10 Nov 2023

The Karnataka Real Estate Regulatory Authority (K-RERA) has issued an interim order instructing the Bangalore Development Authority (BDA) to promptly register its Arkavathy Layout project, following a complaint by a site allottee regarding project delays and lack of amenities. The K-RERA panel noted the BDA's absence during proceedings from September 2022 to September 2023 and has directed the BDA commissioner to complete the project's registration under Section 3 of the Real Estate (Regulation and Development) Act, 2016, within two weeks. Additionally, the BDA has three weeks to justify why penalty proceedings should not be initiated under Section 59(1) of the Act.Read more

09 Nov 2023

The Bombay High Court has accepted a Public Interest Litigation (PIL) concerning the Panel City Municipal Corporation's (PCMC) handling of a slum rehabilitation project in Panvel. The PIL alleges that the PCMC divided a flood-prone plot without environmental clearances for a slum rehabilitation building. This plot falls under the Coastal Regulation Zone (CRZ), where construction is prohibited due to flood risks. The PCMC is accused of failing to obtain a technical report, potentially impacting the environment. The PIL also questions the PCMC's transparency and eviction of slum residents without adequate alternative housing. The PCMC denies the allegations, stating that all necessary formalities were completed before commencement of work.Read more

09 Nov 2023

The Delhi Development Authority (DDA) is set to light up this Diwali with a major housing scheme, offering over 30,000 apartments across prime locations including Dwarka, Narela, and Vasant Kunj. The festive rollout caters to various income brackets, with luxurious penthouses and budget-friendly options. Prospective buyers are advised to register promptly, as the scheme operates on a first-come basis. Prices are likely to range from Rs 11 lakh for EWS flats to Rs 3 crore for premium SHIG units, subject to final revisions at launch.Read more

09 Nov 2023

The Yamuna Authority is set to launch an industrial township on 500 acres in sectors 10 and 32 off the Yamuna Expressway, aimed at attracting Japanese companies in the field of electronics, chips, semiconductors, and AI sectors. It allows multiple land uses, including industrial, residential, commercial, and institutional spaces. The state cabinet's new FDI policy, offering exemptions in land costs and stamp duties, is expected to entice more companies to establish factories. Companies have to invest at least Rs 100 crore to qualify for these FDI benefits, including GST exemptions and financial support for worker accommodations. The proposed township will provide all essential facilities for Japanese nationals, creating a self-sufficient unit.Read more

09 Nov 2023

The Odisha Apartment (Ownership and Management) Act, 2023 has been officially announced by the Housing And Urban Development Department in Odisha. This legislation aims to provide clarity and structure to apartment ownership in multi-unit housing complexes. It outlines the rights and responsibilities of apartment owners, developers, and apartment associations. Key provisions include defining exclusive apartment ownership, transferring ownership of common areas and facilities to apartment associations, and specifying the responsibilities of developers and apartment owners. This Act is expected to bring transparency and accountability to the apartment ownership landscape in Odisha, benefiting both developers and apartment owners.Read more

09 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has upheld the suspension of registration for 182 real estate projects due to their failure to meet the mandated conditions for updating quarterly progress reports. This decision comes after promoters of 222 projects sought to have the suspension lifted, claiming to have paid penalties and provided updated reports. However, MahaRERA found that only 40 projects met all necessary conditions, leading to a directive for the remaining 182 to resubmit required information. The regulatory body also identified deficiencies in the reports. MahaRERA's commitment to transparency, accountability, and protecting homebuyers is evident, underscoring the importance of complying with reporting and regulatory obligations in the real estate sector.Read more

08 Nov 2023

Mumbai's urban landscape is set for a transformation as the state's urban development department has proposed a minimum area of 405 square feet for all BMC and MHADA rehabilitation homes. The move aims to enhance living conditions for residents in these housing complexes. Notably, a key provision in the proposal mandates that the fungible compensatory area should be granted to existing tenants without a premium charge, ensuring additional living space beyond the minimum requirements. This change, which puts an end to developer objections, marks a significant shift in urban development. The notification also facilitates the demolition of 19 BMC-owned buildings to make way for the Bandra-Sewri connector, boosting connectivity in the city.Read more

08 Nov 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a plot allotment scheme aimed at promoting the establishment of hotels in Greater Noida's Sector 28. These hotel plots come in three different categories and will be allocated through e-auctions. With their proximity to Jewar Airport, these plots are in an attractive location for both budget and premium hotels. The application deadline for plot allotment is November 20. The Uttar Pradesh Government will lease the plots for 90 years to selected bidders.Read more

08 Nov 2023

Realtors in Hyderabad are calling for revisions to the Real Estate Regulation and Development (RERA) Act of 2016 and the TS RERA portal to boost transparency and expedite project approvals. Their demands, raised at a RERA conclave organized by the National Association of Realtors (NAR), include reducing penalties for non-registration under RERA, making government agencies stakeholders to streamline processes, implementing a title guarantee scheme, and enhancing title insurance. These changes aim to create a more transparent and accountable real estate environment, ensuring the interests of both buyers and developers are safeguarded. If implemented, they could significantly improve the sector's efficiency and trustworthiness.Read more

08 Nov 2023

Eight builders in the Tricity region are facing fraud allegations for allegedly obtaining a loan of Rs 6.07 crore from a private firm and failing to repay it. The accused individuals, who presented themselves as established builders with multiple construction companies, secured the loan in July 2016 but later stopped making loan payments, despite initial instalments. The private firm took legal action, and the police registered a case under various sections of the Indian Penal Code. This case highlights the importance of due diligence in financial transactions and may impact the lending and financial sector's practices. The investigation will determine the veracity of the allegations and whether there was deliberate fraud.Read more