PNT Reporter

23 May 2023

Smriti Irani, the Minister of Women and Child Development, has urged the Confederation of Real Estate Developers' Associations of India (CREDAI) to champion the rise of first-generation female developers in the property sector. In her address at the CREDAI Women and Youth Leadership Summit, she highlighted the importance of empowering young women and maintaining high construction standards while offering affordable housing. She challenged newly elected CREDAI President, Boman Irani, to produce 100 new female developers during his tenure, marking this as a milestone for success.Read more

PNT Reporter

22 May 2023

In the city of Mohali, the rapid growth of real estate construction has resulted in a mounting problem of construction and demolition waste. Piles of rubble can be found scattered across roads, vacant plots, and public spaces, indicating the lack of effective waste management. Despite the presence of two waste processing plants capable of recycling the waste, the community continues to ignore designated dumping grounds. The Municipal Corporation plans to act by imposing penalties and collecting waste from construction sites to be processed at authorized dumping sites.Read more

PNT Reporter

22 May 2023

Kolkata's Mayor, Firhad Hakim, has issued a stern warning to officials and engineers of the buildings department over ongoing illegal constructions. Building department officials face immediate suspension if they fail to report or act against unauthorized constructions within their jurisdictions. The mayor has also ordered the creation of a central demolition team to tackle this issue. The warning underscores the city's determination to curb illegal construction activities, promoting safety and integrity in the cityscape.Read more

PNT Reporter

22 May 2023

City Crime Branch (CCB) of Coimbatore has arrested T. Chandran, the head of a bogus real estate company, for defrauding 19 prospective homeowners of Rs. 62.47 lakh. Chandran operated Smart Home Developers, utilizing social media to target unsuspecting buyers. His arrest follows a complaint by a victim, Elson K. Joe, after a fraudulent sale agreement. The case against Chandran and his associates is ongoing. Police urge the public to remain vigilant when dealing with real estate transactions.Read more

PNT Reporter

22 May 2023

A civil court has ruled in favour of the residents of a Malabar Hill building, affirming their right to access the common terrace. The decision comes after a couple claimed exclusive ownership of the terrace, prompting the residents to seek legal action. The court recognized the plaintiffs prima facie claim based on conveyance deeds and their contributions to the terrace's maintenance. While the matter of the defendants exclusive rights will be determined in trial, the court granted the residents access to the terrace, citing the balance of convenience and lack of harm to the defendants. This ruling brings relief to the residents and emphasizes the importance of communal rights.Read more

PNT Reporter

22 May 2023

The Navi Mumbai Municipal Corporation (NMMC) has ordered three housing societies, Sai Ashirvad, Gulmohar, and Utkarsh, to develop gardens in their open spaces, collectively measuring approximately 3,000 square meters. This move comes after public complaints about lost green spaces due to ongoing redevelopment. Activists have raised concerns over environmental regulations being disregarded during the redevelopment process. If the societies or their developers fail to comply, NMMC will develop the gardens at their cost, ensuring adherence to the green norms and enhancing the residents' quality of life.Read more

PNT Reporter

19 May 2023

The fully operational Construction and Demolition (C&D) waste plant supported by the Chandigarh Municipal Corporation has successfully recycled waste materials from construction and demolition sites, generating a variety of construction materials. These materials are being sold back to the government and private entities. Despite challenges with illegal dumping, the sale of recycled construction materials has been well-received. Various initiatives have been introduced to encourage citizens to use one of the twenty-three designated dumping grounds including an on-call vehicle facility to have waste collected from sites.Read more

PNT Reporter

19 May 2023

Greater Noida is grappling with a backlog of registrations for approximately 4,000 flats across 20 projects, despite developers clearing dues and acquiring necessary approvals. The Greater Noida Industrial Development Authority (GNIDA) has cautioned developers under the UP-Rera Act and issued a public notice outlining registration requirements. Reasons for the delay include developers' negligence, payment disputes with homeowners, and unsold flats. Officials and developers assure that they are working diligently to expedite the process and anticipate resolution within a month.Read more

19 May 2023

SEBI has proposed new rules for online platforms offering fractional ownership of real estate assets, aiming to protect small investors. The move calls for standardization, independent valuation, and increased transparency to prevent potential mis-selling. Under the proposed regulations, these platforms would need to register under the Regulatory Framework for Micro, Small, and Medium REITs, establishing separate trustees, sponsors, and investment managers. The proposal is the first step towards formulating new rules to govern this burgeoning sector.Read more

PNT Reporter

18 May 2023

The Noida Authority has allocated Rs 500 crore for acquiring new land, even as over 550 hectares are yet to be reclaimed from encroachers. The Authority is surveying unused "dumped" land parcels across sectors for their potential use, while also pursuing legal avenues to recover disputed land. Efforts are underway to reclaim land from non-functional industrial and IT units. The Authority has also regularized land for eligible farmers to prevent future encroachments. Despite the challenges, the Authority has managed to secure Rs 40,000 crore in investments so far.Read more