The Government of India is advancing in its mission to provide ownership rights to residents of Delhi's unauthorised colonies under the PM-UDAY scheme. As of July 16, 2024, 23,811 residents have secured ownership rights, according to a report presented in Parliament by Minister of State for Housing and Urban Affairs, Tokhan Sahu. Despite receiving 1,22,729 applications, the approval rate stands at 19%, indicating a need for a more efficient process. The initiative, launched in 2019, aims to improve living conditions and access to services for residents of unauthorised colonies. The DDA has also allocated INR 2,173.81 crore for urban development projects, with 22 currently in progress. The scheme promises significant improvements in housing and infrastructure, potentially increasing property values and quality of life for residents.Read more

Piramal Capital Housing Finance's managing director and his wife have settled insider trading charges with the Securities and Exchange Board of India (SEBI) for approximately INR 43.5 crore. The settlement resolves allegations of illegal gains from trading Piramal Enterprises shares, with nearly INR 16 crore in unlawful profits identified. The settlement includes INR 24.8 crore in disgorged profits and interest, and fines of INR 17.4 crore on Greatdeal Finconsult Advisors, INR 91 lakh on MD Jijina, and INR 45.5 lakh on his wife Benaifer Jijina. This case highlights SEBI's commitment to enforcing market integrity and highlights the importance of compliance in corporate governance.Read more

Amid concerns over decreasing groundwater levels in Raipur, the Raipur Municipal Corporation (RMC) has mandated real estate developers to construct rainwater harvesting systems, targeting 50 pits per project. The goal is to build 50,000 pits citywide, with 20,000 during this monsoon season, each capable of storing 200,000 litres of rainwater. In a meeting with builders and CREDAI members, RMC Commissioner Abinash Mishra emphasised the urgency of combating water scarcity with innovative solutions. Prioritised areas include Saddu, Mowa, and Daldal Seoni. Developers like Raheja Homes and WallFort City have already begun compliance, highlighting the effectiveness of rainwater harvesting in projects like Indira Smriti Van. The initiative seeks broader community participation to ensure sustainable urban water management.Read more

The Haryana Shahari Awas Pradhikaran (HSVP) has sealed seven shops at the DLF-1 rapid rail station due to non-payment of rent. These shops, totaling 1,956 square feet, are owned by Sunil Miglani. The sealing, carried out following a Punjab and Haryana High Court ruling, highlights HSVP's efforts to enforce lease agreements. Vikas Dhanda, HSVP estate officer I, indicated that this is just the start, with plans to seal an additional 11 shops at four other stations due to similar issues. This action underscores HSVP's commitment to recovering outstanding dues and maintaining financial stability, amidst broader challenges in public lease agreements. The move also raises questions about the impact of economic difficulties on tenant compliance and lease management.Read more

Rajeev Kumar (name changed) in Zamrudpur, South Delhi, added a floor to his 30 square yard Lal Dora property in 2019 without seeking approval. The Municipal Corporation of Delhi (MCD) issued a demolition notice, leading to a legal battle. Lal Dora areas face challenges in property ownership due to outdated records and lack of clear titles, complicating renovations and bank loans. Despite the central government's Svamitva scheme for mapping rural areas, Delhi has not fully implemented it. Experts stress the need for clear land titles and proper documentation to resolve ownership disputes and facilitate development in these regions.Read more

Residents of Nadaprabhu Kempegowda Layout (NPKL) in Bengaluru are challenging the Bangalore Development Authority's (BDA) recent imposition of a INR 31,000 road cutting fee on site allottees. This fee is being charged despite ongoing delays in providing essential infrastructure such as drinking water, recycled water, and an underground drainage system. Site allottees, who have been waiting for over eight years, argue that the BDA has not fulfilled its initial promises. The Nadaprabhu Kempegowda Layout Open Forum has requested the Chief Minister to halt the fee collection, citing financial strain on residents. The Deputy Chief Minister confirmed that development costs should be included in site fees, raising concerns about the fairness of additional charges before infrastructure completion.Read more

The Chandigarh government has revoked the building plans and occupancy certificate for Godrej Properties' commercial project, Godrej Eternia, due to alleged environmental regulation violations. The decision, announced on July 25, 2024, stems from the project's failure to obtain necessary permissions from the Standing Committee of the National Board for Wildlife. Godrej Properties plans to contest this decision, emphasising misunderstandings in the order. This action underscores the critical need for real estate developers to adhere to environmental standards, impacting Godrej Properties' operations and the broader industry.Read more

The Bombay High Court has directed the Kalyan Dombivli Municipal Corporation (KDMC) and Thane Police to demolish the illegal Radhai Complex in Dombivli East. This order follows a mob of 200-300 individuals obstructing officials during a demolition attempt on July 16. The court emphasised the need for law enforcement to counteract such resistance. KDMC and police are required to submit compliance reports by August 12. The incident highlights the broader issue of unauthorised constructions and the challenges faced by authorities in urban areas across India.Read more

The National Company Law Tribunal (NCLT) has directed Mahindra Homes to notify homebuyers about its proposed reduction in equity share capital, acknowledging them as creditors under Section 66 of the Companies Act, 2013. Mahindra Homes seeks to cancel a portion of series B and C equity shares held by Actis and Mahindra Lifespace Developers. The NCLT emphasised that advances from homebuyers, totalling INR 213.84 crore, are financial liabilities until possession is handed over. The ruling highlights the importance of transparent communication with all stakeholders and sets a precedent for future capital restructuring cases in the real estate sector. The next hearing is on October 30.Read more

The Karnataka government introduced two bills to enhance revenue and prevent water theft. The Karnataka Municipalities Bill, 2024, imposes fines of up to INR 50,000 and 15-day imprisonment for officials failing to collect property tax and double tax on unauthorised buildings. The Karnataka Irrigation Bill increases water theft penalties to INR 2 lakh and two-year imprisonment, requiring government permission for drilling near canals. These amendments aim to improve compliance and resource management, ensuring better adherence to regulations and preventing illegal activities, thus enhancing accountability and contributing to the state's development and sustainability.Read more