Goa introduces new land conversion fees to boost revenue
Author : PNT Bureau
The Goa government has announced a new fee structure for land use conversions to capitalise on the state's booming real estate market. Effective June 18th, 2024, the Town and Country Planning (TCP) department will charge INR 1,000 per square metre for residential and commercial plots over 500 square metres, plus an INR 10,000 processing fee. Smaller plots face an INR 5,000 processing fee and INR 50 per square metre conversion fee. Industrial zones will incur INR 200-INR 500 per square metre, while institutional zones will be charged INR 150-INR 250 per square metre. This move aims to generate revenue but may impact development costs and project sizes in Goa....
New CEV-V regulations to increase construction equipment costs by 15%
Author : PNT Bureau
The construction equipment industry, transitioning to CEV Stage V emission norms by January 2025, anticipates a 12%-15% cost increase due to new safety and emission regulations. Dimitrov Krishnan, MD of Volvo CE India, noted that 40% of the market, regulated by CMVR norms, will require enhanced engines and safer cabins. The remaining 60%, including excavators, lack such regulations. Despite these challenges, the industry is growing, with a 15% increase in the first half of 2024 and 20% growth in 2023. Volvo CE is expanding domestically and internationally, to boost exports. The market could reach USD 25 billion by 2030....
YEIDA threatens land cancellation over INR 1,300 crore in unpaid dues by ATS Realty and Supertech
Author : PNT Bureau
The Yamuna Expressway Industrial Development Authority (YEIDA) is in dispute with ATS Realty and Supertech Township Project Ltd over nearly INR 1,300 crore in unpaid land dues. YEIDA threatens partial land allotment cancellation for ATS and Supertech, who owe INR 668 crore and INR 677 crore respectively. Despite a pandemic relief package offering penal interest waivers, both companies have not settled their dues. YEIDA plans to propose partial cancellation by June 22, affecting undeveloped land, while residents in existing projects could face future uncertainties. Meanwhile, other developers like Greenbay Infrastructure, Omnis Developers, and Logix Buildstate have made partial payments under the relief package....
JVPD housing societies secure ownership of amenities in High Court decision
Author : PNT Bureau
The Bombay High Court has ruled in favor of 14 housing societies in the Juhu Vile Parle Development (JVPD) scheme, granting them ownership of common plots and amenities. This decision clarifies that these plots belong to the societies, not the Maharashtra Housing and Area Development Authority (MHADA). The dispute originated from the JVPD scheme's development in the 1950s and resurfaced between 2010 and 2017 when MHADA and the Brihanmumbai Municipal Corporation (BMC) claimed ownership. The court affirmed the societies' rights, a significant win that allows them full control over their areas, improving livability and setting a precedent for similar cases nationwide....
India's housing ministry sets ambitious goals for sustainable development in realty sector until 2029
Author : PNT Bureau
India's Ministry of Housing and Urban Affairs is spearheading a transformative agenda for the real estate sector, focusing on sustainable development until 2029. D. Thara, Additional Secretary, outlined key initiatives to industry leaders, emphasising rainwater harvesting systems to alleviate water scarcity, child-friendly playgrounds in housing complexes, and solar-powered pathways for energy efficiency. These measures aim to enhance livability and community bonding. Additionally, the ministry addresses gender diversity, urging increased participation of women in real estate. These initiatives mark a pivotal shift towards creating eco-friendly and inclusive housing solutions, aiming to meet future challenges sustainably in India's evolving urban landscape....
Greater Noida authority raises land allocation rates by 5.30% for FY25
Author : PNT Bureau
The Greater Noida Industrial Development Authority (GNIDA) board has approved a 5.30% increase in land allocation rates for 2024-25, driven by upcoming projects like the Greater Noida West Metro and Multimodal Logistics Hub. This increase applies to industrial, residential, commercial, institutional, and builder properties, effective April 1. The board also approved revised lease rent payments, increased Floor Area Ratios near the Metro route, and extended deadlines for lease deed execution and completion certificates, aiming to support regional growth and property demand....
High Court penalises petitioner for weak PIL, highlights need for proper groundwork
Author : PNT Bureau
The Delhi High Court dismissed a PIL demanding the demolition of alleged illegal constructions in Okhla Industrial Area, imposing a INR 25,000 cost for lack of adequate investigation. The petition aimed to direct the MCD, DDA, and DSIIDC to act against unauthorised constructions. However, it was revealed that the owner had necessary permissions and building plans approved. The court found the petition baseless and potentially malicious, intended to malign authorities and extort money. The bench, comprising Acting Chief Justice Manmohan and Justice Manmeet PS Arora, ordered the petitioner to pay the costs equally to MCD and DDA within four weeks....
Court dismisses BPTP's plea seeking injunction against protesting residents
Author : PNT Bureau
A city court dismissed a real estate firm's petition to stop residents of Park Serene condominium from displaying banners criticising construction quality and infrastructure. BPTP, the developer, had filed a defamation suit, alleging harm to its reputation. Residents argued the banners served public interest by highlighting community issues. Judge Kimmi Singla's ruling on May 31 emphasised free speech rights, citing a Supreme Court precedent that injunctions in defamation cases should be rare. She noted the banners focused on facilities provided by BPTP, leaving defamation determination for trial. Residents welcomed the decision, citing ongoing concerns over construction quality and management practices, while the developer expressed intent to pursue legal recourse....
SEBI auctions KBCL properties to recover over INR 118 crore from illegal fundraising
Author : PNT Bureau
The Securities and Exchange Board of India (SEBI) is set to auction 19 properties of KBCL India Ltd to recover over INR 118.69 crore raised through an illegal Collective Investment Scheme (CIS). SEBI found that KBCL India Ltd, formerly Kalpataru Biotech Corporation, operated the CIS without necessary approvals. A restraining order in 2014 halted their fundraising activities. The auction, managed by C1 India, is scheduled for July 16, 2024, with a reserve price of INR 3.54 crore. This action underscores SEBI's commitment to protecting investors and recovering funds obtained through non-compliant means, emphasizing the need for investor vigilance....
Maharashtra's new committee on Apartment Ownership Act amendments sparks concern
Author : PNT Bureau
The Maharashtra government's formation of a new 10-member committee to review amendments to the Maharashtra Apartment Ownership Act, 1970, has triggered confusion and concern among housing activists. This Act governs ownership, management, and transfer of apartments across the state, impacting over 1 lakh buildings. The move follows a previous committee's recommendations, yet no actions were taken. Critics question the efficiency of the new committee given its tight three-month deadline. Key areas for amendment include simplifying redevelopment and resolving disputes within apartment associations. Activists urge inclusive review processes to ensure effective reforms benefiting residents statewide....
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