15 Nov 2024

The District Level Evaluation Committee in Indore has received around two dozen suggestions, claims, and objections regarding the proposed hike in the Collector's guideline for property rates at 469 locations. This mid-term revision includes proposals to increase property values and add 105 new locations to the valuation guideline. The changes aim to generate higher revenue for the state government, with a target of INR 3,150 crore for 2024-25. The revised guidelines will be reviewed and approved by the Bhopal-based central evaluation committee in the coming days.Read more

15 Nov 2024

The Telangana Real Estate Regulatory Authority (TGRERA) has ordered Sensation Vijetha Infra Developers to refund a buyer and imposed a penalty of INR 2.26 lakh for delays in project completion and failure to register the project. G Swetha had entered into an MoU with the company in March 2020 for a commercial space, but the developers failed to begin construction. While they agreed to refund INR 10,00,000, Swetha claimed to have paid an additional INR 3,50,000 in cash, which was not proven. TGRERA ruled that the developers violated the Real Estate Act and ordered them to refund the remaining amount.Read more

15 Nov 2024

Earlier this week, the Department of Town and Country Planning (DTCP) carried out a demolition operation across villages in Sultanpur and Farrukhnagar to remove unauthorized colonies, illegal structures, and road networks. The operation dismantled various illegal developments across multiple sites, including farmhouses, boundary walls, and roads. Authorities also cleared colonies in Mubarakpur and Khurrampur. The demolition was overseen by officials from the DTP, and residents were advised to avoid investing in unauthorized properties and to verify land status with the Department of Town and Planning (DTP).Read more

15 Nov 2024

The Supreme Court delivered a landmark 7:2 ruling, stating that states are not authorised under the Constitution to take over privately owned resources for redistribution aimed at the "common good". The court overruled a previous judgement that allowed the State to acquire private property under Article 39(b). While acknowledging the state's power to claim private property in certain cases, the decision emphasised the need for a more balanced approach. The ruling stemmed from a challenge to the Maharashtra Housing and Area Development Authority Act, highlighting the limits on state authority.Read more

15 Nov 2024

The Pune Metropolitan Region Development Authority (PMRDA) has approved over 200 projects after developers identified alternative water sources beyond the municipal limits. These clearances follow PMC and PCMC's inability to supply water to areas outside their jurisdictions. Developers pledged to obtain water from the Pune Zilla Parishad and Maharashtra Jeevan Pradhikaran. Both PMC and PCMC face water shortages due to rising demand and limited resources, stressing the need for sustainable solutions. PMRDA's approach balances the expansion of infrastructure with resource management, urging developers to secure dependable water sources for sustained growth across the Pune metropolitan area.Read more

15 Nov 2024

The Telangana Real Estate Regulatory Authority (TGRERA) imposed an INR 8.5 lakh penalty on Greenspace Housing for failing to register its Greenspace Grand project, in violation of the RERA Act, 2016. The complaint, though later withdrawn, led TGRERA to continue proceedings due to regulatory non-compliance. Despite delays attributed to COVID-19, TGRERA ruled that the project, which began in 2016 without a completion certificate, was legally obligated to register. The authority directed payment within 30 days and mandated registration to avoid further penalties, underscoring TGRERA's strict commitment to upholding the Real Estate Act and protecting buyer interests.Read more

14 Nov 2024

H-RERA has directed prominent developers, including Raheja Developers, Ramprastha Developers, Tashi Land Developers, and Sunrays Heights, to deliver long-overdue flats to their buyers within 90 days, along with annual interest payments of approximately 11% for the delays. The regulatory body uncovered cases where buyers had paid substantial sums, some reaching INR 1 crore, but faced significant delays. Orders were issued for immediate handover and compensation, with warnings of legal action if developers fail to comply. The cases highlight the ongoing challenges in property delivery timelines within Gurugram's real estate sector.Read more

14 Nov 2024

The National Company Law Appellate Tribunal (NCLAT) has reserved its decision on Jaiprakash Associates Ltd's appeal against the NCLT's insolvency admission order, prompted by ICICI Bank's plea for unpaid debts of INR 1,269 crore. JAL contends that its debt was restructured under a master restructuring agreement (MRA), claiming the default date cited by lenders is legally invalid. Meanwhile, the lenders argue that this debt was not included in the MRA. JAL has also challenged a land allocation cancellation by YEIDA in the Allahabad High Court, asserting the land's value exceeds its total debt.Read more

14 Nov 2024

The Ponda Municipal Council (PMC) has opted to lease its sparsely occupied market complex at Budhwar Peth to a single lessee after six unsuccessful auctions for individual shops. Despite opening in 2011 with 154 shops, only 29 remain occupied. PMC Chairperson Anand Naik stated that renting the entire complex should generate revenue and support operational costs, as individual rentals failed to attract bidders. Motivated by the successful approach of the Curchorem Municipal Council, the PMC plans to lease the building for commercial purposes while retaining select shops for emergency use to ensure the complex's efficient use.Read more

14 Nov 2024

The Telangana Real Estate Regulatory Authority (TGRERA) fined Jayabheri Properties Private Limited INR 15 lakh for inaccurately disclosing litigation status on its 'The Pinnacle' project. TGRERA, under retired IAS officer N Satyanarayana, declined to revoke the project's registration as requested by the complainants but mandated that Jayabheri update litigation details on the TGRERA website. The complainants, who claim ownership of the project land, alleged that the developer's actions misled potential buyers. TGRERA found that while litigation was noted in a legal opinion, the official website incorrectly marked it as non-existent.Read more