03 Jun 2025

In a key ruling, the Maharashtra Real Estate Appellate Tribunal (MREAT) held that a developer cannot deny a homebuyer refund solely due to the absence of a registered sale agreement. The case involved a UAE-based NRI who booked an INR 84 lakh apartment in Panvel in 2013, paying INR 26 lakh. After construction delays, the buyer sought a refund under Section 18 of RERA. MahaRERA had dismissed the claim in 2020, citing no formal agreement. MREAT overturned this, recognising the 26-page booking form as a valid agreement reflecting mutual consent. The tribunal also noted the developer's non-compliance with Section 11(3) by not specifying possession dates. MREAT ordered a refund with interest, reinforcing that buyers' rights are protected beyond technical formalities. This ruling strengthens consumer protection and transparency in Maharashtra's real estate market.Read more

03 Jun 2025

Vizianagaram district, Andhra Pradesh, faces delays in completing nearly 6,924 of 11,000 Pradhan Mantri Awas Yojana (PMAY) homes. Despite additional government funding, many beneficiaries have not begun construction. Authorities suspect some recipients already own homes and have ordered verification visits to cancel ineligible allotments. At a recent review meeting, District Collector Dr. B.R. Ambedkar highlighted slow progress, especially in Bobbili and Vizianagaram urban areas, citing issues like water shortages and borewell theft. Officials were directed to operationalise borewells within two days and launch door-to-door awareness campaigns on available financial support. Daily construction targets and weekly progress reviews have also been mandated. Additionally, 4,096 new housing applications and 2,500 manual applications will undergo eligibility verification. The district aims to ensure timely completion of PMAY homes and deliver affordable housing to all eligible beneficiaries through focused verification and improved infrastructure.Read more

03 Jun 2025

A Delhi sessions court has recently instructed the police to register a First Information Report (FIR) against Parsvnath Developers Ltd for failing to deliver a commercial property in Rohini Sector 10, 17 years after payment. The complainant, Amrit Pal Singh Malhotra, had paid INR 33.5 lakh in 2007 with a promised possession timeline of 30 months, but the property was never handed over. The developer allegedly stopped responding post-payment and issued a refund cheque years later, which reportedly bounced. This latest action marks the eighth such FIR against the company for similar delays and defaults.Read more

03 Jun 2025

In a bid to address escalating housing costs, the German government has extended its rent control law, known as the Mietpreisbremse, through 2029. Originally enacted in 2015, this legislation limits new rental prices in urban areas to no more than 10% above local comparable rates. The extension aims to alleviate the housing shortage exacerbated by increased immigration and rising construction costs. While tenant advocacy groups support the move, citing the need for affordable housing, property industry leaders argue that the measure could deter investment and hinder new construction, potentially worsening the housing crisis. The debate underscores the challenge of balancing tenant protections with the need to stimulate housing development.Read more

03 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) rcently confirmed that property tax rates have not increased; the rise in tax bills stems from updated ready reckoner (RR) rates for FY 2025-26. RR rates, revised for the first time in a decade, set minimum property values for taxation. An average 15.89% uptick in tax bills is also due to a statutory capital value revision under Section 154(1)(c) of the Mumbai Municipal Corporation Act-last updated in 2015, with the 2020 revision delayed due to COVID-19. The BMC also announced a temporary suspension of solid waste management fees after intervention by Maharashtra's Chief Minister and Deputy CM. Residential units under 500 sq. ft. remain exempt from property tax. As civic elections approach, property tax policies and enforcement could become a key issue, with public focus on fairness and accountability in Mumbai's civic administration.Read more

03 Jun 2025

Pharma tycoon Leena Gandhi Tewari made headlines recently for paying an incredible INR 639 crore for two duplex apartments with a view of the sea in Mumbai's affluent Worli neighborhood. The acquisition, inclusive of stamp duty and GST, brought the total transaction value to approximately INR 703 crore, establishing it as the most expensive residential property deal in India to date. Located within the ultra-premium Naman Xana tower, the 22,572 sq. ft. apartments reflect a growing trend among ultra-rich individuals particularly from the pharma sector towards high-end residential investments in the financial capital.Read more

