Bombay High Court rejects builder's petition to stop land acquisition by SRA
Author : PNT Bureau
The Bombay High Court rejected a petition filed by the resolution professional of Truly Creative Developers Pvt Ltd, which is facing insolvency proceedings, to stop the Slum Rehabilitation Authority from acquiring a land parcel in Mumbai. The builder had acquired the land in the 1990s for a slum rehabilitation project but failed to complete it for over 16 years. In 2021, the slum society terminated Truly Creative as the builder and appointed a new one. The High Court observed that the resolution professional failed to explain how the land could be used to rehouse slum dwellers and deemed the petition an abuse of the legal process....
Farmers struggle for returnable plot ownership as Amaravati capital plan gets backtracked
Author : PNT Bureau
Over 3,300 farmers in Amaravati who gave up their agricultural lands for the proposed capital city development have been left stranded without clear ownership rights to the returnable plots promised to them as compensation. Although plots were allotted to farmers by the government which acquired lands as part of the capital city masterplan, the new state government halted all land acquisition proceedings and withdrew the previous notification. While most farmers received plot registration, around 3,300 find themselves in limbo without official ownership as the government did not transfer the lands to the Capital Region Development Authority responsible for allotment and registration. The unclear legal status of the plots has impacted the farmers who are still awaiting ownership documents years after sacrificing their livelihood lands for the capital project now stalled due to shifting po...
MahaRERA orders Godrej Properties to refund money to homebuyer after booking cancellation
Author : PNT Bureau
MahaRERA has directed Godrej Greenview Housing Private Limited, part of Godrej Properties, to refund more money to a homebuyer, Ajit Dabhade, who cancelled his booking in the Godrej Emerald housing project in Thane. Dabhade had booked a flat worth INR 92.17 lakh in 2019 but cancelled due to issues securing a home loan. Godrej Properties forfeited the entire initial payment amount. MahaRERA ruled this was illegal under RERA and ordered Godrej to deduct only 2% of the flat value from the refund instead of the 5% allowed in the booking form. This ensures Dabhade receives more money back. MahaRERA also clarified its directives of a maximum 2% forfeiture in cancellation cases apply retrospectively to registered projects. Consequently, Godrej Greenview must refund Dabhade's payment within 45 days after deducting 2%....
Relief for homebuyers in Gautam Budh Nagar as registrations resume in stalled projects
Author : PNT Bureau
In Gautam Budh Nagar district, homebuyers witnessed an 18% revenue increase in FY24, attributed to the resumption of flat registrations in stalled projects. Previously, builders owed INR 44,700 crore to development authorities, causing registration halts. Following the Uttar Pradesh government's adoption of the Amitabh Kant committee's recommendations in December 2023, registrations resumed, bringing relief to homebuyers and boosting revenue collection. Despite missing the FY24 target of INR 4,728 crore, the department collected INR 3,585 crore, with a target of INR 4,800 crore set for FY25. Positive developments, including registrations in over 13,000 apartments, signal a brighter future for homebuyers and the real estate market....
Gurugram mandates online self-certification for property registration process
Author : PNT Bureau
The Municipal Corporation of Gurugram (MCG) has enforced self-certification of property tax data for all property transactions, including sale, purchase, lease, and rental registrations at the revenue department office. This decision, made in a recent review meeting chaired by MCG Commissioner Narhari Singh Banger, aims to ensure accuracy in property owners' data such as names, plot size, and address, consequently leading to precise tax bill generation. Property owners can self-certify their data via the government portal property.ulbharyana.gov.in, provided they clear any outstanding dues and obtain a no-objection certificate (NOC)....
Noida Authority sees low engagement in state's rehabilitation package
Author : PNT Bureau
Noida Authority struggles as only 14 out of 57 projects sign up for UP government's rehabilitation package, despite much efforts. This package was initiated based on Amitabh Kant-led panel recommendations and it aims to address issues of pending dues and flat registrations. Of the identified projects, builders of 35 agreed to the deal and about 14 submitted 25% of recalculated dues, enabling registration of 4,000 flats. The Authority anticipates more registrations in April as builders consider deposits in the new financial year. The Stamps department has organised camps to expedite registries, registering 500 flats so far....
Maharashtra government maintains stable land Ready Reckoner Rates (RR) for 2024-25
Author : PNT Bureau
The state government has opted to keep land-ready reckoner (RR) rates unchanged for 2024-25, maintaining stability in property purchases for the fourth consecutive year. This decision, praised by industry experts, ensures affordability for homebuyers and prevents additional costs that could have arisen from rate increases. The strategy has proven effective, with a notable rise in property registrations in Mumbai city contributing significant revenue to the state. Predictable pricing fosters buyer confidence and investment planning, driving increased activity in the real estate market. This move by the Maharashtra government is anticipated to sustain market momentum, stimulate property sales, and surpass previous revenue collections, benefiting both homebuyers and the real estate sector....
BMC issues notices to Mumbai Metro contractors for outstanding property tax dues
Author : PNT Bureau
The BMC's assessment and collection department has issued notices to several Mumbai Metro contractors for over INR 370 crore in unpaid property tax. As metro construction works are ongoing across the city, contractors are liable to pay taxes on casting yard plots but some like HCC-MMC, CEC-ITD, Doga Soma and L&T have reported delays. Mumbai Metro One Pvt Ltd (MMOPL), which operates the city's first metro line, also owns two large land parcels in Andheri West but has not submitted taxes since 2013, leading the Andheri East and West wards to issue notices for INR 80 crore and INR 220 crore respectively. The BMC warns of cutting water supply or auctioning attached properties if dues remain unpaid by the fiscal year-end....
NCLAT denies homebuyers' insolvency plea against Ansal Hi-tech Township
Author : PNT Bureau
The National Company Law Appellate Tribunal (NCLAT) overturned a petition submitted by homebuyers of a project in Greater Noida, seeking insolvency proceedings against Ansal Hi-tech Township Ltd. The petition sought insolvency proceedings for a project in Greater Noida. NCLAT reiterated NCLT's ruling, stating the homebuyers didn't meet criteria for filing insolvency as they belong to various projects. The dispute centered on the definition of 'Sushant Megapolis' as a unified project. The tribunal's decision signifies a setback for the homebuyers' efforts to address their grievances through the insolvency route....
Bombay High Court upholds homebuyers right to claim interest for delayed possession under RERA
Author : PNT Bureau
The Bombay High Court recently heard an appeal by a Pune developer challenging orders directing payment of interest to two homebuyers for delayed possession of their homes beyond the promised dates of August 2016 and September 2017. While dismissing the appeal, the High Court upheld the homebuyers' right to claim interest for delayed possession under Section 18 of RERA, even after taking possession. In its ruling, the Court clarified that homebuyers can take possession first before filing complaints with MahaRERA to avoid further losses, and that Section 18 applies to both homebuyers who have withdrawn or are continuing in delayed projects....
This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Prop News Time reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Prop News Time for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Prop News Time will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 (“RERA”) and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Prop News Time accepts no responsibility for keeping the information on this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Prop News Time does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention of third-party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Prop News Time accepts no responsibility for the content, reliability and information provided on these third-party websites. Prop News Time will not be held liable for any personal information or data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Prop News Time is not liable for the same. All details in the form of news stories, photos and videos provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. This Site is for guidance only. Your use of this Site – including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional–client relationship between you and Prop News Time. Prop News Time cannot accept you as a client until certain formalities and requirements are met.
Cookie Disclaimer
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy
