Chandigarh administration sanctions interim budget of INR 300 crore
Author : PNT Reporter
To address the financial impasse of the Chandigarh Municipal Corporation (MC), the UT administration has approved an interim budget of INR 300 crore for the next three months in the new fiscal year. This interim measure aims to tackle various committed liabilities, including employee salaries, garbage processing expenses, and infrastructural works, amidst uncertainties surrounding the approval of the budget passed by the MC general house. The budget meeting, conducted despite legal challenges, led to the passage of the budget, now under scrutiny by the administration and challenged by BJP councilors. While the interim budget provides temporary relief, swift administrative action is needed to ensure smooth municipal operations in Chandigarh....
The development authority in Greater Noida registers 1,000 flats within 20 days
Author : PNT Reporter
The Greater Noida Industrial Development Authority (GNIDA) oversaw 1,000 flat registrations across 30 group housing societies as part of a state government rehabilitation package for stalled projects. Plans are set for an additional 10,000 registrations, with the majority in Greater Noida West. Developers owe INR 1,800 crore, with relief options available. Consent obtained from 75 out of 96 defaulter projects may lead to 15,000 flat registrations. Similar initiatives in Noida and Yamuna aim to streamline processes, fostering trust and development....
DDA Housing Scheme 2023 to offer 9,500 affordable flats from INR 14 Lakh to INR 2.1 crore
Author : PNT Reporter
The Delhi Development Authority is offering discounted flats and new inventory under their Diwali Special Housing Scheme 2023. Over 600 flats in Narela and Ramgarh Colony are discounted 15-25% for LIG and MIG categories, making them affordable for first-time buyers. Additionally, 7,931 new EWS and LIG flats in Narela are available. Existing flats in established areas like Jasola, Rohini and others are also being offered, including 8 HIG flats priced between INR. 2-2.1 crore. With options for all income groups and budgets across various locations, this scheme provides a great opportunity for Delhi residents to purchase affordable homes....
Minister Hardeep Singh Puri charts path to a trillion-dollar real estate sector by 2030
Author : PNT Reporter
Housing and Urban Affairs Minister Hardeep Singh Puri, speaking at a CREDAI youth wing event, stressed the crucial role of a mature and developed real estate sector in India's vision of achieving developed nation status by 2047. Highlighting the necessity of reaching a market size of USD 1 trillion by 2030, Minister Puri praised the transformative impact of the RERA Act in regulating the sector and resolving consumer complaints. He emphasized the sector's significance as the second-largest employer and projected its contribution to GDP to reach 15% by 2030. Minister Puri urged for an additional 25 million units of affordable housing by 2030 and commended CREDAI's commitment to sustainability goals. Despite acknowledging potential risks such as bubbles, Minister Puri reiterated the importance of nurturing a robust real estate sector for India's developmental aspirations....
Department of Financial Services mandates builder RERA verification for withdrawals
Author : PNT Reporter
Following a recommendation from the Haryana Real Estate Regulatory Authority (HARERA), the Department of Financial Services (DFS) is set to mandate banks to enforce RERA norms for withdrawals from real estate accounts. The directive aims to ensure compliance by promoters of real estate projects. HARERA's proposal prompted the DFS Secretary to instruct all banks accordingly. This move points to efforts to improve regulations within the real estate sector, aligning with the broader objectives of promoting transparency and accountability in the real estate industry....
UP-RERA introduces digitally signed project registration certificates with QR codes
Author : PNT Reporter
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has redesigned project registration certificates to now include digital signatures and QR codes. This provides easy access to key details like project name, promoter, and timelines via scanning the QR code on certificates prominently displayed at project sites and offices. The certificates also highlight conditions like escrow account usage. UP-RERA aims to increase transparency and empower home buyers by making all registration information readily available through the accessible QR scanning technology on certificates and promoter platforms....
MahaRERA reports 50% success rate in homebuyer-developer conciliations
Author : PNT Reporter
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revealed that approximately 35-50% of conciliations between homebuyers and developers have been successful, out of over 1,200 cases handled since 2018. Chairman Ajoy Mehta commended the process for its efficiency and low appeal rates, with around 50% of cases resolved through conciliation. Out of 1,231 cases, 1,061 have concluded, with ongoing success rates within the 35-50% range. While complaints are addressed by MahaRERA, the conciliation forum encourages cooperation for improved success rates, emphasizing dialogue and mutual understanding. Effective dispute resolution mechanisms like MahaRERA's Conciliation Forum enhance trust and confidence in the real estate sector, benefiting all stakeholders and fostering industry growth....
Tamil Nadu RERA Tribunal asks Hiranandani to register entire township as one project
Author : PNT Reporter
The Tamil Nadu Real Estate Regulatory Authority (TN RERA) Appellate Tribunal has directed House of Hiranandani to register its multi-tower township project as a unified real estate entity, emphasizing compliance with RERA regulations. This decision, prompted by the ongoing nature of the project despite its initiation before the enactment of RERA, aims to ensure transparency and accountability in large-scale residential developments. By mandating the registration of the entire township as a single project, the tribunal seeks to streamline administrative processes and protect the interests of homebuyers. This reflects a commitment to regulatory compliance and fairness in the real estate sector....
Bengaluru introduces 'Nambike Nakshe' a decentralised automated building plan approval process
Author : PNT Reporter
Deputy Chief Minister DK Shivakumar announced the implementation of a decentralised automated online approval process named 'Nambike Nakshe' for building plans in Bengaluru, specifically targeting residential constructions. Under this new scheme, residential constructions of up to four units on a plot measuring up to 50 x 80 feet can obtain online building plan approvals from authorised architects or engineers, eliminating the need for physical visits to BBMP offices. Additionally, a new property tax system has been introduced, categorising the city into six zones based on asset classes, and a 10% increase in property taxes has been decided, with efforts to bring 18 lakh property owners into the tax bracket....
The Talati Bungalow, a historic relic in Versova, Mumbai, faces potential demolition following a BMC notice citing structural concerns. Dating back to 1900 AD, the bungalow holds significant historical value as one of the last original Seven Bungalows in Versova. Owners, Shaloo Rahul Barar and her sons, allege a conspiracy by developers and contest the BMC's assessment, citing contradictory audit reports. MLAs and Intach have raised concerns over the misclassification of sturdy structures as dilapidated, advocating for fair evaluations and conservation efforts. The controversy highlights the delicate balance between urban development and preserving cultural heritage, emphasizing the need for transparent and equitable processes....
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