A four-storey illegal residential building, Subho Apartment, in Baghajatin Vidyasagar Colony, South Kolkata, collapsed onto a neighbouring one-storey house earlier this week while being lifted to correct its tilt. The building had started tilting four years ago due to soil and foundation failure, and efforts to realign it using hydraulic pressure caused it to collapse. Fortunately, no one was inside when the building fell as all residents had evacuated the previous month. An investigation revealed that the building had been constructed without proper approval, and an FIR was filed against the building owners and the company involved in the lifting work. The incident left at least six families homeless.Read more

The Supreme Court has provided relief to thousands of homebuyers by exempting Unitech Ltd's housing projects across seven states from RERA registration. This decision is expected to facilitate the disbursal of stalled loans and expedite project completion. The court also directed banks and financial institutions to reconsider their classification of buyer loans as NPAs and resume payments, as Unitech projects are now under a government-appointed board. Measures were taken to ensure security and environmental clearances at project sites in Noida. The case highlights systemic issues in the real estate sector, including past financial mismanagement at Unitech, which affected over 12,000 homebuyers.Read more

In response to a Bombay High Court order, the Navi Mumbai Municipal Corporation (NMMC) has introduced a new policy for parking space requirements in residential and commercial buildings. The policy, which is more stringent than previous regulations, outlines the number of parking spaces developers must provide based on the size of homes. It includes provisions for different home sizes, ranging from small flats to larger properties, and mandates that 5% of parking space be reserved for visitors. Feedback from residents has been gathered, and the final proposal will be sent to the state government for approval. This new policy is aimed at addressing the growing parking demand in the city.Read more

The Dahod district administration has issued eviction notices to 58 individuals in the Sanga Falia area for occupying government land. These occupants have been given 15 days to vacate and demolish their structures. The issue was raised when it was discovered that the properties were built on government land. While property owners provided documents claiming ownership, the district administration found no such records. After hearings, the Gujarat High Court instructed the district administration to review the case, and the administration reaffirmed that the land is government property. The eviction notices were issued with the option for property owners to appeal.Read more

Karnataka cabinet's decision to bifurcate the Hubballi-Dharwad Municipal Corporation (HDMC) and establish a separate Dharwad Municipal Corporation (DMC) has set the process in motion. Residents of Dharwad, who have long advocated for an independent civic body citing unequal development, welcomed the move. However, the formation of the DMC will take at least two to three years due to procedural requirements and legal constraints. The current HDMC term ends in August 2026, and existing laws prohibit mid-term elections or immediate functionality of the DMC. Initial steps, including public notifications and objection submissions, are underway.Read more

The Maharashtra government is considering a revision of the ready reckoner rate (RRR) for 2025-26, with a potential 5-10% increase in select zones after three years of unchanged rates. The move aims to bolster state revenue, targeting INR 66,000 crore for the upcoming fiscal year, while funding welfare initiatives like the Ladki Bahin Yojana. RRR revisions impact property valuations, registration fees, and stamp duty calculations. While GIS mapping is being proposed to standardize valuations, developers warn that higher RRRs could inflate property prices and dampen market sentiment. Balancing revenue goals with market buoyancy will be key to implementing this revision effectively.Read more

The district administration of Gurugram has postponed its decision to evacuate three towers of the Chintels Paradiso housing society, after considering objections raised by residents. The move follows the partial collapse of Tower D in February 2022, which killed two women. A structural audit by IIT-Delhi deemed most of the towers unsafe. The Residents Welfare Association (RWA) and the builders are in disagreement over the specifics of reconstruction, with residents alleging financial hardships. The final decision will depend on the builders' response to these concerns.Read more

Authorities uncovered a major real estate fraud involving Privilon Buildcon Group, which falsely claimed ownership of land in Ghuma village, Ahmedabad, to sell properties under two ambitious projects. Investigations revealed that the land was legally owned by Dharnidhar Developers and co-owners, including Ashok Patel. The developers, Hiren Kariya and Jaydeep Kotak, duped 240 buyers of INR 54 crore by forging ownership documents and a memorandum of understanding. A special investigation team confirmed the fraudulent activity after examining land records and financial transactions.Read more

Punjab & Sind Bank has rejected a settlement proposal from Supertech Township, escalating the financial dispute to the National Company Law Appellate Tribunal (NCLAT). The bank's decision was conveyed during NCLAT proceedings, with a final ruling set for January 23. Supertech's Golf Country project near Yamuna Expressway faces uncertainty, as many homebuyers oppose the settlement and insolvency options. The NCLAT previously stayed insolvency proceedings in July, contingent on the now-rejected proposal. With multiple stakeholders affected, including investors and homebuyers, the NCLAT's decision will be crucial in determining the project's future and the resolution of Supertech's financial challenges.Read more

CREDAI Maharashtra has entered into a partnership with SuperHumanRace to develop Regional Emissions Inventories, aiming to enhance sustainability in the state's real estate sector. This initiative will help developers adopt environmentally conscious practices while addressing carbon risks and bolstering global competitiveness. The collaboration involves leveraging cutting-edge AI and machine learning technologies to quantify emissions across the real estate value chain. Experts highlighted the initiative's potential to align Indian urban development with global climate goals, attract climate-conscious investors, and prepare for carbon regulations. The project underscores the critical need for sustainable infrastructure amidst India's rapid urbanisation.Read more