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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show-cause notices to more than 584 housing project promoters for failing to update project-related information after their details were registered in January. This action has been taken in relation to a total of 746 new housing projects that include about 50,288 flats and have a registered value of nearly Rs 22,449 crore. MahaRERA provides accurate information on various housing projects, including their status, costs, and other important factors, which can be easily accessed through the regulator's portal, empowering homebuyers by ensuring that developers and builders comply with regulatory directives. ...
The main business of the financially troubled Jaypee Group, Jaiprakash Associates Ltd. (JAL), has defaulted on loans totaling Rs 3,956 crore, which includes both principal and interest payments. The business acknowledged in a regulatory statement that it missed its April 30 principal and interest payment deadline of Rs 1,642 crore and Rs 2,314 crore, respectively. The loans were obtained from several banks and were divided into the following categories: term loans, FCCBs (foreign currency convertible bonds), fund-based working capital, and non-fund-based working capital. ...
Supertech has been given recovery certificates (RCs) by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), but the business has not yet complied with them. According to officials, Arora was summoned to the SDM Dadri's office to present a schedule for fulfilling the requirements of the recovery certificate. 52 certifications of Rs. 26 crore are included in the RCs, which are for a project off the Yamuna Expressway. ...
The Quelossim village panchayat unanimously decided during a recent gram sabha meeting to amend the house tax rate, which has been the same for more than 25 years. There was no argument or disagreement when the decision was made. The last time the house tax rate was revised was in 1996. The conference also covered the topic of garbage collection in the panchayat's area of responsibility. The panchayat members decided to take action to stop the garbage menace and prevent the area from suffering the negative impacts of waste disposal. ...
A site on the London/Orange City Street Project sold for Rs 14,000 per square foot, setting a new record for the highest sale price in Nagpur Municipal Corporation's (NMC) history. The corporation has received a profit of Rs 156 crore from the project as a result of this sale. By selling an 80,000 square foot plot for Rs 111.75 crore, or over Rs 14,000 per square foot, the municipal commissioner Radhakrishnan B, executive engineer Naresh Borkar, and his team made history. ...
For its sixth fund, Real Estate Special Opportunities Fund IV, ASK Property Fund, the real estate private equity division of the ASK Group, has successfully raised more than Rs 1,500 crore. Co-investors have also made contributions to the fund. The top five real estate markets in the country will be the primary focus of this fund, with a special emphasis on investments in development projects for mid-income and cheap residential properties. ...
In order to identify and penalise building owners who are using their basements for commercial purposes, the Jamshedpur Notified Area Committee (JNAC) has started a series of ad hoc inspections of commercial structures. This unexpected examination started on Saturday and will go on for a while. On the first day of the operation, it was found that three known establishments, two of which were in the upscale Bistupur market and one in the Sakchi market, were making use of their basement spaces for business. ...
The destruction of farmhouses in Noida's Sector 135 has been put on hold by an order from the Allahabad High Court to the Noida Authority. These buildings are said to have been constructed on the Yamuna River floodplain. The court set the next hearing for the week of July 2, 2023, and directed the Noida Authority and the National Mission for Clean Ganga to submit rebuttal affidavits. The judgement attempts to postpone the farmhouses' destruction until further notice. ...
The Orissa High Court has asked the state government to stop allocating property under another development scheme in the same city or any other district to those who already own land in a development authority area. This limitation will prevent some people who have already received land from such entities in any district from receiving preference and will guarantee that all true citizens have access to land. The court's ruling aims to allocate land fairly to all inhabitants. ...
All property tax invoices were delivered to 1.42 lakh taxpayers in the residential and commercial categories by the municipal corporation (MC). In order to resolve taxpayer complaints, the civic body is attempting to collect the greatest amount of property tax revenue during the rebate period. The Indian Post Office was employed by the authorities to deliver the bills, and the job was finished on schedule. People now have until May 31 to deposit their tax bills and take advantage of the refund option. ...
A recent study by the Maharashtra Real Estate Regulatory Authority discovered that only 39 out of 277 orders to recover money from dishonest real estate agents have been completed in the past six years. These agents owe a total of Rs170.37 crore, but only Rs32.92 crore has been collected through the completed orders. In simpler terms, many offending real estate agents owe lots of money, but only a small amount has been collected so far. ...
The marketing offices and unsold inventory of three projects with outstanding debts totaling Rs 1,000 crore were sealed on Thursday by the Noida Authority. Action was taken against two Gardenia Group projects in sectors 46 and 75 for failing to pay debts totaling Rs. 707 crore, as well as a Logix project in sector 137 for failing to pay Rs. 380 crore. ...
Anil Kumar Sharma, who founded Amrapali and was its chairman, asked for bail, but the Supreme Court refused. The court said that he didn't deserve mercy because he cheated thousands of people who had bought homes. After reviewing a forensic audit report, the court ordered the arrest of Sharma and other company directors. The report showed that the management had taken a lot of money from homebuyers and didn't finish most of the housing projects. More than 46,000 people had invested their money in these projects. ...
The Land and Development Office (L&DO), which is a part of the housing and urban affairs department, is taking action against those who have broken the terms of their lease agreements. This includes sealing properties where there has been unauthorized construction, non-payment of dues, or the commercial use of residential properties. As part of this crackdown, officials sealed a 800 square yard house in East Patel Nagar this week. The L&DO has also identified other leased properties, including those in wealthy areas of Delhi, where the lessees have violated the terms of their lease agreements. ...
The TCP department has released a new notification allowing farmhouses built on agricultural land to have a maximum built-up area of 1,000 square metres. This is a change from the previous notification on April 27, which limited the maximum built-up area to 500 square metres. The recent notification clarifies that the phrase "maximum built-up area of 500sqm per holding" should be understood as "maximum built-up area of 1,000sqm per holding" for farmhouses. James Mathew, the chief town planner (administration), issued this notification. ...
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