18 Aug 2023

Ludhiana Improvement Trust (LIT) has received responses from two firms each for constructing High Income Group (HIG) and Middle Income Group (MIG) flats in the Atal Apartment Scheme. HIG flats are bid at Rs 125 crore, MIG flats at Rs 70 crore. After about two weeks of technical and financial evaluation, pending final approvals, LIT aims to accelerate the project led by Chairman Tarsem Bhinder. The plan covers 8.8 acres, comprising 336 HIG, 240 MIG flats, a community centre, tower parking, and amenities. Construction starts after formalities. The project's cost is about Rs 224 crore, targeting flat possession in three years.Read more

17 Aug 2023

In a recent case, the Karnataka High Court ruled that the 'as is where is' clause in a public auction does not absolve a bank from providing a property free from encumbrances. The court ordered Punjab National Bank to refund Rs 30.7 crore to a bidder due to the bank's failure to ensure an unencumbered property, emphasizing the importance of due diligence in property transactions. This decision sets a precedent for auction purchasers' rights and underscores the consequences of inadequate oversight by lending institutions.Read more

17 Aug 2023

The Bombay High Court has ousted builders Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty from a south Mumbai redevelopment project due to their failure to deposit arrears for tenants. The court ordered their complete removal by Independence Day, highlighting the builders' responsibilities and emphasizing citizens' rights in urban development. The Maharashtra Housing and Area Development Authority (MHADA) has been authorized to appoint a new builder, ensuring accountability and project progress.Read more

17 Aug 2023

An FIR has been filed against Puri Construction by eight homebuyers alleging fraudulent practices in the sale of luxurious flats in Gurugram's 'Emerald Bay' complex. The complainants claim the builder misrepresented amenities, altered plans, and faced issues with basic amenities, while Puri Construction denies the allegations. The dispute highlights concerns about transparency and adherence to promises in the real estate sector.Read more

16 Aug 2023

In a significant development, the Bombay High Court has expressed grave concern over the deteriorating situation in Mumbai. The court has suggested that government intervention might be imperative to rein in rogue builders failing their obligations in redevelopment projects. Justices Gautam Patel and Neela Gokhale emphasized the priority of residents' rights over developers' profits, warning against treating citizens as mere hindrances. The court's observations were made in response to a case involving tenants' rights. The court issued a strict directive for the payment of outstanding transit rent and threatened to cancel developer permissions if defaults persist.Read more

16 Aug 2023

A finance department audit has exposed financial irregularities amounting to Rs 2,313 crore across three Noida industrial development agencies between 2012 and 2016. Notable discrepancies include inflated floor area ratios to housing developers, leading to a Rs 1,100 crore loss for the Greater Noida Authority, and questionable financial practices by the Noida Authority. Noida CEO Lokesh M indicates their internal report might offer a contrasting view. Further discussions are slated for August 22.Read more

16 Aug 2023

Under the regulations outlined in the Maharashtra Fire Services Act, residential complexes are obligated to maintain proper fire safety equipment on their premises. They are further mandated to provide comprehensive reports to the local fire station twice a year, specifically in January and July. These reports serve to update authorities on the effectiveness and status of their fire safety measures and equipment. Adhering to these regulations is crucial in ensuring the safety and well-being of residents within these complexes. Presently, just 40,000 residential complexes, concentrated mainly in cities like Mumbai, Pune, and Nagpur, have submitted reports.Read more

14 Aug 2023

During the proceedings, the court addressed a set of petitions submitted by Neomax Properties Pvt Ltd and its affiliated companies, namely Garlando Properties Pvt Ltd, Transco Properties Pvt Ltd, Tridas Properties Pvt Ltd, and Glowmax Properties Pvt Ltd.The Madras High Court has instructed the Madurai Economic Offences Wing (EOW) to respond to a series of pleas filed by Neomax and its subsidiaries. The companies are seeking the appointment of a commission led by a retired high court judge to oversee the settlement of land to depositors.Read more

14 Aug 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) is offering an enticing chance for homebuyers with two residential schemes near the upcoming Noida International Airport. The flat scheme presents 468 luxurious flats, while the plot scheme offers 1,184 plots ranging from 120 to 2,000 square meters. Interested plot scheme applicants can submit applications until September 1, with a lucky draw on October 18 determining plot allotment in sectors 16, 17, and 20, priced at Rs 24,600 per sqm. The schemes have garnered significant interest due to the progress of the Noida International Airport and booming infrastructure along the Yamuna Expressway.Read more

14 Aug 2023

The Parliamentary Standing Committee on Railways has raised concerns about contract terminations in Rail Land Development Authority (RLDA) projects, citing payment defaults by developers, financing challenges, and environmental approval issues. The Railways Ministry acknowledges the need for regulatory modifications to address these issues and enhance project viability. The report also highlights conflicts with local urban bodies over development plans, underscoring the importance of harmonizing stakeholder interests for effective land development.Read more