PNT Reporter

18 May 2023

Former members of the management committee of Anjali Cooperative Housing Society in Andheri West have been banned from participating in society elections for five years due to their failure to submit audit rectification reports and alleged mishandling of financial affairs. The Deputy Registrar of Housing Societies issued the ban after complaints were made regarding the committee's actions. The committee members were found to have violated rules, resulting in financial losses to the society. The ban aims to protect the interests of the organization and its members while promoting transparency and accountability.Read more

PNT Reporter

17 May 2023

In a corruption complaint filed at the anti-corruption bureau police station in Panchkula, Sudhir Parmar, his nephew Ajay Parmar, and managing director of the real estate firm M3M Roop Bansal have all been detained. On charges of criminal misconduct and bribery in accordance with Sections 7, 8, and 11 of the Prevention of Corruption Act and IPC Sec. 120 B. According to the report Parmar used his nephew to collect bribes from the proprietors of the M3M to mislead the ongoing cases filled with the ED against the builder. He also allegedly got them to hire his nephew as a legal advisor for M3M.Read more

PNT Reporter

17 May 2023

The Supreme Court dismisses the plea to initiate insolvency proceedings against Supertech, a prominent real estate company, with the intention of protecting home buyers from potential hardships. However, the court decided that the Ecovillage 2 project in Greater Noida West will undergo insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The rest of Supertech's projects will continue with existing funds under the supervision of the Interim Resolution Professional (IRP), in collaboration with the current workers, employees, and management.Read more

PNT Reporter

16 May 2023

The Kerala state government has completed 1,379 houses under the Life Sampoorna Parpidam Scheme, with a goal of constructing houses for 8,703 beneficiaries by 2024. In addition, the government has implemented the 'Manasoduithiri Mannu' scheme to provide land to the landless. The construction of housing complexes for beneficiaries is also ongoing in various areas.Read more

PNT Reporter

16 May 2023

Despite being approved by the NCLT-Bengaluru bench, the merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate (IBREL) has been delayed by the NCLT-Chandigarh court. Due to concerns made by the NCLT-Chandigarh in relation to Income Tax department objections to the merger, IBREL addressed the complaints and sought to appeal the verdict. IBREL's board will meet to examine the next steps even though the merger has already gained backing from shareholders and clearance from other regulators.Read more

PNT Reporter

15 May 2023

Nearly 1,000 cooperative housing societies in Pune, India, are waiting for the implementation of a single-window system announced in 2019 for the clearance of self-redevelopment projects. The delay in the issuance of the order by the state government has caused inconvenience and delays, and many societies have adopted a wait-and-watch policy. Representatives of the state housing federation have made representations to the government to expedite the implementation of the single-window system and ensure that the Maharashtra State Bank's budget for self-redevelopment is implemented as soon as possible.Read more

PNT Reporter

15 May 2023

The Pune Municipal Corporation estimates that around 30,000 properties over PMC limits, including 34 merged areas, are liable for fire safety preparedness audits. However, only 800 to 1,000 certificates are submitted annually to the department. More than 90% of housing societies and commercial properties in Pune do not have certified firefighting systems, making them more susceptible to fire accidents. The PMC is taking necessary measures to make citizens aware of the importance of fire safety preparedness.Read more

PNT Reporter

15 May 2023

The town planning committee of Ahmedabad has raised alarm among developers by announcing that buildings in the 200m buffer area of prime zones, which were initially outside the zone when the town planning scheme was formulated, will not be permitted to have an FSI of 4. This ruling will impact plots that were once part of the buffer zone but were later moved outside. The objective behind this decision is to prevent individuals from deceiving the corporation to obtain a higher FSI. As a result, this ruling will have substantial consequences for developers and landowners situated close to premium thoroughfares such as the Metro, BRTS, TOZ, and CBD.Read more

PNT Reporter

15 May 2023

MahaRERA, the Maharashtra Real Estate Regulatory Authority, has issued show-cause notices to over 584 promoters of housing projects for not updating information related to their projects. As per the RERA Act, certain information needs to be updated every three months and financial details once a year. The regulator had expected these new developers to update the information by April 20, but they failed to do so. The regulator has given them 15 days to update the information, failing which action will be initiated.Read more

PNT Reporter

15 May 2023

An expert committee is set to convene on May 16 to review Haryana's contentious fourth-floor policy in residential areas. The panel will deliberate on issues such as structural damages, parking shortages, and environmental implications. While developers push for upgraded infrastructure and policy restoration, residents argue that existing services are already overstretched. The outcome could significantly reshape housing construction and infrastructure development in the state.Read more