17 Sep 2024

The Ministry of New and Renewable Energy has unveiled draft guidelines for central financial support and payment security under the RESCO and utility-led models for rooftop solar systems. In the RESCO model, a renewable energy company installs and maintains the system for five years without upfront costs to the consumer. The consumer pays only for the electricity generated, and after the company's investment is recovered, the system becomes the consumer's property, making electricity nearly free. Alternatively, RESCO operators may sell power to the grid. In the utility-led model, state distribution companies own the systems for five years before transferring ownership to households.Read more

17 Sep 2024

After 11 years, the Hyderabad Metropolitan Development Authority (HMDA) has made slow progress in finalizing notifications for the Full Tank Levels (FTL) and buffer zones of over 3,000 lakes. With fewer than 10% of lakes receiving final approval, many preliminary surveys remain incomplete. Recent enforcement by HYDRAA has pressured HMDA to accelerate surveys, mandating targets for collectors. Since August, 65 lakes have been surveyed, and 269 preliminary notifications issued, but completing all surveys and issuing final notifications is expected to take at least another year.Read more

17 Sep 2024

Prime Minister Narendra Modi released the first instalment of funds under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) to thousands of rural beneficiaries, with INR 2,745 crore allocated to about one million individuals in Jharkhand. This initiative, aiming to build 2.95 crore houses by March 2024, includes a "griha pravesh" ceremony for 2.6 million new homeowners. Recent rule changes, like raising the income limit and removing exclusions, aim to widen the scheme's reach. The programme extension to 2028-29 targets an additional two crore houses, promoting poverty-free rural development.Read more

16 Sep 2024

Chief Minister Pramod Sawant announced a new affordable housing initiative aimed at providing relief to Goans facing rising property prices and limited land. The government plans to construct 50 to 100 flats in each taluka, priced between INR 10 to 15 lakh. These homes will be built on housing board or revenue land, with the goal of completion within two years. The scheme is in the draft stage, and allocation processes are yet to be finalized. Additionally, Sawant emphasized environmental protections, such as monitoring hill cutting and reassessing approvals for large-scale projects across Goa.Read more

16 Sep 2024

The Supreme Court has declined to stay the resolution plan proposed by Adani Goodhomes, a subsidiary of Adani Infrastructure and Developers, to acquire the insolvent real estate company Radius Estates. The case highlights the ongoing challenges surrounding substantial haircuts taken by lenders in insolvency resolutions. While the dissenting creditors have raised concerns about the 93% haircut imposed by the plan, the majority of stakeholders, including homebuyers, have endorsed Adani Goodhomes' proposal. Adani Goodhomes has offered approximately INR 76 crore to Radius Estates' creditors, who have claims totalling around INR 1,700 crore. Adani Goodhomes has also committed to completing the residential project in Mumbai at no additional cost to the homeowners.Read more

16 Sep 2024

The Gujarat state government has introduced a new policy to incentivize the construction of green buildings. The policy offers Floor Space Index (FSI) incentives for buildings that are rated by agencies like GRIHA, IGBC, and LEED, with the exemption ranging from 7% to 12% of the chargeable FSI. However, the government has also imposed penalties for non-compliance, with buildings that fail to obtain the required rating facing a penalty twice the amount of the incentive FSI. The policy aims to promote sustainable development and encourage the adoption of eco-friendly building practices in the state.Read more

16 Sep 2024

Noida Authority recently sealed Omaxe Buildhome's Grand Omaxe housing society in Sector 93B due to non-payment of INR 457.8 crore in dues. The developer failed to pay 25% of the recalculated dues, approximately INR 114.4 crore, even after receiving relief under the Covid-19 relief package. Noida Authority CEO Lokesh M stated that the developer had ignored multiple notices before the property was sealed. The Authority also plans to seal unsold flats and vacant land at other projects. Of 57 defaulting projects, only 22 have accepted the rehabilitation package, with 29 developers owing around INR 6,900 crore.Read more

16 Sep 2024

The Delhi Development Authority (DDA) has introduced a new system for delivering flat documents to buyers in a customised folder, following instructions from Lieutenant Governor VK Saxena. This folder includes all essential documents, such as the possession letter and various certificates, aiming to simplify the process and enhance the buyer experience. Additionally, a new format for the possession slip will feature a photograph of the buyer to ensure authenticity and add a memorable touch to the transaction. This initiative, starting with Golf View Apartments in Dwarka, reflects the DDA's commitment to improving property transactions.Read more

16 Sep 2024

The long-awaited handover of Indirapuram from the Ghaziabad Development Authority (GDA) to the corporation, a process underway since 2016, is nearing completion. Following a recent board meeting, the GDA agreed to transfer INR 185 crore to the corporation, allocated for infrastructure repairs and development, including road, sewage, and water systems, along with funding for a waste transfer station and material recovery centre. Payments will be delayed over 10 months, with initial funds provided upfront. The transfer had been delayed due to disagreements over the amount, but recent directives and agreements have set the process in motion.Read more

13 Sep 2024

The Chhattisgarh government has received approval from the Centre for the construction of 8,46,931 houses under the Pradhan Mantri Awas Yojna (PMAY) in rural areas. This follows the government's pledge to build 18 lakh houses in the state, addressing a backlog amidst the poor implementation of the scheme in the state. The government has now allocated the state's share of funding and included beneficiaries from previous housing schemes as well. The state government has also requested a separate housing scheme for surrendered Naxalites and those affected by Maoist violence. Alongside PMAY, the state has launched its own "Niyad Nellanar" initiative for village development and completed most of the houses sanctioned under the PM-JANMAN scheme for Particularly Vulnerable Tribal Groups.Read more