09 Apr 2024

The Municipal Corporation of Gurugram (MCG) has enforced self-certification of property tax data for all property transactions, including sale, purchase, lease, and rental registrations at the revenue department office. This decision, made in a recent review meeting chaired by MCG Commissioner Narhari Singh Banger, aims to ensure accuracy in property owners' data such as names, plot size, and address, consequently leading to precise tax bill generation. Property owners can self-certify their data via the government portal property.ulbharyana.gov.in, provided they clear any outstanding dues and obtain a no-objection certificate (NOC).Read more

08 Apr 2024

Noida Authority struggles as only 14 out of 57 projects sign up for UP government's rehabilitation package, despite much efforts. This package was initiated based on Amitabh Kant-led panel recommendations and it aims to address issues of pending dues and flat registrations. Of the identified projects, builders of 35 agreed to the deal and about 14 submitted 25% of recalculated dues, enabling registration of 4,000 flats. The Authority anticipates more registrations in April as builders consider deposits in the new financial year. The Stamps department has organised camps to expedite registries, registering 500 flats so far.Read more

08 Apr 2024

The state government has opted to keep land-ready reckoner (RR) rates unchanged for 2024-25, maintaining stability in property purchases for the fourth consecutive year. This decision, praised by industry experts, ensures affordability for homebuyers and prevents additional costs that could have arisen from rate increases. The strategy has proven effective, with a notable rise in property registrations in Mumbai city contributing significant revenue to the state. Predictable pricing fosters buyer confidence and investment planning, driving increased activity in the real estate market. This move by the Maharashtra government is anticipated to sustain market momentum, stimulate property sales, and surpass previous revenue collections, benefiting both homebuyers and the real estate sector.Read more

05 Apr 2024

The BMC's assessment and collection department has issued notices to several Mumbai Metro contractors for over INR 370 crore in unpaid property tax. As metro construction works are ongoing across the city, contractors are liable to pay taxes on casting yard plots but some like HCC-MMC, CEC-ITD, Doga Soma and L&T have reported delays. Mumbai Metro One Pvt Ltd (MMOPL), which operates the city's first metro line, also owns two large land parcels in Andheri West but has not submitted taxes since 2013, leading the Andheri East and West wards to issue notices for INR 80 crore and INR 220 crore respectively. The BMC warns of cutting water supply or auctioning attached properties if dues remain unpaid by the fiscal year-end.Read more

05 Apr 2024

The National Company Law Appellate Tribunal (NCLAT) overturned a petition submitted by homebuyers of a project in Greater Noida, seeking insolvency proceedings against Ansal Hi-tech Township Ltd. The petition sought insolvency proceedings for a project in Greater Noida. NCLAT reiterated NCLT's ruling, stating the homebuyers didn't meet criteria for filing insolvency as they belong to various projects. The dispute centered on the definition of 'Sushant Megapolis' as a unified project. The tribunal's decision signifies a setback for the homebuyers' efforts to address their grievances through the insolvency route.Read more

05 Apr 2024

The Bombay High Court recently heard an appeal by a Pune developer challenging orders directing payment of interest to two homebuyers for delayed possession of their homes beyond the promised dates of August 2016 and September 2017. While dismissing the appeal, the High Court upheld the homebuyers' right to claim interest for delayed possession under Section 18 of RERA, even after taking possession. In its ruling, the Court clarified that homebuyers can take possession first before filing complaints with MahaRERA to avoid further losses, and that Section 18 applies to both homebuyers who have withdrawn or are continuing in delayed projects.Read more

PNT Reporter

04 Apr 2024

The Municipal Corporation of Delhi (MCD) has resolved to impose 1% monthly interest on pending property tax and service charges for government and railway properties, effective April 1. The decision follows a circular issued by MCD's assessment and collection department, stipulating interest charges if payments are made after the due date of June 30 each financial year. This measure aims to address outstanding dues totaling around INR 2,000 crore from government departments, PSUs, and railways. MCD's efforts to enhance tax collection include imposing interest on defaults, previously applied only to private properties, reflecting a broader strategy to ensure timely payments and boost revenue.Read more

PNT Reporter

04 Apr 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for real estate developers to disclose their bank account details in recovery orders sent to the revenue department. This aims to improve the efficiency of recovering compensation owed to homebuyers by identifying developers' bank accounts so the revenue department can more easily attach properties and retrieve owed amounts. The decision comes as homebuyers nationwide raise concerns over non-compliance or delayed enforcement of recovery orders against defaulting developers.Read more

PNT Reporter

04 Apr 2024

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) established a conciliation forum in February 2019 to resolve disputes between property buyers and developers in an amicable manner before moving to formal arbitration. Between 2019-2023, the forum helped resolve over 1,400 complaints worth over INR 570 crore in assets involving delays, charges, and other issues. Over 70% of the resolved disputes were related to residential properties. The conciliation process allows both parties to present their perspectives to the RERA conciliator and representatives, who then facilitate a consensus-based solution. Officials credit the involvement of homebuyer and builder associations for the high success rate of the forum in avoiding litigation while streamlining the dispute redressal process.Read more

PNT Reporter

03 Apr 2024

In a significant judgment, the Bombay High Court has approved the redevelopment of a Mumbai housing society by Truearth Developers, rejecting an insolvent builder's claim over the project. The court emphasized that the Insolvency and Bankruptcy Code cannot be used to delay development or deny transit rent payments to displaced residents. It criticized the practice as "absurd" and "inequitable", underscoring that society members should not suffer due to a builder's insolvency. The ruling reaffirms residents' fundamental rights to redevelopment and compensation, setting an important precedent that prioritizes citizens' welfare over narrow corporate interests.Read more