13 Aug 2024

The Telangana government plans to overhaul land record processes with the proposed Dharani draft bill (Telangana Record of Rights Bill, 2024). The bill aims to address issues in the current Dharani Act by reducing the number of modules from 33 to 10, simplifying user access. It introduces a structured appellate system with the Revenue Divisional Officer and Collector to handle grievances, aiming to reduce court disputes. Additionally, the bill requires public objections for succession claims to enhance transparency. The government will consult rural communities over three months to refine the bill, aiming for a more efficient land administration system.Read more

12 Aug 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has filed an appeal with the Supreme Court to protect its right to contest the NCLAT's order requiring Jaypee Infratech Ltd (JIL) to pay INR 1,335 crore to farmers over four years. YEIDA's move is urgent, given the 45-day window for appeal and the potential objections from the Uttar Pradesh government. The NCLAT's ruling, reducing YEIDA's original claim from INR 1,689 crore, follows a structured payment plan from Suraksha Group. The resolution is critical for over 20,000 buyers awaiting flats and highlights the complex legal and financial landscape impacting both farmers and homebuyers.Read more

12 Aug 2024

The Supreme Court of India has directed the CEOs of Noida and Greater Noida Authorities to appear before it due to their failure to expedite housing projects by the Amrapali Group. Attorney General R. Venkataramani, serving as a receiver for Amrapali, criticised the authorities for obstructing progress and delaying approvals for building plans based on revised Floor Area Ratio (FAR) figures. The court's intervention follows allegations of fraud against Amrapali and ongoing efforts by NBCC to complete 16 projects valued at INR 8,017 crore. The court aims to ensure timely completion and delivery of homes to thousands of awaiting buyers.Read more

12 Aug 2024

The Securities and Exchange Board of India (SEBI) has imposed restrictions on the real estate company Omaxe, its Chairman Rohtas Goel, Managing Director Mohit Goel, and three others, excluding them from accessing the securities market for two years. This action followed a complaint alleging Omaxe's involvement in fraudulent transactions, fund diversion, misrepresentation of financial statements, and inflation of turnover. SEBI conducted a forensic audit covering the period from 2018-19 to 2020-21 and found that Omaxe had misrepresented its financial statements to manipulate its share price and maintain the value of the promoters' collateral against a loan. The regulator has also imposed a fine of INR 47 lakh on 16 entities, including Omaxe and its key personnel.Read more

12 Aug 2024

On 3 June, the National Company Law Tribunal (NCLT) admitted Jaypee Associates Limited (JAL) for insolvency proceedings. This decision came after a petition was filed by a consortium of lenders led by ICICI Bank. The lenders approached the NCLT due to JAL's inability to meet its financial obligations. The insolvency process aims to resolve JAL's debt issues and identify a suitable resolution for the creditors. The company plans to refinance borrowings and sell its assets, including real estate and cement plants, in order to reduce the debt burden. Legal provisions may allow JAL to withdraw from insolvency proceedings, pending creditor approval.Read more

12 Aug 2024

The Greater Noida Industrial Development Authority (GNIDA) has announced a six-month penalty waiver for around 40,000 homebuyers unable to register their flats due to developers' unpaid dues. Effective from July 22, this relief applies across 60 projects, allowing buyers to complete registrations without fines. Historically, GNIDA's penalties could reach INR 50-100 daily, creating financial strain. This initiative, influenced by homebuyers' associations, aims to rectify issues from unregistered flats and stalled projects. It is part of broader efforts to support homebuyers and stabilise the real estate market in Greater Noida.Read more

09 Aug 2024

The MMRDA plans to evict illegal occupants from 1,336 tenements in Kurla, initially meant for slum dwellers displaced by airport expansion. The operation, set from October 7 to 10, follows the discovery of unauthorised residents by MMRDA in 2021. Originally built by HDIL for Bharat Nagar slum rehabilitation, these units now house individuals who paid up to INR 5 lakh to agents. Local activists and advocates highlight issues with lease renewals and unpaid rents. The eviction underscores Mumbai's housing challenges and the need for better oversight and transparent rehabilitation processes.Read more

09 Aug 2024

The Supreme Court has requested the Chief Justice of the Bombay High Court to form a bench to initiate its own review of the Maharashtra Slum Areas Act of 1971. This review aims to identify issues in the law's implementation. With over 1,600 cases pending, the law's implementation faces significant problems. The Supreme Court directed the Chief Justice to form a bench for this crucial review, emphasising the judiciary's critical role in ensuring access to justice. The decision came during the dismissal of an appeal from Yash Developers, who faced the cancellation of a long-delayed slum redevelopment project.Read more

09 Aug 2024

The Noida Authority aims to sell over half a million square metres of land in FY 2024-25 to raise more than INR 3,700 crore. Land will be allotted across residential, industrial, institutional, group housing, and commercial segments through e-auctions. The Authority expects to generate INR 1,080 crore from group housing plots, INR 1,010 crore from commercial land, INR 705 crore from industrial plots, INR 650 crore from residential plots, and INR 315 crore from institutional plots. Additionally, INR 35 crore is expected from allotting empty residential spaces. Schemes for these categories will be launched soon.Read more

09 Aug 2024

The Karnataka Real Estate Regulatory Authority (KRERA) has mandated GVG Infrastructure Pvt Ltd to refund INR 34.7 lakh to homebuyer Dhimosh Mangadan for failing to complete the Mulberry Mist project in Varthur, Bengaluru, on time. Despite an August 2019 deadline, the project remains unfinished. KRERA's order, issued on July 10, also demands an additional INR 11.5 lakh in interest. This case highlights Bengaluru's real estate issues, with over 26,030 delayed housing units valued at INR 28,072 crore. Across India, approximately 5 lakh homes are stalled, emphasising the need for stricter enforcement of developer accountability.Read more