CREDAI-NCR proposes "Deemed Approval" measure to accelerate Noida's real estate projects
Author : PNT Bureau
The Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) is promoting a regulation aimed at expediting project completion and handover of flats in Noida. Under this regulation, if developers apply for an Occupation Certificate (OC) or Completion Certificate (CC) and don't receive a response within a specific timeframe, the certificate is considered "deemed approved." This clause addresses delays in obtaining OC/CCs, benefiting both developers and homebuyers. While not a panacea, it offers a potential solution to streamline processes and promote efficiency in Noida's real estate market, ensuring adherence to regulatory guidelines while facilitating faster project completions....
LDA begins demolition of illegal structures in Akbarnagar; offers alternative housing to affected residents
Author : PNT Bureau
The Lucknow Development Authority (LDA) has initiated the demolition of illegal constructions in Akbarnagar, targeting shops and houses built without permits. Affected residents are being relocated to Vasant Kunj, with LDA officials, including VP Indramani Tripathi, facilitating the move. The demolition, focused on vacated buildings, is under strict security and CCTV surveillance. While alternative housing is provided, residents face challenges such as a relocation fee of INR 8,000 and higher-floor apartments. The LDA is working to address these issues, aiming to balance planned development with resident well-being....
Haryana Government to issue plot certificates to 7,500 BPL families under new scheme
Author : PNT Bureau
Haryana's Chief Minister Nayab Singh Saini announced the issuance of possession certificates for 100 square yard plots to over 7,500 BPL families under the Mukhyamantri Gramin Awas Yojana. This initiative aims to provide housing for economically weaker sections, with registration and plot handover occurring on-site. Saini criticized the previous Congress government for not providing documentation for promised plots. The new plan includes financial aid of up to INR 1 lakh for 12,500 beneficiaries. Over the past decade, 14,939 houses were built under PMAY in Haryana, with an additional 15,356 under construction....
Three crore more families to benefit from PMAY housing scheme
Author : PNT Bureau
In its first meeting, the new Modi government approved a major expansion of the Pradhan Mantri Awas Yojana (PMAY), sanctioning three crore additional houses for eligible rural and urban families. This decision increases the total target to seven crore homes under PMAY, addressing India's housing needs. Prime Minister Modi highlighted this move as enhancing "ease of living" and dignity for millions. Since its inception in 2015-16, PMAY has completed 4.21 crore houses with essential amenities. This expansion reinforces the government's commitment to inclusive growth and better living standards for all citizens....
Goa simplifies property registration for non-resident Indians (NRIs)
Author : PNT Bureau
The Goa government simplifies property registration for Non-Resident Indians (NRIs), affecting around 100,000 Goan NRIs. Previously, sub-registrars handling 30,000 registrations annually hesitated due to FEMA complexities. The new regulation clarifies procedures, with sub-registrars focusing solely on verifying compliance with the Indian Registration Act, 1908. Responsibility for adhering to FEMA regulations now rests with the buyer and seller, estimated at over 60,000 annually. NRIs must declare non-agricultural property status and compliance with FEMA and RBI guidelines. This streamlined process aims to expedite property registration, making it easier for Goan NRIs to own and manage property in Goa....
Goa simplifies land use change process, aims to attract investment with new 550-acre plan
Author : PNT Bureau
The Goa Town and Country Planning (TCP) department has revamped its land use modification procedure, simplifying the process for developers and individuals. Within Goa's 550-acre regional or outline development plans, changes over 500 square meters are now scrutinized by the Chief Town Planner (Land Use), streamlining approvals. Public participation remains vital, with a 30-day window for suggestions or objections post-approval. Fees range from INR 500 to INR 50,000 based on land size, and zone change fees from INR 50 to INR 400 per square meter. This new system aims to expedite development while ensuring responsible land use and public engagement....
NRI township plot buyers in Noida face delays after 13 years
Author : PNT Bureau
Hundreds of buyers in Noida's YEIDA NRI Township project await plot registry for over 13 years, encountering fresh obstacles. YEIDA mandates additional compensation for farmers and higher lease rent before resuming registry, following SDS Infracon's failure to clear INR 700 crore dues. Buyers also need an NOC from SDS Infracon, complicating matters. Despite promises of amenities, residents lack essential services. Increased farmer compensation and NOC requirements escalate financial burdens on buyers. The NRI Township Yamuna Plots Owners Association urges YEIDA to hold the developer accountable and prioritize buyer welfare. Uncertainty looms over the project's future as buyers await resolution....
Bihar RERA ensures refund of INR 14.23 lakh to aggrieved homebuyers
Author : PNT Bureau
Bihar RERA recently secured the refund of INR 14.23 lakh to two homebuyers from Aryavart Lifespaces Private Limited, following cases transferred to the Patna district administration under the Bihar and Orissa Public Demand Recovery Act, 1914. The Act allows authorities to confiscate property and issue warrants against defaulters. A meeting, led by RERA Bihar chairman Vivek Kumar Singh, focused on expediting these cases and developing a monitoring system, including a mobile app for tracking progress. Additionally, plans to auction Agrani Homes Pvt Ltd's confiscated land via an e-proc platform were discussed, aiming to reimburse aggrieved homebuyers....
Twenty-two properties to be auctioned by SEBI from Seven Companies in July 2024
Author : PNT Bureau
The Securities and Exchange Board of India (SEBI) announced plans to auction 22 properties from seven companies, including Pailan Group, Vibgyor Group, and GBC Industrial Corp Group, on July 8, 2024. Other firms to be auctioned are Tower Infotech Group, Waris Group, Teacher's Welfare Credit and Annex Infrastructure India Ltd. This auction is part of SEBI's efforts to recover funds that these companies illegally collected from investors. The properties, lined up for sale, represent a significant step in SEBI's crackdown on fraudulent activities in the market. The auction proceeds will compensate affected investors, demonstrating SEBI's commitment to market integrity....
FONRWA calls for regularising unauthorised constructions in Noida
Author : PNT Bureau
The Federation of Noida Residents Welfare Associations (FONRWA) is advocating for the regularisation of unauthorised constructions, particularly in LIG, MIG, and HIG housing. This initiative aims to address the housing needs of lower and middle-income residents, including migrant workers. FONRWA emphasises that the lack of affordable housing, compounded by luxury developments, necessitates this regularisation. They also call for new affordable housing projects under the Pradhan Mantri Awas Yojana, ensuring housing accessibility and generating revenue for the Noida Authority....
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