27 Oct 2023

In its ongoing investigation into Kerala's LIFE Mission, the Enforcement Directorate (ED) has confiscated assets totalling Rs 5.38 crore. LIFE Mission was meant to aid flood victims who lost their homes. The assets, linked to alleged money laundering, include properties and bank balances of Santhosh Eappen and Swapna Suresh. The probe reveals a suspected conspiracy involving officials from the UAE consulate and Kerala government to divert funds from the Red Crescent donation. Further revelations point to illicit overseas transfers and involvement of several high-profile names. The investigation continues and more details emerge.Read more

27 Oct 2023

Eight individuals have been charged by Division 8 police in Ludhiana following a nearly 8-year investigation into a property fraud in Ghumar Mandi. The accused allegedly forged documents to claim and sell a property originally owned by the complainant's maternal grandfather. The fraud came to light when Vinod Kumar, a descendant and rightful heir, raised suspicions after discovering discrepancies in property records. While charges have been filed, no arrests have been made yet.Read more

26 Oct 2023

The Bombay High Court has expressed deep disappointment with the police investigation into a multi-crore housing scam involving Karrm Infrastructures (Pvt) Ltd. In their written order, the justices reprimanded the investigating police and directed the Director General of Police, State of Maharashtra, to transfer the case to a police officer with the rank of Commissioner of Police. They also mandated that the inquiry report be submitted within four weeks. The court raised serious concerns about the police's inability to respond adequately to its queries and directed the initiation of mediation to devise a comprehensive scheme for the victims. The housing scam involved thousands of flat buyers who were deceived by the developer.Read more

26 Oct 2023

The Bangalore Development Authority (BDA) is facing a lack of interest from potential buyers in its auction of corner sites due to the absence of geo-tagging. The BDA presented 123 corner and middle sites for auction, but since these sites are not geo-tagged, prospective buyers are finding it challenging to locate and assess the plots using platforms like Google Maps. The absence of geo-tagging has raised concerns among buyers who fear that friends and family may have difficulty finding the plots if they decide to construct a home there. The BDA has acknowledged this issue and is working to address it. Some customers have also highlighted the challenges of locating sites in the rapidly changing Bengaluru landscape. The absence of geo-tagging has become a significant concern for both authorities and potential buyers in the region.Read more

26 Oct 2023

The Delhi Development Authority (DDA) has achieved an impressive milestone by selling approximately 40% of its previously unsold inventory of 2,236 flats in Phase 1 of its housing scheme. This accomplishment, which generated Rs 506 crore in revenue, underscores the enthusiastic response from potential homebuyers in Delhi. Despite initial concerns regarding the sale of economically weaker section (EWS) flats, the DDA has successfully sold various flat categories in different locations. The LG has set ambitious targets for the current fiscal year, aiming to sell at least 40% of the total unsold inventory. The DDA's proactive measures to enhance the appeal of certain areas have contributed to this success.Read more

26 Oct 2023

The Maharashtra state cabinet has approved various initiatives, including Rs. 25 crore for a cluster redevelopment project in Thane, focusing on providing affordable housing in underprivileged areas. The funds were allocated from the Mahatma Phule Backward Class Development Corporation, and the redevelopment will be executed by a subsidiary of the corporation. Additionally, the cabinet sanctioned government banking transactions through the state cooperative bank, aimed at supporting the cooperative sector. The cabinet also greenlit a power project in Koradi, and extended a scheme to pay interest on loans for cooperative spinning mills. Other amendments and initiatives were also passed.Read more

26 Oct 2023

The Karnataka Real Estate Regulatory Authority (KRERA) has taken an important step in addressing an issue with a housing project near Bengaluru. KRERA has ordered the developer, Shree Senior Homes, of a senior living project named Sharadindu State III, to transfer a corpus fund of Rs 62.26 lakh to the Resident Welfare Association (RWA) of the project. This directive follows the RWA's request for relief due to the developer's failure to transfer the corpus fund, despite maintaining the project since 2016. The decision highlights KRERA's commitment to protecting the rights and interests of homebuyers and RWAs in real estate developments.Read more

25 Oct 2023

The real estate development in Maharashtra's coastal zones is set to receive a significant boost as the state government permits local authorities to approve construction plans within certain limits without seeking permissions from the Maharashtra Coastal Zone Management Authority (MCZMA). Maharashtra is among the first states to implement this directive, allowing local authorities to grant approval for self-dwelling residential developments up to 3,229 sq ft space without MCZMA recommendations, potentially reducing approval timelines. This decision will facilitate previously stalled coastal development, promoting tourism-related activities along the shoreline. Projects like plotted developments and villa constructions, which have gained traction in recent years, will benefit from this move.Read more

25 Oct 2023

Pune's Slum Rehabilitation Authority (SRA) has issued notices to 22 developers for significant project delays, ranging from five to seven years. Developers attribute the delays to landowner resistance and commit to resolving issues through renewed negotiations. The SRA emphasises developers' responsibility for initial house repair and maintenance post-rehabilitation, actively securing insurance policies for support. With 166 ongoing projects and 61 completed, over 10,800 slum dwellers have been rehabilitated. Challenges persist due to resistance and spatial allocation concerns, but ongoing efforts underscore Pune's commitment to inclusive housing solutions and sustainable urban development.Read more

25 Oct 2023

Mumbai's real estate market has been rattled by a controversy involving fake seals. Five people were detained in August on suspicion of using fake paperwork to develop 55 residential buildings and deceiving buyers since 2015. Among the suspects were a rubber stamp manufacturer, real estate brokers, developers, and a home loan services provider. From sub-registrar offices, architects, and the Vasai Virar Municipal Corporation, among others, they had obtained 115 counterfeit seals. There are now more builders implicated in this fraudulent activity, according to additional investigations, which raises questions about the scope of this forgeries in Mumbai's real estate industry.Read more