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

PNT Reporter

14 Jun 2023

The Real Estate (Regulation and Development) Act, 2016 will now include new construction projects with six or more flats on 3-cottah plots. Previously, only projects with eight or more flats on larger plots fell under its jurisdiction. This move aims to protect small homebuyers who often face issues such as delays, non-completion, multiple sales of the same unit, and poor construction quality. By regulating these projects, the authorities seek to bring transparency and accountability to the real estate sector, ensuring consumer protection and resolving grievances within the regulatory framework.Read more

PNT Reporter

14 Jun 2023

UP-RERA is facing public backlash for its perceived sluggish resolution of disputes. A recent report to the Allahabad High Court revealed that UP-RERA has issued RCs totaling Rs 2,125 crore since 2017, but only Rs 504 crore has been recovered. Social media is awash with distressed homebuyers awaiting refunds, despite holding valid recovery certificates. UP-RERA Chairperson Rajive Kumar cited significant recent recoveries and an increased post-pandemic administrative effort. However, it remains to be seen if these measures can restore public confidence and expedite the recovery of the aggrieved parties' investments.Read more

PNT Reporter

13 Jun 2023

The Telangana High Court has ruled in favor of public access rights in a dispute involving the restricted access to the Shadnagar gated community. The Court has authorized municipal officials to demolish a wall built by a housing developer, which had obstructed public passage. The ruling, which dismissed an appeal by the township's residents, reinforces that the interests of private gated communities should not supersede public right of way, and developers must ensure complete transparency in their dealings.Read more

PNT Reporter

13 Jun 2023

The Ahmedabad Municipal Corporation (AMC) is considering deviating from its regulations on land deduction for urban planning schemes to assist select property owners in the Shahwadi-Behrampura area. The proposed town planning (TP) Scheme 32 would deduct only 25 percent of land from private plot owners, instead of the required 40 percent. This reduction would result in a smaller area for public utilization and an estimated loss of land worth approximately Rs 1,700 crore for the AMC. The decision to deviate from the regulations has raised concerns and may lead to disputes among landowners. The TP Scheme mechanism is a well-established part of Gujarat's urban planning framework.Read more

13 Jun 2023

Jammu and Kashmir has been allocated an additional 1.99 lakh houses under the Pradhan Mantri Awaas Yojna-Gramin (PMAY-G) scheme, the highest allocation among all Union Territories in India. This move aims to address the housing needs of the region and fulfil the aspirations of countless families. The allocation will significantly benefit those on the waiting list, providing them with permanent housing and contributing to socio-economic development. The implementation of the PMAY-G scheme in Jammu and Kashmir reflects the government's commitment to inclusive development and bridging urban-rural disparities.Read more

13 Jun 2023

The Kanpur Development Authority (KDA) has proposed multi-storey group housing residential schemes in the city. A demand survey will be conducted to assess interest in 2 and 3 BHK flats under the Daheli Sujanpur scheme. Interested citizens can participate by paying a token amount, and the decision to proceed with the construction will be based on the number of applications received. The KDA emphasizes that this is only a demand survey, and all necessary registrations will be completed according to regulations. The initiative aims to provide affordable housing options and contribute to Kanpur's development.Read more

PNT Reporter

13 Jun 2023

The Slum Redevelopment Authority (SRA) in Mumbai has announced a new initiative to acquire privately-owned slum-encumbered plots designated for public amenities. This decision follows controversies surrounding the acquisition of such plots by the Brihanmumbai Municipal Corporation (BMC). The SRA's involvement aims to streamline the process and ensure compliance with the Slum Act, leading to more efficient and effective slum redevelopment and improved public amenities.Read more

PNT Reporter

12 Jun 2023

The Tamil Nadu Housing Board (TNHB) has completed a high-rise residential project in Varaganeri, which includes 56 dwelling units sold to the general public at around 4,800 per square feet. The completion of this project is a positive step toward fulfilling the demand for affordable housing in the region, and upcoming projects for middle-income and low-income groups will further strengthen the government's efforts to provide affordable housing solutions. The Pradhan Mantri Awas Yojana (PMAY) scheme has been successful in providing housing to many people, but challenges still exist in its implementation, such as the lack of awareness among eligible applicants, the availability of land, and the quality of construction.Read more

PNT Reporter

12 Jun 2023

The Greater Noida Industrial Development Authority (GNIDA) discovers that developers have been giving apartments to homebuyers without fulfilling the necessary registration requirements. Financial consultancy Curie & Brown exposed several such violations in their examination of group housing projects. In response, the GNIDA plans to take legal action against these developers to ensure compliance with regulations and protect the rights of homebuyers. Additionally, the Yamuna Expressway Industrial Development Authority (YEIDA) is preparing to implement a plot relocation policy to address delays caused by land disputes.Read more