years or until further order, whichever is earlier and he shall not be eligible for reappointment," the government of Karnataka said in a recent notification. The newly appointed chairman will take over from 1st June after the superannuation of existing chairman M R Kamble and one member. ...

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65000 complaints disposed by RERA across India in four years

Thursday 6th May 2021

State-specific Real Estate Regulatory Authorities across India have disposed of 65,539 complaints of homebuyers over the last four years since the implementation of the legislation in 2017. Out of this, nearly 40% of cases or around 26,510 complaints were resolved in Uttar Pradesh, followed by Haryana with 13,269 cases and Maharashtra with 9,265 cases. The three states cumulatively accounted for nearly 75% of the total disposed cases under RERA in the country, showed data from the Ministry of Housing and Urban Affairs. ...

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TNRERA imposed penalty of Rs 10,00,000 on Dawning Developers & Casagrand Builder

Monday 15th March 2021

The Tamil Nadu Real Estate Authority has imposed a penalty of Rs 10 lakh on two developers for factual misrepresentation of RERA registration number in their portals.A complaint was filed with the TNRERA over usage of the same RERA registration number for two housing projects at Athipattu and Perumbakkam.The TNRERA, in its order, said that mentioning Nolambur as the location for a project situated at Athipattu in Ambattur Taluk amounted to misleading prospective homebuyers.Similarly, for another project at Vengaivasal, the location was mentioned as Medavakkam. While imposing a penalty of Rs 10 lakh, the TNRERA directed developers to immediately remove all factual misrepresentations. ...

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Ajoy Mehta appointed as MAHARERA chairman

Thursday 11th February 2021

Ajoy Mehta, the principal Advisor to Maharashtra Chief Minister Uddhav Thackeray, is being appointed as the chairman of MahaRERA. The order is being issued by the Housing department.The post had fallen vacant due to the retirement of Gautam Chatterjee.Mehta, an IAS officer of the 1984 batch, was the collector of Ahmednagar for four years. He was also the municipal commissioner of Mumbai for four years and later became the chief secretary. ...

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UPRERA penalises 11 builders for non compliance

Wednesday 27th January 2021

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has penalised 11 promoters of Rs 2.5 crore for non-compliance of its orders.The authority passed these orders under the provisions of Section 63 of the RERA Act which empowers the Authority to impose penalties up to 5 per cent of the cost of the project for non-compliance of its orders by the promoters.Five of the promoters who have been fined include Newtech Promoters & Developers who has been penalised Rs 46 lakh, Supertech has been fined Rs 34 lakh, Lucknow Development Authority has been fined Rs 57 lakh, Tulsiani Construction and Developers has been penalised Rs 30 lakh and Antriksh Realtek has been fined Rs 27 lakh ...

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Tamil Nadu RERA hires CA to check money spent on delayed projects

Saturday 2nd January 2021

The Tamil Nadu Real Estate Regulatory Authority has engaged a chartered accountant to scrutinise the bank account of a delayed housing project to verify utilisation of homebuyers’ payment and submit a report in a month. The first-of-its-kind direction follows a complaint by a homebuyers association, demanding a forensic audit to find out if funds meant for the housing project on Chennai’s outskirts were diverted. The complainant association will bear the CA’s Rs 1 lakh fee ...

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Karnataka RERA to do onsite inspection of completed projects

Thursday 31st December 2020

Hundreds of apartment projects have come under the scanner as Karnataka Real Estate Regulatory Authority has started conducting spot inspections — both complaint-based and suo motu — to verify developers’ claims regarding completion. So far, developers of 876 projects out of 3,730 registered ones have declared that work has been completed and the flats are ready for occupation. However, 5,106 complaints are pending, of which many pertain to false claims on completion status and delay in delivery ...

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GUJRERA extends date of annual report submission

Monday 28th December 2020

GUJRERA has extended deadline from 31 december 2020 to 31 january 2021 for submission of Annual Reports for the real estate projects registered with the authority.Every promoter is required to submit the annual report on statement of accounts in Form-5 within six months after the end of a financial year for every registered project.“The extended date for the submission of Form-5 for financial year 2019-20, which is due on December 31, 2020, is further extended up to January 31, 2021,” the authority stated in its order dated December 24. ...

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RAJRERA issues notice to builders over delayed projects

Wednesday 23rd December 2020

The Real Estate Regulatory Authority (Rajasthan-RERA) has issued show-cause notices to 95 builders and promoters in the state over pending projects.After developer failed to adhere to self-set deadlines, the notices were slapped under the Real Estate (Regulation and Development) Act, 2016 at this massive scale, for the first time.The notices talk of imposing penalties on the guilty builders and for the RERA to arrange completion of remaining works with assistance from third parties.  ...

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RERA Karnataka extended completion date by 3 months more

Saturday 19th December 2020

RERA Karnataka has issued a circular regarding extension of completion date further by 3 months for the project which was supposed to be completed on or after 15 March 2020. This has been decided in order to aid Government effort in controlling the damage of Covid 19 and to ensure completion of RERA registered projects doesn’t get adversely affected. ...

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UPRERA clear backlog of buyer complaints

Friday 18th December 2020

UP RERA has cleared backlog of complaints through online complaint hearing .Of the 30,956 complaints registered so far, the regulator has already heard 24,026 cases till December 15. And of these, some 5,115 complaints were filed by buyers in Gautam Budh Nagar in 2020 and 1,454 have been disposed of this year itself. The new year is supposed to start with 6,930 pending cases to be heard from previous applications, officials said. ...

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KRERA to do online allocation of cases

Wednesday 11th November 2020

Due to allegation from sections of homebuyers of weak implementation of RERA , KRERA is preparing to put in place an online system of allocation of cases which will result in impartial allotment of cases. Karnataka RERA is developing a software where allocation of cases will be done online and on rotational basis to benches without any human intervention.This will be allotted as and when cases come to the available benches. This will mean impartial allotment. It has already been developed, but it has to be clubbed with our existing complaint model. It should be put in place in another two to three weeks. ...

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UPRERA requests govt to reduce stamp duty by 2%

Wednesday 23rd September 2020

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has requested the state government to reduce the stamp duty on property registration by two percentage points to help attract homebuyers amid unprecedented demand shrinkage caused by the pandemic.Additionally, it has also requested a flat Rs 2,000 registration fee for agreement-to-sale documents, which is currently at 25% of the stamp duty charges.“We have made the recommendation keeping in mind the interests of buyers and developers,” said Rajive Kumar, chairman, UP-RERA. ...

