29 Aug 2024

In Thiruvananthapuram, Local Self-Government Minister MB Rajesh has announced a policy change allowing the renewal of commercial licences for establishments in buildings constructed before current regulations. This decision follows challenges faced by business owners under the K-SMART system, which previously barred licences for non-compliant older buildings. The update aims to benefit numerous small businesses and includes plans to overhaul the K-SMART system for easier licensing. Rajesh also noted that 66% of 10,000 complaints have been resolved and emphasised simplifying 106 rules to improve governance and support economic growth.Read more

28 Aug 2024

Mango Crest Investment Ltd, an affiliate of the US-based private equity firm Warburg Pincus, is involved in investment holding activities. The company manages and holds investments on behalf of Warburg Pincus, focusing on long-term value creation. Shriram Housing Finance Ltd, the other key player in this context, is a registered housing finance company under the National Housing Bank. It specialises in providing home loans and related financial services to individuals and businesses in India, contributing to the country's housing finance sector. This collaboration between these two entities marks a significant development in the housing finance industry and its current growth.Read more

27 Aug 2024

The Securities and Exchange Board of India (SEBI) has issued new guidelines for Category I and II Alternative Investment Funds (AIFs), focusing on borrowing practices and tenure extensions. These regulations permit borrowing only under stringent conditions, such as short-term operational needs, with a cap at 10% of investable assets and a 30-day limit. Additionally, funds must maintain a 30-day gap between borrowings. The guidelines also allow Large Value Funds for Accredited Investors to extend their tenure by up to five years with unit holder approval, ensuring a balance between operational flexibility and investor protection.Read more

27 Aug 2024

Earlier this month, the Supreme Court approved the auction of Samrudhhi Realty's assets to recover around INR 5,000 crore in debt, but any auction of Essel Finance Advisors and Managers LLP's assets will be contingent upon the outcome of an ongoing appeal. Essel Finance disputed the NCLAT's decision, which upheld an order requiring it to cover a portion of liquidation costs. Essel, which invested in Samrudhhi Realty's debentures, argued that the liquidator's demands were excessive and the firm's role as a facility agent did not equate to being a financial creditor responsible for extra liquidation costs. Of 364 claims filed, 348 worth INR 414 crore were accepted.Read more

27 Aug 2024

The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has fined M/s 1000 Trees Housing Pvt Ltd INR 1.5 crore for failing to register its project despite having a licence for 12 years. The penalty arose from a review of the promoter's application to register the project, which is crucial for completing construction and delivering units to homebuyers. Regulations mandate project registration with HRERA before establishing third-party rights or making advertisements. Although the penalty was imposed, HRERA has conditionally approved the project, pending payment of the penalty and late fees, as stipulated under Section 59 of the Act.Read more

26 Aug 2024

The Assam government has launched the Land and Space Lease Management Policy, 2024, aimed at streamlining land leasing and facilitating investment in the state's IT parks and Electronics Manufacturing Clusters (EMCs). Announced by Chief Minister Himanta Biswa Sarma, the policy is expected to create 8,000 direct and over 100,000 indirect jobs. The initiative aligns with Assam's efforts to position itself as a key player in the IT and electronics sectors, supporting the broader Make in India agenda. Additionally, the government is addressing GST-related issues affecting small traders, further boosting the state's business environment.Read more

26 Aug 2024

The Bombay High Court criticised the Brihanmumbai Municipal Corporation (BMC) and Maharashtra Housing and Area Development Authority (MHADA) for their 25-year delay in issuing an Occupation Certificate (OC) for a redeveloped property in Mahim. The court directed MHADA to issue a No Objection Certificate (NOC) by August 30, and the BMC to grant the OC by September 20. The case involves a redevelopment project by Raj Realtors, with tenants facing financial and service hardships due to the lack of an OC. The court also ordered BMC and MHADA to investigate their officers' actions and rectify the situation.Read more

23 Aug 2024

Puducherry's Industries Minister A. Namassivayam announced a new industrial policy to enhance industrial growth and job creation in the region. The policy, in response to requests for GST and Income Tax concessions, aims to attract more businesses. Since 2021, Puducherry has seen 189 new industries creating nearly 9,700 jobs. The government is also planning an IT park to boost tech sector employment. Additionally, Chief Minister N. Rangasamy revealed that the Excise department generates INR 1,488 crore annually and announced plans to outsource ambulance services to improve healthcare.Read more

23 Aug 2024

The Delhi Development Authority (DDA) has approved 104 flats in Narela for families displaced from slums to facilitate the construction of a maternal and child care hospital by RML Hospital. These EWS flats, located in Pocket V, Sector G-7, provide improved living conditions and access to essential amenities. The allocation, approved by Lieutenant Governor VK Saxena, follows a camp for residents to receive allotment letters. This move is part of broader DDA efforts, including past and ongoing projects like the Kalkaji and Jailorwala Bagh schemes, aimed at better housing for economically disadvantaged families.Read more

23 Aug 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) now requires developers to obtain quality assurance certificates for their projects, aiming to improve construction standards and protect homebuyers. This initiative addresses issues like subpar construction and delays, fostering a more reliable market. Domnic Romell of CREDAI-MCHI supports the move, emphasising the industry's commitment to quality and trust. Regular audits and inspections will ensure compliance, creating a more resilient and transparent real estate sector in Maharashtra, benefiting over 10 million homebuyers statewide.Read more