Maharashtra Government rolls out 'Abhay Yojana' to ease CIDCO dues
Author : PNT Bureau
In a recent announcement, Chief Minister Eknath Shinde has delivered long-awaited relief for thousands of families, Project-Affected Persons (PAPs), and developers in the city's housing societies. Based on committee recommendations, CIDCO will disconnect pending dues from the grant of Occupation Certificates, conveyance, society formation, and flat transfer NOCs. The newly introduced "Abhay Yojana" amnesty scheme offers a 50% concession to payees for outstanding dues recovery. This move is expected to benefit over 1,000 housing societies and more than 10,000 families, addressing delays caused by demands for Maveja and Additional Lease Premium (ALP) from CIDCO. The directive ensures the issuance of necessary documents without tying them to Maveja/ALP recovery, providing significant relief to stakeholders and marking a crucial step towards easing financial burdens....
BMC voices concerns over the DP 2034 TDR rules for Dharavi
Author : PNT Bureau
The Brihanmumbai Municipal Corporation (BMC) has raised objections to the Maharashtra government's proposal that 40% of all Transfer of Development Rights (TDR) used in construction projects in Mumbai must come from the Dharavi redevelopment project (DRP). The BMC expressed concerns about the feasibility of implementing the Development Plan (DP-2034) and potential challenges in acquiring reserved land if conditions on Dharavi TDR utilization are imposed. The BMC emphasized that the imposition of utilizing Dharavi TDR first could result in no takers for its TDR allocated for land acquired for roads and public amenities. Additionally, the BMC opposed the proposal to eliminate indexation for DRP TDR, urging the government to consider the unique circumstances and challenges associated with the Dharavi redevelopment project....
Pimpri Chinchwad civic body issues notices to 426 units for safety violations
Author : PNT Bureau
In the ongoing survey by Pimpri Chinchwad Municipal Corporation, the civic body has examined 43,925 commercial properties. Among them, 2,423 establishments have been identified for violating safety norms, with 718 of them classified as industrial units in the Talawade red zone. Officials emphasize the urgency of immediate intervention to avert potential major fire mishaps. This comprehensive assessment reflects the civic body's commitment to enhancing safety measures and underscores the critical need for prompt corrective actions to mitigate risks and safeguard both property and lives within the specified zone....
Mumbai builder faces arrest in Taloja project cheating case
Author : PNT Bureau
The Economic Offences Wing (EOW) of Mumbai has arrested prominent builder Lalit Tekchandani over allegations of cheating and forgery in connection with Supreme Constructions' Taloja project. The case involves accusations that Tekchandani and other directors accepted payments from homebuyers but failed to deliver on promises, leading to an FIR with charges of cheating and forgery. The FIR mentions an estimated cheating amount of INR 73 lakh. A lookout circular was issued, and the case was transferred to EOW for further investigation. Homebuyers, including Hera Jadhwani, disclosed promises unfulfilled since 2016, prompting authorities to uncover the extent of the alleged fraud....
NCLT accepts J Kumar Infraprojects' bid for Pranav Construction
Author : PNT Bureau
In the ongoing insolvency proceedings with the NCLT, J Kumar Infraprojects has submitted a proposal to acquire Pranav Construction for INR 45 crore. This move has been approved by the bankruptcy court. The acquisition involves taking over the real estate company, with J Kumar Infraprojects addressing admitted liabilities amounting to approximately INR 212 crore. This strategic step comes within the framework of the insolvency process, signalling a significant development in the financial restructuring and resolution of Pranav Construction's assets and liabilities. The National Company Law Tribunal's approval binds all stakeholders involved in the resolution plan....
EWS Empowerment: CIDCO slashes prices for tenements in Bamandongri project
Author : PNT Bureau
CIDCO has announced a significant INR 6 lakh reduction in the prices of tenements in its Bamandongri project, focusing on economically weaker sections under the Mass Housing Scheme Diwali-2022. The move aims to lower the original flat price from INR 35.30 lakh to INR 29.50 lakh, with additional reductions to INR 27 lakh for successful applicants from the economically weaker sections category. Chief Minister Eknath Shinde commended CIDCO for addressing financial challenges and facilitating affordable housing, emphasizing the government's commitment to inclusive urban development in Navi Mumbai....
BSNL initiates land monetisation with a 7.5-acre parcel in Lucknow
Author : PNT Bureau
BSNL plans to monetise 7.5 acres of prime land in Lucknow via e-auction, setting a reserve price of INR 226 crore. The land is part of a larger parcel which hosts a telephone exchange and customer service center across 0.63 acres while the rest is vacant. NLMC appointed CBRE South Asia to manage the sale. Eligible bidders include individuals, companies, LLPs, trusts, and funds. Bidders must upload documents from February 15-22, with the e-auction date to be announced later. This move aligns with BSNL's contribution to the National Monetisation Pipeline, aiming to monetise non-core assets like tower businesses and other properties....
GOI plans credit-linked subsidy scheme for affordable urban housing in India
Author : PNT Bureau
The Government of India is gearing up to unveil a new affordable housing scheme, on the lines of the credit-linked subsidy model of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) announced in 2015. Targeting low- and middle-income households in urban areas, the initiative is set to extend subsidies for dwelling units. Sources suggest the announcement might precede the upcoming Lok Sabha elections in April-May. The Ministry of Housing and Urban Affairs (MoHUA) is said to have engaged in discussions with top lenders to design the proposed credit-linked subsidy scheme (CLSS). The scheme aims to generate employment through the construction of affordable homes in over 20,000 locations....
Noida developers clear dues and secure registry permissions for over 1000 apartments
Author : PNT Bureau
At least five real estate developers in Noida have received permission to execute registries for 1084 apartments, with two more expected to follow suit soon. The Noida Authority granted these permissions after developers paid 25% of their total dues, benefiting from a UP government-approved policy. The waiver of penal interest during the Covid-19 period and construction disruptions due to court orders is part of this policy. The move aims to address homebuyer concerns and streamline the registry process. Other developers in talks with the Noida Authority are expected to follow suit, potentially leading to permissions for around 3,000 ready apartments across 31 stalled housing projects....
Supreme Court clarifies IBC protection exclusion for directors in real estate insolvency cases
Author : PNT Bureau
The Supreme Court has clarified that the protection under the Insolvency and Bankruptcy Code (IBC) does not extend to promoters and directors of insolvent firms, offering relief to homebuyers. The decision follows a plea by Ansal Crown Heights homebuyers, initially denied by the National Consumer Disputes Redressal Commission (NCDRC) citing the company's IBC involvement. The Supreme Court ruled that the moratorium under Section 14 of the IBC, shielding against suits and judgments, does not protect directors and officers. This precedent establishes that these individuals can be held accountable despite the moratorium, providing hope for homebuyers navigating real estate insolvency complexities....
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