PNT Reporter

12 Apr 2023

The Maharashtra State Human Rights Commission (MSHRC) has criticized the City and Industrial Development Corporation (CIDCO) for its "total non-action" against a private builder who has been cutting into Parsik Hill in Navi Mumbai. Environmentalists claim that this slope cutting is endangering the lives and properties on top of the hill. CIDCO had earlier entered into a Leave & License Agreement with the builder only for plantation and maintenance of part of the hill. However, the builder made a pathway and erected advertisement hoardings, for which CIDCO served notice on the builder.Read more

PNT Reporter

12 Apr 2023

Delhi-RERA and NAREDCO have partnered to create the National Institute of Real Estate Development (NIRED) to promote capacity building in the real estate, construction, and infrastructure sectors. NIRED will provide training courses for various stakeholders in the industry and promote awareness of the Real Estate Regulation and Development Act 2016. By focusing on skill development, emerging trends, and technologies, NIRED aims to bridge the skill gap, enhance transparency, and contribute to the overall growth and modernization of India's real estate market.Read more

PNT Reporter

12 Apr 2023

UP RERA has hired a consultant to resolve the deadlock between real estate firms and Noida and Greater Noida development authorities over nearly Rs 39,000 crore in legacy land dues. The impasse has halted registries in residential societies throughout Noida, leaving residents with incomplete amenities. The consultant is expected to submit a report within a month, proposing a potential roadmap to address the issue. Meanwhile, a meeting between UP RERA, the development authorities, and developers is scheduled to discuss the matter further, with the aim of benefiting residents, developers, and local authorities.Read more

PNT Reporter

11 Apr 2023

The registrar’s office in Indore has reported a high number of daily property registrations, with close to 1000 properties being registered every day. The month of March has seen a significant increase in demand for residential apartments, plots, and commercial property, resulting in an estimated income of around Rs 350 crore from the sale deeds of properties. This increase in demand has been further compounded by a rise in the collector’s guideline rates.Read more

PNT Reporter

11 Apr 2023

Representatives of several Resident Welfare Associations (RWAs) in Gurugram strongly opposed the construction of stilt plus four floors, stating that it will only put additional burden on the already crippled infrastructure of the city. The RWAs demanded a complete ban on stilt plus four floors and highlighted the problem of increased floor area ratio (FAR). They claimed that the policy of stilt plus four floors is a breach of residents' trust, and the low-height houses are deprived of free flow of air and sunlight. The government had kept the fresh building plan of stilt plus four floors in residential plots in abeyance in February.Read more

PNT Reporter

11 Apr 2023

Authum Investments and Infrastructure has completed the Rs 3,351 crore acquisition of debt-ridden Reliance Home Finance Ltd (RHFL), marking the largest non-banking finance company (NBFC) resolution outside bankruptcy courts. Despite delays due to regulatory objections, lenders' recoveries increased, with secured creditors recovering about 29% of their dues. The successful resolution exemplifies the potential for out-of-court settlements to address distressed NBFCs, offering a more efficient and effective approach for the Indian financial sector.Read more

PNT Reporter

11 Apr 2023

Gurugram's DLF colonies are experiencing a surge in unauthorized commercial operations, negatively impacting infrastructure, and residents' quality of life. The developer has submitted a list of 742 illegal establishments in DLF 1 to 4 to the Department of Town and Country Planning, urging action against property owners. The department has formed a team to conduct surveys and issue notices to violators. Collaboration between local government, enforcement agencies, and stakeholders is necessary to develop comprehensive solutions, such as stricter monitoring, improved infrastructure, and rezoning plans, to address the issue.Read more

PNT Reporter

11 Apr 2023

Many shopping and commercial complexes in Prayagraj have neglected electrical safety audits and No Objection Certificates (NOCs). The recent fire at the Nehru complex highlighted this oversight, prompting fire department officials to call for urgent safety audits, upgraded fire safety systems, and wiring replacements. A recent survey found that over 60% of shops lack adequate fire-fighting arrangements or knowledge of precautions. Authorities must enforce safety regulations and raise awareness to prevent future incidents and ensure public safety.Read more

PNT Reporter

10 Apr 2023

The gunthewari regularization scheme in Pune, aimed at legalizing illegal homes on small plots, has struggled to attract property owners due to high charges and complex processes. In the last financial year, the Pune Municipal Corporation received only 600 applications and approved a mere 10. With approximately 50,000 potential beneficiaries, efforts to streamline the process and address the concerns of property owners are essential for the success of the scheme.Read more

PNT Reporter

10 Apr 2023

The Noida Authority has recently published data on its website that reveals the extent of the city’s problem with the flat registry stalemate. This problem arises because homebuyers are unable to obtain deeds for their properties due to a disagreement between builders and the government regarding outstanding dues. The data shows that out of the 1.3 lakh flats that were approved in 115 projects in the city until 2016-17, only 56,790 (around 40%) have been registered. Moreover, of these 115 projects, 77% have defaulters who owe money to the government.Read more