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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. ...
Real estate developer Supertech wants to raise between Rs 1,200-1,600 crore from OakTree Financial, according to Mohit Arora, the company's managing director, in order to finish its unfinished projects. Arora continued by saying that on Thursday, the Supreme Court affirmed the NCLAT order from June 2022, allowing the promoters of Supertech to seek money for the projects on a priority financing basis without being hindered. ...
Due to their alleged improper treatment of the sinking fund and other financial matters, as well as their inability to file audit rectification reports for five years in a row, former members of the management committee of a housing society have been subject to repercussions. According to the judgement, the complainant in the case, M.H. Kapadia, informed the registrar's office that the management committee and its office bearers failed to give the society members access to the audit rectification reports for the fiscal years between 2015 and 2019. ...
The Noida and Greater Noida authorities are exploring a co-developer policy as a viable remedy to deal with two major issues: finishing housing projects that have stopped owing to a lack of funding and collecting its debts. Instead of individual realtors entering into co-development agreements, as has happened for a few delayed projects in the city, under this approach, companies will be able to put money in a project and see it through. ...
Many property owners in Kolkata have been unable to pay their property taxes online due to technical issues with the KMC system, which has caused them to miss the deadline for applying for the refund. The Kolkata Municipal Corporation (KMC) is contemplating extending the rebate period for people who missed the cut off by one week in response to this problem. The extension is being taken into consideration in order to offer relief to individuals who were impacted by the server issue in the previous three to four days, claims a source in the KMC evaluation department. ...
Pune-based builder Kolte-Patil Developers (KPDL) has recently inked agreements for two new residential development projects in Pune, which have a combined estimated saleable area of 1.9 million sq ft and a top-line potential of Rs 1,300 crore. The two projects will be situated in Kondhwa's NIBM Road and Wagholi's Nagar Road. Five acres of land in Wagholi that have a potential buildable area of about 7.5 lakh square feet and a potential revenue of about Rs 400 crore have been acquired by KPDL. ...
Aman Arora, the Minister of New and Renewable Energy, has announced that Punjab Energy Development Agency (PEDA) plans to engage energy conservation building code (ECBC) experts to improve the energy efficiency of buildings and encourage energy conservation. The Minister also mentioned that the PEDA has initiated the process of selecting ECBC design professionals who can help architects and owners achieve ECBC compliance in the state. Applications can be submitted until May 25th at 3 PM. ...
The Supreme Court has stayed a Bombay High Court order from January 2023 that permitted recreation grounds (RG) on tower podiums, which has caused a setback for builders. The National Real Estate Development Council (Naredco) had approached the HC seeking clarification on a September 2022 National Green Tribunal (NGT) order that prohibited developers from treating podiums in buildings as RGs, stating that an RG should be open to the sky to enable tree planting. ...
Builders in the city are constructing high-rise buildings without adhering to environmental laws that are aimed at preventing environmental degradation. While these builders offer state-of-the-art amenities to lure buyers, the Rajasthan State Pollution Control Board (RSPCB) has expressed its displeasure over the lack of environmental clearance sought by most builders. The RSPCB has also found instances where builders sell completed projects to buyers without obtaining Consent to Operate (CTO) from empanelled architects. ...
The Himachal Pradesh government has been ordered by the Supreme Court to examine and decide on the objections made against the draft development plan for Shimla. The final development plan needs to be made public within six weeks, but it is unable to be put into action until a month after that. On the basis of the draft development plan, the court has further ordered that no construction should be permitted. ...
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