SC directs Bombay HC to audit Maharashtra Slum Areas Act 1971
Author : PNT Bureau
The Supreme Court has requested the Chief Justice of the Bombay High Court to form a bench to initiate its own review of the Maharashtra Slum Areas Act of 1971. This review aims to identify issues in the law's implementation. With over 1,600 cases pending, the law's implementation faces significant problems. The Supreme Court directed the Chief Justice to form a bench for this crucial review, emphasising the judiciary's critical role in ensuring access to justice. The decision came during the dismissal of an appeal from Yash Developers, who faced the cancellation of a long-delayed slum redevelopment project....
Noida Authority to generate INR 3,700 crore by auctioning 5.5 lakh sqm of land
Author : PNT Bureau
The Noida Authority aims to sell over half a million square metres of land in FY 2024-25 to raise more than INR 3,700 crore. Land will be allotted across residential, industrial, institutional, group housing, and commercial segments through e-auctions. The Authority expects to generate INR 1,080 crore from group housing plots, INR 1,010 crore from commercial land, INR 705 crore from industrial plots, INR 650 crore from residential plots, and INR 315 crore from institutional plots. Additionally, INR 35 crore is expected from allotting empty residential spaces. Schemes for these categories will be launched soon....
KRERA orders Bengaluru developer to refund INR 34.7 lakh for project delay
Author : PNT Bureau
The Karnataka Real Estate Regulatory Authority (KRERA) has mandated GVG Infrastructure Pvt Ltd to refund INR 34.7 lakh to homebuyer Dhimosh Mangadan for failing to complete the Mulberry Mist project in Varthur, Bengaluru, on time. Despite an August 2019 deadline, the project remains unfinished. KRERA's order, issued on July 10, also demands an additional INR 11.5 lakh in interest. This case highlights Bengaluru's real estate issues, with over 26,030 delayed housing units valued at INR 28,072 crore. Across India, approximately 5 lakh homes are stalled, emphasising the need for stricter enforcement of developer accountability....
Supreme Court orders Haryana government to disclose details on affordable housing projects
Author : PNT Bureau
The Supreme Court has directed the Haryana government to provide detailed information on affordable housing projects licensed over the past decade. This directive arises from the ongoing legal battle involving buyers of Mahira Homes in Sector 103, Gurugram, who have invested approximately INR 160 crore in a stalled project. Issued on July 22, the court's order mandates the Department of Town and Country Planning (DTCP) to furnish details on flat costs at launch, approved layouts, and amendments to building plans. The court seeks to ensure transparency and accountability in tripartite agreements between builders, homebuyers, and banks. With 73 affordable housing licences issued in Gurugram, many projects, including Mahira Homes, have seen minimal progress, raising concerns about regulatory enforcement. The next hearing is scheduled for September 27, with significant implications for futur...
Delhi High Court orders CBI probe into misuse of PILs by law student
Author : PNT Bureau
The Delhi High Court has ordered a CBI inquiry into the misuse of Public Interest Litigations (PILs) following concerns raised by the Municipal Corporation of Delhi (MCD) regarding a law student, Rahul Kumar, who has filed 42 PILs related to unauthorised construction. The court, led by Acting Chief Justice Manmohan and Justice Tushar Rao Gedela, expressed alarm over PILs being potentially exploited, with only 17 of Kumar's petitions listed for hearing. The MCD argued that Kumar's actions suggested a pattern of misuse, as many petitions were not pursued effectively. The court mandated a CBI preliminary investigation to determine if any legal violations occurred, with findings expected by the next hearing. This decision underscores the judiciary's commitment to maintaining the integrity of the legal system and may prompt stricter guidelines to prevent PIL misuse, ensuring they serve genuin...
Kerala revamps land disposal regulations to boost industrial investment and growth
Author : PNT Bureau
The Kerala government has revamped the Land Disposal Regulations (LDR) to boost industrial development. Key changes include extending lease periods from 30 to 60 years, and up to 90 years for investments over INR 100 crore. The revised regulations also allow subleasing of industrial spaces and introduce a new instalment scheme to ease financial pressures on investors. These updates reflect Kerala's strategy to enhance its industrial ecosystem and attract significant investments. By modernising land policies and investing in infrastructure, the state aims to become a major industrial hub, appealing to both domestic and international investors....
BMC eases tender conditions for CC roads; RPS Infraprojects wins INR 1,566 crore project
Author : PNT Bureau
Mumbai's Brihanmumbai Municipal Corporation (BMC) has relaxed its cement concrete (CC) road tender conditions for the second phase, moving away from 2023's stringent requirements. This shift has allowed previously ineligible companies, such as RPS Infraprojects, to qualify. RPS Infraprojects, once blacklisted in 2016, has now secured a significant INR 1,566 crore project in the city's western suburbs. The new criteria include relaxed experience requirements and a ten-year lookback period. Critics argue these changes could compromise tender integrity, while BMC believes the revisions will foster greater competition and potentially lower costs....
Government grants property rights to residents of unauthorised colonies under PM-UDAY scheme
Author : PNT Bureau
The Government of India is advancing in its mission to provide ownership rights to residents of Delhi's unauthorised colonies under the PM-UDAY scheme. As of July 16, 2024, 23,811 residents have secured ownership rights, according to a report presented in Parliament by Minister of State for Housing and Urban Affairs, Tokhan Sahu. Despite receiving 1,22,729 applications, the approval rate stands at 19%, indicating a need for a more efficient process. The initiative, launched in 2019, aims to improve living conditions and access to services for residents of unauthorised colonies. The DDA has also allocated INR 2,173.81 crore for urban development projects, with 22 currently in progress. The scheme promises significant improvements in housing and infrastructure, potentially increasing property values and quality of life for residents....
Piramal Capital's MD settles insider trading charges with SEBI for INR 43.5 crore
Author : PNT Bureau
Piramal Capital Housing Finance's managing director and his wife have settled insider trading charges with the Securities and Exchange Board of India (SEBI) for approximately INR 43.5 crore. The settlement resolves allegations of illegal gains from trading Piramal Enterprises shares, with nearly INR 16 crore in unlawful profits identified. The settlement includes INR 24.8 crore in disgorged profits and interest, and fines of INR 17.4 crore on Greatdeal Finconsult Advisors, INR 91 lakh on MD Jijina, and INR 45.5 lakh on his wife Benaifer Jijina. This case highlights SEBI's commitment to enforcing market integrity and highlights the importance of compliance in corporate governance....
Amid concerns over decreasing groundwater levels in Raipur, the Raipur Municipal Corporation (RMC) has mandated real estate developers to construct rainwater harvesting systems, targeting 50 pits per project. The goal is to build 50,000 pits citywide, with 20,000 during this monsoon season, each capable of storing 200,000 litres of rainwater. In a meeting with builders and CREDAI members, RMC Commissioner Abinash Mishra emphasised the urgency of combating water scarcity with innovative solutions. Prioritised areas include Saddu, Mowa, and Daldal Seoni. Developers like Raheja Homes and WallFort City have already begun compliance, highlighting the effectiveness of rainwater harvesting in projects like Indira Smriti Van. The initiative seeks broader community participation to ensure sustainable urban water management....
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