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Kerala RERA to send show cause notices to real estate agents

Thursday 17th September 2020

Many Real estate Agents/Firms/brokers are advertising in connection with real estate projects through printed, visual, and social media without registering under Kerala Real Estate Regulatory Authority. The authority has started sending show cause notices to certain firms and people who have been found marketing projects without registering with RERA. The person found to be guilty shall reliable to pay a penalty of Rs 10,000 per day which may extend up to 5% of the estimated cost of the project. ...

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UPRERA to conduct forensic audit of Supernova

Friday 4th September 2020

UPRERA will conduct forensic audit of account of all the phases of supernova project. UP-RERA also decided to issue show cause notice to the Supertech Realtors under section 7 of the RERA for revoking the registration of its project Supernova Phase-IV.It had granted conditional registration to the project on the request and commitment of its chairman R K Arora that he will submit the revalidated map of the project within six monthHowever, the promoter did not submit the revalidated map in time. ...

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UPRERA gives one month time to parsvnath and other developers to solve all the disputes

Wednesday 26th August 2020

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has given one month’s time to Suncity Hi-Tech Infrastructures, Parsvnath Developers, Krishna Estate Developers and Krishna InfraHomes, Concept Horizon Infra, Wave Megacity Centre and Unibera Developers to settle all the orders of possession and refund as early as possible. All the promoters were asked to submit proofs of their order compliances on the portal within two weeks' time. Abrar Ahmed, secretary, UP-RERA instructed the promoters to fill all the details of the compliances on the newly created 'Compliance Report' section on the dashboard of UP RERA's portal. ...

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GUJRERA postpones new website launch

Thursday 30th July 2020

The Gujarat Real Estate Regulatory Authority (Gujarat RERA) has decided to deere launch its new website version which was scheduled to be rolled out on 01 August .“Considering the Covid-19 pandemic and representations from real estate developers’ associations, the authority has decided to defer implementation of the final version of the new portal till further orders,the state regulator said in its order issued on July 28. ...

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Punjab RERA postpones hearings till august 17

Thursday 16th July 2020

Due to COVID 19 pandemic, Punjab RERA has adjourned all their hearing till August 17. All the hearings between July 15 and August 14 have been postponed till August 17 before various benches and adjudicating officers. ...

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HC to Orissa state govt - Get OREAT operational within 15 days

Monday 13th July 2020

In a significant judgment, the Orissa high court has ordered the state government to enable the Odisha Real Estate Appellate Tribunal (Oreat) to function within 15 days in the interest of litigants. The court further cautioned that suo motu contempt proceedings would be initiated if it failed to do so. The Oreat was formed to deal with the complaints of builders and homebuyers alike on February 2, 2019. Justice (retired) S C Parija was appointed as its chairman under the Real Estate Regulatory Authority (RERA) Act, 2016. But the Oreat was yet to start operating. ...

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WBHIRA has given license to over 480 projects in one year: State housing secretary

Tuesday 30th June 2020

The Housing Industry Regulatory Authority (WBHIRA) has now approved nearly 500 housing projects. "WBHIRA approved the registration of 488 projects in last one year since June 2019," housing secretary O S Meena said. He said the cumulative number of projects registered was 865 in Feb 2020, which is 930 as of 26th June 2020. A total of 65 projects were cleared since March 2020. Out of these 30 were passed during lockdown since 20th March 2020 (10 each in the end of March, April and May ...

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Kerala RERA to start online hearings from July

Monday 29th June 2020

Kerala real estate regulatory authority) will launch virtual hearing from July onwards to redress a rising number of complaints regarding real estate projects; especially those of emergency nature. The registration of real estate projects has also crossed 100 in the state. K-RERA has given registration to 135 projects till date and the figures are expected to cross 200 in the next two weeks.K-RERA has recently communicated that the authority has been compelled to adjourn all the hearings of complaints till June 30. In case of complaints requiring an urgent hearing, the complainants have been directed to submit an application through e-mail along with their complaints. ...

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GUJRERA gives a month time to users for adaption of Gujarat RERA 2.0

Wednesday 24th June 2020

RERA Gujarat has launched new RERA portal termed as RERA Gujarat 2.0. Developers have been given one month time for adaption to the new portal.The new portal will go live from June 26.“We requested the regulatory authority chairman that the new software (portal) should not be immediately implemented,” said Ashish Patel, president, CREDAI-Gujarat, which is a state chapter of Confederation of Real Estate Developers’ Associations of India (CREDAI).“Real estate community also urged that it is not the right time to introduce a new initiative when enough working staff is not available and developers are facing tough times in starting work at their sites. We sought time to understand the new software and provide our feedback,” added Patel. ...

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RERA Karnataka issued format of Agreement to Sale

Wednesday 17th June 2020

RERA Karnataka vides its notification dated 12.06.2020 passed Karnataka Real Estate (Regulation and Development) (First Amendment) Rules, 2020. New rule 8A has been inserted namely “8A. Agreement for Sale - (1) For the purpose of sub-section (2) of section 13 of the Real Estate (Regulation & Development) Act 2016, the agreement for sale shall be in the Format as per Annexure-A. (2) Any application, letter of allotment, letter or any other document signed by the allottee, in respect of the apartment, plot or building, prior to the execution and registration of the agreement for sale for such apartment, plot or building, as the case may be, shall not be construed to limit the rights and interests of the allottee under the agreement for sale or under the Act.” ...

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MAHARERA issues order regarding working of MAHARERA

Saturday 6th June 2020

Based on the order of Government of India regarding extension of the Lockdown in containment zones up to 30th June 2020 as well as the order of Government of Maharashtra regarding easing of restrictions and phase-wise opening of lockdown, MahaRERA shall continue its operations and online delivery of all its services, including Project Registrations, Agent Registrations, Project Extensions / Corrections / Updates and Filing of complaints with all staff working digitally. Only urgent matters shall be listed for hearing after the urgency of the matter has been decided by the full bench of MahaRERA. Application for the hearing of urgent matters may be submitted to Secretary, MahaRERA at [email protected] The said order regarding the working of MahaRERA will be further reviewed, subject to further directions from Government of India as well as Government of Maharashtra ...

