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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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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". ...

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. ...

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. ...

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. ...

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. ...

HC axes builders from redevelopment project in South Mumbai over arrears

MahaRERA appoints intelligence agency to get real-time project information

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

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

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

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

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

Mindspace REIT appoints Ramesh Nair as its CEO

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

About 125 property documents under lens for MahaRERA violations

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

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

Panel moots relief for home buyers of stalled projects

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

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

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