23 Jan 2023

Last week, the Securities and Exchange Board of India (SEBI), the market watchdog, delivered a notice to Sahara Group company Sahara Housing Investment Corporation, its CEO Subrata Roy, and other parties requesting that they pay Rs 6.48 crore within 15 days in a matter involving a violation of regulatory standards. Additionally, if they didn't make the payment, the regulator threatened to attach their assets and bank accounts. The entities were given the notice after they neglected to pay the fine that SEBI had assessed against them earlier in the year.Read more

20 Jan 2023

The Maharashtra Housing Area Development Authority (MHADA) and the Brihanmumbai Municipal Corporation (BMC) own 454 buildings in the city that are currently old, dilapidated and in a very dangerous condition. For the redevelopment of these buildings, the state urban development agency has created a new clause 33(24) in the Development Control and Promotion Regulations, 2034. However, since these structures are present within sites are controlled by the BMC and MHADA a standard FSI of 1.33 will apply, thereby making it commercially unviable for private contractors to consider.Read more

19 Jan 2023

The Bombay HC has decided not to quash the BDD Chawls redevelopment scheme, following a petition filed by two residents, who had cited danger to health, wellbeing and right to life of residents. The HC however noted that the scheme has all necessary permissions and environmental clearance and as a result there was nothing to show any discrepancy. The bench also stated that prior to full-fledged construction, a sample flat has been built and exhibited to the officials involved with the project and no objections had been raised with regarding to the quality of construction or planning.Read more

19 Jan 2023

Earlier this week, the Cabinet approved amendments to the Goa (Regulation of Land Development and Building Construction) Act, 2008 which will make it easier for the state to roll out central housing schemes catering to the Economically Weaker Sections (EWS). The new regulations will allow for relaxation in areas such as minimum plot size, maximum coverage, setbacks, etc. The changes however do not cater to other categories such as low-income group (LIG) and mid-income group (MIG) housing.Read more

18 Jan 2023

The government of Gujarat has implemented new procedures to prevent fraud in the sale of properties belonging to Non-Resident Indians (NRIs). The revenue department has issued two circulars this month outlining the new rules. The new legislation follows a slew of cases in Ahmedabad and other cities in Gujarat where buyers bought land belonging to NRIs through individuals armed with the power of attorney, only to find others claiming a stake in the property. The new rules ensure that no sale may take place without the knowledge of the NRI landowner(s).Read more

17 Jan 2023

In a circular released earlier last week, the MahaRERA authority has announced its intention to train real estate agents. From 1 May 2023, the authority will only allow agents with a valid certificate of competence to register as licensed real estate agents on its portal. This decision comes in light of increasing number of grievances related to self-employed real estate agents, who without proper oversight and training are not being held accountable for their actions. Through mandatory training, the authority hopes to streamline the activities of real estate agents while increasing knowledge and awareness of the legal and regulatory frameworks and practices.Read more

17 Jan 2023

The Haryana State Pollution Control Board (HSPCB) has ordered that all construction activity be immediately stopped in the Malibu Towne project in Sector 47, Gurugram due to a lack of environmental approvals. The 2,500 families who presently reside in the society will not be impacted by the closure notice. The order states that the developer will not be permitted to execute any sale deeds for a flat, plot, home, shop, or any other project component. The utility that distributes electricity has been asked not to add any additional connections to the project.Read more

12 Jan 2023

Earlier this week, the National Company Law Tribunal (NCLT), cleared the bid put forth by Adani Good Homes to procure Radius Estates despite several creditors opposing the bid on account of foul play. The opposing creditors claim the company’s resolution professional (RP) colluded with the largest creditor to influence the bankruptcy process resulting in only one bid being received, that of Adani Good Homes. The NCLT has dismissed claims due to a lack of evidence. Adani Good Homes will complete construction of the company’s BKC project in Mumbai city without any additional cost to the homeowners.Read more

09 Jan 2023

The City and Industrial Development Corporation (CIDCO) of Navi Mumbai has once again extended its deadline for online applications until 23rd January 2023 for its mass housing scheme launched in August 2022 due to overwhelming response. The computerised lottery draw for the scheme will now take place on 8th February 2023. The state-run planning authority is offering homes in Ulwe, Navi Mumbai under the Pradhan Mantri Awas Yojana (PMAY) scheme for individuals eligible for EWS housing. The current scheme offers almost 8,000 residential homes.Read more

06 Jan 2023

The Chennai Metropolitan Development Authority (CDMA) has set up a seven-member team to prepare guidelines for the reclassification of land use in the city. The new guidelines will be presented in the next authority meeting. The decision to do so has come about due to several protests conducted by civilians and housing societies over reclassifying areas that have been marked as waterbodies in the second master plan. Over fifty files are likely to be placed for reclassification during the authority meeting.Read more