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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. ...
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. ...
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