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The Ahmedabad Municipal Corporation (AMC) has commenced the process of auctioning off 258 properties located in the city after releasing a list of properties in default. The release of the list prompted 55 owners to come forward and pay their tax dues. The AMC has initiated the process of auctioning off the remaining properties. Jainik Vakil, the Chairman of the AMC Revenue Committee, has stated that the AMC will also share the defaulters' information with the Credit Information Bureau (India) Limited (CIBIL). The AMC began to put liens on properties in April to guarantee that defaulters pay their property tax. This marks the first time that the civic body has placed a lien on property. ...
According to a senior official, Bengaluru-based Prestige Group intends to reconstruct its mall collection by adding eight new malls within the next four years. In 2021, Prestige Group divested 4.4 million square feet of retail space across seven shopping malls, valued at approximately ?9,000 crore. Their plan is to augment their existing retail portfolio from four malls spanning 2 million square feet to 12 malls encompassing 9 million square feet within the same four-year timeframe. ...
On Tuesday, authorities said that out of the 60 petitions it received, the Maharashtra Real Estate Regulatory Authority (MahaRERA) had approved the deregistration of two projects in the state. Developers may deregister their projects under specific circumstances, according to a February ruling from the authority. This provision was introduced to address the challenges faced by developers who are unable to initiate or complete construction work. The MahaRERA permits the deregistration of real estate projects without any homebuyers. However, if there are homebuyers involved, deregistration will only be considered if the developer resolves the rights and claims of these buyers. This order was issued on February 10, earlier this year. ...
The Deen Dayal Jan Awas Yojna (DDJAY) will permit buildings with no more than three floors on affordable housing plots, according to the department of town and country planning (DTCP), as the expert committee set up to look into the policy allowing the construction of stilt plus four floors has not yet turned in its report. On February 23, the state government decided to suspend the approval of fourth floors due to widespread protests by residents' groups. These groups argued that while additional floors have been built in residential areas, there has been insufficient progress in improving infrastructure such as roads, power supply, sewerage, and drainage. ...
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is looking for Indian consulting and IT firms to express their interest in helping to design, develop, and implement the Smart Court, a sophisticated quasi-judicial decision-making system. UP-RERA aims to utilize cutting-edge technologies like artificial intelligence (AI), machine learning, and natural language processing to design and implement the Smart Court. With the aid of this ground-breaking approach, UP-RERA will be able to address received complaints in a transparent, timely, and effective manner while guaranteeing fairness. ...
The Gujarat government saw a tremendous increase in its construction cess revenue in the fiscal year 2022–2023, exceeding any preceding year with a growth rate of over 30%. During that time, the cess revenue increased from Rs 572 crore to Rs 748 crore. The government has high hopes for the current year and anticipates even higher cess collections. It has set aside Rs 900 crore as part of its plans to provide housing, healthcare, and educational options for construction workers and their families. ...
After a delay of one-and-a-half months, the municipal corporation has commenced the issuance of property tax invoices starting from Monday. The bills can also be accessed online in addition to the conventional approach. By going to the official website of the Pune Municipal Corporation (PMC), property owners may easily access them. In light of the recent announcement of a 40% tax decrease on self-occupied houses, PMC authorities have reviewed the billing procedure. ...
Residents of a 60-year-old building in Malabar Hill received a favorable ruling from a civil court, affirming their entitlement to access the shared terrace. The residents were compelled to take legal action when a couple, who owned multiple flats and sections of the property, including inherited portions from the original owners, asserted in 2022 that the terrace exclusively belonged to them and denied access to other residents. The plaintiffs, who are owners of other flats involved in the case, informed the court that they intended to utilize the terrace for activities such as walking and other recreational purposes. ...
According to informed sources, the Enforcement Directorate (ED) has commenced an inquiry into Ansal API, a real estate developer, and has requested details regarding one of the company's projects in Gurgaon. The ED, which is responsible for probing offenses under the Prevention of Money Laundering Act (PMLA), launched the investigation in response to complaints that were raised concerning Ansal API's township project in Lucknow. ...
The introduction of a government incentive by the state has resulted in the Madurai corporation successfully collecting approximately 35% of property tax dues during the first half of the yearly tax cycle. Specifically, in the latter half of April, a significant portion of the total dues amounting to 18 crore out of 50 crore was collected. As part of the incentive, property taxpayers were offered a 5% reduction from their total dues, capped at 5,000 rupees, if paid before April 30. It is important to mention that this incentive, initially exclusive to residents of the Greater Chennai Corporation (GCC), was expanded to encompass other municipal corporations via an amendment in the Tamil Nadu Urban Local Bodies Act of 1998, as clarified by a revenue official. ...
Chira Bazaar resident Jayshree Sukhadia approached MahaRERA in October 2020 after the developer of a project in Neral demanded additional money and refused to refund the Rs 13 lakh she had paid as consideration for a unit she had reserved in 2017. She had asked for a refund after the builder had failed to do so and demanded additional payment. One year after she initially submitted her complaint, the first hearing on it was held in October 2021, and the subject was then forwarded to the conciliation forum. Despite the conciliation's failure in March 2022, no hearing date has been established. ...
For city-wide affordable housing developments, the Odisha Real Estate Regulatory Authority (ORERA) is contemplating waiving registration and late registration fees. The department of housing and urban development is requesting ORERA to waive these costs. Siddhant Das, the chairperson of ORERA, acknowledged receiving the government's request and said that the organisation has agreed to retain an affidavit from the Bhubaneswar Development Authority (BDA) and temporarily exclude affordable housing projects from paying registration costs. ...
A senior revenue department official reported that a rise in the acquisition of residential plots and commercial spaces resulted in a 10% increase year over year in the revenue from property registrations in April. 10,610 homes in total were sold in April, generating income of Rs 131 crore. The revenues from property registrations in Indore in April of the previous year was Rs 119 crore, a 10% rise in revenue. ...
Municipal commissioner Abhijit Bangar has informed that the Thane Municipal Corporation (TMC) in Maharashtra has collected Rs100 crore in property tax in just 40 days of the new financial year of 2023-24, which is nearly 10% of its target annual revenue for this fiscal year. Officials have stated that the collections in this period are nearly 10 times more than what was collected in the same period last fiscal year. Experts have attributed the increase in tax collections to the overall positive approach in the city, which is a result of heightened focus on citizen initiatives and beautification works undertaken by the administration. ...
The Supreme Court has recently issued an interim order regarding the insolvency proceedings of real estate giant Supertech, highlighting that it would bring immense hardship and uncertainty to the homebuyers if all their projects were brought within the insolvency proceedings. The bench of Justices Dinesh Maheshwari and Sanjay Kumar, however, directed that only one of the projects, namely Ecovillage 2 in Greater Noida West, would be proceeded under the Insolvency and Bankruptcy Code (IBC), instead of the entire group. ...
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