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The property registration department of the state is currently in the advanced phase of embracing blockchain technology as a measure to safeguard against the replication of authentic online agreement records. An official from the registration department stated that e-registration data will be stored using blockchain technology. This technology enables the sharing of data with pertinent stakeholders, such as property buyers, government authorities, and financial institutions participating in funding the purchase. ...
Amidst corporate expansion concerns, Adobe Systems India, a leading technology company from the United States, has purchased 400,000 square feet of office space in Bengaluru for Rs 505 crore. The purchased office premises, located in Prestige Tech Park IV, will grant the company access to a generous allocation of 640 car parking spaces, along with an undivided share of over 124,000 square feet of land, equivalent to its super-built area. ...
The Kanpur Development Authority (KDA) has received a crucial judgement from the Real Estate Regulatory Authority of Uttar Pradesh (UP RERA) confirming the legality of the fees levied by KDA for allotted open parking spots for flat owners. Diwakar Patel had challenged the amount being demanded by KDA for the open parking area, but the RERA chairman upheld KDA's right to receive that amount. The clarification was given based on the allotment book of KDA. ...
Supertech, a real estate company, has settled 32 recovery certificates issued by UP-Rera, amounting to Rs 7.6 crore. It has also paid Rs 3 crore to the administration. Supertech is making efforts to settle the remaining complaints amicably by offering alternative units or other facilities. It has requested the administration to stop RC proceedings against it. ...
According to a report by the Tamil Nadu government, the Madras High Court has been notified about the discovery of illegal quarrying activities on land, known as patta land. The information was provided in response to a public interest litigation filed by M Murugan, a local agriculturalist. The concerned region is Kadaladi taluk, located in Ramanathapuram district. M Murugan stated in his plea that the Gundaru river, which runs through Kadaladi taluk, plays a vital role in irrigating agricultural fields and recharging the groundwater. He alleged that an individual had commenced sand quarrying operations on the patta land parcels in Kadaladi and K Veppangulam without obtaining the necessary permissions from the authorities. ...
Jharkhand Real Estate Regulatory Authority (RERA) has blacklisted a real estate firm and its three partners from undertaking any projects due to the violation of norms and non-registration of projects. The firm and its partners have received a total of 18 complaints. Birendra Prasad, a member of Jharkhand RERA, stated that the authority is dedicated to ensuring justice to buyers and had to blacklist the firm as a last resort. ...
The Punjab and Haryana High Court has ordered that a copy of the status report, which shows that 4,360 acres of land is under unauthorized encroachment in Haryana municipal areas, be sent to the Haryana Chief Secretary for necessary action. The court also ordered that officials/employees who have committed lapses should be dealt with appropriately. In Ambala, more than 115 acres of land are illegally occupied, but no officer has been transferred to the post responsible for clearing squatters. ...
On Wednesday, the Supreme Court made it clear that the distribution of house sites in the R5 zone of Amaravati to underprivileged individuals is contingent upon the final ruling of the AP High Court. Despite the state government's assertion that it has already allocated sites, the Supreme Court declined to issue a stay order on the allocation. The court emphasized that the rights of plot holders who are not directly involved in the case will also be determined by the judgment of the high court. ...
Builders and individual homeowners will benefit from the Chief Minister Eknath Shinde's decision on Wednesday to waive 100% of the additional development fees that will be assessed and recovered in areas under the Pune Metropolitan Regional Development Authority (PMRDA) with retrospective effect for the period from July 2018 to April 2023. At the PMRDA annual budget meeting on Wednesday, the suggestion was presented to the CM. ...
The Greater Noida Authority is conducting a survey to evaluate the construction status of plots allocated to real estate builders for group housing projects. The survey will identify defunct projects and assess under-construction projects. The builders who have failed to commence construction or deposit dues will have their plot allotments cancelled. The development authority is considering a co-developer policy, which will allow another promoter to complete the project and clear dues. ...
A senior executive revealed that Ganga Realty has acquired 8.35 acres of land in sector 84, Gurgaon, at a cost of Rs 132 crore. The purpose of this acquisition is to develop a high-end group housing project, for which the company plans to invest an additional Rs 750-800 crore. Furthermore, Ganga Realty plans to invest Rs 750 crore in its brand-new affordable home development Tathastu in Gurugram. The project spans 22 acres and will include approximately 2972 units. This will be Ganga Realty's inaugural affordable housing project. ...
Deputy Chief Minister Devendra Fadnavis, who also holds the housing portfolio, announced that the state government plans to reduce the premium for the transfer of a slum redevelopment flat from Rs 1 lakh to Rs 50,000. The premium must be paid to the housing society. Fadnavis also stated that builders will be required to pay a year's rent in advance. At all 56 MHADA layouts, camps will be held to distribute Deemed Conveyance to housing societies and complete paperwork for redevelopment. Fadnavis shared these details at a seminar on self-redevelopment. ...
The West Bengal Real Estate Regulatory Authority (WBRERA) will take over all proceedings on complaints filed by home buyers against developers before the now-defunct West Bengal Housing Industry Regulatory Authority (WBHIRA). The Supreme Court has clarified that all orders issued by WBHIRA will remain valid. However, those aggrieved by an order passed by WBHIRA can seek remedy before WBRERA. This clarification brings significant relief to homeowners who had sought resolution through WBHIRA but faced uncertainty following the court's decision to revoke the law. The homeowners will not have to initiate proceedings against developers who have failed to meet their commitments all over again, resulting in time and cost savings. ...
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. ...
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