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The Economic Offence Wing of the Delhi Police has served a formal notice to Mohamed Ali Alabbar, the visionary founder and managing director of Emaar Properties, a renowned real estate company based in Dubai. The notice mandates his presence for interrogation on Friday, regarding a serious and grave accusation of forgery and criminal breach of trust in connection with a residential development undertaking in Gurugram. In response to the query made by PTI, a representative of Emaar India acknowledged the receipt of the aforementioned notice. ...
A prominent association of real estate developers, CREDAI, has put forward a strong request to the government to eliminate the Goods and Services Tax (GST) on flats that are provided free of charge to current residents as part of redevelopment projects. The objective behind this plea is to enhance the economic feasibility of such projects, particularly in the Mumbai region. A delegation comprising members from both CREDAI and CREDAI-MCHI had the honor of engaging in a meeting with the esteemed Union Finance Minister, Nirmala Sitharaman. During this significant encounter, the delegation presented a formal representation, shedding light on the paramount issue at hand. ...
During the two-month rebate period, which concluded on Wednesday, the municipal corporation (MC) has collected a substantial amount of Rs 42.47 crore as property tax. Notably, Panjab University and the UT administration made significant contributions of Rs 1 crore each, while the PGI contributed Rs 88 lakh, and the civic body itself contributed Rs 50 lakh. Out of the approximately 1.42 lakh taxpayers in the city, a commendable number of 64,000 residential property owners and 16,000 commercial property owners fulfilled their tax obligations by submitting their payments in April and May. ...
The esteemed Municipal Commissioner, Iqbal Chahal, has granted approval to a proposal that permits the Transfer of Development Rights (TDR) for the revitalization of old buildings located on internal roads, specifically private layout roads. However, this provision applies only if the width of the road is a minimum of 9 meters and it is situated at a distance of 50 meters from a public road. Additionally, the TDR will still be permissible even if the width of the private layout road diminishes in certain sections. ...
On Tuesday, the Noida Authority conducted an e-auction for four duplex villas, and interestingly, three of them were sold at prices higher than the base price of Rs 1.79 crore. One of the villas fetched a price of Rs 2.08 crore, according to officials. Among the four units put up for auction, the HD-223 unit located in Sector 135 had a reserve price of Rs 1.79 crore but was eventually sold for Rs 2.08 crore. The sale of this unit saw a significant increase of Rs 29.50 lakh, equivalent to a 16.45% surge over the reserve price. ...
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. ...
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