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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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