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TNRERA grants extension of additional one month

Monday 1st June 2020

After granting an extension for 5 months, TN RERA granted an extension of another one month based on advisory of urban ministry of housing and urban affairs. "In the circular dated April 06, 2020, the validity of all registered projects and their completion period was extended by five months. Having regard to the advisory issued by the Union ministry of housing and urban affairs, the validity of registration and completion period of all the registered projects are further extended by one month over and above the period of five months already extended on account of 'force majeure' (unforeseeable circumstances that prevent someone from fulfilling a contract) due to pandemic," a TNRERA circular said ...

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Karnataka RERA extended project deadlined by 6 months

Wednesday 20th May 2020

In an order issued dated 19.05.2020, Karnataka RERA stated that project deadlines have been extended by six months. The extension was given by invoking the “Force Majure” clause of the RERA Act. Revised certificates having revised deadlines will be issued soon by the authority. The order state that the project of which Quarterly compliances were due by 15 march has been extended up to 15 September 2020. ...

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RERA must be implemented truly to restore trust : Housing Minister

Sunday 17th May 2020

While addressing a webinar on the occasion of three years completion of RERA , housing minister Mr Hardeep Puri said effective implementation of the RERA will help in restoring trust between developers and buyers , besides ensuring that there are no defaults in the delivery pf projects.He also said that government has taken many steps to revive the Indian realty Sector from Covid 19.The minister said the government has extended the interest subsidy scheme CLSS for the middle-income group and announced the launch of a scheme to provide affordable rental homes to urban poor. ...

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Affordable CLSS date extended till 31 March 2021

Friday 15th May 2020

In Atamnirbhar package, govt announced the extension of credit linked subsidy scheme for the middle-income group (Annual income Rs 6 lacs- 18 lacs) up to 31 march 2021. The earlier scheme was available until 32 March 2020. This move will benefit around 2.5 lacs middle income families during the period 2020-2 creating an investment of Rs 70,000 crores in the housing sector. ...

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UPRERA started hearing complaints through video conference

Sunday 10th May 2020

UPRERA has started hearing buyer's complaints via video conferencing. Complaints will be heard daily for an hour from 3 PM. To avail, this buyer has register on UP-RERA website in advance.Complaint sessions will be held every week from Monday To Friday with 20 complaints each day. ...

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6 months extension given to real estate developers by MPRERA

Friday 8th May 2020

MPRERA has decided to give six months extension to the project which were to completed on or after 15 march 2020 due to the corona epidemic. This decision is going to provide relief to 3000 developers across the state. In addition, on being applied, the six-month extension will be granted in cases of the registration, which ended before March 15 but the application for extension has not yet made to the Authority, the official said. MPRERA has also extended the QPR date from 31 March 2020 to 30th June 2020. ...

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GUJRERA implemented financial quarter filing for builders

Thursday 7th May 2020

As per the latest notification by GUJRERA, builders will able to submit Quarterly Progress Report as per the financial Quarters. Presently, realtors have to submit their progress reports every three months from the month their projects are registered with the authority. For the April-June quarter of fiscal 2020-21, QPRs will be due to be filed by July 7, 2020, the authority said in a notification issued on Wednesday. The authority will also exempt defaulting projects (as on March 2020) from any regulatory action if QPRs for such projects are filed by July 7. ...

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Difficult to adhere to RERA rule-credai Kerala

Thursday 7th May 2020

Due to Corona Pandemic, real estate developers said that they can adhere to the RERA rules. The NRI who are the backbone of real estate investment in Kerala are not able to come for handing over of projects or funds required for project implementation. The Confederation of Real Estate Developers' Associations of India (CREDAI) Kerala chairman S Krishnakumar said that the real estate sector is also concerned about job loss and salary cut. Krishnakumar said that the Centre should consider the prevailing condition in each state. “Amendments should be made in the RERA Act based on the circumstances in Kerala,” he said. ...

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MAHARERA will hear only urgent cases during the lockdown

Wednesday 6th May 2020

MAHARERA has decided to hear only urgent hearings during the lockdown periods till 17 May. MAHARERA is currently providing all its services i.e project registration , agent registration , complaint filing digitally. Working of authority from 18 may be decided only after directions from state and central govt. ...

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Construction may resume from mid may - UPRERA

Monday 4th May 2020

Construction activity may resume in Noida and Greater Noida from mid-May, provided no further restrictions are imposed by the government, UP-Rera officials have said. However, as per the real estate developers, the pace will be slow due to less labour in Noida and Greater Noida.RK Arora, president of Naredco-UP, said, “We will have to work at one-third the capacity. At Supertech, we have 4,000 labourers who we hosted through the lockdown and took care of them with food and shelter, so they will be able to join work immediately. Social distancing norms will also have to be maintained.” ...

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Govt should accelerate sanctioning of amount from stress funds

Saturday 25th April 2020

Realty firms are not able to access money from the government's Rs 25,000 crore stress fund to complete stalled housing projects, and all roadblocks should be removed for the success of this scheme, said Anthony De Sa, Chairman, Madhya Pradesh-RERA. Builders are unable to access this fund. We need to remove this bottleneck," he said, adding that some guidelines need to be issued by the Reserve Bank of India or the finance ministry in this regard. ...

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Rajasthan Developers demand extension of one year for completion

Thursday 23rd April 2020

Rajasthan realtors have requested the CM to grant extension of project till one year as industry has come to a halt since the corona lockdown. The demand has been sought after other states like maharashtra , karnataka and UP has granted extension of three months for project completion. ...

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UPRERA has enrolled CRISIL for grading of projects

Thursday 23rd April 2020

UPRERA will soon start grading of builders and developers. The contract of the same has been given to CRISIL. Rajiv Kumar chairman, UP-RERA, “RERA will assign grades to the projects and the promoters with a view to assist a prospective homebuyer while investing in a project. Through this grading the prospective homebuyers will have a beforehand knowledge of the credentials of the promoter and the quality of the projects under consideration”. ...

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MAHARERA extended completion date by 3 months

Sunday 5th April 2020

 Maharashtra Real Estate Regulatory Authority (MAHARERA) has extended the period of validity for registration of all registered projects where completion date, revised completion date or extended completion date expires on or after March 15, 2020 by three months.MAHARERA has also issued a circular stating extension of time limits for all statutory compliances in accordance with the Real Estate (Regulation and Development Act 2016) and the rules and regulations made thereunder, which were due in March, April and May 2020 to June 30, 2020. ...

