HUDCO to finance housing and infra projects worth Rs 24,000 crore in Gujarat
Author : PNT Bureau
The state government of Gujarat has signed MoUs worth Rs 24,707 crore with various companies ahead of the Vibrant Gujarat Global Summit, anticipating substantial economic development. The agreements, spanning diverse sectors, aim to generate over 38,000 employment opportunities and underscore the state's commitment to fostering economic growth. Notably, the Central PSU Housing & Urban Development Corporation Ltd (HUDCO) has partnered with the Gujarat government, committing to invest up to Rs 14,500 crore in housing and urban infrastructure projects, reflecting a comprehensive approach to development in the region....
Noida and Greater Noida Authorities greenlight plan to revive 200,000 stalled residential units
Author : PNT Bureau
Noida and Greater Noida authorities have approved recommendations by a committee led by former NITI Aayog chairman Amitabh Kant, opening the door for the revival of 200,000 stalled residential units. The decision, with benefits like a zero period and extended payment timelines, aims to aid 117 projects and 75,000 buyers in Greater Noida. Notably, builders opting for benefits cannot impose extra charges on buyers. The relief package includes an independent assessment of dues and a three-year extension for project completion. Dues settlement timelines are outlined based on amounts. Exclusions apply to sports city and certain development categories, ensuring momentum in real estate while protecting stakeholders....
MahaRERA retrieves Rs 140 crore in homebuyers' compensation via warrants
Author : PNT Bureau
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by securing over Rs 140 crore in compensation this year from developers failing to deliver apartments, marking one of the country's highest regulator successes. Issuing 1,123 warrants, MahaRERA aims to recover Rs 764 crore, freezing accounts and attaching assets as warnings. Of 459 projects, recovery occurred in 110. This success stands out amid national challenges in enforcing orders....
Delhi LG directs officials to come up with a time-bound plan for regularisation of unauthorised colonies
Author : PNT Bureau
Delhi Lieutenant Governor VK Saxena has instructed officials to develop a time-bound plan for the regularisation of unauthorised colonies, stressing the need for a simplified process. The directive follows the recent passage of the National Capital Territory of Delhi Laws (Special Provisions) 2023. Saxena urged prompt implementation of PM-UDAY, PMAY, and the DDA's Land Pooling Policy, emphasising an expedited approach to address long-standing issues related to unauthorised colonies and slum rehabilitation....
PAU police cracks down on Rs 13 crore real estate fraud
Author : PNT Bureau
The Punjab Agricultural University (PAU) police have filed charges against two farmers from Malakpur village for allegedly defrauding a city-based realtor of Rs 13 crore in a land deal near South City. The accused, Boota Singh and Jugraj Singh, reportedly accepted the money from the realtor but refused to transfer the land ownership after property rates surged due to the construction of a bypass. The FIR, registered under multiple sections of the IPC, highlights the complexities of real estate transactions and the need for thorough legal scrutiny to prevent fraudulent activities....
MahaRERA successfully addresses 15,000+ complaints over seven-year period
Author : PNT Bureau
Maharashtra's real estate regulatory authority, MAHARERA, has effectively resolved 15,423 consumer complaints in the seven years since the enactment of the Real Estate (Regulation and Development) Act, according to a report from the Ministry of Housing and Urban Affairs (MoHUA). The state ranks among the top three, alongside UP and Haryana, in addressing homebuyers' grievances. The report also reveals that 32 states and UTs have functional real estate regulatory authorities. Maharashtra leads in project registrations under RERA, accounting for 36% nationally....
SRA issues order to stop all projects activities in Mumbai's koliwadas
Author : PNT Bureau
Over a year after the Slum Rehabilitation Authority (SRA) suspended projects in Mumbai's koliwadas pending demarcation, a recent order rejecting slum enclave status for Worli koliwada highlights ongoing challenges. The SRA insists no projects will proceed in koliwadas until specific development rules are established or the state revenue department demarcates boundaries. This decision underscores the complexity of balancing urban development with preserving cultural identities in Mumbai's fishing villages....
SEBI to auction properties of five companies in West Bengal and Jharkhand on January 22
Author : PNT Bureau
The Securities and Exchange Board of India (SEBI) plans to auction 13 properties, including those of Sunheaven Agro India and RaviKiran Realty India, on January 22, 2024, to recover funds allegedly collected illegally from investors. The auction, featuring land parcels in West Bengal and Jharkhand, aims to address non-compliance with public issue norms by these companies. SEBI's initiative underscores its commitment to enforcing regulatory compliance and protecting investor interests in the capital markets....
Bihar Government launches e-mapi portal for online land measurement applications
Author : PNT Bureau
The Bihar Revenue and Land Reforms Department recently launched the e-mapi portal, streamlining land measurements for transparency. Landowners can apply online, eliminating the need for physical visits to offices. The entire process can now be completed within a 30-day completion timeline. The fees for Amin are set at Rs 500 for rural and Rs 1,000 for urban plots. A 'Tatkal' service expedites measurements for individuals living outside the State. Landless individuals receive the services free of cost....
Only 18% of RERA warrants executed, MahaRERA steps up action
Author : PNT Bureau
As per MahaRERA data, out of 1,123 recovery warrant complaints filed with 13 district collectorates in Maharashtra over six years, only 204 have been executed. The recovery warrants issued against developers by the RERA are forwarded to district collectors for attachment of properties and recovery of dues. Only Rs 137.74 crore has been recovered out of Rs 736.66 crore. This indicates a gap between the issuance of recovery warrants and their actual implementation. Mumbai suburban leads in complaints, while Pune has the most projects facing complaints. MahaRERA has announced weekly meetings and an official has been appointed by MahaRERA specifically to expedite recovery proceedings. Homebuyers, awaiting recovery for years, find relief in MahaRERA's heightened intervention....
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