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Supreme court to hear Amrapali Group cases in July

Thursday 1st May 2025

The Supreme Court will hear the long-pending Amrapali Group case in July 2025, following the retirement of Justice Bela M. Trivedi. A new bench, led by Justice Satish Chandra Sharma, will address unresolved issues including fund recovery from former promoters, as highlighted in the 2019 verdict. Homebuyers’ counsel M.L. Lahoty and senior advocate Gopal Sankaranarayanan emphasized the need for continued legal oversight. The NBCC has completed around 25,000 flats, but challenges remain in dues collection and registration. The court has sought compliance reports from NBCC, Noida, and Greater Noida to expedite resolution after nearly eight years of proceedings.   ...

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Maharashtra RERA introduces new guidelines to prioritise hearing of complaints

Tuesday 29th April 2025

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced new guidelines to expedite the hearing of certain complaints, deviating from its standard chronological order. Implemented via a circular issued earlier this month, the guidelines identify seven specific grounds for prioritization, including life-threatening illnesses (with a specialist's certificate), requests for review or rectification of existing orders, non-compliance with prior orders, and cases directed by higher courts for time-bound disposal. Other eligible cases encompass mutually settled complaints, withdrawal requests, disputes over complaint maintainability, and multiple petitions on the same project, where the first petition's seniority prevails. MahaRERA emphasizes the need for appropriate documentation to justify exceptional circumstances, with the chairman retaining discretion over out-of-turn hearings. These measures aim to provide timely relief to stakeholders facing extraordinary hardships while maintaining fairness and administrative efficiency. ...

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Odisha RERA faces closure as two members set to retire in May

Tuesday 29th April 2025

The Odisha Real Estate Regulatory Authority (ORERA) is on the verge of a complete shutdown as its two remaining members are set to retire in May 2025. Member (Admin) Pradeep Kumar Biswal will retire on May 2, and Acting Chairperson Gopal Chandra Patnaik on May 9. With the earlier departure of Chairperson Siddhanta Das in February, ORERA will lack the mandatory three-member bench required for hearings, halting its operations. Although the government initiated recruitment processes, only advertisements for member positions have been published, and no appointments have been made yet. Homebuyers are already facing difficulties, as ORERA has not been accepting complaints for the past two months. Stakeholders urge immediate government intervention to prevent a regulatory vacuum in Odisha's real estate sector. ...

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Uttar Pradesh to transform 57 municipalities into smart cities with Rs 40,000 cr

Tuesday 29th April 2025

The Uttar Pradesh government has announced a Rs 40,000 crore initiative to transform 57 municipalities into smart cities, aiming to enhance urban living and infrastructure. With Rs 145 crore already sanctioned, the project will introduce digital governance, AI-driven civic services, and integrated surveillance systems. Features include smart parking, digital traffic management, uninterrupted utilities, and pollution control measures. The plan also encompasses CC roads, redesigned junctions, digital libraries, and exhibition centers. Chief Minister Yogi Adityanath emphasized that this development will promote inclusive growth, boost local economies, and position Uttar Pradesh as a model for urban transformation. ...

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Bombay HC strikes down GST demand on TDR used by real estate developer

Tuesday 29th April 2025

The Nagpur bench of the Bombay High Court has quashed a Goods and Services Tax (GST) demand against Shrinivasa Realcon, a real estate developer in Maharashtra. The GST demand stemmed from a development agreement dated April 7, 2022, for constructing a residential complex on an 8,000 sq ft plot in Mouza Lendra. The developer was appointed by the landowner for a consideration of Rs 7 crore and two flats. The court ruled that the agreement did not involve the transfer or purchase of Transferable Development Rights (TDR) or Floor Space Index (FSI) from external sources, thus falling outside the taxable scope under Entry 5B of the GST notification dated June 28, 2017, amended on March 29, 2019. The court emphasized that the GST law lacks a definition for 'transfer of development right' and found no reference to such a transfer in the development agreement. Consequently, the court quashed both the show-cause notice and the final GST order issued to the developer. ...

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Responsibility of stopping illegal construction lies with civic bodies: Delhi government

Thursday 24th April 2025

The Delhi government's Home Department has clarified that the responsibility for preventing illegal construction lies with local civic bodies and land-owning agencies, not the Delhi Police. Police are only required to assist during enforcement actions. This advisory follows a tragic building collapse in Mustafabad that killed 11 people, highlighting the dangers of unauthorized construction. The government aims to streamline enforcement and eliminate confusion over roles. Over 55,000 illegal constructions have been identified in recent years, but enforcement remains weak. The advisory urges better accountability, with civic officials facing possible action if they fail to control unauthorized construction in their areas. ...

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Sumadhura Group to invest Rs 250 crore to develop residential project in Bengaluru

Thursday 24th April 2025

Sumadhura Group is investing Rs 250 crore to develop a new residential project, 'Codename Uru,' in Kenchanhalli, South Bengaluru. The 3.25-acre development will comprise 297 2BHK and 3BHK apartments across two 28-storey towers, with an estimated revenue of Rs 500 crore. Scheduled for completion by December 2029, the project aims to blend modern urban living with Karnataka's cultural heritage. This marks Sumadhura's expansion into South Bengaluru, complementing its existing portfolio of 54 projects and a pipeline of up to 40 million sq ft across residential, commercial, and warehousing sectors. ...

