Maharashtra proposes 65% construction cap on mangrove and saltpan lands
The Maharashtra government has proposed limiting construction to 65% on plots in Special Development Zones (SDZs), down from the previously allowed 80%, particularly in areas once designated as mangroves and saltpan lands. This move, aimed at allocating more space for open amenities, follows the abandonment of affordable housing plans in these sensitive regions. While the proposal seeks to improve city planning, environmental activists warn of the risks to Mumbai's ecosystem and increased flood vulnerability. Public feedback is invited on the new regulations, highlighting the ongoing debate between urban development and environmental sustainability in Mumbai....
Chhattisgarh's 15 lakh housing proposal under PMAY-G prioritizes conflict-affected families
The Chhattisgarh government has requested central approval for over 15 lakh houses under the Pradhan Mantri Awas Yojana (Gramin) (PMAY-G), with a special focus on families affected by Maoist violence and those of surrendered Maoists. During a meeting with Union Rural Development Minister Shivraj Singh Chouhan, Chhattisgarh's Chief Minister Vishnu Deo Sai highlighted the need for targeted housing in 15 districts facing Left-Wing Extremism. The initiative aims to provide stability through housing, particularly in rural areas with acute shortages. The central government is expected to increase funding under PMAY-G to address rising construction costs....
Gurgaon Citizens Council challenges S+4 floor policy in High Court
The Punjab and Haryana High Court heard a plea challenging the Haryana government's policy allowing stilt-plus-four (S+4) floor constructions in Gurgaon's residential areas. The Gurgaon Citizens Council, which filed the petition in the year 2021, argued that the policy was reinstated on July 2, 2024, despite an ongoing court case and a pending expert committee review. During the August 8, 2024, hearing, the government assured the court it would halt further approvals for S+4 constructions until the next hearing on August 22. The court directed the government to submit all the relevant policy documents by the aforementioned date....
Haryana's Housing Policy Update: Flexible payment plans and support for vulnerable groups under MMSAY
The Haryana Cabinet, under Chief Minister Nayeb Singh Saini, has approved key changes to the Mukhya Mantri Shehri Awas Yojana (MMSAY). The amendments extend payment timelines for beneficiaries of 1 Marle (30 sq. yards) plots, giving them three years instead of six months to pay INR 80,000. The policy also allows for penalty-free refunds and plot transfer in case of a beneficiary's death. These changes aim to support urban families earning up to INR 1.80 lakhs annually, benefiting 15,250 low-income households across fourteen districts....
BBMP to penalise neglected properties: INR 2 per sq. ft fine for unkempt plots
The Bruhat Bengaluru Mahanagara Palike (BBMP) is cracking down on neglected vacant properties, with fines of INR 2 per square foot for unkempt plots. Property owners will receive notices if their sites lack cleanliness, and repeat offenders may face legal action. This initiative aims to curb illegal dumping, improve public health, and enhance neighbourhood quality. Simultaneously, the BBMP is intensifying efforts to combat mosquito-borne diseases like dengue, deploying 600 fogging machines and 618 sprayers across the city as daily case numbers stabilise. The BBMP's actions reflect its commitment to fostering a cleaner and healthier Bengaluru....
Goa to amend law for regularising homes on government-allotted land
Goa's Chief Minister Pramod Sawant announced plans to amend the Regularisation of Unauthorised Construction Act to include structures on government-allotted land. This move addresses local concerns and aims to safeguard homes built under the 20-point programme and similar initiatives. Sawant assured no demolitions until the amendment is enacted. Revenue Minister Atanasio Monserrate emphasised local bodies' roles in the process. The amendment, influenced by Supreme Court observations, seeks to protect vulnerable communities while ensuring housing security for Goa's residents....
Bangalore Development Authority considers 15-20% hike in villa prices
The Bangalore Development Authority (BDA) is contemplating a 15-20% price increase for villas in Hunnigere, off the Nelamangala-Sondekoppe Road, due to rising construction costs. Prices for 3 BHK villas may rise from INR 75 lakh to INR 85-90 lakh, and 4 BHK villas from INR 1.10 crore to INR 1.15-1.20 crore. Additionally, prices for 320 one-bedroom flats have increased from INR 13.50 lakh to INR 15 lakh. This move, set for finalisation in an upcoming board meeting, has sparked concerns among prospective buyers about affordability amidst ongoing inflation and market conditions....
Visakhapatnam targets 71,000 houses for completion in new housing initiative
Visakhapatnam's housing initiative is progressing as District Collector Harendira Prasad directs the Housing Department to update the status of over 71,000 houses. Out of 1.39 lakh planned houses, approximately 1.29 lakh have been sanctioned, with 23,995 completed. The initiative spans 138 rural and 64 urban layouts. Prasad emphasises a 100-day action plan, daily progress reports, and geo-tagging for transparency. The move addresses the growing demand for affordable housing, especially post-COVID-19, and aims to improve living conditions for residents through efficient and accountable project management....