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Karnataka RERA approaches state government for approval of model sales agreement

Tuesday 17th March 2020

The Karnataka Real Estate Regulatory Authority (K-RERA) has approached the state’s housing department to finalise the model sales agreement as per central government rules.“The model sales agreement has been sent to the government and is expected to be notified soon. There were objections that has been looked into before sending to the state,” said MR Kamble, chairman K-RERA.The K-RERA that started functioning two years ago had faced delay in model sales agreement due to change in government and the absence of RERA chief in the state.   ...

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UPRERA slaps notice to 10 builders for non violation of RERA act

Thursday 5th March 2020

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a show-cause notice to 10 promoters (5 from Delhi – NCR and 5 from Lucknow) for violating the Act by continuing with the construction and promotions of their respective projects even after their registration got lapsed.UPRERA’s Technical Team inspected the Promoter’s project sites to find out the details.Moreover, advertisements were given in the newspapers for creating awareness among Homebuyers. As per the statement, this is the violation of section 3 of the Act, under section 59 the promoter will be liable to a penalty which may be up to 10 percent of the estimated cost of the project. ...

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TNRERA cancels RERA registration of Casagrand Builder’s Chennai Project

Saturday 29th February 2020

TNRERA has slapped a fine of Rs 30 lacs for misrepresentation of facts at the time of registration and hence revoked the RERA registration of builder.The customer has alleged that the builder has provided false information at the time of registration from TNRERA for villa township project by projecting it as a layout. On hearing both the sides, TNRERA observed it was evident from the brochures and other documents that project “ Bloom “ is a residential housing project, not just a plotting project ...

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Kerala RERA orders Haritha Homes to pay 15% interest as penalty for delay in project

Thursday 20th February 2020

Kerala RERA in its very first order ordered a builder to pay interest at 15% of the amount received from the buyer from the period starting from expiry of the agreed time of delivery till handing over of the apartment.As per the complainant, CR Subhash, he had entered into an agreement with the builder in 2014 to purchase an apartment 1,167 sq ft. It was agreed that the construction would be completed with all facilities on or before December 31, 2016.It directed the builder to register the project and complete the project and take an occupancy certificate within June 30, 2020 without fail. Further, it ordered that the builder shall pay interest at the rate of 15.2% for Rs 49.5 lakh starting from March 1, 2017, till the actual date of handing over the possession of the apartment ...

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HRERA resolved 70% of 9496 complaints received

Thursday 6th February 2020

The Haryana Real Estate Regulatory Authority resolved around 70 percent of the 9,496 complaints it received in the last two years, an official said on Wednesday. The authority has resolved 6,598 complaints, said Haryana RERA , Gurugram, Chairman, K K Khandelwal. On a daily basis, authority receives 13 complaints out of which 9 are resolved by the authority. Speaking on the second foundation day of HARERA in Gurugram, Khandelwal said 509 penalty notices have been issued to those builders who have not complied with the provisions of the real estate law. ...

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MAHARERA cancelled registration of Dhanashree Developers

Tuesday 4th February 2020

MAHA RERA through an interim order has revoked the registration of Dhanashree Developers after it failed to complete a housing project in Goregaon by the completion date  June 30, 2019, and did not renew its registration as an ongoing real estate project. The registration was revoked under Section 7 of the Real Estate (Regulation and Development) Act (RERA). This is the second such project for which MahaRERA has revoked the developer’s registration. On October 22, 2019, MahaRERA had become the first RERA authority to use Sections 7 and 8 of the act to revoke the registration of DS Kulkarni Group in connection with the DSK Sadaphuli project in Pune. ...

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UPRERA to start ecourt from March 2020

Wednesday 29th January 2020

UPRERA is all set to start ecourt from March 2 , 2020.The module is dedicated towards the digital way of inviting complaints, processing them through logical rules and disposing them in a timely fashion. The authority will continue the old complaint form till February 2, 2020 and from February 3, 2020 onwards complaints can be submitted only on new forms. ...

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Kerala RERA gets 100 complaints against builders

Tuesday 28th January 2020

Kerala real estate Regulatory authority will hold its first hearing on complaints against real estate projects on February 5. More than 100 complaints have been received by the authority from buyers of projects which have not received an occupancy certificate. While a good number of complaints pertaining to delay in delivery, there are also complaints against builders for failing to deliver promised features regarding a project. Multiple complaints have been received against a single project itself and in other cases, individual complaints have been received. ...

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MAHARERA ruled that builder cannot charge for open parking

Monday 27th January 2020

The Maharashtra Real Estate Regulatory Authority (Maha-RERA) has ruled that open parking spaces fall within the definition of common areas in the Real Estate (Regulation and Development) Act, and hence developers cannot charge homebuyers for them. The ruling came during the hearing of a complaint by homebuyer Mahesh Shah against Sunny Vista Realtors and Persipina Developers, which is part of the Hiranandani Developers. MAHARERA member Bhalchandra Kapadnis directed Persipina to not charge any money if the parking space is open, and charge Rs 4 lakh if it is covered. ...

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Karnataka RERA to get judicial powers to fast track dues

Thursday 23rd January 2020

Karnataka may soon have the judicial powers, similar to what is given to the consumer forum. Taking a leaf out of its counterparts in Madhya Pradesh, Karnataka’s realty regulator is working on a draft proposal that aims to give more power to execute its own orders. Such an amendment to the Real Estate (Regulation and Development) Act 2017, many said, is critical for RERA as it’s unable to provide any immediate relief to the home-buyers from the defaulting builders. Over the last two years, RERA-K delivered over 1,900 judgments but most of the orders have remained on paper.  ...

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Haryana RERA slaps penalty of Rs 1 crore per day on Orris Infra and 3C 

Friday 17th January 2020

The Haryana Real Estate Regulatory Authority has directed the developers of the much-delayed Greenopolis housing project to start construction by February 1, failing which a penalty of Rs 1 crore per day will be imposed on them. In a hearing on Thursday, the regulatory authority further directed the developers of the Secor 89 project — Orris Infrastructure and The 3C company — to complete the first phase by April 30, otherwise, they will have to pay a penalty of Rs 1 crore per day.   ...