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Yeida to acquire 13,300 acres for development near Noida airport

Thursday 24th April 2025

The Yamuna Expressway Industrial Development Authority (YEIDA) plans to acquire 13,300 acres near Noida International Airport, spanning 36 villages in Gautam Budh Nagar and five in Aligarh. With a ?5,000 crore budget, YEIDA aims to purchase land directly from willing farmers to develop infrastructure, including roads, parks, and a 250-acre logistics hub projected to create 10,000 jobs. To gain farmers' support, YEIDA is enhancing village amenities like roads, drainage, and healthcare. This initiative is part of broader efforts to attract domestic and international investors to the region ...

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Bengaluru real estate: KRERA orders real estate developer to pay Rs 2.5 crore to buyer for failing to deliver apartment

Thursday 24th April 2025

The Karnataka Real Estate Regulatory Authority (KRERA) has ordered Mantri Developers to refund Rs 2.5 crore to homebuyer Anant Ramachandran for failing to deliver an apartment at Mantri Webcity in Hennur, Bengaluru. Despite a 2017 possession deadline, the apartment remains undelivered. Ramachandran had paid Rs 15 lakh upfront and secured a Rs 65 lakh loan under a pre-EMI scheme, with the developer responsible for EMIs until March 2017. However, Mantri defaulted on payments, leaving the buyer to cover EMIs. KRERA also directed the developer to close the outstanding home loan, citing prolonged delays and financial burden on the buyer. ...

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Noida: YEIDA offers 276 residential plots

Wednesday 23rd April 2025

The Yamuna Expressway Industrial Development Authority (YEIDA) has launched a residential plot scheme in Sector 18, Pocket 9B, offering 276 plots of 200 sqm each. Applications are open until May 21, with a draw scheduled for July 11. Of the total plots, 214 are under the general category, while 17.5% are reserved for farmers and 5% for industry-linked applicants. The revised land rate is Rs 35,000 per sqm, requiring a Rs 7 lakh registration fee (10% of the total cost). Allottees must complete construction within three years of the lease deed or face extension charges. YEIDA plans to launch additional schemes for group housing, commercial, industrial, and hotel plots in the coming days ...

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MSN Group forays into real estate sector, plans to develop 20 million sq ft in five years

Wednesday 23rd April 2025

MSN Group, a major pharmaceutical firm, has entered the real estate sector with plans to develop 20 million sq ft of residential and commercial space in Hyderabad over five years. Operating under the new entity MSN Realty, the company will focus on areas like Neopolis, Manchirevula, Tellapur, Patancheru, and Isnapur. The inaugural project, "One by MSN," is a 7.7-acre development in Neopolis featuring five towers up to 55 floors. MSN has a land bank of 100–150 acres and aims to deliver high-quality, timely projects without joint ventures. This diversification leverages the group's $1 billion revenue base to expand beyond pharmaceuticals. ...

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Mumbai: BMC initiates the demolition of unauthorised building in Dongri

Wednesday 23rd April 2025

The Brihanmumbai Municipal Corporation (BMC) has begun demolishing 12 unauthorized floors of Economic House, a 16-storey building in Dongri’s Chinchbunder area. These floors were illegally added during the COVID-19 pandemic without proper permissions, under the pretense of repairs. Following a Bombay High Court ruling that dismissed the builder’s appeal and imposed a ?10 lakh fine, BMC has already demolished four floors and plans to remove the rest after Navratri. The operation highlights long-standing issues with unauthorized constructions in the area, as well as the challenges faced by authorities in enforcing building regulations in densely populated parts of Mumbai. ...

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State govt will look into stuck housing projects in Pimpri Chinchwad: Ajit Pawar

Tuesday 22nd April 2025

Maharashtra Deputy Chief Minister Ajit Pawar announced that the state government will address the issue of stalled housing projects in Pimpri Chinchwad and the surrounding 5-km zone. These projects have been delayed due to pending environmental clearances following a Supreme Court stay on a notification by the Environment Ministry, which allowed state-level environmental impact clearance committees. The State Environmental Impact Assessment Authority (SEIAA) has withheld approvals, citing a National Green Tribunal order that mandates clearances in severely polluted areas to be granted only by the Expert Appraisal Committee (EAC) of the Ministry of Environment, Forest and Climate Change. Despite the central government's notification reversing this order, it was challenged before the Supreme Court by an NGO. Pawar stated that the state cabinet will discuss the matter in its upcoming meeting and that the government intends to present its case before the Supreme Court.? ...

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Banks approach RBI after being directed to raise risk weights to 150%

Tuesday 22nd April 2025

Several banks have approached the Reserve Bank of India (RBI) seeking clarification after being directed to raise risk weights on certain commercial real estate (CRE) exposures from 100% to 150%. This adjustment, stemming from RBI's third-quarter inspections and aligned with April 2024 Basel guidelines, impacts loans that were previously rated but have since become unrated, even if the total banking system exposure is under Rs 100 crore. Banks express concern that the increased capital requirements could constrain lending and have engaged the Indian Banks' Association to formally address the issue with the RBI. ...

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REITs and private equity firms fuel $1 billion in real estate deals in Q1 2025: Report

Tuesday 22nd April 2025

India's real estate sector recorded over $1 billion in deals in Q1 2025, driven by REITs and private equity (PE) firms, as per Grant Thornton Bharat. PE contributed 88% of total deal values, with 17 deals amounting to $1.1 billion. Notable transactions include Mindspace Business Parks REIT’s $234 million acquisition of Sustain Properties in Hyderabad, and Capitaland India Trust’s $175 million investment in MAIA Estates Offices in Bengaluru. In residential, Blackstone acquired a 40% stake in Kolte-Patil Developers for $134 million, and Mitsubishi Estate took a 49% stake in Birla Estates for $64 million. ...

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