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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. ...
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. ...
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