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Only 25% projects are RERA compliant in Telangana

Monday 13th January 2020

As per the latest record, only 25% projects in Telangana are RERA compliant. The most common violations: advertising and selling without registration number, denying compensation to customers as mentioned in the act and employing marketing agents who are not Rera-certified.Rera officials, however, maintain that they are dealing with violations strictly. “We take action each time a matter is brought to our notice. So far, we have issued 60-70 showcause notices to various projects and imposed fine on 160 of them – of between Rs 50,000 and Rs 3 lakh. In one case, we imposed a fine of Rs 14 lakh while two others were penalized for Rs 25 lakh,” said an official. ...

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UP real estate giant Supertech applies for stress fund of Rs 1500 crore

Monday 6th January 2020

Supertech, a renowned builder in Delhi -NCR applies for stress fund of Rs 1500 crore to complete its 12 ongoing projects in Noida and greater noida, Uttar Pradesh, "We have applied for stress fund of Rs 1,500 crore for our 12 projects nearing completion in Noida, Greater Noida and Yamuna Expressway to finish 20,000 flats in 1-2 years," Supertech Ltd Chairman R K Arora said."We are eligible for stress fund and hope to get the same," he added. Central govt announced a stress fund of Rs 25000 crore for completion of over 1500 stalled projects. ...

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Industrial units won’t come under the purview of RERA says MAHARERA

Friday 3rd January 2020

In a recent order passed by MAHA RERA it was held that industrial units won’t be covered under RERA. The order was passed in respect of a complaint filed by the complainant who had booked two units in an industrial facility. The complaint was regarding the delayed possession of the project. After looking into legal aspects of the matter, the only conclusion that can be drawn is that MOFA is applicable to the premises used for carrying on any industry whereas the definition of the apartment doesn’t include the industrial purpose. ...

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Shrikant Badli becomes HP RERA Chairman spot retirement from Chief Secretary post

Thursday 2nd January 2020

Ex-chief secretary of Himachal Pradesh joined the position of HP RERA chairman.Shrikant Badli is appointed as the first chairman of HPRERA.He was appointed RERA chairman a few weeks ago and joined duty on Wednesday after retirement as chief secretary on Tuesday.Retired IAS officer B C Badalia and retired chief architect R K Verma joined as RERA members. ...

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Kerala CM launches RERA in Kerala

Thursday 2nd January 2020

Chief Minister Pinarayi Vijayan launched the Kerala Real Estate Regulatory Authority on 01 January 2020. This act aims to bring more transparency in the real estate sector and it will boost confidence of customers."It is just because of a handful of realtors who divert from good practice and indulge in illegal ways to mint money that the whole sector sometimes get a black mark. We have heard terms like the real-estate mafia," Vijayan said at the official launch event. ...

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Haryana RERA slaps notice of non registration on Orris and Ansal Properties

Thursday 26th December 2019

Haryana RERA served a show-cause notice to Orris and Ansal Properties for not registering their ongoing projects namely wood view in sector 89-90 and Esencia in sector 67 respectively. The authority imposed a penalty of Rs 75 crore and Rs 106 crore respectively for non-registration of the project with RERA. The authority observed that the promoters have not obtained completion/part completion certificate for the project till date. As the project is underway, they should have been registered their projects with the authority within three months from the enactment of the RERA Act, 2016. ...

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Kerala RERA to begin registration from 01 January

Tuesday 17th December 2019

KRERA is likely to begin operations from 01 January 2020. K-RERA chairman P H Kurien said that the authority has already started receiving complaints from homebuyers.“All ongoing projects for which occupancy certificate is pending will have to be registered with RERA. We are waiting for more complainants to turn up. So far, we have only had 3-4 complaints,” said Kurien ...

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Mumbai and Pune leads the race of RERA Registrations

Friday 6th December 2019

Maharashtra tops the chart in the country when it comes to Rera registered properties and within Maharashtra. Over 90% of the projects registered with MahaRERA are based in Mumbai and Pune.The deployment of Rera across India is increasing as around 46,480 projects and 36,671 real estate agents have been registered under Rera as on November 2019. Maharashtra had 22,885 registered projects and 21,869 registered agents. ...

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UPRERA informs 1200 promoters about stress fund

Friday 6th December 2019

The Uttar Pradesh Real Estate Regulatory Authority  has sent letters to 1227 realtors across the state informing them about the benefit of the stress fund scheme announced by central government recently."The step has been taken in order to ensure that the promoters of such projects are aware of the scheme so that the central government in November had proposed fund of Rs 25,000 crore to complete pending realty projects. Out of the total, the government infused up to Rs 10,000 crore initially and the rest is to be contributed by banks, LIC and other sources.the projects are completed, and the home buyers of such projects are able to get their home," said the authority in a media release. ...

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1665 RERA projects delayed by more than 5 years says a report

Friday 22nd November 2019

A total of 1665 RERA Registered projects have been delayed by more than 5 years and are likely to complete after 2020 only.A total of 125 projects are delayed across Noida, Greater Noida and Gurugram markets, consisting of over one lakh housing units.Real estate developers in Noida owned the city authority a whopping Rs 10,200 crore in dues in 2017.Chennai has the lowest number of delayed projects (24) as well as units (11,679), primarily because the size of housing projects in this property market is comparatively smaller. ...

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RERA Bihar recorded 91% rise in registrations

Thursday 21st November 2019

As per the data released by an official on Wednesday, there has been 91% increase in the number of projects registered under RERA Bihar. As of November 15 , RERA Bihar has enrolled 787 projects and has been ranked 11th among 25 states in the country. A total of 256 agents are registered in the state making it 12 largest in the country.RERA Bihar has disposed of 109 cases till November 15 and secured ranked 13th in the country. ...

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Kerala RERA member quit , selection to be done again

Wednesday 20th November 2019

Post one month of constitution of RERA in Kerala State, government has been forced to redo the selection process for the appointment of third member.C francis who was elected as one among two members has withdrawn from the post following which selection process has been initiated again. The state government constituted RERA in october with PH Kurien as chairman and Preetha P Menon and Francis as two other members.KRERA has yet to begin registration of new project and complaints as it has not recruited the staff. ...

