The Supreme Court recently ruled in favor of a homebuyer, Venkataraman Krishnamurthy, directing the prominent real estate developer Lodha Group to refund INR 2.25 crore with a 12% per annum interest. This decision stems from alleged delays in delivering possession of a Mumbai apartment purchased in 2013. Despite the National Consumer Disputes Redressal Commission's earlier order for possession within three months and a 6% per annum interest compensation, the Supreme Court overturned this ruling, emphasizing contractual obligations. The verdict highlights the significance of adhering to legal frameworks in resolving disputes, reinforcing consumer protection and contractual integrity in real estate transactions....
Dispute arises over railway land involved in Dharavi redevelopment
Author : PNT Bureau
A dispute has arisen over the ownership and subleasing rights of 47.5 acres of railway land designated for Mumbai's Dharavi Redevelopment Project. The Railway Land Development Authority (RLDA) refuses to permit subleasing to the Dharavi Redevelopment Project/Slum Redevelopment Authority (DRP/SRA). DRPPL contends that DRP/SRA, as state government bodies, have the right to sub-lease the land. RLDA prioritises railway staff quarters' redevelopment and scrapyard relocation, while DRPPL advocates for simultaneous redevelopment. Alongside, DRPPL recently said that eligible industrial and commercial units redeveloped as part of DRP will enjoy benefits, such as a refund of SGST....
NCLT initiates insolvency proceedings against Sankalp Siddhi developers
Author : PNT Bureau
The National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against Sankalp Siddhi Developers, a special purpose vehicle (SPV) promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, controlled by Chinese group Fosun since 2022. The petition was filed by operational creditor Lekha Enterprises due to payment default. Ahuja's alleged fraud led to disputes, with the SPV claiming inability to pay creditors. NCLT appointed Rajkumar Jaiswal as interim resolution professional. This action reflects a broader trend, with 21% of companies admitted for resolution under the Insolvency & Bankruptcy Code since 2016 belonging to the real estate sector....
In Mumbai, housing societies are bypassing legal transfer fee caps of INR 25,000 by demanding up to INR 30 lakh as 'voluntary donations' for flat transfers in affluent areas like South Mumbai. This widespread practice, criticized as 'arm-twisting' by experts, aims to bolster societies' infrastructure funds, despite legal constraints. Advocates highlight the adverse impact on sellers, who often pay hefty sums to expedite transactions, amidst calls for regulatory adherence and fairness in the property market. Critics argue for transparency and equitable contributions from all members to address maintenance costs without overburdening individual transactions....
Bombay High Court queries Anjuna Panchayat on delay in sealing 175 illegal properties
Author : PNT Bureau
The Bombay High Court has directed questions at the Anjuna-Caisua panchayat concerning the delay in sealing 175 illegal structures situated in no-development and coastal regulatory zones. The panchayat has cited challenges in locating and sealing these structures and has requested assistance in addressing the issue. The court's scrutiny comes amid increasing concerns over illegal constructions in environmentally sensitive areas. Authorities are urged to take swift action to ensure compliance with regulations and preserve the integrity of these zones.Criticizing the panchayat's delays and excuses, the court has demanded a status report....
Jammu & Kashmir Government mandates real estate project registration with RERA
Author : PNT Bureau
The Jammu & Kashmir government has mandated the registration of all real estate projects with the newly established Real Estate Regulatory Authority (RERA) before commencement of work, following the J&K Real Estate (Regulation and Development) Rules, 2020. J&K RERA commenced operations on January 18, 2024, under the leadership of Satish Chandra. This initiative aims to enhance transparency and accountability in the real estate sector, aligning with the national framework of the Real Estate (Regulation and Development) Act, 2016, and bolstering consumer confidence in the region's real estate market....
SRA rehabilitation buildings face extended 10-year defect liability
Author : PNT Bureau
Mumbai's Slum Rehabilitation Authority (SRA) has extended the defect liability period for rehab buildings from three to ten years, following a panel's recommendations post a fatal Goregaon fire last October. In a recent circular, SRA mandated the issuance of revised letters of intent reflecting the longer liability period. Professionals and construction entities involved in projects exceeding 7,500 sqft will be accountable for structural flaws over the extended term. Meanwhile, the state's urban development department has designated BMC as the planning authority for slum rehab schemes, aiming to relocate slum dwellers affected by infrastructure projects....
Uttar Pradesh Housing Board slashes cost of flats up to 42 percent in Ghaziabad
Author : PNT Bureau
The Uttar Pradesh Housing Board has taken a proactive step to boost the real estate market by reducing the prices of 4,720 flats in Siddharth Vihar, Mandola, and Vasundhara by up to 42%. Originally priced between INR 69.4 lakh and INR 1.1 crore, these residential units have faced challenges in attracting buyers over the last decade. The price adjustment is part of the board's strategy to address subdued demand and stimulate interest among potential homebuyers....
Uttar Pradesh RERA increases oversight on builder-buyer agreements
Author : PNT Bureau
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has introduced stringent guidelines governing mutual settlements between homebuyers and developers, aiming to enhance transparency and accountability in the real estate sector. These guidelines, effective from this month, mandate settlements to be formalized on non-judicial stamp paper, notarized, and uploaded onto UP-RERA's web portal for verification. These measures seek to address issues of non-compliance and disputes, ensuring adherence to established norms and fostering an environment conducive to successful resolution of proceedings. By standardizing the settlement process and imposing strict compliance measures, UP-RERA aims to enhance trust and efficiency in the state's real estate market....
Bombay High Court rules in favour of Godrej Properties and Shelton Infrastructure in Navi Mumbai land dispute
Author : PNT Bureau
The Bombay High Court has delivered a decisive verdict in favour of developers Godrej Properties and Shelton Infrastructure, allowing them to retain plots in Sanpada, Navi Mumbai, originally allocated by CIDCO. The dispute arose when CIDCO sought to revoke the allotments, citing concerns over potential financial losses. However, the High Court deemed CIDCO's actions arbitrary and discriminatory, emphasizing the developers' right to equality before the law. Represented by seasoned legal counsels, the developers argued vehemently against the cancellations, leading to a landmark ruling reinforcing the importance of due process and legal diligence in matters of public land allocation and development....
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