The Goa State Cabinet has approved the introduction of the Goa Escheats, Forfeitures and Bona Vacantia Bill, 2024. This bill aims to empower the state government to take over properties of individuals who die without legal heirs, as well as properties without a rightful owner. The proposed law will grant the state government the authority to manage, administer, and dispose of such properties. It establishes a comprehensive legislative framework to govern the management of properties that have escheated, lapsed, or are considered bona vacantia. The bill ensures due process for potential claimants while also safeguarding the state's interests.Read more

The Supreme Court has provided relief to homebuyers facing financial distress due to delayed possession of flats under the subvention scheme. Banks had been pressuring homebuyers to repay loans despite delayed projects. The court has halted coercive actions against homebuyers and directed builders to provide details about their assets. The decision highlights the need for regulatory reforms in the subvention scheme to protect home buyer interests and prevent similar issues in the future.Read more

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a public notice summoning Noida and Greater Noida authorities and 18 builders for online hearings to resolve complaints from 32 homebuyers. The grievances involve delays, construction quality issues, and contractual breaches, causing significant distress for the homebuyers. These hearings, conducted by the Lucknow and Gautam Buddh Nagar benches of UP-RERA, aim for faster and more convenient dispute resolution. This proactive approach by UP-RERA seeks to protect homebuyers' rights and set a precedent for swifter resolutions in Uttar Pradesh's real estate market.Read more

A recent MHADA lottery for 4,850 flats in Pune, Pimpri Chinchwad, Tathawade, Solapur, and Sangli saw an overwhelming 46,532 applications, indicating a high demand for affordable housing. Housing Minister Atul Save announced the figures, highlighting the intense competition of 9.6 applicants per flat. The lottery's Inclusive Housing Scheme was particularly popular, receiving 46,477 applications for 1,372 flats. With 2,423 flats still available on a first-come, first-served basis, and plans for future lotteries, the Maharashtra government aims to address the housing shortage through inclusive housing schemes and frequent lotteries.Read more

A recent High Court order has stressed the need for including promoters and directors of real estate companies in legal proceedings after homebuyers faced difficulties recovering losses from delayed projects. The ruling highlights a tactic where developers declare bankruptcy while promoters evade accountability, often by starting new companies. This decision aims to ensure greater accountability and recovery chances for affected buyers. Homebuyers are advised to include promoters and directors in complaints and conduct thorough due diligence before investing. The Karnataka Home Buyers Forum supports the ruling, urging buyers to follow these guidelines to protect their interests.Read more

The Rail Land Development Authority (RLDA) is inviting bids to lease a 5,532 sqm land parcel at the Renigunta in Tirupati, Andhra Pradesh for 45 years, with a reserve price of INR 6.77 crores for a 7,502 sqm built-up area. Located near the Renigunta Junction Railway Station, the site is accessible via major highways and is adjacent to key landmarks like the Hotel KR Bhavan and the Tirupati Airport Road. Renigunta's connectivity and proximity to the Tirupati Temple make it ideal for retail or hospitality development. The Tirupati Railway Station's major upgrade further enhances its commercial potential.Read more

The Andhra Pradesh government has decided to send special teams to capital city villages to complete plot registrations under the Land Pooling Scheme (LPS). Delays in registration are hindering development by the Capital Region Development Authority (CRDA) in Amaravati. The CRDA registered about 43,000 of the total 64,000 plots, with around 21,067 plots still pending. The government aims to finish registrations quickly to grant farmers their promised rights and move forward with infrastructure projects. The government believes that such delays in the plot registration process are causing more legal issues for the Capital Region Development Authority (CRDA).Read more

Panchkula residents, led by the Panchkula Citizen Welfare Association (CWA), are gearing up to challenge the Haryana government's stilt-plus-four-floor (S+4) construction policy in the Punjab and Haryana High Court. This policy, initially approved in 2017, permits buildings with four floors above a stilt and faced rollback in 2023 after widespread protests. However, it was reapproved in July. Residents argue that the policy causes extensive property damage and claim the government is influenced by builders. The CWA, supported by various welfare associations, is organising protests and intends to hold the government accountable in upcoming elections.Read more

The Economic Survey 2023-24 highlights that RERA has resolved nearly 1.25 lakh consumer complaints and registered 1.3 lakh real estate projects since its enactment in 2016. Designed to reform India's real estate sector, RERA aims to enhance transparency, accountability, and financial discipline, thereby protecting homebuyers and boosting market confidence. Key achievements include the establishment of fast-track dispute resolution mechanisms and mandatory project registrations. With comprehensive rules notified in all states and Union Territories except Nagaland, RERA has significantly improved consumer protection, ensuring developers meet their obligations and fostering a more transparent, accountable, and efficient real estate environment.Read more

Homebuyers in Bengaluru's delayed Ozone Urbana project, developed by Ozone Group, have achieved a key victory. The Karnataka High Court ruled that Ozone Group promoters can be included in legal proceedings. Buyers had sought refunds exceeding INR 4 crore (USD 4.8 million) through the Karnataka Real Estate Regulatory Authority (KRERA). The ruling allows targeting promoters' personal assets, addressing a major gap in the Real Estate (Regulation and Development) Act, 2016. Despite regulations, KRERA reports developers owe over INR 486 crore (USD 5.8 million) for delayed projects, highlighting the need for further reforms to protect homebuyers.Read more