28 Sep 2023

The Uttar Pradesh government is preparing to launch FASTPAS (fast and simplified trust-based plan approval system), an improved system for building plan approvals. FASTPAS aims to streamline the approval process for building and township maps, introducing features like the ability to purchase additional Floor Area Ratio (FAR), facilitate land use changes, and access compensatory FAR. FASTPAS will integrate various elements, including GIS master plans, land usage details, and more, to create a more efficient system. This initiative is expected to modernize and simplify building plan approvals in Uttar Pradesh.Read more

27 Sep 2023

The Enforcement Directorate (ED) has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited as part of a money laundering investigation. This action is based on complaints from home buyers related to the Unitech group. The land, located in Nallambakkam, Chennai, comprises 4.79 acres within the Uniworld City township. The ED's probe has revealed alleged proceeds of crime amounting to USD 1.50 crore (approximately Rs 125.06 crore) that were purportedly routed through Narnil Infosolutions Private Limited into Unitech Infopark Limited in 2009-10, with the Chandras, the promoters of Unitech Group, acquiring a 39.83 percent share in the company. The investigation remains ongoing as authorities address money laundering allegations and work to provide relief to affected home buyers.Read more

27 Sep 2023

India is planning to allocate 600 billion rupees ($7.2 billion) over the next five years to offer subsidized loans for small urban housing. Banks are set to launch the scheme in the coming months, strategically ahead of state and general elections. The initiative, first announced by Prime Minister Narendra Modi in August, will provide an annual interest subsidy ranging from 3 percent to 6.5 percent for housing loans below five million rupees with a 20-year tenure. It aims to benefit up to 2.5 million applicants from low-income groups living in urban areas, stimulating lending in the affordable housing sector.Read more

27 Sep 2023

Homebuyers in Gurugram's Greenopolis project are demanding updates and prompt possession of their long-delayed flats, which have faced an eight-year delay. In a protest held earlier this week, they urged developer Orris Infrastructure to expedite completion, particularly for phase-1 apartments, and to swiftly progress phases 2 and 3. However, Orris has pointed to pending Supreme Court proceedings related to the project and requested patience from the homebuyers. The project's history involves legal disputes between Orris and Three C, the original builder, and Orris has offered possession to some buyers. The pending Supreme Court decision will be crucial in resolving the situation and addressing homebuyers' concerns.Read more

27 Sep 2023

The Gujarat High Court has questioned the invocation of the Land Grabbing Act against long-term tenants who have been in possession of the land since 1975. The court directed the Ahmedabad district collector to explain how a committee under her authority endorsed an FIR against the tenants, stating that it appears to be a misuse of the law. The proceedings on the FIR filed by Narol police against the tenants has been stayed. This development is part of a series of petitions challenging the provisions of the 2020 anti-land grabbing law, with the court seeking a personal affidavit from the district collector in this particular case.Read more

27 Sep 2023

The Bhubaneswar Development Authority (BDA) has raised concerns by granting occupancy certificates (OCs) to only 5% of approximately 1,000 buildings constructed in the city over the past five years. The low rate of OC issuance highlights concerns about the safety and adherence to regulations in numerous structures throughout Bhubaneswar. Additionally, allegations of BDA granting approvals for building plans within the jurisdiction of the Bhubaneswar Municipal Corporation (BMC) have raised questions about urban planning and governance in the city. Clarification of authority and adherence to established norms are essential for sustainable urban development.Read more

27 Sep 2023

The Tamil Nadu Urban Habitat Development Board (TNU HDB) has initiated a substantial housing project in Chennai, symbolized by Minister Udhayanidhi Stalin laying the project's foundation stone. With an investment of Rs. 409.74 crore, the project aims to construct 1,800 houses, providing shelter to the economically disadvantaged. TNU HDB has already demolished 7,582 dilapidated houses to pave the way for 9,522 new homes, marking a budget of Rs. 1627.97 crore. This endeavour signifies the government's commitment to affordable housing solutions and community welfare, with expedited construction to swiftly address housing needs in the region and uplift the less fortunate.Read more

26 Sep 2023

Thane's Civic Commissioner, Abhijit Bangar, has issued a strong warning to municipal staff and a private electricity provider regarding their accountability in facilitating water and power connections to illegal construction projects in Kalwa, Mumbra, and Diva. This move comes in response to discussions surrounding the issue of illegal constructions in Thane, particularly in its suburbs. The warning emphasizes adherence to state regulations and court directives that prohibit essential facilities for unauthorized structures. The civic administration has cautioned its staff and alerted the Torrent power company about their responsibilities in this regard, aiming to prevent a recurrence of incidents like the Lucky compound incident.Read more

26 Sep 2023

The Gujarat government has introduced a new policy for property transactions, enhancing privacy and security by requiring only the last four digits of Aadhaar card numbers to be mentioned in property documents. Full Aadhaar card copies will be retained in sub-registrar's offices for record-keeping purposes. Previously, both parties and witnesses in property transactions were required to provide copies of their Aadhaar cards, but this change separates the Aadhaar information from property documents to reduce the risk of identity theft and unauthorized access to sensitive financial data. The move underscores the government's commitment to safeguarding citizens' personal information and the integrity of the Aadhaar system.Read more

26 Sep 2023

The Securities and Exchange Board of India (SEBI) has imposed a 6-crore penalty on former DHFL (Dewan Housing Finance) promoters, including Kapil Wadhawan and others, for violating disclosure norms. This penalty comes after allegations that the promoters misled shareholders by misrepresenting their holding in DHFL and failed to disclose three companies with substantial holdings in DHFL. SEBI found that these entities were in violation of the Substantial Acquisition of Shares and Takeover (SAST) rules, as they did not make the necessary disclosures regarding their shareholding and voting rights from 2008 to 2011. They have been given 45 days to pay the fine.Read more