LDA introduces comprehensive housing plans for families facing eviction from Kukrail Riverbed
Author : PNT Bureau
The Lucknow Development Authority (LDA) has revealed a comprehensive plan to address the concerns of families facing eviction from residences along the Kukrail riverbed. LDA Vice-Chairman Indramani Tripathi cited the area's designation as a floodplain since 1904 and 1920, emphasizing unauthorized construction issues. To mitigate displacement impact, LDA has offered discounted housing options, reduced registration fees, and assistance for shop relocation. Business owners can relocate to LDA-developed shops with a 15% upfront payment and a convenient 10-year payment plan. The initiative aims to balance addressing encroachment issues while minimizing the impact on affected residents....
Kanpur Development Authority's online auction sees 98% surge in income from residential plots
Author : PNT Bureau
The remarkable success of the Kanpur Development Authority (KDA) in an online auction of residential plots, showcases a 98% increase in income compared to the reserve prices set for 480 plots. The initiative, launched during the festive occasion of Diwali, aimed to reclaim land previously occupied by unauthorized individuals, marking a significant legal victory for the KDA. The overwhelming response from the public, with 4,645 applicants bidding for 405 plots, reflects a notable enthusiasm, with some bids exceeding the fixed reserve prices by up to five times....
Pune's slum rehabilitation gains momentum with expanded guidelines
Author : PNT Bureau
Efforts to improve slum areas in Pune and nearby regions are getting a boost with new rules allowing redevelopment within a larger 5 km radius, up from the previous 2 km limit. This change aims to make it easier to find suitable spaces. Despite this positive step, corruption is still a big problem, slowing down projects by the Slum Rehabilitation Authority (SRA). The SRA CEO, Nilesh Gatne, is hopeful about the new rules speeding up projects, but notices have been sent to 20 developers facing delays. While 61 projects have been completed, 46 are still in progress, and the rules now empower the SRA to enforce deadlines and penalties to ensure efficiency....
Relief for homebuyers as Uttar Pradesh Cabinet approves Amitabh Kant Committee recommendations
Author : PNT Bureau
In a significant move, the Uttar Pradesh cabinet has given the green light to implement recommendations from the Amitabh Kant Committee report on real estate projects. The approved measures, aimed at providing relief to countless homebuyers in the state, include granting immediate registry and sub-lease deed rights to buyers. Additionally, developers will benefit from a 'zero period,' exempting them from penalties for COVID-19-related delays between April 1, 2020, and March 31, 2022. The decision, addressing legacy stalled housing projects, was announced by UP Cabinet Minister Suresh Kumar Khanna, who emphasized the focus on safeguarding buyers' interests....
Maharashtra Deputy CM mandates biennial safety inspections for high-rise buildings
Author : PNT Bureau
Maharashtra Deputy Chief Minister Devendra Fadnavis has mandated biennial inspections for high-rise structures across the state to bolster safety measures, particularly in densely populated regions like Mumbai, Pune, and Thane. The decision follows a tragic fire incident at a candle factory in Talwade, Pimpri-Chinchwad, prompting the government's commitment to public safety. Fadnavis emphasized compliance with safety regulations and revealed updated building codes necessitating refuge areas every two to three floors in high-rises. The move aims to prevent misuse and enhance emergency preparedness....
Legal victory for Honest Shelters as Supreme Court upholds Palais Royale auction sale
Author : PNT Bureau
The Supreme Court has brought relief to investors in Mumbai's Palais Royale skyscraper, upholding the 2019 public auction sale by Indiabulls Housing under the Sarfaesi Act. Pune's Honest Shelters secured the property for Rs 705 crore, ending a decade-long saga of uncertainty initiated by Shree Ram Urban Infrastructure's default on Rs 900 crore loans. The Palais Royale Members' Association, representing buyers, faced a tumultuous journey. The Supreme Court clarified NCLT's inability to scrutinize Sarfaesi Act auctions, endorsing High Court and MahaRERA orders. Of the 164 apartments, 76 are booked, with the rest available. Honest Shelters aims for March 2024 handovers, addressing compliance concerns with over Rs 580 crore in additional expenses....
Delhi Development Authority forays into luxury homes
Author : PNT Bureau
The Delhi Development Authority (DDA), traditionally focused on affordable housing, is venturing into luxury real estate, signalling a strategic shift to meet diverse housing demands in the city. Vice Chairman Subhasish Panda announced plans for a project featuring luxury apartments, including penthouses, offering three categories of flats. With a total of 2,093 flats available for bidding, prices range from Rs 2 crore for HIG apartments to Rs 5 crore for penthouses. The move, responsive to evolving housing needs, aligns with DDA's commitment to inclusive housing. This initiative sets a precedent for government-led luxury housing, diversifying DDA's portfolio while ensuring housing for all....
MHADA initiates redevelopment of 17 Mumbai police colonies
Author : PNT Bureau
The Maharashtra Housing and Area Development Authority (MHADA) has taken action to revamp 17 police colonies in Mumbai, addressing long-standing complaints about the deteriorating condition of service quarters for low-ranking police personnel. Following discussions between the housing and state home departments, MHADA is set to appoint a project management consultant for the redevelopment. Once completed, 4,725 upgraded flats, offering more space than current tenements, will be allocated to police personnel. The move aims to address the persisting issue of neglected housing for constables and head constables....
FAR Purchase Overhaul: Uttar Pradesh implements pre-construction requirement
Author : PNT Bureau
The Uttar Pradesh government has implemented new guidelines for the purchasable floor area ratio (FAR) to curb unauthorised constructions and enhance transparency in the approval process. Under the revised regulations, developers are now required to purchase FAR before commencing construction, eliminating the previous practice of buying FAR after construction, which often led to disputes. The changes aim to streamline the construction approval process, reduce violations, and ensure adherence to sanctioned layout maps from the outset of the construction phase....
Kolkata police uncover elaborate real estate and banking fraud, 18 arrested
Author : PNT Bureau
In Kolkata, 18 individuals were arrested for orchestrating an elaborate real estate fraud involving the sale of 14 flats within their criminal network. The fraud scheme included identity theft, forgery, and financial fraud, with the perpetrators not only manipulating property transactions but also securing substantial loans using fabricated documents. The complex operation was exposed when the genuine owner of one flat filed a complaint, leading to a thorough investigation that uncovered a web of deception within the real estate and banking sectors....
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