21 Aug 2024

Punjab's cabinet has approved significant reforms to simplify property registration by removing the no-objection certificate (NOC) requirement under specific conditions, addressing delays and fraudulent practices. The new regulations allow land deals verified through bank transactions before July 31 to bypass the NOC process. Additionally, the Punjab Fire Safety and Emergency Services Bill, 2024 updates fire safety regulations, requiring certificates every three years and introducing fire insurance. The cabinet also reduced motor vehicle taxes for tourist vehicles and imposed additional road tax on luxury cars, aiming to boost tourism and address pollution. A new tree preservation policy aims to increase the state's tree cover to 7.5% by 2030, supported by a INR 792.88 crore agroforestry project. These measures reflect Punjab's commitment to improving property transactions, safety, and environmental sustainability.Read more

20 Aug 2024

The Maharashtra State Board of Wakf is investigating whether a plot in Bhendi Bazaar, Mumbai, sold to the Saifee Burhani Upliftment Trust (SBUT) is legally Wakf property. This follows a Supreme Court order from May 17, requiring the Board to determine the plot's status within 12 weeks. The property, over 150 years old and originally owned by the Haji Ismail Haji Habib Musafirkhana Trust, was sold to SBUT in 2016 for redevelopment. While SBUT argues the plot is not Wakf land, tenants and interveners claim it is, citing a functioning mosque on-site. The Supreme Court's directive to maintain "status quo" has halted redevelopment work. The investigation, ongoing since July 24, 2024, aims to resolve this dispute and determine the plot's future amid SBUT's broader redevelopment efforts in Bhendi Bazaar.Read more

20 Aug 2024

The Indian government has updated the Pradhan Mantri Awas Yojana (PMAY) to support urban families with incomes up to INR 9 lakh, offering interest subsidies on home loans for properties up to 120 square meters. The previous income threshold was INR 18 lakh, and the cap on loan amounts was higher. The new interest subsidy limit is INR 1.8 lakh. Additionally, affordable rental housing provisions are introduced, offering up to INR 1.5 lakh for constructing small rental units. New web-based platforms and transparent rental regulations aim to enhance accessibility and affordability for urban dwellers.Read more

20 Aug 2024

The PM-UDAY scheme, launched in 2019 to grant property rights to residents of Delhi's unauthorised colonies, has seen limited success. Despite 122,729 applications, only 23,811 ownership rights have been granted. Challenges include bureaucratic hurdles, financial barriers, and difficulties obtaining required documents like the power of attorney. Many residents, particularly in areas like Najafgarh and Nangloi, struggle to meet these demands. While the Delhi Development Authority (DDA) is making efforts to assist residents through camps and a bilingual online portal, the scheme's future remains uncertain as residents continue to face obstacles in securing basic services and ownership rights.Read more

19 Aug 2024

The Goa government has retracted the Goa Town and Country Planning (Amendment and Validation) Bill, 2024, following significant opposition from cabinet members. The bill aimed to protect the Town and Country Planning department from judicial scrutiny over land conversions, sparking concerns about potential environmental harm. The decision to withdraw, announced by TCP Minister Vishwajit Rane, reflects growing tensions between development and environmental protection in Goa. This move, along with the withdrawal of three other bills, signals the government's need to reassess its approach to land use and environmental sustainability.Read more

19 Aug 2024

As of July 31, 2024, consumer courts in India are facing a significant backlog of real estate-related cases, with 50,258 pending out of 2,44,813 filed, according to data shared by Minister B L Verma in the Lok Sabha. Despite resolving 1,94,555 cases, the backlog highlights the inefficiencies in the current consumer redressal system. The Consumer Protection Act, 2019, aims to improve this by establishing a three-tier quasi-judicial system and expediting case resolution. Key provisions include virtual filing of complaints, a 21-day determination period for admissibility, and specific timeframes for case resolution. The e-Daakhil portal, now available in 35 states and UTs, further facilitates online complaint registration, aiming to enhance the efficiency and accessibility of consumer justice.Read more

19 Aug 2024

The National Asset Reconstruction Company Limited (NARCL), supported by the Indian government, aims to acquire INR 2 lakh crore worth of stressed or non-performing assets (NPAs) from banks by FY 2026. As of July 2024, NARCL has taken over 18 accounts totaling INR 62,000 crore and approved resolution plans for two accounts valued at nearly INR 33,000 crore. NARCL utilizes the Swiss Challenge method for asset management and sale, allowing competition among bidders and the original bidder the right to match the best offer. Although the concept of a 'bad bank' was introduced in the 2021-22 Union Budget, its implementation faced delays. Nonetheless, NARCL's progress, including the successful application of this method to accounts worth INR 5,910 crore, is expected to help banks reduce NPAs, improve their balance sheets, and strengthen the financial system.Read more

19 Aug 2024

The National Company Law Tribunal (NCLT) has ruled in favor of Piramal Capital & Housing Finance, affirming the legality of their charge on the Avenue 54 real estate project owned by Radius Estate Projects in Santacruz, Mumbai. This decision resolves a contentious dispute between creditors, including J.C. Flowers Asset Reconstruction, providing clarity on the financial obligations associated with the project. The ruling solidifies Piramal's position as a significant financial creditor with legitimate claims over the project's assets, despite the initial mortgage holder, Yes Bank, revoking its No Objection Certificate (NOC) due to non-compliance by the developer.Read more

16 Aug 2024

The Union environment ministry has issued a draft notification to expand Ecologically Sensitive Areas (ESAs) in the Western Ghats, now covering 1,461 square kilometres and impacting 108 villages-up from the previous proposal of 99 villages. This fourth draft opens a 60-day public feedback window, inviting input from stakeholders. The Goa state government had urged a restriction to 63 villages, citing economic concerns, particularly over a proposed ban on mining in these areas. The final decision will weigh environmental protection against local economic impacts, highlighting the ongoing challenge of balancing conservation with livelihood needs.Read more

16 Aug 2024

The Chandigarh Housing Board (CHB) faces severe challenges, with over 15,000 allottees owing more than INR 65 crore in unpaid dues. Despite efforts, the CHB struggles with enforcement, as unauthorised occupations and subletting plague its 18,138 small flats, including 2,000 Affordable Rental Housing Complexes (ARHCs). A recent survey revealed 1,117 flats in illegal use, highlighting the board's inefficiency. Political opposition and slow legal processes further hinder the CHB's ability to manage its housing stock effectively, raising concerns over its role in providing affordable housing in Chandigarh.Read more