A Bengaluru consumer court has ordered CanFin Homes Ltd to return property documents to a borrower, C Sathyanathan, who had fully repaid his loan. Sathyanathan cleared a loan of INR 60 lakh in 2018, but the company failed to return his documents, citing an unpaid penalty. After reviewing the case, the court found CanFin Homes guilty of service deficiency and ordered them to pay compensation totalling INR 1.3 lakh, along with INR 100 per day until the documents are returned. The company has 45 days to comply with the court's directive.Read more

The Ahmedabad town planning committee has approved significant modifications to the Makarba TP scheme 204, allowing development permissions for plots as small as 300 square metres in the R3 zone. The scheme, which covers 1,121.19 hectares and includes land for various purposes, will reserve 11.7% of plots for residential and commercial sales. The changes come amidst ongoing controversies regarding past corruption allegations linked to settlement agreements benefiting VVIP landowners.Read more

The National Company Law Tribunal (NCLT) has initiated the corporate insolvency resolution process (CIRP) for Jupiter Landscapes due to its failure to repay INR 573.98 crore in non-convertible debentures. The Mumbai-based firm, which defaulted on payments since March 2023, attributed its financial struggles to the Covid-19 pandemic and economic challenges. With a total outstanding amount of INR 563.98 crore, the NCLT found sufficient evidence of default and appointed an interim resolution professional to oversee the process. This ruling could either lead to the company's revival or liquidation, highlighting the ongoing challenges faced by the real estate sector.Read more

The Allahabad High Court has ruled in favour of Larsen & Toubro (L&T), allowing the company to sell flats in its Green Reserve project in Sector 128 after overturning a Real Estate Regulatory Authority (RERA) decision. The court found that the project was automatically registered due to RERA's failure to respond to L&T's application within 30 days, dismissing RERA's claims regarding co-promoters and instructing the authority to issue necessary registrations. This ruling enables L&T to continue its sales and marketing efforts without facing penalties.Read more

The Bombay High Court has upheld the termination of Atlantic Construction Co. as the developer for the Versova village redevelopment project, emphasizing the necessity of securing at least 51% consent from eligible slum-dwellers as mandated by the Development Control & Promotion Regulations, 2034. The court ruled that Atlantic failed to meet this threshold, with only 37 out of 97 eligible slum-dwellers providing consent. This decision follows a lengthy history of developer failures, with the Slum Rehabilitation Authority (SRA) initially terminating earlier developers due to inaction.Read more

The Indian real estate sector, the second-largest employer after agriculture, is experiencing rapid growth with an 18.7% CAGR, presenting significant career opportunities for young professionals. At the seminar "Careers in The Real Estate" during HOMETHON Property Expo 2024, industry leaders discussed the expanding value chain and diverse career paths, emphasising the need for skilled professionals across various disciplines, including technology and finance. The event attracted students from several institutions, highlighting the sector's potential for employment and innovation.Read more

The Goa government has approved an amendment to the 'Goa Legislative Diploma No. 2070 dated 15-4-1961', disallowing any change in the use of comunidade land. The honorable Chief Minister Pramod Sawant highlighted that the land granted for the specific purposes, such as housing, education, or industry, has often been misused for other purposes. The amendment introduces Article 31-A, which prevents grantees from altering the land use. Administrators of comunidades are empowered to investigate violations and revert the land to its original owners. No authority, including town planning bodies, can approve changes in land use, ensuring strict adherence to original allocations.Read more

Residents of villages around Tirunelveli, including Reddiyarpatti, Itteri, Munneerpallam, Nochikulam, Ramayanpatti, Thalaiyuthu, and Keelanatham, have voiced strong opposition to a proposal for their incorporation into the Tirunelveli municipal corporation. During gram sabha meetings held on Gandhi Jayanthi, villagers staged protests, citing concerns over inadequate amenities for city residents and potential disqualification from the National Rural Employment Guarantee Programme. Tensions escalated as residents chanted slogans against authorities, with various demonstrations highlighting their discontent. Meanwhile, Collector K P Karthikeyan distributed sports kits at a meeting in Marukalkurichi village.Read more

The Delhi Development Authority (DDA) has announced that all the 10 PM-UDAY processing centres will operate seven days a week to expedite the processing of the ownership rights applications for residents of 1,731 unauthorised colonies in Delhi. This decision follows directions from LG VK Saxena after receiving multiple requests from residents. The PM-UDAY Scheme aims to provide legal recognition and ownership rights to these residents. By extending operations to weekends, the DDA seeks to enhance accessibility for residents, particularly those unable to visit during weekdays, and to speed up the processing and issuance of authorisation slips and conveyance deeds.Read more

The Rajasthan High Court directed the state government and urban authorities to ensure developers do not sell plots or houses in colonies lacking essential services like water, electricity, and drainage. The court emphasised that the Urban Development and Housing Department (UDH) must certify the availability of amenities before granting permission for any sales. The court delivered this ruling during a hearing on a PIL from Ansal Sushant City and Sushant Lok Residents Welfare Society who have lacked access to drinking water for over 20 years. The court underscored the need for strict regulatory compliance to protect buyers and ensure proper infrastructure in private developments.Read more