03 Jun 2025

RentenPe, India's pioneering Rent Credit Score™ platform, has partnered with Mygate, the country's leading community management app, to transform rent transactions. RentenPe's payment infrastructure and Rent Credit Score (R Score™) are now integrated into the Mygate app, enabling seamless rent payments via credit cards, UPI, and net banking-offering rewards, cashback, and building tenants' credit profiles. The R Score™ helps renters access loans, zero-deposit rentals, and better homeownership prospects, while landlords gain transparency through the R Card™, a verified digital rental passport. The partnership targets India's fragmented rental market, aiming to formalise rent payments and improve credit access for millions of tenants. Serving over 25,000 societies and 4 million households, Mygate offers RentenPe a nationwide platform to scale. This collaboration sets a new benchmark for tech-driven, inclusive rental services, enhancing trust, transparency, and financial empowerment across India's housing ecosystem.Read more

02 Jun 2025

Kolte-Patil Developers Ltd has reported a consolidated net profit of INR 66.29 crore for the fourth quarter of the previous fiscal year, marking a significant recovery from a net loss of INR 26.18 crore in the corresponding period a year earlier. The turnaround was supported by a robust rise in total income, which increased to INR 723.20 crore from INR 527.71 crore. For the full financial year 2024-25, the company posted a net profit of INR 109.33 crore, reversing the previous year's net loss of INR 67.48 crore. Total income for the year rose to INR 1,763.73 crore from INR 1,394.78 crore. The company's consistent delivery across key real estate markets in India further strengthened its performance.Read more

02 Jun 2025

Residential project completions across India's top nine cities rose by 33% in FY24, reaching 4,06,889 units, according to PropEquity. The combined total for the past three years has now crossed 10 lakh units. Kolkata led with an 88% rise, followed by Hyderabad (61%) and Chennai (49%). Pune (81,563 units) and Thane (77,017 units) topped overall deliveries. Western India (Mumbai, Thane, Pune, Navi Mumbai) accounted for 55% of total completions, while Southern markets (Bengaluru, Chennai, Hyderabad) contributed 30%. Delhi-NCR was the only region to see a decline, with an 8% drop. Factors driving this growth include revived projects through the SWAMIH Fund, stricter RERA enforcement, and strong market sentiment. The momentum is expected to continue with SWAMIH 2.0 and increasing dominance of branded developers.Read more

02 Jun 2025

Grovy India and Golden Growth Fund (GGF), a Category II AIF, have jointly announced an INR 180 crore investment in three high-end residential projects in South Delhi. The developments, located in Anand Niketan, Neeti Bagh, and a forthcoming Category A colony, will offer a combined built-up area of approximately 70,000 sq. ft. The Anand Niketan project is already under construction, with the other two set to launch in the coming months. Projected sales revenue is around INR 240 crore, with an expected IRR exceeding 20% for investors. GGF, which launched its INR 400 crore AIF in September 2023, remains the only fund dedicated solely to premium land acquisitions in South and Lutyens' Delhi. Grovy India, with a legacy of over 100 luxury projects in the region, continues to strengthen its presence in this ultra-luxury segment, catering to the growing demand among high-net-worth buyers.Read more

02 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) has raised property tax rates by up to 15% for the 2025-26 assessment year, impacting over 9 lakh residential properties. This marks the first property tax revision since 2015-16. The increase, reflected in the latest property tax bills, varies by area, influenced by updated ready reckoner (RR) rates. Locations with higher RR rate revisions have seen steeper tax hikes. Properties with carpet areas under 500 sq ft remain exempt, continuing to benefit nearly 16 lakh households. BMC had delayed implementing new rates due to pending state approvals, which are now cleared. While officials say the hike aligns with current economic indicators, some residents have raised concerns over lack of notice and transparency. The change comes amid ongoing redevelopment, legal disputes, and monsoon preparedness, highlighting the need for more predictable civic engagement on taxation matters in Mumbai's evolving urban landscape.Read more

