MahaRERA orders L&T Realty to refund deposit to NRI homebuyer
Author : PNT Bureau
MahaRERA has directed L&T Realty to refund the deposit amount paid by an NRI homebuyer from Abu Dhabi. The buyer had booked a flat in L&T's Emerald Isle - T10 project located at Kurla in Mumbai by paying INR 25 lakhs as 10.5% of the total cost of INR 2.29 crore. However, the transaction could not be completed after the bank subvention scheme was discontinued, leaving the buyer unable to pay further amounts. L&T cancelled the booking and offered to refund INR 17 lakhs after deducting over INR 8 lakhs. But MahaRERA ruled that L&T can only deduct 2% of the flats value from the deposit amount, maintaining consistency with its earlier order involving Godrej Properties....
NCLT issues resolution for insolvency proceedings against Mumbai Metro One Private Limited
Author : PNT Bureau
The National Company Law Tribunal (NCLT) bench in Mumbai resolved the corporate insolvency proceedings against Mumbai Metro One Private Limited, which operates Mumbai's busiest metro line. This resolution followed a one-time debt settlement between the company and its lenders led by State Bank of India and IDBI Bank. The resolution could enable the Maharashtra government to acquire Reliance Infrastructure's majority stake in MMOPL. The Maharashtra cabinet had recently cleared a sum of INR 4000 crore for purchasing this majority stake....
Supreme Court to examine validity of INR. 33,000 crore tax claim on Jaypee Infratech
Author : PNT Bureau
The Supreme Court will examine the validity of the Income Tax department's assessment of INR 33,000 crore in disputed taxes on Jaypee Infratech Ltd. (JIL). JIL has been going through insolvency proceedings since 2017 over its stalled housing projects that have left over 22,000 homebuyers without homes. In 2023, the National Company Law Tribunal approved a resolution plan by Suraksha Group to acquire JIL assets and complete projects. However, the Tax department notified the tax claim in August 2023, jeopardizing the resolution process. The Court will review the assessment order to help resolve issues stalling project completion for homebuyers even after years of litigation....
Delhi-RERA Chairman warns developers of risks from non-paying investors
Author : PNT Bureau
Delhi-RERA Chairman Anand Kumar urges real estate developers to report delinquent customers to regulatory authorities, cautioning against the risk of investors defaulting on payments. Kumar highlighted the detrimental impact on project cash flow and warned of potential project stalls. He advocates for proactive measures, advising developers to approach RERA at the first sign of payment issues to prevent disputes. Emphasizing the significance of RERA provisions, Kumar underscored the authority's role in resolving conflicts and facilitating project progression. Issues such as the shortage of skilled workers and the necessity for expansion into non-metro areas were also discussed, echoing industry experts' insights on the sector's growth trajectory....
KMC proposes stricter penalties for developers of unlawful properties
Author : PNT Bureau
The Kolkata Municipal Corporation (KMC) is looking to introduce amendments to the KMC Act to impose stricter penalties on unlawful property developers, including making certain offenses non-bailable and punishable by up to 10 years in jail and fines up to INR 50,000. The KMC Mayor recently met with municipal officials to discuss the amendments. Once approved by the KMC House, the amendments would be sent to the state government for final approval. The proposed changes aim to deter unscrupulous promoters by clarifying the ambit of legal construction activities and introducing longer jail terms....
NCLAT rejects insolvency plea of homebuyers against Parsvnath Landmark Developers
Author : PNT Bureau
The National Company Law Appellate Tribunal (NCLAT) has rejected the insolvency plea filed by four homebuyers of Parsvnath Landmark Developers' project in Delhi called La Tropicana Khyber Pass. The plea was rejected on technical grounds as the number of petitioners was less than the threshold of 100 or 10% of total allottees, as required under the Insolvency and Bankruptcy Code. While the total allottees in the project were 488, only four had filed the plea. The homebuyers had obtained an order from RERA directing the developer to refund the amount but it was not complied with. However, NCLAT did not consider them a separate class of financial creditors and upheld their status as allottees....
The Brihanmumbai Municipal Corporation (BMC) sets May 25th deadline for property tax payments
Author : PNT Bureau
The Brihanmumbai Municipal Corporation (BMC) has set a deadline of May 25th for property tax payments totaling INR 3,195 crore from the last fiscal year. Failure to meet this deadline may result in penalties, typically a percentage of the outstanding amount. To assist over 5 million property owners, BMC has launched an awareness campaign and extended office hours. Separately, businesses failing to display Marathi or Devanagari signage will face double property tax charges from May 1st. Timely tax payments are crucial for BMC to provide essential services to Mumbai's 20 million residents, ensuring a better city for all....
Pradhan Mantri Awaas Yojana-Gramin Scheme gets six-month extension in funding
Author : PNT Bureau
The Ministry of Finance has approved the release of additional funds for six months until September 2024 to complete around 3.5 million homes under the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) rural housing scheme. This move will enable the government to fulfil existing commitments under the program, which aims to provide housing for all rural citizens by 2024. No new approvals will be permitted beyond the original target of 29.5 million homes set for the scheme due to the model code of conduct currently in place for general elections....
Housing redevelopment projects transform prime localities in Ahmedabad
Author : PNT Bureau
Housing redevelopment projects are booming in Ahmedabad, with around 50 projects finalized in the last eight months and 400 more in late stages of negotiation. Areas like Navrangpura, Naranpura, Paldi and Memnagar are seeing huge potential for redevelopment. Faster deals and recent High Court order mandating approval from only 75% residents, have prompted more societies to opt for redevelopment. This has also led to high demand for rental homes in these areas. Additionally, some homebuyers who previously sought new properties in the outskirts were now interested in redevelopment as they get additional amenities in prime locations....
Noida Authority urges developers to execute flat registries, settle dues
Author : PNT Bureau
The Noida Authority is addressing long-standing delays in flat registrations by directing developers to complete registrations within 15 days if they've paid 25% of their dues, totaling INR 11,175 crore. This initiative aims to expedite ownership rights for homebuyers. Positive progress has been made, with over 1,400 flat registrations approved across 15 projects, benefiting around 300 buyers so far. Encouraging remaining developers to settle dues could further alleviate the backlog, potentially benefiting over 1,100 flats. These steps signify a commitment to resolving delays and facilitating property ownership for Noida residents....
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