Supreme Court intervenes to protect home buyers from subvention scheme fallout
Author : PNT Bureau
The Supreme Court has provided relief to homebuyers facing financial distress due to delayed possession of flats under the subvention scheme. Banks had been pressuring homebuyers to repay loans despite delayed projects. The court has halted coercive actions against homebuyers and directed builders to provide details about their assets. The decision highlights the need for regulatory reforms in the subvention scheme to protect home buyer interests and prevent similar issues in the future....
High Court orders inclusion of real estate promoters in legal proceedings
Author : PNT Bureau
A recent High Court order has stressed the need for including promoters and directors of real estate companies in legal proceedings after homebuyers faced difficulties recovering losses from delayed projects. The ruling highlights a tactic where developers declare bankruptcy while promoters evade accountability, often by starting new companies. This decision aims to ensure greater accountability and recovery chances for affected buyers. Homebuyers are advised to include promoters and directors in complaints and conduct thorough due diligence before investing. The Karnataka Home Buyers Forum supports the ruling, urging buyers to follow these guidelines to protect their interests....
RLDA invites bids for prime land parcel at Renigunta junction
Author : PNT Bureau
The Rail Land Development Authority (RLDA) is inviting bids to lease a 5,532 sqm land parcel at the Renigunta in Tirupati, Andhra Pradesh for 45 years, with a reserve price of INR 6.77 crores for a 7,502 sqm built-up area. Located near the Renigunta Junction Railway Station, the site is accessible via major highways and is adjacent to key landmarks like the Hotel KR Bhavan and the Tirupati Airport Road. Renigunta's connectivity and proximity to the Tirupati Temple make it ideal for retail or hospitality development. The Tirupati Railway Station's major upgrade further enhances its commercial potential....
Andhra Pradesh government pushes to complete plot registrations under LPS
Author : PNT Bureau
The Andhra Pradesh government has decided to send special teams to capital city villages to complete plot registrations under the Land Pooling Scheme (LPS). Delays in registration are hindering development by the Capital Region Development Authority (CRDA) in Amaravati. The CRDA registered about 43,000 of the total 64,000 plots, with around 21,067 plots still pending. The government aims to finish registrations quickly to grant farmers their promised rights and move forward with infrastructure projects. The government believes that such delays in the plot registration process are causing more legal issues for the Capital Region Development Authority (CRDA)....
Panchkula residents gear up for legal battle against S+4 construction policy
Author : PNT Bureau
Panchkula residents, led by the Panchkula Citizen Welfare Association (CWA), are gearing up to challenge the Haryana government's stilt-plus-four-floor (S+4) construction policy in the Punjab and Haryana High Court. This policy, initially approved in 2017, permits buildings with four floors above a stilt and faced rollback in 2023 after widespread protests. However, it was reapproved in July. Residents argue that the policy causes extensive property damage and claim the government is influenced by builders. The CWA, supported by various welfare associations, is organising protests and intends to hold the government accountable in upcoming elections....
RERA resolves 1.25 lakh complaints, transforming India's Real Estate sector
Author : PNT Bureau
The Economic Survey 2023-24 highlights that RERA has resolved nearly 1.25 lakh consumer complaints and registered 1.3 lakh real estate projects since its enactment in 2016. Designed to reform India's real estate sector, RERA aims to enhance transparency, accountability, and financial discipline, thereby protecting homebuyers and boosting market confidence. Key achievements include the establishment of fast-track dispute resolution mechanisms and mandatory project registrations. With comprehensive rules notified in all states and Union Territories except Nagaland, RERA has significantly improved consumer protection, ensuring developers meet their obligations and fostering a more transparent, accountable, and efficient real estate environment....
Karnataka High Court permits Ozone Urbana buyers to include promoters in compensation claims
Author : PNT Bureau
Homebuyers in Bengaluru's delayed Ozone Urbana project, developed by Ozone Group, have achieved a key victory. The Karnataka High Court ruled that Ozone Group promoters can be included in legal proceedings. Buyers had sought refunds exceeding INR 4 crore (USD 4.8 million) through the Karnataka Real Estate Regulatory Authority (KRERA). The ruling allows targeting promoters' personal assets, addressing a major gap in the Real Estate (Regulation and Development) Act, 2016. Despite regulations, KRERA reports developers owe over INR 486 crore (USD 5.8 million) for delayed projects, highlighting the need for further reforms to protect homebuyers....
India to solarise all government buildings by December 2025 under PM Surya Ghar Yojna Scheme
Author : PNT Bureau
The Indian government is launching the PM Surya Ghar Yojna Scheme to install rooftop solar panels on all government buildings, aiming for 100% solarisation by December 2025. The Ministry of New and Renewable Energy (MNRE) has partnered with Tata Power Renewable Energy Limited (TPREL) for design and installation and NHPC Renewable Energy Limited (NHPC-REL) for project oversight. This initiative will harness clean energy, reduce fossil fuel reliance, lower carbon footprints, and cut costs. The scheme underscores the government's commitment to renewable energy and sets a strong example for businesses and individuals, promoting a nationwide shift towards solar power....
UP-RERA introduces QR codes for 1 lakh real estate projects to boost transparency
Author : PNT Bureau
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has recently assigned unique QR codes to approximately 1 lakh registered real estate projects in the state. These QR codes link directly to detailed project information on the UP-RERA portal, allowing homebuyers to access essential details including land documents, project layouts, timelines, and amenities by scanning with a smartphone. This move enhances transparency and empowers buyers to independently verify project details, avoiding reliance on potentially misleading developer information. Developers must now include these QR codes in all documents and promotional materials, ensuring a more informed and secure property investment process....
ED freezes INR 300 crore land in Gurugram linked to M3M Group on allegations of fraud
Author : PNT Bureau
The Enforcement Directorate (ED) has seized a plot valued at INR 300 crore from M3M Real Estate in Gurugram as part of a money laundering investigation linked to politician Bhupinder Singh Hooda. The 88.29-acre land in Basharia village is implicated in alleged fraud involving undervalued land acquisitions and manipulative practices. The probe reveals that Hooda and associates, including RS Infrastructure Pvt. Ltd., used deceitful methods to acquire land below market value, resulting in financial gain and losses for landowners. M3M disputes the claims, arguing that the seizure overlooks their legitimate business practices and economic contributions....
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