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

07 Nov 2023

In a recent verdict, the Ernakulam District Consumer Disputes Redressal Commission has ordered Holy Faith Builders and Developers to reimburse a couple over Rs 20 lakh. The couple had purchased a flat in Maradu, later demolished on Supreme Court orders due to violations of coastal zone regulations. The reimbursement includes over Rs 17 lakh for the flat's balance consideration and Rs five lakh as compensation for the deficient service and unfair trade practice. The builder must also pay Rs 25,000 for litigation costs.Read more

07 Nov 2023

The Ahmedabad Municipal Corporation (AMC) is set to provide relief to plot owners who lost portions of their land due to errors in town planning schemes. Landowners will receive TDR certificates, which can be sold to developers in their designated areas. This initiative is pending approval and will initially benefit plot owners within Naranpura Town Planning Scheme 29, who have been in a 25-year dispute with the AMC over the error that occurred in 1973 when a smaller area was allocated than expected. The compensation is valued at Rs 3.35 crore, aiming to rectify the long-standing issue.Read more

07 Nov 2023

The recent arrest of contractor Nitin Subhash Sharma in a case involving alleged fraudulent activities against the National Project Construction Co-operative Limited (NPCC) has raised significant concerns in the industry. Sharma is accused of engaging in fraudulent practices related to a contractual agreement with NPCC, amounting to over Rs 10 crore. The investigation revealed that Sharma had provided counterfeit Performance Bank Guarantees as part of the contract. This case underscores the importance of strong oversight and regulatory measures to prevent fraud in the construction industry. It also highlights the need for organizations to enhance due diligence processes and scrutiny of contractor guarantees to maintain transparency and integrity in the sector.Read more

07 Nov 2023

In 1976, a 2,500-square-foot plot of land was granted to a Project-Affected Person (PAP). After nearly four decades, a complaint emerged, alleging a violation of the allocation's terms, which mandated the construction of a dwelling on the land within a year. As a result of this alleged non-compliance with the stipulated condition, the state authorities took the decision to cancel the land allotment. This move has ignited a debate surrounding the legality and fairness of revoking an allocation made many years ago, raising questions about the rights and responsibilities of land beneficiaries in long-standing cases of land distribution.Read more

04 Nov 2023

In a significant shift, the Maharashtra Housing Area Development Authority (MHADA) has revoked its decision to impose an annual fee of Rs 10 lakh for the renewal of its no objection certificate (NOC), benefiting developers. The fee hike, initiated in September to deter builders from delaying old building redevelopment, faced backlash. MHADA has now introduced a six-month amnesty scheme for NOC revalidation at a flat fee of Rs 1 lakh, regardless of plot size. After the amnesty period, renewal costs Rs 5 lakh per year, with fees based on plot area, ranging from Rs 50,000 to Rs 6 lakh.Read more

04 Nov 2023

Maharashtra's Housing Minister, Atul Save, has announced a plan to review and revive 7,500 stalled realty projects in the state, based on recommendations from a committee led by former NITI Aayog CEO Amitabh Kant. The government aims to expedite the approval process for new developers to take over stalled projects, ensuring that homebuyers' investments are protected and lapsed plans are revitalized. This proactive approach addresses the concerns of both homebuyers and the real estate industry, reflecting the government's commitment to economic growth and timely project revival.Read more

04 Nov 2023

The second phase of the Jaga Mission, launched in 2018, is set to provide land rights certificates (LRCs) to eligible slum residents, part of a government initiative to eliminate slums and empower urban poor. The first phase achieved a significant milestone by granting LRCs to 51,000 slum dwellers, with 75,000 more identified beneficiaries. In August, 65,000 homeless families in 875 slums across five cities received LRCs, providing stability and recognition. BMC's preparation to distribute 5,500 LRCs in three zones highlights efficient execution. The mission operates within legal frameworks to grant homestead land, creating inclusive and equitable cities.Read more

04 Nov 2023

Uttar Pradesh RERA Authority implements measures for real estate transparencyRead more

03 Nov 2023

Haryana has become the first Indian state to implement the property ID system, receiving praise from Prime Minister Narendra Modi. Dr. Kamal Gupta, the Minister of Urban Local Bodies, announced this milestone, highlighting the integration of 34 lakh properties into the Property ID system for automated data entry from property registries. Furthermore, significant progress has been made in regularizing unauthorized colonies and granting ownership rights to long-standing shopkeepers. The government has also introduced SMS services for property-related updates and offered temporary tax relief. Additionally, an automated system for property registration will enhance efficiency, making Haryana a trailblazer in urban development and property management.Read more