18 Oct 2024

The Ghaziabad Development Authority (GDA) has announced a plan to develop a land parcel under the long-shelved Indirapuram Extension scheme, allocating INR 5 crore for essential infrastructure like roads, parks, and a sewer network. Covering 30,000 square metres, the project will feature 47 residential and three commercial plots, set to be auctioned within a year. GDA officials project revenue of over INR 285 crore, with residential plots priced at INR 95,000 per square metre and commercial parcels at INR 1.15 lakh. The initiative comes after years of delays caused by farmer protests and legal challenges over land compensation.Read more

17 Oct 2024

The Enforcement Directorate (ED) recently uncovered properties valued at over INR 200 crore during raids across 15 locations in Delhi and Gurugram, related to an investigation into Vatika Limited. The company is accused of failing to deliver promised commercial units and assured returns to over 400 investors. The ED seized incriminating documents and digital devices during the operation. Vatika Group had taken loans exceeding INR 5,000 crore, with a significant portion waived by Indiabulls. The investigation, based on FIRs filed in 2021, exposes issues in the real estate market and underscores the need for reforms to safeguard investors.Read more

17 Oct 2024

The Noida Authority plans to hire a consultant to oversee land assembly activities, assisting in direct land purchases and legal acquisitions under the Land Acquisition Act. With the city rapidly expanding, around 200 hectares of land are projected for assembly, though this may change as development continues. The consultant will handle all aspects of land acquisition, from identifying parcels to managing legal and administrative processes. This move underscores the Authority's focus on addressing the growing demand for land, ensuring infrastructure projects are executed efficiently to support the city's development.Read more

17 Oct 2024

The Pune Housing and Area Development Board, a regional unit of MHADA, has opened the registration and application process for the sale of 6,294 housing units. These homes are spread across Pune, Pimpri-Chinchwad, Solapur, Kolhapur, and Sangli districts. The lottery offers units under various schemes, including the first-come, first-served and Pradhan Mantri Awas Yojana schemes. The government is also planning to expand affordable housing in areas like Alandi and Shirur, with redevelopment projects in old MHADA colonies. The online lottery for these units is scheduled in the coming weeks.Read more

17 Oct 2024

The Maharashtra Housing and Area Development Authority (MHADA) has reduced the charges for additional areas beyond the permissible limits of old residential tenements, setting the new rate at 110% of the Ready Reckoner rate. This decision aims to alleviate the financial burden on tenants, many of whom have faced challenges affording the previous charge of 125%. Sanjeev Jaiswal, Vice President and CEO of MHADA, highlighted that this adjustment is intended to accelerate the rehabilitation process for tenants in old cessed buildings, addressing a significant backlog of unresolved cases.Read more

17 Oct 2024

The Allahabad High Court has stayed the Noida Authority's denial of construction permits to Satya Homes Pvt Ltd and others, instructing the Authority to reconsider the applications following proper legal procedures. The court highlighted that blanket restrictions without valid justification were not permissible. A fresh site inspection is to be conducted in November, with a report due by mid-November, allowing affected parties to raise objections before the next hearing scheduled for December.Read more

16 Oct 2024

In an effort to regain control over abandoned redevelopment projects on their lands, the Maharashtra Housing and Area Development Authority (MHADA) has sent out about 1,200 letters to different Mumbai developers and housing societies. This action is in response to a 1976 amendment to the Maharashtra Housing and Area Development Act (MHADA) that gave MHADA the power to independently supervise redevelopment on its plots in the event that developers and residents fail to submit any plans for the redevelopment of residential buildings, regardless of the reasons behind the failure, including disagreements or pending legal actions.Read more

16 Oct 2024

The Enforcement Directorate (ED) has attached assets worth INR 1,003 crore, including over 100 acres of industrial land, as part of its investigation into the Dnyanradha Multistate Co-operative Credit Society Ltd. The case, led by Suresh Kute and others, involves alleged embezzlement of INR 2,318.45 crore. Earlier, assets worth INR 86 crore were also seized. The ED's findings reveal that society funds were fraudulently diverted as loans to companies within The Kute Group, owned by Suresh and Archana Kute. Investors were promised high returns but many were defrauded, prompting calls for stronger regulations in the co-operative credit sector.Read more

16 Oct 2024

The Bombay High Court has ruled that a tenant company, Mather and Platt (India), cannot reclaim protections under the Maharashtra Rent Control (MRC) Act, 1999, after voluntarily reducing its paid-up capital below the INR 1 crore threshold. The court rejected the company's claim of financial hardship due to reorganization, stating it remains a "cash-rich entity" capable of paying market rent. The case involved eviction from Hamilton House, Ballard Estate, with the court affirming that once rent control protections are forfeited due to exceeding capital limits, they cannot be restored. This decision sets a precedent for similar landlord-tenant disputes under the MRC Act.Read more

16 Oct 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) recently rejected nearly 2,000 building plan approval applications following an order mandating local planning authority approval for single plot or layout developments. This directive impacts property owners, particularly in zones like Bommanahalli and Mahadevapura, where over 60% lack necessary approvals. Engineers have urged the BBMP to reconsider the order, fearing it may hinder tax collection and complicate property transactions, especially for those with A-khata status.Read more