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A government resolution has stipulated that if a residential community successfully passes a self-redevelopment resolution with a majority vote and proceeds to apply for deemed conveyance or land ownership, they will be granted the same within a month. It should be noted that, as per the previous resolution, the decision regarding the application for deemed conveyance was expected to be finalized within six months from the date of submission. ...
According to individuals familiar with the matter, Aurum PropTech, a prominent proptech company, is preparing to acquire NestAway Technologies, a managed rental home company that has received backing from Goldman Sachs, Tiger Global, and Ratan Tata. In addition to the founders, the shareholders of the company consist of global institutional investors and notable business figures, including the former chairman of Tata Sons. ...
The department of town and country planning (DTCP) took action to demolish six illegal colonies that had been recently established by offenders without obtaining the necessary permissions from the authorities. These violators had constructed 18 farmhouses, 30 additional structures, and offices within these unauthorized colonies. Additionally, the enforcement team demolished the road network that had been developed in connection with these colonies. ...
On Monday, the state government approved an ordinance to align the local housing regulations with the provisions of the Real Estate (Regulation and Development) Act, 2016. This measure aims to enable the resumption of apartment registrations that have been on hold for over a year since May 17, 2022. During a state cabinet meeting led by Chief Minister Naveen Patnaik, the decision was made to implement the Odisha Apartment (Ownership and Management) Ordinance, 2023, which involves repealing the Odisha Apartment Ownership Act, 1982. ...
With the aim of promoting cluster redevelopment in the city, the state cabinet granted approval on Tuesday to a 50% reduction in premiums. Deputy Chief Minister Devendra Fadnavis, who also oversees the housing portfolio, clarified that this reduction in premiums would be applicable for a duration of one year. Domnic Romell, President of CREDAI-MCHI, a representative organization of the housing industry, expressed that this decision discourages the fragmented development of standalone buildings that lack adequate infrastructure, while simultaneously fostering the adoption of cluster redevelopment. ...
On Monday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a directive stating that all advertisements or social media displays related to registered housing projects must feature QR codes along with their respective registration numbers, starting from August 1. Since March, the authority has been issuing QR codes for registered projects. By scanning the QR code, prospective homebuyers can access crucial information about a project, including its commencement and completion dates, records of registered complaints, and necessary approvals. Additionally, any modifications to approved plans and project renewals are also incorporated into the QR code. Currently, MahaRERA boasts a registration count of approximately 40,000 projects. ...
If the hike proposal put forth by the Bruhat Bengaluru Mahanagara Palike (BBMP) receives approval, more than 2.5 million property owners in the city of Bengaluru will need to prepare themselves to allocate additional funds for property tax. Deputy Chief Minister and Minister of Bengaluru City Development, DK Shivakumar, who assessed the functioning of BBMP on Monday, disclosed that the government is contemplating an increase in property tax for the vibrant IT hub. ...
Housing and Urban Affairs Secretary Manoj Joshi emphasized the need for a "credible framework" that can distinguish between reliable and unreliable real estate developers. This framework would facilitate easier access to credit from banks for the construction of projects, reducing dependence on customers' funds. Speaking at a real estate conference hosted by CII, Secretary Joshi highlighted that customer advances predominantly finance real estate ventures, particularly housing, and stressed the necessity of altering this existing model. ...
The builders of the lavish Mirabilis project in Santacruz have been ordered by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to return the money that 12 allottees paid after the allottees complained about the project's delay. Every case is eligible for a refund of up to Rs 1 crore, for a total of over Rs 7 crore. Under the subvention scheme, nine of the allottees will be reimbursed without any interest, while the remaining three buyers will receive full refunds along with accrued interest. ...
The Uttar Pradesh Pollution Control Board (UPPCB) has levied a hefty penalty of Rs 76.5 crore on 38 construction developers for the unauthorized extraction of groundwater through borewells. These builders are required to remit the specified sum within a span of 15 days. According to officials, the UPPCB has imposed the highest penalty of Rs 6.6 crore on the Gaur City 2 undertaking, while the Gaur City 1 project has been fined Rs 4 crore. ...
In a cautionary decree aimed at builders, the MahaRERA has denied the advantage of the Covid-19 pandemic moratorium, accessible to all promoters. Furthermore, the regulatory authority has instructed a builder to remunerate the complainant with interest, even for the duration covered by the moratorium, due to a violation of the approved plan. Ajoy Mehta, the chairman of MahaRERA, emphasised that only projects that follow the approved plan are eligible for the benefits of the moratorium. The recent order firmly states that benefits or privileges are exclusively granted to entities that operate within the confines of legal compliance. ...
The Congress government is considering raising property guideline values by 15% in an effort to boost income and pay for its poll assurance programme. According to a minister, the government seeks to increase guidance value and encourage online registration by expanding the use of the web-based programme Kaveri 2.0 to places like Bengaluru in order to take advantage of the real estate market's expansion. Due to Covid-19, the guideline value has not been changed since 2019, although being required to be increased by 15% annually. ...
On Friday, Deputy Commissioner Nishant Yadav issued an order for conducting structural audits of 15 residential societies in the city, marking the commencement of the second phase of an initiative launched following the collapse of flats in Chintels Paradiso last year. These societies will be selected from a pool of 60 projects, where residents and Resident Welfare Associations (RWAs) had lodged complaints regarding construction quality and structural flaws in the past two years. ...
Post-2000 slum dwellers in Mumbai will have the opportunity to purchase rehabilitation flats measuring 300 square feet at a cost of Rs 2.5 lakh. This initiative aims to provide affordable housing options to residents living in slum areas. According to Satish Lokhande, the CEO of the Slum Rehabilitation Department of the Maharashtra government, the previous cost of these homes was between Rs 10-12 lakh, making them unaffordable for most individuals in the low-income group. ...
On Thursday, Lieutenant Governor V K Saxena granted approval to the recommendation of appointing an additional district judge as the presiding officer of the Land Acquisition, Rehabilitation and Resettlement (LARR) Authority. According to officials, this new appointment is expected to facilitate the swift resolution of disputes pertaining to land acquisition, compensation, rehabilitation, and resettlement. ...
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