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SRO disclosure mandatory from 01 December 2019

Friday 15th November 2019

Whereas, under  Section 34 of the real estate(Regulation & Development) Act, 2016(hereinafter referred as the said Act), MahaRERA is vested with powers which includes the function  to register and regulate real estate projects and to ensure compliance of the obligations cast upon promoters.Whereas, in exercise of the powers vested with MahaRERA under section 34 of the said Act,in order to ensure greater  professionalism  among promoters, being a certain level of consistency in the practices of promoters,enforcement of code of conduct and to discourage fraudulent promoters, MahaRERA vide its order No. 10 dated 11th October 2019, introduce the procedure of registration of Self – Regulatory Organization (SROs) of promoters,in the real  estate in Maharashtra.Whereas,  from December  1, 2019, through MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY(GENERAL) ( SECOND AMENDMENT) REGULATION, 2019, membership details of the promoter with MahaRERA registered SRO (Self Regulatory Authority) has been introduced as additional disclosure by promoters on the website of MahaRERA.Therefore, with effect from December  1, 2019, every promoter apply to MahaRERA for registration of their real estate project, shall have to mandatorily disclosure their membership details with a MahaRERA registered SRO.          .  ...

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HRERA attaches land of 3C project to complete its long delayed project “ Greenopolis”

Wednesday 13th November 2019

In a first-of-its-kind order since real estate regulators were established, the Gurgaon bench of H-Rera has ordered attaching 10 acres in Gurgaon and four plots in Noida owned by Three C Shelters and putting the same on sale to raise Rs 334 crore for completion of Greenopolis project in Sector 89, Gurgaon. The project has been delayed by more than four years. Passing the order against two builders, who partnered in the group housing project, the bench comprising chairman KK Khandelwal and members Samir Kumar and Subhash Chander Kush, said the warrant of sale of 10 acres of unutilised land in the project and four other plots will be sent to the district collectors of Gurgaon and Gautam Budh Nagar for quick action ...

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40,000 complaints registered with RERA in entire nation

Thursday 7th November 2019

As many as 40,000 complaints have been registered with the Real Estate Regulatory Authorities (RERA) in the entire nation, Durga Shankar Mishra, secretary, Housing and Urban Affair, Government of India, revealed on Sunday. It is time strict action was initiated against the defaulters through necessary changes in the original Act on the subject, the secretary observed while addressing chairmen of the authorities from 17 different states of the country came to attend a RERA conclave scheduled to take place in Lucknow.  ...

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Delhi NCR builders said Consumer complaints should go to RERA First

Monday 4th November 2019

With even individual homebuyers taking builders to bankruptcy court, rattled real-estate developers from Delhi-NCR are demanding that all consumer complaints first be heard by regulator RERA before insolvency proceedings are initiated.According to the realtors' apex body CREDAI, about 450 real estate companies/projects across the country are facing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) because of default in the delivery of projects to homebuyers as well as repayment of bank loans.  ...

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HRERA asks residents of piyush heights to collect money and complete the project

Thursday 31st October 2019

In the first of its kind order, the Real Estate Regulatory Authority (RERA) of Haryana’s Panchkula has asked a group of residents to take over a project and complete the remaining construction work. Over 100 residents of Faridabad’s Piyush Heights society have agreed to pool in R 8 lakh each to complete the project and move into their dream home.“It is a major relief for homebuyers, who were expecting completion by 2011 by could not get it as builder failed to complete the project. RERA suggested us to form an association and we should be ready to pay extra money if needed,” said MC Jain, president of J&K tower of Piyush heights ...

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UPRERA to provide grading to builders next year

Tuesday 29th October 2019

Real Estate builders will receive a rating from next year. This move will help investors in taking informed decisions. The grading, to be done annually, will be based on a developer’s track record and background, financial profile, construction quality, buyer feedback and legal status of the project, according to UP-RERA chair-person Rajiv Kumar. ...

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Over 2000 buyers approach UP-RERA against suncity Hi- tech

Friday 25th October 2019

Sanctity Hi-Tech has failed to deliver houses even after a long delay. The harassed buyers have approached RERA for refunds and cancellation. Sources said almost every customer has filed complaints against the developer and the final decision from UP-RERA is now awaited. "No development is seen at the site. Since Suncity has not started any development in this area, I am afraid that they do not have any intention of developing the plot and plan to dupe investors of their money", said a homebuyer, Varuna Gupta. ...

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Three member panel reconstituted in RERA GOA

Saturday 19th October 2019

RERA goa panel has been reframed with retired IAS officer S Kumaraswamy as the chairman. Former IAS officer J B Singh and retired district judge PV Kamat have been appointed as members.RERA rules in Goa were notified on 24 November 2019. ...

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KRERA to initiate registrations next week

Friday 18th October 2019

With the government setting up the KeralaReal Estate Regulatory Authority (KRERA), the registration of real estate projects with the authority is likely to begin next week.The notification on commencement of Section 3 of the Kerala Real Estate(Regulation and Development) Rules, that mandates registration of realty projects with the authority, is anticipated this month itself as per KRERA chairman P H Kurien. “All ongoing projects and those pending completion certificates will have to be registered with the authority once Section 3 commences. There shall not be any advertising or soliciting by promoters without getting their ongoing projects registered,” said Kurien.         ...

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CG all set to notify RERA in J&K and Ladakh

Wednesday 16th October 2019

The Central government is set to notify the implementation of the Real Estate (Regulation and Development) Act in the newly constituted Union territories of Jammu & Kashmir and Ladakh, paving the way for property development in the two regions.In Jammu & Kashmir, the act will be notified by the state government, while in Ladakh, the Centre will notify it since it is a UT without a legislative assembly,” an official of ministry of housing and urban affairs said. The notification will be applicable from November 1, after the reorganisation comes into force. The provisions for the UTs would be the same as those applicable nationally, said Durga Shanker Mishra, secretary in the ministry.      ...

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MAHARERA to register Self Regulatory Organisations

Tuesday 15th October 2019

The Maharashtra Real Estate Regulatory Authority has proposed to register realty developers and project promoters’ Self-Regulatory Organization (SROs) with the authority.According to the regulator, this will help to ensure greater professionalism among realty developers, bring a certain level of consistency in their practices, enforcement of code of conduct and discourage fraudulent promoters. The SRO is expected to encourage its members to comply with the provisions of the RERAAct, applicable rules, regulations, orders or circulars issued by the MahaRERA from time to time. The SRO will be responsible for carrying out awareness and education activities among its members. Any information or particulars furnished to MahaRERA by the applicant shall not be false or misleading in any material respect, the circular added. ...