Bengaluru residents raise alarm over widespread illegal constructions and safety violations
Residents across Bengaluru are raising alarms about illegal construction and building bylaw violations. Notably, a senior citizen from Nandidurga Road Extension reported over 15 major violations, including illegal utility connections. Despite repeated complaints to BBMP and state officials, the building's owners added extra floors and a generator on an upper floor. Other areas, such as Jeyamahal and Basavangudi, face similar issues, with unauthorised gas cylinder facilities and encroachments on public roads. Residents demand stricter enforcement from authorities, emphasising that these violations pose significant safety risks and undermine community well-being....
Gurugram administration blocks NBCC green view demolition after protests and court case
The Green View project, developed by NBCC, was deemed unsafe by IIT-Roorkee and CBRI, leading to a directive for residents to vacate their flats by March 2022 due to severe structural issues. On June 25, NBCC sought permission to demolish seven unsafe towers, but this request faced strong opposition from Economically Weaker Section (EWS) residents, who are dissatisfied with unresolved compensation claims. The EWS residents, many economically disadvantaged, have been vocal about their grievances in a grievance redressal meeting and have a pending case in the Delhi High Court. Consequently, the district administration denied NBCC's demolition request, emphasizing compliance with the High Court's final decision and ensuring fair compensation for the affected residents. The decision highlights the need for legal adherence and fair treatment of vulnerable stakeholders....
High-profile landowners face 40% plot size cut in Makarba TP Scheme reforms
The Makarba Town Planning (TP) Scheme 204 controversy is nearing resolution as a state-appointed committee - Ahmedabad recommends a 40% reduction in plot sizes for around 50 high-profile landowners. This move aims to address years of alleged irregularities in land use. The scheme, covering 1,100 hectares in sought-after zones like Sarkhej and Vejalpur, faced accusations of favoritism since 2007. A thorough investigation confirmed these claims, and the revised plan now awaits approval from the AMC and state government. The resolution could mark a shift toward greater accountability and transparency in Ahmedabad's urban planning....
UP Nazul Property Bill faces select committee review despite Assembly approval
The Uttar Pradesh Legislative Assembly passed the Nazul Property (Management and Use for Public Purpose) Bill, but the Legislative Council sent it to a Select Committee for further review. The bill, aimed at regulating government-owned lands for public purposes, was met with concerns from ruling party members. Deputy CM Keshav Prasad Maurya presented the bill, but BJP's state president Bhupendra Singh Chaudhery suggested a deeper examination. The committee will report within two months. Critics urge transparency and efficient land management to benefit the community, with the bill's final shape potentially impacting future land policies in Uttar Pradesh....
SEBI fines multiple individuals and entities a total of INR 2 crore for regulatory breaches
The Securities and Exchange Board of India (SEBI) has fined seven individuals and entities, including JM Financial Asset Management Ltd and its former CEO Bhanu Katoch, a total of INR 2 crore for regulatory breaches involving Dewan Housing Finance Corporation Ltd (DHFL) securities. Violations included trading on unpublished information and failing to disclose NAV changes promptly. Fines are due within 45 days, with Katoch facing INR 1.1 crore, his family members INR 17 lakh and INR 8 lakh, and other executives receiving penalties. This case underscores the need for transparency and ethical practices in India's financial sector....
NCLT approves 269 resolution plans in FY24, reflecting 42% increase
In 2023-24, the National Company Law Tribunal (NCLT) approved 269 resolution plans, a 42% rise from the previous year, according to Crisil Ratings. However, creditors recovered only 27% of admitted claims, down from 36%. Of the approved plans, 88% were backlog cases. Real estate and manufacturing sectors dominated, representing 65% of approvals. Despite appointing more NCLT members, the average resolution timeline increased to 850 days. The Insolvency and Bankruptcy Board of India (IBBI) is considering out-of-court mediation to speed up processes and improve recovery rates. Delays can significantly reduce asset value, underscoring the need for systemic efficiency improvements....
Telangana's new Dharani draft bill to simplify land records with 10 modules and appellate reforms
The Telangana government plans to overhaul land record processes with the proposed Dharani draft bill (Telangana Record of Rights Bill, 2024). The bill aims to address issues in the current Dharani Act by reducing the number of modules from 33 to 10, simplifying user access. It introduces a structured appellate system with the Revenue Divisional Officer and Collector to handle grievances, aiming to reduce court disputes. Additionally, the bill requires public objections for succession claims to enhance transparency. The government will consult rural communities over three months to refine the bill, aiming for a more efficient land administration system....
