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

24 Oct 2023

The Pune Metropolitan Region Development Authority (PMRDA) plans to submit the final arbitration report for the Mhalunge Maan town planning scheme to the state for approval in November 2023. The scheme, initiated in 2018, involves 510 plots and 5,800 beneficiaries receiving 50% of their land area in the township. After almost five years, PMRDA officials are progressing towards the arbitration report submission. They have presented the status of all six town planning schemes in Pune to the guardian minister, Ajit Pawar. The Centre has allocated Rs25 crore for infrastructure funding for each of these projects, while PMRDA has already allocated Rs175 cr from its own budget.Read more

24 Oct 2023

In the last 15 years, the Belagavi Urban Development Authority (BUDA) has refrained from launching any new residential layouts, resulting in a substantial escalation in land prices across the city. Notably, the Ramtirth Nagar layout was the most recent residential project initiated by BUDA, but it's underwhelming performance has since placed immense pressure on the authority to move forward with the Kanabargi project. With increasing land costs and a growing demand for housing, the forthcoming Kanabargi project is seen as a critical step for BUDA to meet the city's housing needs and alleviate the mounting cost burdens on residents.Read more

21 Oct 2023

The Bombay High Court has issued a directive to the Brihanmumbai Municipal Corporation (BMC) to provide compensation to the developer, Runwal Township, for the acquisition of setback land that occurred 54 years ago. This compensation could come in the form of floor space index (FSI), transfer of development rights (TDR), or monetary compensation and must be completed within eight weeks. The setback land was acquired by BMC in 1969 and was initially owned by Meghji Gopalji and his wife. They sought compensation in the form of FSI in 1976. The case went to court in 2019-20, with the BMC arguing against the claim. The court ruled in favour of compensation, emphasizing the right to property under the Indian Constitution. This landmark judgment could lead to similar compensation claims in land acquisition cases.Read more

21 Oct 2023

The Bombay High Court criticized the Brihanmumbai Municipal Corporation (BMC) for demanding a Rs 22.80 crore penalty from industrial and commercial tenement owners of Kamla Industrial Park at Charkop in Kandivali for unauthorized constructions. The court ruled against BMC, deeming the penalty inequitable due to the municipal inaction that allowed the violations. The court emphasized the importance of timely intervention by municipal bodies to prevent unauthorized constructions, safeguarding property owners' and buyers' interests and maintaining the integrity of the real estate market.Read more