02 Jun 2025

Bollywood legend Amitabh Bachchan has acquired a 25,000 sq. ft. plot near 'The Sarayu,'an ultra-luxury project by The House of Abhinandan Lodha (HoABL), for nearly INR 40 crore. This marks his third major investment in Ayodhya's booming real estate sector. Earlier purchases include a 10,000 sq. ft. plot within The Sarayu township (INR 14.5 crore), a 54,454 sq. ft. parcel near the Ram Mandir (for a proposed memorial), and a 5,372 sq. ft. plot in Haveli Avadh township (approx. INR 4.54 crore). HoABL is marketing The Sarayu as a premium gated community with spiritual and modern appeal. Following the Ram Mandir inauguration, Ayodhya has witnessed a surge in luxury real estate demand, supported by new infrastructure like the Ayodhya International Airport and improved road networks. Bachchan's investments are expected to further boost Ayodhya's status as a rising luxury destination.Read more

02 Jun 2025

The Indian government has unveiled the draft Registration Bill 2025, aimed at replacing the colonial-era Registration Act with a modern, digital-first framework. The bill, prepared by the Department of Land Resources, proposes online property registration, electronic document submission, and issuance of digital registration certificates. It expands the list of documents requiring mandatory registration to include agreements to sell, powers-of-attorney, certificates of sale, equitable mortgages, and court orders. The draft mandates Aadhaar-based authentication with alternatives for those without Aadhaar. It also introduces new roles within the registration authority to improve oversight and efficiency. The draft is open for public feedback for 30 days via the Department's portal. This reform aligns with India's broader digital governance efforts, including land record digitisation, and aims to enhance transparency, security, and ease of property transactions nationwide.Read more

02 Jun 2025

Rajasthan Real Estate Regulatory Authority (RERA), in partnership with MSTC Ltd, has launched e-auctions of properties attached from defaulting real estate developers. The initiative, approved during RERA's 21st meeting, leverages MSTC's government-backed e-auction platform to ensure transparency and speed in property auctions. The process aligns with Section 40 of the Real Estate (Regulation and Development) Act, 2016, enabling recovery of penalties, interest, and compensation. Supporting regulations under Rajasthan RERA Rules, 2017, and 2024 updates, provide clear execution guidelines. Additionally, a revised fee structure effective June 1, 2025, was approved: registration fees for farmhouse schemes are reduced to INR 3 per sq. m., while residential, institutional, and industrial projects remain at INR 5 per sq. m. The move highlights Rajasthan RERA's push towards digitisation and efficiency, enhancing compliance enforcement and streamlining property transactions in the state's real estate sector.Read more

30 May 2025

In a significant move to curb property tax evasion, the Bruhat Bengaluru Mahanagara Palike (BBMP) is set to issue notices to over 400,000 property owners suspected of underreporting property details. Utilizing data from drone surveys, satellite imagery, and the Digitally Owned Number (DON) Survey, BBMP aims to rectify discrepancies in self-declared property information. With a target to collect INR 6,000 crore in property tax for the 2025-26 fiscal year, the civic body anticipates recovering an additional INR 1,000 crore through this initiative.Read more

30 May 2025

Country Garden Holdings Co., once China's leading property developer, has secured additional time from a Hong Kong court to advance its USD 14.1 billion offshore debt restructuring plan. This extension follows the company's success in garnering support from over 70% of its bondholders. However, key bank creditors, holding significant portions of the debt, have yet to sign on. The court's decision to adjourn the liquidation hearing underscores the complexity and scale of the restructuring, which aims to reduce the company's offshore debt by 78%. Chairperson Yang Huiyan has pledged substantial personal investments to facilitate the process. The company targets completion of the restructuring by December.Read more

30 May 2025

RERA Gurugram mandated that developers must publish a newspaper notice immediately after applying for project registration. This move aims to curb unauthorized pre-launch sales and enhance transparency in the real estate sector. The notice will inform buyers that a project is awaiting registration approval, enabling them to make informed decisions and verify developers' claims. This initiative is part of RERA's ongoing efforts to protect homebuyers and ensure greater regulatory accountability.Read more