NCLT grants approval for Adani Group's Bridgeport Realtors to acquire Radius Estates
Author : PNT Bureau
The National Company Law Tribunal (NCLT) has approved Bridgeport Realtors, a subsidiary of Adani Goodhomes, to acquire Radius Estates and Developers through a merger. This move, a vital part of Radius Estates' corporate insolvency resolution process since April 2021, was first approved by the NCLT in January 2023 and later by the NCLAT in May 2024. The merger aims to streamline corporate structure, enhance financial stability, and optimise real estate operations. The tribunal confirmed no additional shareholder or creditor meetings were needed, as consent was already secured....
Gujarat Government introduces a new system to expedite the town planning process
Author : PNT Bureau
The Gujarat state government has reformed the town planning (TP) scheme to enhance efficiency and transparency. These changes will allow town planners to declare a preliminary scheme within seven months, compared to the previous 12-month average. A newly established Original Plot Approval Committee (OPAC) will ensure plot boundaries remain intact until approval. The process will appoint a town planning officer (TPO) early to accelerate the drafting phase. The scheme proposals will be accessible online to ensure transparency. The reforms reflect Gujarat's influential TP model and invite public input until mid-September for further refinement....
PM Modi allocates INR 2,745 crore under PMAY-G for rural housing
Author : PNT Bureau
Prime Minister Narendra Modi released the first instalment of funds under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) to thousands of rural beneficiaries, with INR 2,745 crore allocated to about one million individuals in Jharkhand. This initiative, aiming to build 2.95 crore houses by March 2024, includes a "griha pravesh" ceremony for 2.6 million new homeowners. Recent rule changes, like raising the income limit and removing exclusions, aim to widen the scheme's reach. The programme extension to 2028-29 targets an additional two crore houses, promoting poverty-free rural development....
Government issues draft standards for finance system under PM Surya Ghar Scheme
Author : PNT Bureau
The Ministry of New and Renewable Energy has unveiled draft guidelines for central financial support and payment security under the RESCO and utility-led models for rooftop solar systems. In the RESCO model, a renewable energy company installs and maintains the system for five years without upfront costs to the consumer. The consumer pays only for the electricity generated, and after the company's investment is recovered, the system becomes the consumer's property, making electricity nearly free. Alternatively, RESCO operators may sell power to the grid. In the utility-led model, state distribution companies own the systems for five years before transferring ownership to households....
Over 3,000 lakes in Hyderabad await final notifications amid survey delays
Author : PNT Bureau
After 11 years, the Hyderabad Metropolitan Development Authority (HMDA) has made slow progress in finalizing notifications for the Full Tank Levels (FTL) and buffer zones of over 3,000 lakes. With fewer than 10% of lakes receiving final approval, many preliminary surveys remain incomplete. Recent enforcement by HYDRAA has pressured HMDA to accelerate surveys, mandating targets for collectors. Since August, 65 lakes have been surveyed, and 269 preliminary notifications issued, but completing all surveys and issuing final notifications is expected to take at least another year....
Noida Authority seals Grand Omaxe society over INR 457 crores in unpaid dues
Author : PNT Bureau
Noida Authority recently sealed Omaxe Buildhome's Grand Omaxe housing society in Sector 93B due to non-payment of INR 457.8 crore in dues. The developer failed to pay 25% of the recalculated dues, approximately INR 114.4 crore, even after receiving relief under the Covid-19 relief package. Noida Authority CEO Lokesh M stated that the developer had ignored multiple notices before the property was sealed. The Authority also plans to seal unsold flats and vacant land at other projects. Of 57 defaulting projects, only 22 have accepted the rehabilitation package, with 29 developers owing around INR 6,900 crore....
Goa government to launch affordable housing scheme for local residents
Author : PNT Bureau
Chief Minister Pramod Sawant announced a new affordable housing initiative aimed at providing relief to Goans facing rising property prices and limited land. The government plans to construct 50 to 100 flats in each taluka, priced between INR 10 to 15 lakh. These homes will be built on housing board or revenue land, with the goal of completion within two years. The scheme is in the draft stage, and allocation processes are yet to be finalized. Additionally, Sawant emphasized environmental protections, such as monitoring hill cutting and reassessing approvals for large-scale projects across Goa....
SC refuses to stay Adani Goodhomes' acquisition of Radius Estates
Author : PNT Bureau
The Supreme Court has declined to stay the resolution plan proposed by Adani Goodhomes, a subsidiary of Adani Infrastructure and Developers, to acquire the insolvent real estate company Radius Estates. The case highlights the ongoing challenges surrounding substantial haircuts taken by lenders in insolvency resolutions. While the dissenting creditors have raised concerns about the 93% haircut imposed by the plan, the majority of stakeholders, including homebuyers, have endorsed Adani Goodhomes' proposal. Adani Goodhomes has offered approximately INR 76 crore to Radius Estates' creditors, who have claims totalling around INR 1,700 crore. Adani Goodhomes has also committed to completing the residential project in Mumbai at no additional cost to the homeowners....
Gujarat introduces incentives for green building development
Author : PNT Bureau
The Gujarat state government has introduced a new policy to incentivize the construction of green buildings. The policy offers Floor Space Index (FSI) incentives for buildings that are rated by agencies like GRIHA, IGBC, and LEED, with the exemption ranging from 7% to 12% of the chargeable FSI. However, the government has also imposed penalties for non-compliance, with buildings that fail to obtain the required rating facing a penalty twice the amount of the incentive FSI. The policy aims to promote sustainable development and encourage the adoption of eco-friendly building practices in the state....
Delhi Development Authority's new process simplifies homeownership documentation
Author : PNT Bureau
The Delhi Development Authority (DDA) has introduced a new system for delivering flat documents to buyers in a customised folder, following instructions from Lieutenant Governor VK Saxena. This folder includes all essential documents, such as the possession letter and various certificates, aiming to simplify the process and enhance the buyer experience. Additionally, a new format for the possession slip will feature a photograph of the buyer to ensure authenticity and add a memorable touch to the transaction. This initiative, starting with Golf View Apartments in Dwarka, reflects the DDA's commitment to improving property transactions....
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