Odisha RERA mandates promoters to disclose prior projects in declaration
Author : PNT Reporter
According to Odisha Real Estate Regulatory Authority (ORERA), promoters seeking registration for real estate projects must now furnish a comprehensive self-declaration. This declaration necessitates the inclusion of detailed information regarding their past and ongoing housing ventures, among other projects. ORERA's directive underscores the importance of transparency in the real estate sector, aiming to enhance accountability and protect consumer interests. The move aligns with broader efforts to regulate the industry and ensure fair practices, marking a significant step towards promoting trust and confidence among stakeholders...
Mumbai Police crack down on illegal trading of flats meant for airport expansion victims
Author : PNT Reporter
In a recent operation, Mumbai police arrested 12 individuals and charged 53 others for unlawfully trading homes designated for those affected by the city's airport expansion project. The crackdown followed reports of illegal activities during a housing distribution event in Andheri, where over 400 people had gathered. Authorities uncovered fake documents and apprehended individuals involved in the unlawful sale of flats. The incident sheds light on challenges in properly distributing housing for displaced residents, highlighting the need for stringent enforcement measures....
Maharashtra cabinet approves INR 5,000 crore plan to provide housing for mill workers
Author : PNT Reporter
The Maharashtra Cabinet has given its approval to a INR 5,000 crore plan to construct housing complexes for around 80,000 workers left without homes after the closure of 58 textile mills in Mumbai in the 1980s. The government will provide INR 3,000 crore as subsidy while the BMC will contribute INR 1,500 crore. Most housing will be built in the Mumbai Metropolitan Region but those wanting homes elsewhere can also apply. The cabinet's decision was crucial to implement the long-pending plan to fulfill the government's promise of free housing for all displaced former mill workers....
Pune Municipal Corporation proposes rental housing for transient residents
Author : PNT Reporter
Pune Municipal Corporation (PMC) has announced initiatives aimed at addressing the city's housing needs, especially for its transient population. With a focus on affordability, PMC will introduce rental housing projects, starting with Baner. Additionally, plans include affordable housing and slum rehabilitation in Gultekdi. The administration is also revising charges for approval of Gunthewari projects to encourage participation. Notably, PMC targets a significant revenue increase from building permissions, signaling a proactive approach to urban development....
MahaRERA set to implement real estate project grading April onwards
Author : PNT Bureau
MahaRERA, the regulatory authority for real estate in Maharashtra, has announced its decision to introduce a grading system for real estate projects, effective from April. This system will be based on four key parameters selected by MahaRERA. Developers will be required to upload information encompassing technical, financial, and legal details, along with an overview of the project. This data will then be made accessible to potential homebuyers, empowering them to make informed decisions regarding their property investments. This move aims to enhance transparency and accountability within the real estate sector in Maharashtra....
GNIDA reclaims INR 120 crore worth of land from encroachers
Author : PNT Bureau
The Greater Noida Industrial Development Authority (GNIDA) has reclaimed 60,000 square meters of land, estimated at INR 120 crore, from encroachers by demolishing illegal structures in Kheda Chauganpur and Bisrakh areas. The CEO issued a cautionary statement urging the public to be vigilant against fraudulent developers and emphasised the importance of verifying land legality before making purchases. This action underscores GNIDA's unwavering dedication to upholding legal regulations and ensuring transparency in land transactions within Greater Noida....
Maharashtra LA speaker calls for extension of rent act to buildings on port trust land
Author : PNT Bureau
Maharashtra Legislative Assembly Speaker Rahul Narwekar has urged Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis to issue an ordinance amending the Maharashtra Rent Control Act. The proposed amendment aims to include residential and commercial tenants in approximately 4,000 buildings on Mumbai Port Authority (MPA) land, extending protections against eviction and arbitrary rent hikes. The move addresses the regulatory gap that leaves MPA tenants without coverage under the current rent control regulations, emphasizing the need for prompt legislative intervention....
UP-RERA mandates document upload 48 hours before hearings by parties
Author : PNT Bureau
In a significant move, Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has implemented new guidelines regarding document submission timelines. Parties involved in hearings must now upload documents, objections, or counter-objections at least 48 hours before the scheduled hearing. This decision, endorsed by UP-RERA Chairman Sanjay Bhoosreddy, aims to streamline proceedings and ensure adequate time for RERA benches to review case files. Late submissions have previously hindered the process, leading to adjournments and delays in justice delivery. By enforcing stricter deadlines, UP-RERA seeks to expedite case resolutions and uphold the principles of fairness and efficiency in the regulatory process....
NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech by mid-April.
Author : PNT Bureau
The National Company Law Appellate Tribunal (NCLAT) has set a deadline, warning that if the disputes between the Yamuna Expressway Industrial Development Authority (YEIDA) and Suraksha Group over Jaypee Infratech are not settled by the second week of April, the tribunal will proceed with the case. Suraksha Group's resolution plan for Jaypee Infratech was approved by the National Company Law Tribunal (NCLT) last year, but progress has been hindered by challenges from YEIDA and Jaiprakash Associates. The NCLAT has directed the Monitoring Committee overseeing the insolvency process to file a status report within two weeks, indicating potential relief for over 20,000 homebuyers invested in Jaypee Infratech projects....
Bombay High Court broadens scope of 'promoter' under RERA
Author : PNT Bureau
The Bombay High Court has broadened the definition of 'promoter' under the Real Estate (Regulatory and Development) Act (RERA), now including co-promoters. This groundbreaking ruling holds co-promoters jointly liable for refunds, alongside primary promoters, in cases of project delays, even if they haven't directly received funds from flat buyers. The verdict, delivered on February 26, has stirred the real estate industry, particularly impacting redevelopment projects in Mumbai. Stemming from an appeal filed by Wadhwa Group Housing Pvt Ltd, the decision clarifies the obligations of co-developers and investors, marking a significant legal precedent in RERA enforcement....
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