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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. ...

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. ...

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). ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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

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

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

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

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

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

SC issues notice to ED on bail plea of Supertech chairman

WeWork plans to file for bankruptcy as early as next week

Maharahstra housing ministry to help revive stuck realty projects

Dont ban non-polluting infrastructure work, say NCR builders

Delhi government digitises land records to make property sales safe

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

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

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

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

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