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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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

Pilot launched for easier property registration, rent agreements in Delhi

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

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

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

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

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

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

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

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

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

China approves guidelines to boost affordable housing amid property debt crisis

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

Metamor Software directors buy Hyderabad property for Rs 48 crore

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

ED files charge sheet against Supertech chairman in money laundering case

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