08 Nov 2024

The Karnataka High Court has ruled that only the Karnataka Industrial Area Development Board (KIADB) and the Karnataka State Small Industries Development Corporation Ltd. (KSSIDC) can grant approvals for building plans and occupancy certificates in industrial areas. This ruling arose from a case involving Y Venkatesh, whose restaurant faced demolition after obtaining approval from an unauthorised local body. The court's decision reinforces a previous government notification, clarifying jurisdiction and reducing the risk of legal disputes. Venkatesh must resubmit his plans to KIADB for compliance evaluation, emphasising the need for adherence to established regulations in Karnataka's industrial development.Read more

08 Nov 2024

The Securities and Exchange Board of India (SEBI) is proposing new rules to improve the business environment for Small and Medium Real Estate Investment Trusts (SM REITs). Introduced in March 2024, SM REITs aim to attract smaller investors with lower asset requirements. SEBI's initiative includes standardising disclosures and simplifying the public issue process, enhancing transparency through a two-part disclosure structure: Key Information of the Trust (KIT) and Key Information of the Scheme (KIS). Additionally, SEBI proposes capping general purpose allocations at 10% of raised funds. Public feedback on these reforms is invited until November 13, aiming to bolster investor confidence in India's real estate market.Read more

07 Nov 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) initiated a citywide survey of under-construction buildings last week, in response to a recent tragic incident in Babusapalya that claimed nine lives. Under the direction of Deputy Chief Minister D. K. Shivakumar, BBMP chief commissioner Tushar Giri Nath announced that if any illegal constructions or violations of sanctioned plans are found, work will be halted, and demolition orders will be issued. The BBMP aims to ensure the safety of buildings by inspecting for violations, substandard materials, and encroachments on protected land, with property owners bearing the cost of any necessary demolition.Read more

07 Nov 2024

The Indore Municipal Corporation has received approximately 8.5 hectares of land for affordable housing construction under the Pradhan Mantri Awas Yojana (PMAY) 2.0. IMC Commissioner Shivam Verma noted the government's target to complete these projects by 2029. Collector Asheesh Singh has allocated land in Limbodagari and Palakhedi for this purpose. The initiative aims to address housing shortages and includes a provision for renting flats at affordable rates, catering to residents unable to purchase. The corporation is committed to delivering quality homes within the five-year timeframe.Read more

07 Nov 2024

Mysuru Development Authority (MUDA) has decided to transfer the maintenance of all its developed and approved layouts to local government bodies, including urban and rural councils. MUDA chairman G Lakshmikantha Reddy confirmed this decision during a recent meeting, emphasising that these bodies will now manage the layouts instead of MUDA. This shift follows a previous move by former Deputy Commissioner KV Rajendra, who decentralised khata issuing authority to local entities. Local bodies will also have the power to collect property and other taxes, enabling them to provide essential amenities effectively.Read more

07 Nov 2024

The district administration of Noida has mandated that building owners and Resident Welfare Associations (RWAs) register their lifts within six months as part of the UP Lift Act. Chaired by the district magistrate, a new panel will meet quarterly to review compliance and address concerns. Owners failing to meet the norms will face fines and potential suspension of lift operations. Additionally, lift manufacturers must also register, and operators are required to maintain an accident logbook. Complaints regarding lift accidents can be filed with the local administration, leading to investigations and possible legal action.Read more

06 Nov 2024

The Brihanmumbai Municipal Corporation (BMC) plans to launch an online trading platform for Development Rights Certificates (DRC), resembling a stock exchange. The platform will enable citizens to invest in Transferable Development Rights (TDR), with all DRCs dematerialised and maintained electronically. This initiative aims to streamline TDR transactions, allowing individual homeowners and societies to buy small DRC amounts for property modifications without brokers. Currently, TDR transfers are informal, often monopolised by brokers, leading to inflated pricing and potential legal disputes. By promoting transparency and fair pricing, this electronic marketplace will modernise Mumbai's real estate sector, benefiting property owners and developers alike.Read more

06 Nov 2024

The Chhattisgarh government has launched the Sugam App to simplify and enhance the online property registration process, receiving a positive response with over 1,200 registrations since its debut. Aimed at increasing transparency and user-friendliness, the app addresses common issues related to property fraud, such as multiple sales of the same property and the registration of non-existent land. By requiring users to photograph properties from multiple angles, the app permanently records geographical details, helping to identify and verify properties while reducing revenue losses for the government.Read more

06 Nov 2024

The Noida Authority has implemented a mandatory tripartite sale agreement for builders and homebuyers in new housing projects. This decision aims to increase transparency in real estate transactions by ensuring the buyer's identity is recorded at the time of the first payment, rather than at project completion. The agreement aligns with RERA guidelines and aims to prevent fraudulent sales and tax evasion. By formalizing the transaction process, the Authority seeks to protect homebuyers' interests while also boosting government revenue from stamp duty.Read more

06 Nov 2024

The Haryana Real Estate Regulatory Authority (H-RERA) has issued 1,190 recovery certificates to reclaim INR 1,043 crore from defaulting builders, but only INR 225 crore has been recovered thus far, affecting 261 cases. A significant INR 800 crore remains unpaid, with many cases involving high-profile builders in Gurgaon who resist compliance with legal orders. Homebuyers are increasingly frustrated, having invested their life savings into stalled projects. Despite over 200 arrest warrants issued, enforcement remains a challenge, with only 20% of cases achieving positive outcomes. H-RERA is committed to taking necessary legal steps for recovery.Read more