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UPRERA slaps notice 22 promoters for not complying with court orders

Tuesday 15th October 2019

Uttar Pradesh real estate regulator UP-RERA has issued a show-cause notice to builders who have not complied with court orders in relation to delayed possession and have been asked to reply by October 23. Ghaziabad Development Authority,Greater Noida Industrial Development Authority, Ajnara Realtech,Newtech promoters and developers, Logix City Developers,Assotech,Solitaire infra home,new tech a pallacia,Bulland Builtech, Himalaya Real Estate,Opulent Infra Developers, Earthcon Universal Infratech, Patel Advance JV, Uppal Chadha Hi-tech Developers,Aims Promoters, G S Promoters and Harsha Associates are the promoters of the said projects.       ...

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RERA sees a surge of 40% in project registration in a year

Tuesday 15th October 2019

Post two and a half years, RERA has shown an increase in the number of projects and agent registration. A total of 45,309 projects have been enrolled with RERA as per data as of 05 October 2019. Maharashtra , Gujarat , Madhya Pradesh and Uttar Pradesh are the states with maximum registration in the country. These states account for 80% of total projects registered in the country. Maharashtra is leading the board with 22,455 project registrations. Data shows a 54% increase in agent registration across the country.   ...

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Finally RERA constituted in Kerala State

Thursday 10th October 2019

The state government has constituted Real Estate Regulatory Authority (RERA) appointing PH Kurien as the chairman and Preetha P Menon, Mathew Francis as two members.The government recently received the nod from Advocate general to frame Real Estate Regulatory Authority in the state. The latest status compliance report prepared by the ministry of housing and urban affairs on implementation of RERA shows that the interim regulatory authority formed by the state has not processed a single complaint to date.           ...

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UPRERA to start e-court from November onwards

Wednesday 9th October 2019

UPRERA plans to introduce e-court from November onwards.The new move will save time along with speedy disposal of cases.UP-Rera chairman Rajive Kumar said, “As of now, though we receive applications online, and during the hearings, complainants have to come several times to the UP-Rera to plead their case. Our plan is to introduce e-courts from November. Under this process, a complainant will have to come only at the final hearing stage.All the new complaints will be  processed under this system confirmed officials.The system is expected to be very effective and time-saving and will help in speedy disposal of cases. The existing complaints will, however, be dealt with as per the present system,” Kumar said.     ...

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Kerala Government to form RERA soon

Monday 7th October 2019

Post three years of RERA,Kerala government has received a nod from advocate general to constitute RERA in the state with former revenue and housing additional chief securetary PH kurien as chairperson. As per the RERA rules, RERA should have a chairperson and two whole-time members. Preetha Menon and Mathew Abraham are believed to be other members of Rera. Sources said that both LSG minister and chief minister have approved the draft notification on the constitution of Rera.             ...

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Bihar RERA directs promoters to submit Audited statement of accounts

Friday 4th October 2019

In a order dated 04 October 2019 Bihar RERA directs all the promoters who have either their registered projects or applied for registration with RERA Bihar should submit their annual accounts ( Profit and loss, Balance sheet, cash flow, notes to accounts with all schedules ) of their company /firm/individual for the year 18-19 by 31st October 2019 positively,duly certified and signed by Chartered Accountant enclosing there with a verification report that amount collected for a particular project and kept in a designated separate bank account have been utilized for the project and withdrawal has been in compliance with proportion of the percentage of completion of the project. ...

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UPRERA passes orders against buyers for the first time.

Friday 4th October 2019

Supertech has approached UP-RERA in respect of overdue payment from 45 buyers in its cape town, Eco Village I and Eco Village III projects. Supertech alleged that buyers are neither taking possession nor paying up the due amount. On 3 October 2019 UPRERA passed an order against 25 buyers either to pay due amount or they could lose up the flat. It is made clear in order the buyers have to turn up, pay their outstanding dues and take possession of their flats in 45 days. In case of failure of order, builder would have to deduct 15% of the total amount deposited with it and return the balance to the investors bank account.       ...

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MAHARERA to provide quality certifications of projects to buyers

Tuesday 1st October 2019

Homebuyers in the State will soon be handed a quality certification by the Maharashtra Real Estate Regulatory Authority or MahaRERA for every property they invest in, said Gautam Chatterjee, Chairperson, MahaRERA, on Sunday. Form 2A is certified by the engineer supervising the project. It states that the quality of construction is as per the National Building code. Form 2A is required to be submitted at the end of every financial quarter. This form is applicable for all the projects registered after 01 December 2018. ...

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UP-RERA deregisters Sampada Livia Project in Greater Noida

Tuesday 1st October 2019

UP-RERA has recently deregistered Sampada Livia based in sector Chi 5 in Greater Noida. This move is going to affect 350 buyers in the deregistered project. The project was proposed to be 750-apartment structure spread over 10 towers of 24 floors each. The builder promised possession in 2015, till now only basic work has been done. Officials said the regulatory authority deregistered Sampada Livia after the developer failed to come up with satisfactory responses to the several notices before the UP bench. ...

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Initiative by MAHARERA

Monday 30th September 2019

To ensure professionalism among the stakeholders and to bring consistency in practices, the MAHARERA plans to have Self Regulatory Organisations (SRO’s). In this initiative industry associations like National Real Estate Development Council (NAREDCO), Confederation of Real Estate Developers Association of India (CREDAI) and Maharashtra Chamber of Housing Industry (MHII) will register as SRO’s to take charge of all the members on the portal. With this move, the developer will not be able to file for registration unless he is an SRO member. ...

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Submission of illegal CC’s in TNRERA

Sunday 29th September 2019

The two construction companies of Tamil Nadu, namely, Akshaya Pvt. Ltd. and Sare Reality Project Pvt. Ltd. have filed illegal Completion Certificates for their projects before the TNRERA Authority to fight the complaints against them. They have obtained CC’s from the Village Panchayat’s President for their projects on the outskirts of Chennai although the jurisdiction is of DTCP to issue the same. TNRERA has ordered the developers to pay the compensation to the aggrieved homebuyers for this matter. ...

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Real estate sector hit by Economic slowdown

Saturday 28th September 2019

The real estate sector is experiencing stagnancy in the new projects. The KRERA Chairman informed that the number of registration is coming down, while the affordable housing remains unaffected. The direct impact has been seen in the market of the high-end apartments. The buyers are adopting a wait and watch approach affecting the stock of the developers and hence blocking the working capital. However, the introduction of the Government fund by the Centre may help in the growth of the sector. ...

