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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. ...
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. ...
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. ...
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 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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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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