YEIDA takes legal action to preserve appeal rights in Jaypee Infratech case
The Yamuna Expressway Industrial Development Authority (YEIDA) has filed an appeal with the Supreme Court to protect its right to contest the NCLAT's order requiring Jaypee Infratech Ltd (JIL) to pay INR 1,335 crore to farmers over four years. YEIDA's move is urgent, given the 45-day window for appeal and the potential objections from the Uttar Pradesh government. The NCLAT's ruling, reducing YEIDA's original claim from INR 1,689 crore, follows a structured payment plan from Suraksha Group. The resolution is critical for over 20,000 buyers awaiting flats and highlights the complex legal and financial landscape impacting both farmers and homebuyers....
The Supreme Court of India has directed the CEOs of Noida and Greater Noida Authorities to appear before it due to their failure to expedite housing projects by the Amrapali Group. Attorney General R. Venkataramani, serving as a receiver for Amrapali, criticised the authorities for obstructing progress and delaying approvals for building plans based on revised Floor Area Ratio (FAR) figures. The court's intervention follows allegations of fraud against Amrapali and ongoing efforts by NBCC to complete 16 projects valued at INR 8,017 crore. The court aims to ensure timely completion and delivery of homes to thousands of awaiting buyers....
Omaxe shares dip as real estate firm faces sanctions from SEBI
The Securities and Exchange Board of India (SEBI) has imposed restrictions on the real estate company Omaxe, its Chairman Rohtas Goel, Managing Director Mohit Goel, and three others, excluding them from accessing the securities market for two years. This action followed a complaint alleging Omaxe's involvement in fraudulent transactions, fund diversion, misrepresentation of financial statements, and inflation of turnover. SEBI conducted a forensic audit covering the period from 2018-19 to 2020-21 and found that Omaxe had misrepresented its financial statements to manipulate its share price and maintain the value of the promoters' collateral against a loan. The regulator has also imposed a fine of INR 47 lakh on 16 entities, including Omaxe and its key personnel....
Jaypee Group seeks INR 10,000 crore bailout from Global credit funds
On 3 June, the National Company Law Tribunal (NCLT) admitted Jaypee Associates Limited (JAL) for insolvency proceedings. This decision came after a petition was filed by a consortium of lenders led by ICICI Bank. The lenders approached the NCLT due to JAL's inability to meet its financial obligations. The insolvency process aims to resolve JAL's debt issues and identify a suitable resolution for the creditors. The company plans to refinance borrowings and sell its assets, including real estate and cement plants, in order to reduce the debt burden. Legal provisions may allow JAL to withdraw from insolvency proceedings, pending creditor approval....
GNIDA waives penalties for 40,000 home buyers in delayed flat registrations
The Greater Noida Industrial Development Authority (GNIDA) has announced a six-month penalty waiver for around 40,000 homebuyers unable to register their flats due to developers' unpaid dues. Effective from July 22, this relief applies across 60 projects, allowing buyers to complete registrations without fines. Historically, GNIDA's penalties could reach INR 50-100 daily, creating financial strain. This initiative, influenced by homebuyers' associations, aims to rectify issues from unregistered flats and stalled projects. It is part of broader efforts to support homebuyers and stabilise the real estate market in Greater Noida....
MMRDA to evict illegal occupants from 1,336 Kurla tenements
The MMRDA plans to evict illegal occupants from 1,336 tenements in Kurla, initially meant for slum dwellers displaced by airport expansion. The operation, set from October 7 to 10, follows the discovery of unauthorised residents by MMRDA in 2021. Originally built by HDIL for Bharat Nagar slum rehabilitation, these units now house individuals who paid up to INR 5 lakh to agents. Local activists and advocates highlight issues with lease renewals and unpaid rents. The eviction underscores Mumbai's housing challenges and the need for better oversight and transparent rehabilitation processes....
SC directs Bombay HC to audit Maharashtra Slum Areas Act 1971
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
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
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
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
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
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
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
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
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....
HSVP seals 7 shops at DLF-1 station over rent defaults, plans to target 11 more
The Haryana Shahari Awas Pradhikaran (HSVP) has sealed seven shops at the DLF-1 rapid rail station due to non-payment of rent. These shops, totaling 1,956 square feet, are owned by Sunil Miglani. The sealing, carried out following a Punjab and Haryana High Court ruling, highlights HSVP's efforts to enforce lease agreements. Vikas Dhanda, HSVP estate officer I, indicated that this is just the start, with plans to seal an additional 11 shops at four other stations due to similar issues. This action underscores HSVP's commitment to recovering outstanding dues and maintaining financial stability, amidst broader challenges in public lease agreements. The move also raises questions about the impact of economic difficulties on tenant compliance and lease management....
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