15 Aug 2024

The Punjab and Haryana High Court heard a plea challenging the Haryana government's policy allowing stilt-plus-four (S+4) floor constructions in Gurgaon's residential areas. The Gurgaon Citizens Council, which filed the petition in the year 2021, argued that the policy was reinstated on July 2, 2024, despite an ongoing court case and a pending expert committee review. During the August 8, 2024, hearing, the government assured the court it would halt further approvals for S+4 constructions until the next hearing on August 22. The court directed the government to submit all the relevant policy documents by the aforementioned date.Read more

14 Aug 2024

Goa's Chief Minister Pramod Sawant announced plans to amend the Regularisation of Unauthorised Construction Act to include structures on government-allotted land. This move addresses local concerns and aims to safeguard homes built under the 20-point programme and similar initiatives. Sawant assured no demolitions until the amendment is enacted. Revenue Minister Atanasio Monserrate emphasised local bodies' roles in the process. The amendment, influenced by Supreme Court observations, seeks to protect vulnerable communities while ensuring housing security for Goa's residents.Read more

14 Aug 2024

The Bangalore Development Authority (BDA) is contemplating a 15-20% price increase for villas in Hunnigere, off the Nelamangala-Sondekoppe Road, due to rising construction costs. Prices for 3 BHK villas may rise from INR 75 lakh to INR 85-90 lakh, and 4 BHK villas from INR 1.10 crore to INR 1.15-1.20 crore. Additionally, prices for 320 one-bedroom flats have increased from INR 13.50 lakh to INR 15 lakh. This move, set for finalisation in an upcoming board meeting, has sparked concerns among prospective buyers about affordability amidst ongoing inflation and market conditions.Read more

14 Aug 2024

Visakhapatnam's housing initiative is progressing as District Collector Harendira Prasad directs the Housing Department to update the status of over 71,000 houses. Out of 1.39 lakh planned houses, approximately 1.29 lakh have been sanctioned, with 23,995 completed. The initiative spans 138 rural and 64 urban layouts. Prasad emphasises a 100-day action plan, daily progress reports, and geo-tagging for transparency. The move addresses the growing demand for affordable housing, especially post-COVID-19, and aims to improve living conditions for residents through efficient and accountable project management.Read more

14 Aug 2024

Residents across Bengaluru are raising alarms about illegal construction and building bylaw violations. Notably, a senior citizen from Nandidurga Road Extension reported over 15 major violations, including illegal utility connections. Despite repeated complaints to BBMP and state officials, the building's owners added extra floors and a generator on an upper floor. Other areas, such as Jeyamahal and Basavangudi, face similar issues, with unauthorised gas cylinder facilities and encroachments on public roads. Residents demand stricter enforcement from authorities, emphasising that these violations pose significant safety risks and undermine community well-being.Read more

14 Aug 2024

The Green View project, developed by NBCC, was deemed unsafe by IIT-Roorkee and CBRI, leading to a directive for residents to vacate their flats by March 2022 due to severe structural issues. On June 25, NBCC sought permission to demolish seven unsafe towers, but this request faced strong opposition from Economically Weaker Section (EWS) residents, who are dissatisfied with unresolved compensation claims. The EWS residents, many economically disadvantaged, have been vocal about their grievances in a grievance redressal meeting and have a pending case in the Delhi High Court. Consequently, the district administration denied NBCC's demolition request, emphasizing compliance with the High Court's final decision and ensuring fair compensation for the affected residents. The decision highlights the need for legal adherence and fair treatment of vulnerable stakeholders.Read more

13 Aug 2024

The Makarba Town Planning (TP) Scheme 204 controversy is nearing resolution as a state-appointed committee - Ahmedabad recommends a 40% reduction in plot sizes for around 50 high-profile landowners. This move aims to address years of alleged irregularities in land use. The scheme, covering 1,100 hectares in sought-after zones like Sarkhej and Vejalpur, faced accusations of favoritism since 2007. A thorough investigation confirmed these claims, and the revised plan now awaits approval from the AMC and state government. The resolution could mark a shift toward greater accountability and transparency in Ahmedabad's urban planning.Read more

13 Aug 2024

The Uttar Pradesh Legislative Assembly passed the Nazul Property (Management and Use for Public Purpose) Bill, but the Legislative Council sent it to a Select Committee for further review. The bill, aimed at regulating government-owned lands for public purposes, was met with concerns from ruling party members. Deputy CM Keshav Prasad Maurya presented the bill, but BJP's state president Bhupendra Singh Chaudhery suggested a deeper examination. The committee will report within two months. Critics urge transparency and efficient land management to benefit the community, with the bill's final shape potentially impacting future land policies in Uttar Pradesh.Read more

13 Aug 2024

The Securities and Exchange Board of India (SEBI) has fined seven individuals and entities, including JM Financial Asset Management Ltd and its former CEO Bhanu Katoch, a total of INR 2 crore for regulatory breaches involving Dewan Housing Finance Corporation Ltd (DHFL) securities. Violations included trading on unpublished information and failing to disclose NAV changes promptly. Fines are due within 45 days, with Katoch facing INR 1.1 crore, his family members INR 17 lakh and INR 8 lakh, and other executives receiving penalties. This case underscores the need for transparency and ethical practices in India's financial sector.Read more

13 Aug 2024

In 2023-24, the National Company Law Tribunal (NCLT) approved 269 resolution plans, a 42% rise from the previous year, according to Crisil Ratings. However, creditors recovered only 27% of admitted claims, down from 36%. Of the approved plans, 88% were backlog cases. Real estate and manufacturing sectors dominated, representing 65% of approvals. Despite appointing more NCLT members, the average resolution timeline increased to 850 days. The Insolvency and Bankruptcy Board of India (IBBI) is considering out-of-court mediation to speed up processes and improve recovery rates. Delays can significantly reduce asset value, underscoring the need for systemic efficiency improvements.Read more