PNT Reporter

16 Jun 2023

The Vadodara Municipal Corporation (VMC) has issued a public notice asking beneficiaries of housing schemes in the city to clear pending dues totaling over Rs 100 crore. The notice applies to 24 housing schemes, and beneficiaries have until June 30 to repay their outstanding amounts. Failure to do so will result in the cancellation of house allotments. The VMC aims to recover funds and ensure the sustainability of housing projects. Beneficiaries have a designated period from June 13 to 16 to communicate with the VMC and address any concerns regarding their outstanding dues.Read more

16 Jun 2023

The Calcutta High Court has ruled that buying property in a wife's name by the husband does not always indicate a benami transaction, stating that the source of funds is important but not decisive. The court clarified the two types of benami transactions and emphasized that the burden of proving a transfer as benami lies with the accuser. In a specific case, the court dismissed a son's claim that his father had engaged in a benami transaction by giving a property to his mother. The ruling provides clarity on the matter and highlights the need to consider various factors when determining the nature of a property transfer.Read more

PNT Reporter

15 Jun 2023

MahaRERA has received 39 applications for deregistration from developers of real estate projects in Pune, out of a total of 88 requests received from various regions. Developers cite reasons such as insufficient funds, legal disputes, and changes in government planning regulations. Majority of the projects seeking deregistration are located in rural areas of Pune. MahaRERA has set requirements for developers to meet before halting construction, including settling allottees' rights and providing relevant documents.Read more

15 Jun 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has made a recommendation to the state government regarding the registry of flats in completed real estate projects. The suggestion is to delink the registry process from the outstanding dues that builders owe to the Noida and Greater Noida authorities. This proposal aims to provide relief to homebuyers who have been waiting for the registry of their flats due to a stalemate between the development authorities and builders over Rs 39,000 crore land dues.Read more

PNT Reporter

15 Jun 2023

Haryana's Department of Town and Country Planning (DTCP) has mandated tehsildars to halt property registration in 50 unauthorized colonies, built illegally on agricultural land over the past five years. In enforcing compliance with the Haryana Development and Regulation of Urban Areas Act, 1975, the DTCP has issued show-cause notices and carried out demolitions in these areas. Amid potential legal consequences for landowners, the DTCP urges prospective buyers to conduct thorough investigations before investing in properties.Read more

PNT Reporter

15 Jun 2023

The Madras High Court has granted permission for the Tamil Nadu government to proceed with its corruption investigation into the Smart City projects in Chennai. The court modified its earlier order and stated that the state cannot be barred from taking action based on its preliminary report. The case, initiated by anti-corruption organization Arappor Iyakkam, alleges corruption in the projects during the AIADMK regime. The investigation was delayed due to a court order in 2020. The decision now allows the government to delve into the allegations and potentially hold those involved accountable.Read more

PNT Reporter

14 Jun 2023

Land prices in Visakhapatnam are soaring, threatening the availability of affordable housing. Notable areas like Kurmannapalem and Anandapuram have seen up to 50% increases in real estate prices. This hike, linked to the proposed executive capital relocation, is expected to negatively impact the property market. CREDAI's Bayana Srinivasa Rao fears this may deter potential middle-class buyers. To counter this, the VMRDA is developing Middle-Income Group (MIG) layouts, offering fixed-price plots allocated via lottery.Read more

PNT Reporter

14 Jun 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) has questioned Jaiprakash Associates Ltd's (JAL) plan to settle dues and reclaim 1,000 hectares of land. JAL proposed selling land to raise funds, but YEIDA raised concerns about the land being mortgaged. Discrepancies exist regarding the outstanding amount, with YEIDA claiming Rs 3,621 crore while JAL insists on Rs 1,483 crore. The next court hearing is scheduled for July 13, where JAL must address the land encumbrance. The resolution will determine the fate of the Sports City project on the Yamuna Expressway.Read more

PNT Reporter

14 Jun 2023

To address grievances regarding registration documents and allotment orders for housing units, the Tamil Nadu Housing Board (TNHB) has set up petition boxes in its offices across the state. Beneficiaries can submit their complaints for a one-month period, after which a special cell in Chennai will review and provide solutions. This initiative aims to expedite the resolution process and ensure the rightful ownership of housing units. It offers residents of five districts, including Trichy, an opportunity to voice their concerns and seek timely resolutions, emphasizing the government's commitment to addressing housing-related issues.Read more

PNT Reporter

14 Jun 2023

The government of India is considering amendments to the insolvency law to enable "customized resolutions" for bankrupt residential real estate projects. The aim is to accelerate the delivery of flats to homebuyers in distressed housing projects by tailoring the resolution process to the specific nature of each project. The proposed changes seek to address the unique challenges of the real estate sector while adhering to the fundamental structure of the Insolvency and Bankruptcy Code. Clear guidelines and regulations are essential to ensure transparency and accountability in these customized resolutions, striking a balance between flexibility and accountability.Read more