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The Greater Noida Authority has introduced an Offer-to-Settle (OTS) program designed to assist purchasers of multi-story buildings in settling outstanding payments. This initiative is set to be advantageous for more than 2,200 property buyers who have yet to finalize their lease agreements. It is estimated that the GNIDA will be able to recover around Rs 468 crore in outstanding fees and premiums through this program. Prospective applicants will have a window of over three months to apply for this scheme, running from September 5th to December 31st. Depending on the size of their apartments, participants can enjoy discounts ranging from 20% to 80% on penalties related to premiums, additional compensation, and late fees for lease deeds. ...
In a significant step aimed at enhancing transparency and accountability in the real estate sector and ensuring greater consideration for homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a milestone by becoming the first regulatory body in the country to implement a grading system for every real estate project. Builders will be required to regularly submit technical, legal, financial, and general project information through an online platform every six months for assessment. ...
Individuals seeking home loans could potentially access increased financing if a proposal submitted by banks to incorporate stamp duty and additional registration charges into the project cost gains approval from the banking sector regulator, as per sources familiar with the situation. Following internal discussions during a meeting held last month, lenders have reached out to the Reserve Bank of India (RBI), according to these sources. ...
Winter is approaching in a matter of weeks, yet out of over 3,000 construction sites within the city, only 220 have registered on the government's dust portal so far. This indicates a continuation of normal operations, despite regulations aimed at preventing Delhi-NCR from experiencing hazardous air conditions once again. The dust portal was introduced by the Haryana government in January of the previous year, following directives issued by the Commission of Air Quality Management (CAQM) in October 2021. ...
Mindspace Business Parks REIT (Mindspace REIT) has purchased a leasable area of 2,41,694 square feet at Commerzone Porur, Chennai, for a total cost of Rs 181.60 crore, inclusive of transaction expenses, equating to Rs 7,512 per square foot, as reported in a filing with the BSE. This acquisition will enable the company to strengthen its ownership stake in the project. ...
The Special Investigation Team (SIT) probing the fake property registry scandal in Dehradun has revealed the participation of a 'white-collar gang' consisting of attorneys, government personnel, and real estate agents who were involved in deceptive property registrations. While the estimated total worth of these properties is assessed at Rs 400 crore, a senior SIT official suggests that the actual extent of the scam could be even larger. ...
The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (Mhada), instructing them not to insist on a No Objection Certificate (NOC) from any prior developer or architect when the housing society of a seven-story building in Kherwadi, Bandra (East), which collapsed 25 years ago, selects a new developer and submits a reconstruction proposal. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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