01 Dec 2023

The Bombay High Court, in a landmark decision, has assured tenants of the Ismail Baug building in Malad that their tenancy rights will be preserved despite the building's demolition. The court upheld the BMC's demolition notice, citing safety concerns, but emphasized that tenants would be reinstated once the building is reconstructed. The ruling came after a detailed consideration of conflicting structural audit reports and underlines the judiciary's commitment to balancing public safety with the protection of tenants' rights in urban development scenarios.Read more

01 Dec 2023

The Maharashtra Real Estate Appellate Tribunal (MREAT) has modified a 2019 MahaRERA order, directing the promoter, Neelkamal Realtors, of a Mira Road real estate project to pay interest from 2013 on amounts paid by home buyers until possession is granted. The case involved a couple who booked a flat in Orchid Ozone in 2010, and paid 90% without a registered agreement. Although possession was to be given in 2013, the couple hasn’t received it yet. The tribunal found flaws in MahaRERA's order and instructed the promoter to execute a sale agreement promptly upon receiving the occupancy certificate. The judgment highlighted the promoter's breach of payment ceiling and obligations under real estate laws.Read more

01 Dec 2023

The Enforcement Directorate (ED) recently apprehended Shashi Bala in connection with a money-laundering probe involving a Lucknow-based company accused of defrauding investors of Rs 800-1,000 crore. Bala, an active associate of the main accused, Rasheed Naseem, in the Shine City fraud, has been taken into custody. Naseem, the primary accused, is currently at large. A special court under the Prevention of Money Laundering Act has remanded Bala to ED custody until November 30. The ED revealed that Bala played a crucial role in assisting Naseem in concealing and laundering the proceeds of the alleged crime. The case involves raids, FIRs, and investigations into the financial misconduct.Read more

01 Dec 2023

The Mayor of Kolkata, Firhad Hakim, has recently directed the buildings department to collaborate with architects or licensed building surveyors for expedited approval of building plans on plots not exceeding three cottahs. This move aligns with a new regulation allowing citizens to apply for building sanction online for smaller plots, ensuring quick approval within 15 days if the submitted documents adhere to civic regulations. The initiative aims to address delays and simplify the building plan approval process, emphasizing the Kolkata Municipal Corporation's commitment to supporting citizens in construction endeavours on smaller plots.Read more

01 Dec 2023

At a recent event, UP Chief Minister Yogi Adityanath announced that over 55 lakh underprivileged individuals in Uttar Pradesh have received free housing under state and central government initiatives during his tenure. Speaking at the inauguration of development projects in Gorakhpur, Adityanath emphasized the success of housing schemes like Pradhan Mantri Awas Yojana and Mukhyamantri Awas Yojana, transforming the lives of millions by providing homes with essential amenities. The Chief Minister highlighted the broader development initiatives in the region and outlined plans for future projects, reaffirming the commitment to improving the quality of life for residents.Read more

30 Nov 2023

UAE-based real estate firm Emaar Properties PJSC and its Indian subsidiary, Emaar India, along with 13 others, have been booked by the police following allegations of cheating from their former business partner, MGF, involving undervaluation of land and other offenses. The complaint suggests that Emaar manipulated valuation reports through an independent valuer, Jones Lang Laselle (JLL), leading to significant undervaluation of land in Gurugram sectors. Emaar India strongly denies any wrongdoing, labelling the accusations as another attempt by MGF to harass the company and its employees, emphasizing prior investigations that found no criminality in similar claims.Read more

30 Nov 2023

In a recent ruling, the Gujarat State Consumer Dispute Redressal Commission has instructed Sambhav Infrastructure Pvt Ltd and its directors, Mihir Desai and Toshal Desai, to deliver possession of flats to five customers who booked housing units in the Stavan Parishray scheme in Gota. The Commission has ordered compensation of Rs 3.80 lakh or a refund for these 5 customers. The directive also follows a case where the builder failed to fulfil its commitment made in 2012, leading to a legal intervention.Read more

30 Nov 2023

Haryana Shahari Vikas Pradhikaran (HSVP) has served notices to 150 property owners in Sector 110A, demanding a "enhancement amount" of Rs 409 crore. Residents must pay between Rs 30 lakh to Rs 1 crore, based on plot size, within 30 days or face interest penalties. The notices follow a Punjab and Haryana High Court directive for enhanced compensation to landowners affected by the 2015 demolition of homes in New Palam Vihar for Dwarka Expressway construction. Allotted alternative plots in Sector 110A in 2017, affected families now grapple with the unexpected demand, prompting protests and appeals.Read more

30 Nov 2023

The Chandigarh Housing Board (CHB) has been facing challenges in generating interest from potential buyers for its auctioned properties. Despite efforts, including significant price reductions, the response to both residential and commercial properties has been lacklustre. The most recent auction, held in November, saw only three out of 116 residential properties finding buyers, and none of the 88 commercial properties were taken. Previous auctions have also witnessed limited success, raising concerns about the effectiveness of CHB's auction strategies and the overall market conditions for property transactions in the region.Read more

29 Nov 2023

The Maharashtra Housing and Area Development Authority (MHADA) has unveiled a comprehensive policy to sell 11,184 unsold flats across divisional circles. Directed by MHADA's Vice Chairman & CEO, Sanjeev Jaiswal, the move follows recommendations from a committee reviewing unsold inventory. The policy offers various avenues, including bulk discounts, instalment sales, leasing to institutions, and auctions. It aims to optimize the sales process, unlocking funds stagnant for a decade. This strategic decision is expected to rejuvenate MHADA's finances, facilitating new housing projects and addressing the persistent challenge of unsold flats in the market.Read more