15 Feb 2023

According to the updated deadline established by the Centre, the Maharashtra State Government is set to construct 3.75 lakh homes throughout Maharashtra under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) by December 2024. These 3.75 lakh units are a component of the state's 15.82 lakh sanctioned units from 2015, of which 6.93 lakh, or 44%, have been finished.Read more

14 Feb 2023

The Economic Survey of India has reported that the country's housing market has witnessed a recovery in the current fiscal year due to the release of pent-up demand, despite rising interest rates on home loans and appreciation in property prices. According to the survey, which was tabled in Parliament, housing sales have increased and the demand for housing loans has picked up, leading to a decline in unsold housing inventories and an increase in housing prices.Read more

09 Feb 2023

A car and bike rally protest were conducted this Sunday at Char Murti Chowk by disgruntled allottees who claim to be waiting for as many as 13 years for possession of their flat. More than one lac homebuyers from over 25 housing projects are affected. Homebuyers in Greater Noida now intend to send a large number of postcards to the President after protesting ceaselessly for 10 Sundays over the delay in receiving possession of and registration of their flats.Read more

07 Feb 2023

The real estate market in Mumbai saw an increase in property registrations in January 2023, with a total of 8,694 units registered, according to Knight Frank India. This is a 7% year-on-year increase, with 84% of these properties being residential and the remaining 16% being non-residential. The data encompasses both primary and secondary market transactions, covering all property types, including residential, commercial, and others. Despite a 7% decrease compared to December 2022, which saw 9,367 units registered, the strong consumer inclination towards purchasing homes has driven the residential property sales in Mumbai.Read more

06 Feb 2023

The state cooperative department in Maharashtra has recently expressed disappointment over the low number of deemed conveyance applications received from newly registered housing societies in 2022. Despite a targeted effort by the department to promote the process, only 101 applications were received. The department has directed its deputy registrars to reach out to the societies individually, encouraging them to apply for deemed conveyance. The state housing federation has also initiated an awareness drive, which is scheduled to in the Pimple Saudagar area in the coming week.Read more

06 Feb 2023

After Finance Minister Nirmala Sitharaman announced raising the PM Awas Yojana (PMAY) spending by 66% to Rs 79,000 crore for the upcoming fiscal year, shares of real estate businesses fell by 4% on last week. Sunteck Realty shares plunged 5.67% to close at Rs 345 a share on the NSE and Indiabulls Real Estate shares fell 3.81% to close at Rs 69.50 per share. Other real estate companies including DLF which fell 2.85%, Prestige Estates Projects which fell 2.39%, Sobha which lost 1.94%, Godrej Properties which fell 1.88% and Oberoi Realty which was down by 0.11%.Read more

06 Feb 2023

The Union Budget 2023 has several positive proposals for the real estate and infrastructure sector. The Pradhan Mantri Awas Yojana (PMAY) outlay was enhanced by 66% to over INR 79,000 crore. The Budget proposed changes in the provisions for computing capital gains in the case of joint development of property. It also proposed to establish an Urban Infrastructure Development Fund (UIDF) to create urban infrastructure in Tier 2 and Tier 3 cities. In addition, it focused on promoting green growth initiatives, such as green buildings, green energy, green mobility, and green farming.Read more

01 Feb 2023

The Mumbai state government has proposed a change that has sparked controversy and opposition from environmental activists. The government wants to delete the reservation of a 1,375 square meter plot adjacent to Byculla Zoo and convert it into a residential zone. The plot was previously reserved for a garden and zoo in the development plan of 2034, but the government claims that it was not being acquired by the BMC for the expansion of the zoo and that no garden or zoo existed there. The proposal was approved by the BMC in December 2022 and public suggestions and objections are now being invited by the development plan department.Read more

31 Jan 2023

Noida based developer, Shivalik Homes has been booked for fraud for allegedly selling the same flat to multiple people. An FIR was lodged against the builder under Section 420 (cheating), 406 (criminal break of trust) and other relevant provisions of the Indian Penal Code (IPC) following an order form the Allahabad High Court. A petition was filed by Ms Poonam who purchased a house in Shivalik Homes in 2019 but shortly after received a notice from PNB Housing stating the house belong to someone else. Ms Poonam claims the local police were incorporative which led her to approach the court.Read more

31 Jan 2023

Recently, over fifty disgruntled homeowners who have purchased homes in Tashee Capital Gateway, gathered at the project site in Sector 111, Gurugram to protest over the delayed possession of their apartments. The project was launched in 2011 and the builder signed contracts with the individuals in 2013 with the promise of delivery in December 2015. In 2019, a few owners complained to H-ERA which imposed a penalty of 10.2% per annum for the delay but the developer disobeyed the ruling. He has now stopped all forms of communication with the owners. A builder’s spokesperson has denied all accusations.Read more