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Pending dues deposited by Amrapali buyers

Friday 27th September 2019

A website has been started by the UCO Bank for all the Amrapali buyers to start depositing the pending dues which would help to finance the commencement of construction by the NBCC. More than 2 months have passed after the Supreme Court has ordered the NBCC to complete the unfinished housing projects of Amrapali Group in Noida and Greater Noida authorities. To pay their dues, the buyers would have to fill in the details of the project name, flat number, application number, buyer’s name, and the amount pending towards the flat. After all this information, the buyers can credit the due amount into the UCO Bank account. ...

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Objection to the Sale of Commercial space by Amrapali buyers

Thursday 26th September 2019

After a receiver has been appointed by the Court and process for the Tripartite agreements has been initiated for the Amrapali buyers, a section of them has objected to the sale of commercial space violating the building laws in almost all housing projects. The Court is yet to give a final order on this issue, the receiver has asked the Noida and Greater Noida authorities to maintain status quo on all such properties till the final call. To protect the safety and sanctity of the residential complexes the buyers have requested the court to check FAR allocation for these commercial activities. The sublease deeds of Amrapali violates the laws of RERA, the Noida Building Bylaws 2010. ...

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Order of HC regarding Kerala RERA Chairman

Wednesday 25th September 2019

After considering the petition filed by the advocate of Tiruvananthapuram, the Kerala High Court has ordered the State Government that appointment of PH Kurien (Former Secretary of Housing Department) as the Chairman or member of Kerala RERA should not be done if he was in the Selection Committee for making appointments. As per the interim order, the court’s directive will be in force for 2 months. The petition said that the Government is now taking hasty steps to make the appointments to the posts of RERA Chairman and members bypassing the statutory provisions of Kerala RERA Rules, 2018 and the RERA Act, 2016. ...

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No sewage planning in projects of Vadodara

Tuesday 24th September 2019

The Town Planning (TP) schemes must be taken care of to provide the required infrastructure as most of the projects in Vadodara and Rajkot are outside the TP Schemes. Addressing an event organized by Gujarat chapter of CREDAI, the Gujarat RERA Chairman said that out of 147 projects of Vadodara, 146 do not have any sewage planning and this matter should be taken care of for the development purposes. ...

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RERA status in Kerala

Tuesday 24th September 2019

After dealing with the Real Estate Crisis arising out of the Maradu case, the Government has turned deaf ears to the need for the formation of the RERA authority in the Kerala state. A reply to the RTI application from the office of LSG minister showed that the file related to RERA was in circulation and information would be revealed once file becomes available. The latest compliance report on the implementation of RERA shows that the interim regulatory authority formed by the state has not processed a single complaint till date. Kerala is one of the 8 states which are yet to set up a RERA Tribunal and have failed to operationalize website under the provision of RERA. ...

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Mandatory provision of Land Title Insurance in MAHARERA

Monday 23rd September 2019

Land Title Insurance is a form of indemnity cover, which insures builders and customers against the financial loss from defects in the title of the property. This concept earlier failed due to high pricing and lack of clarity in the sector. However, now the MAHARERA authority has mandated the developers to purchase the title insurance for new and ongoing registered realty projects. The insurance companies have already applied to the IRDA for launching title insurance products with expected low premium rates which may vary from 0.5-3% of the sum insured for a 7-year policy. ...

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Order issued by TNRERA to complete the project

Monday 23rd September 2019

A recent order has been issued by TNRERA authority directing Green Avenue Homes and Gardens to pay the rental dues and complete the housing project as per the terms. The said case relates to the redevelopment of the property on Fifth Avenue in Anna Nagar where after entering into Joint Venture Agreement the developer demolished six apartment units while not paying the rentals of the owners for more than 5 years as per the conditions. ...

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To sell property, registration of MAHARERA is must

Monday 23rd September 2019

Recently a notification has been issued by the Maharashtra Government directing the property registration officials that registration of any ongoing real estate project shall not be done without first verifying that whether the project is registered with MAHARERA or not. This resolution will help in a long way to protect the interest of homebuyers who were often victims of soft launch projects where bookings were accepted without checking any building permissions. ...

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UPRERA approached by GDA

Saturday 21st September 2019

After receiving complaints from the residents of the Aura Chimera society in Raj Nagar Extension about the poor civic amenities in their society, the city magistrate transferred these complaints to the GDA (Ghaziabad Development Authority) to look into the matter. After considering the case, the GDA decided to seek action against the builder through UP-RERA. The GDA officials will issue a recovery certificate to the builder to pay up the dues of Rs. 7 crore as the society does not even have the completion certificate and though possession was given to the buyers with the worst amenities. ...

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Auction of unsold flats by UPRERA

Friday 20th September 2019

To provide relief to lakhs of aggrieved homebuyers who were forced to wait for the possession, the UPRERA has decided to auction unsold flats of defaulting builders to pay back the investors seeking a refund in delayed housing projects. This is perhaps the first time that such a move has been announced in the real estate sector. Soon, UPRERA will float a portal for the global e-auction of unsold properties of cash strapped builders who have been issued recovery notes. In both the kind of refund cases- whether non- delivery of flats and buyer wants to exit the project or the other one is where the builder has promised penalties for the delay but has not paid late fine to the buyers, the money from the auction will be used. ...

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16 projects de-registered by UPRERA

Thursday 19th September 2019

After conducting a survey in Shahberi district in Uttar Pradesh and finding 1453 apartment projects illegaly constructed on Shahberi land, the UPRERA has decided to de-register 16 builder projects in Shahberi. After realizing that Shahberi is an unplanned area it decided to take them off from its list and the same was conveyed to GNIDA. The Gangster Act has been invoked by lodging 71 FIR against rogue builders for illegal construction. ...

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Protest by small builders under Rajasthan RERA

Wednesday 18th September 2019

To maintain healthy competition in the market, the Rajasthan RERA has proposed to lower the threshold limit for registration of projects from 500 square meters to 250 square meters and from 8 units to 4 units. However, the idea has not gone well with the developers and they decided to hit roads against the decision at Civil lines. The association alleged that the Government is systematically planning to wipe out the small builders from the market due to the pressure of big developers. ...

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Around 40 fake realtors identified