SEBI introduces stricter borrowing guidelines and tenure extensions for category I & II AIFs
Author : PNT Bureau
The Securities and Exchange Board of India (SEBI) has issued new guidelines for Category I and II Alternative Investment Funds (AIFs), focusing on borrowing practices and tenure extensions. These regulations permit borrowing only under stringent conditions, such as short-term operational needs, with a cap at 10% of investable assets and a 30-day limit. Additionally, funds must maintain a 30-day gap between borrowings. The guidelines also allow Large Value Funds for Accredited Investors to extend their tenure by up to five years with unit holder approval, ensuring a balance between operational flexibility and investor protection....
Earlier this month, the Supreme Court approved the auction of Samrudhhi Realty's assets to recover around INR 5,000 crore in debt, but any auction of Essel Finance Advisors and Managers LLP's assets will be contingent upon the outcome of an ongoing appeal. Essel Finance disputed the NCLAT's decision, which upheld an order requiring it to cover a portion of liquidation costs. Essel, which invested in Samrudhhi Realty's debentures, argued that the liquidator's demands were excessive and the firm's role as a facility agent did not equate to being a financial creditor responsible for extra liquidation costs. Of 364 claims filed, 348 worth INR 414 crore were accepted....
Haryana Real Estate Authority imposes INR 1.5 crore penalty on 1000 Trees Housing Pvt Ltd
Author : PNT Bureau
The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has fined M/s 1000 Trees Housing Pvt Ltd INR 1.5 crore for failing to register its project despite having a licence for 12 years. The penalty arose from a review of the promoter's application to register the project, which is crucial for completing construction and delivering units to homebuyers. Regulations mandate project registration with HRERA before establishing third-party rights or making advertisements. Although the penalty was imposed, HRERA has conditionally approved the project, pending payment of the penalty and late fees, as stipulated under Section 59 of the Act....
Bombay High Court orders BMC and MHADA to resolve 25-year-old redevelopment dispute
Author : PNT Bureau
The Bombay High Court criticised the Brihanmumbai Municipal Corporation (BMC) and Maharashtra Housing and Area Development Authority (MHADA) for their 25-year delay in issuing an Occupation Certificate (OC) for a redeveloped property in Mahim. The court directed MHADA to issue a No Objection Certificate (NOC) by August 30, and the BMC to grant the OC by September 20. The case involves a redevelopment project by Raj Realtors, with tenants facing financial and service hardships due to the lack of an OC. The court also ordered BMC and MHADA to investigate their officers' actions and rectify the situation....
Assam's new lease policy aims to create 108,000 jobs, boost IT and electronics sectors
Author : PNT Bureau
The Assam government has launched the Land and Space Lease Management Policy, 2024, aimed at streamlining land leasing and facilitating investment in the state's IT parks and Electronics Manufacturing Clusters (EMCs). Announced by Chief Minister Himanta Biswa Sarma, the policy is expected to create 8,000 direct and over 100,000 indirect jobs. The initiative aligns with Assam's efforts to position itself as a key player in the IT and electronics sectors, supporting the broader Make in India agenda. Additionally, the government is addressing GST-related issues affecting small traders, further boosting the state's business environment....
DDA allocates 104 flats in Narela to rehouse slum dwellers for hospital construction
Author : PNT Bureau
The Delhi Development Authority (DDA) has approved 104 flats in Narela for families displaced from slums to facilitate the construction of a maternal and child care hospital by RML Hospital. These EWS flats, located in Pocket V, Sector G-7, provide improved living conditions and access to essential amenities. The allocation, approved by Lieutenant Governor VK Saxena, follows a camp for residents to receive allotment letters. This move is part of broader DDA efforts, including past and ongoing projects like the Kalkaji and Jailorwala Bagh schemes, aimed at better housing for economically disadvantaged families....
Puducherry to introduce new industrial policy aiming for job creation and business growth
Author : PNT Bureau
Puducherry's Industries Minister A. Namassivayam announced a new industrial policy to enhance industrial growth and job creation in the region. The policy, in response to requests for GST and Income Tax concessions, aims to attract more businesses. Since 2021, Puducherry has seen 189 new industries creating nearly 9,700 jobs. The government is also planning an IT park to boost tech sector employment. Additionally, Chief Minister N. Rangasamy revealed that the Excise department generates INR 1,488 crore annually and announced plans to outsource ambulance services to improve healthcare....
MahaRERA mandates quality assurance certificates to enhance safety for 10 million homebuyers
Author : PNT Bureau
The Maharashtra Real Estate Regulatory Authority (MahaRERA) now requires developers to obtain quality assurance certificates for their projects, aiming to improve construction standards and protect homebuyers. This initiative addresses issues like subpar construction and delays, fostering a more reliable market. Domnic Romell of CREDAI-MCHI supports the move, emphasising the industry's commitment to quality and trust. Regular audits and inspections will ensure compliance, creating a more resilient and transparent real estate sector in Maharashtra, benefiting over 10 million homebuyers statewide....
Punjab and Haryana High Court pushes for tech solutions to curb illegal property transactions
Author : PNT Bureau
The Punjab and Haryana High Court is pushing for the adoption of software to track land ownership and prevent fraudulent property transactions. This follows a case where a man, Prem Kumar, illegally sold 18 marlas of land he no longer owned. The court has directed the Punjab and Haryana governments to explore technological tools that can help sub-registrars verify property ownership more effectively. The next court hearing is set for September 2, where the revenue departments must report on their progress. This initiative aims to reduce legal disputes and improve transparency in real estate dealings....
MCG takes over 291 acres of Mayfield Gardens after developer default, 36 acres still pending
Author : PNT Bureau
The Municipal Corporation of Gurugram (MCG) has taken control of 291 out of 327 acres in Mayfield Gardens, following Chief Minister Nayab Singh Saini's directive to address maintenance issues. This action comes after developers failed to pay development charges, leaving residents with inadequate infrastructure. MCG Commissioner Narhari Singh Banger announced that the corporation would prioritise sanitation and maintenance. Despite the takeover, 36 acres remain under the developer's control, with unresolved issues like sewage and electricity still troubling residents. The transition marks a crucial step in improving living conditions for Mayfield Gardens' residents....
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