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

25 Oct 2023

The Jharkhand government has approved a Rs 16,320 crore project, 'Abua Awas Yojna (AAY),' to build 8 lakh houses for the needy by March 31, 2026, as pledged by Chief Minister Hemant Soren. The project is divided into phases, with a focus on providing clean and decent three-room houses to marginalized communities. It aims to benefit families living in inadequate housing conditions and includes criteria to prioritize the neediest while excluding certain groups, such as those with existing permanent residences or significant land holdings.Read more

25 Oct 2023

The High Court of Karnataka has ordered the Chief Commissioner of the Bruhat Bangalore Mahanagara Palike (BBMP) to digitize all property documents, including old records, and restrict access to authorized officers. The directive, prompted by a petition from Aslama Pasha regarding a building construction dispute, emphasizes that BBMP should serve as the custodian of records and coordinate access within its departments. The court encourages efficient information sharing among BBMP departments, and collaboration with the government's e-Governance Department to create a consolidated repository of property documents. This move modernizes document access, enhances transparency, and streamlines property-related matters, ultimately expediting transactions and dispute resolution.Read more

25 Oct 2023

The Calcutta High Court has instructed the Bidhannagar Municipal Corporation to demolish an unauthorized construction in Shantinagar, Salt Lake Sector V, setting a 1 pm deadline for completion, alongside the disconnection of power and water supplies. The order, issued by Justice Abhijit Gangopadhyay, came after the builder failed to comply with a previous court summons. Residents were granted the right to approach the court for rehabilitation. While the demolition process began, it faced resistance from locals, echoing previous attempts to demolish illegal structures. The court's ruling signifies a critical step in addressing safety, infrastructure, and urban development concerns associated with unauthorized constructions.Read more

25 Oct 2023

The Chennai Metropolitan Development Authority (CMDA), in partnership with Cushman and Wakefield, has initiated a comprehensive study titled 'Housing Demand and Supply within Chennai Metropolitan Area (CMA).' This study aims to address the complexities of housing development in the Chennai Metropolitan Area through data-driven decision-making. The study covers various growth corridors within the CMA and examines multiple demand drivers, including floor space index (FSI) increases and the transfer of development rights. The recent expansion of the Chennai Metropolitan Area's footprint to 5,904 square kilometres has prompted the CMDA to formulate both the third master plan for the original area and a strategic regional plan for the newly added regions.Read more

24 Oct 2023

MahaRERA has deregistered seven real estate projects in Maharashtra, including three in Mumbai and one in Pune. Developers cited reasons such as lack of buyers, registration anomalies, and the need for fresh approvals. MahaRERA initiated the move in February 2023 to enable the deregistration of financially troubled and unviable projects. A total of 170 projects, including 63 from Pune, applied for deregistration. The decision restricts developers from advertising, selling, or inviting buyers for the affected projects. Real estate industry experts have welcomed the option, provided claims are settled transparently. This initiative demonstrates MahaRERA's adaptability and sets a precedent for dynamic real estate regulation.Read more

24 Oct 2023

The Sabarmati Riverfront Development Corporation Limited (SRFDCL) recently received approval for its "Sabarmati Riverfront Land Disposal Policy 2023." This policy marks a departure from prior norms, enabling SRFDCL to sell and lease land along the Sabarmati River, fostering a new era of development and transformation. The policy, inspired by the successful GIFT City model, divides the riverfront into eight distinct value zones, offering developers the chance to acquire land development rights. The land's value will be determined by factors like building footprint, providing flexibility to developers. The policy also allocates plots for public facilities, contributing to the city's vibrancy. Overall, it promises to bring growth and transformation to the Sabarmati Riverfront.Read more

24 Oct 2023

Mazgaon's Matharpacady village in Mumbai faces controversy over a proposed cluster redevelopment that threatens its historic charm. Residents, proud of their centuries-old neighbourhood with vintage houses, fear the irreversible loss of architectural treasures. They received a letter from Shreepati Build Infra Heritage Pvt Ltd, which they believe lacks reasonable justification for the project. Concerns are growing about the potential erasure of the neighbourhood’s historical value. While the developer has approvals and offers to residents, the community emphasizes the need to balance development with preservation of their unique heritage.Read more

24 Oct 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) conducted a draw on October 18, 2023, to allocate 1,184 residential plots in three sectors, aiming to generate approximately Rs 698 crore in revenue. YEIDA witnessed a massive response to this scheme, with 1.4 lakh applicants competing for the limited plots available in sectors 16, 17, and 20. These plots were offered in seven size categories and priced at Rs 24,600 per square meter, ranging from Rs 29.5 lakh to Rs 4.92 crore. The list of allottees will be published on YEIDA's official website shortly.Read more

24 Oct 2023

The Ahmedabad Municipal Corporation (AMC) has suspended the HR Exeter-2 construction project in Ambawadi following the tragic death of a girl on-site. An immediate inspection revealed a lack of safety measures, including the absence of essential gear for workers. Engineers Chitrarth Parani and Anjana Kumari Chaudhary have had their licences revoked for not enforcing safety regulations. Developer Utsav Patel and engineer Bhargav D Patel face potential licence cancellations, with AMC seeking explanations for the glaring safety omissions. This incident underscores the vital importance of rigorous safety protocols in construction.Read more