The Insolvency Appellate Tribunal (NCLAT) announced it will await the lenders' decision on a revised settlement offer from Supertech Realtors, developers of the INR 2,326.14 crore Supernova project. The NCLAT directed the Interim Resolution Professional (IRP) not to form a Committee of Creditors yet but allowed construction to continue under IRP supervision. Supertech Realtors submitted a one-time settlement (OTS) offer, initially agreed upon by the lead bank and now under consideration by other banks. The NCLAT emphasized the project's progress and an investor's readiness to fund completion. The next hearing is scheduled for August 8, 2024, to review the lenders' decision.Read more

GNIDA launched a new builder plot scheme in Greater Noida to offer land parcels across five sectors for residential development. These plots totaling around 99,000 square meters can accommodate approximately 8,000 new apartments. With easy access to major transportation routes like the Yamuna Expressway and EPE, and future connectivity to the Noida International Airport in Jewar, the scheme is seen as a strategic move to address the rising housing demand in the area. The e-auction-based selection process, with bids starting from INR 48,438 per square meter, aims to attract developers and stimulate growth in Greater Noida's real estate sector.Read more

Goa's charm has led to a rise in illegal constructions, threatening its environment. The High Court of Bombay at Goa, responding to a public interest petition, identified over 200 illegal structures in Arambol, including some linked to a former village council head. Highlighting poor coordination among government agencies, the court directed the state to develop a Standard Operating Procedure (SOP) within two weeks for addressing such violations. The SOP will ensure swift action, including demolitions and environmental assessments, aiming to protect Goa's natural beauty and ensure fair construction practices.Read more

Enforcement Directorate, Lucknow Zonal Office seized property worth INR 31 crore belonging to Shine City Group, including movable properties and immovable properties. Based on 554 first information reports registered by Uttar Pradesh Police, the ED initiated an investigation that revealed that the accused individuals duped the public with a ponzi-scheme and collected funds. These funds, collected under the guise of real estate investments, were used by associates to purchase several assets, including agricultural lands anonymously. Currently, the ED has arrested seven accused and confirmed their involvement in the crime during custodial interrogation.Read more

Haryana's Town and Country Planning Minister, J.P. Dalal, announced the state's approval for stilt-plus-four floor (S+4) constructions, extending this to older colonies under specific conditions. This decision, expected to benefit the public significantly, follows an expert committee's recommendations after a 16-month ban. S+4 constructions are permitted without conditions in approved sectors and specific housing schemes, with some stipulations for areas with three dwelling units per plot. The policy includes measures to prevent covering stilt areas, mutual consent requirements for neighbouring plots, and the establishment of a portal to manage S+4-related issues and permissions.Read more

In a major regulatory move, the Gujarat Real Estate Regulatory Authority (GujRERA) has frozen over 1,000 bank accounts linked to real estate projects across the state. This action was prompted by developers' failure to comply with the Quarter-End (QE) requirements, which mandate updating project completion status with GujRERA within the specified deadline or seeking an extension. As a result, GujRERA has cancelled the registration of these projects, prohibiting developers from advertising, selling remaining units, or seeking credit. The impact will be particularly felt in major cities like Ahmedabad, Vadodara, Surat, and Rajkot. While some of the affected projects are already completed, the lack of Building Use (BU) permission has prevented developers from fulfilling the QE compliance. This crackdown underscores GujRERA's commitment to ensuring transparency and accountability in the state's real estate sector.Read more

The Bombay High Court criticised Maharashtra's Urban Development Department for failing to implement a 20-year-old plan to build an international-standard sports complex in Ghansoli, Navi Mumbai. The court annulled CIDCO's 2017 allocation of part of the land to a builder and rejected the state's decision to move the sports complex to a remote area. Highlighting the importance of accessible sports facilities for urban youth, the court directed CIDCO to hand over the entire plot to the state at no or government rates. The judgement emphasised the role of sports in nation-building and the need for effective public sports policies.Read more

In response to recent electoral setbacks and rural economic challenges, the Indian government has planned a significant increase in rural housing and infrastructure spending. The proposal includes over INR 550 billion (USD 6.58 billion) for housing subsidies, aiming to build 20 million houses under the PM Awas Yojna (Rural). Additional investments in village roads and job creation programs target economic stimulation in rural areas, with a potential total investment of INR 4 trillion (USD 47.89 billion) over the next few years. Finance Minister Nirmala Sitharaman is expected to unveil detailed plans in the upcoming budget, emphasising a strong commitment to rural development and economic growth.Read more

The Tamil Nadu Government announced plans to reconstruct 28,643 deteriorating flats managed by the Tamil Nadu Urban Habitat Development Board over three years. Chief Minister M K Stalin revealed that 6,746 apartments will be rebuilt in the first phase, costing INR 1,146 crore. The initial phase, starting in 2024-2025, will focus on areas in Chennai, Thanjavur, and Tiruchirapalli. Since the DMK took office, the government has prioritised housing projects, completing 29,439 flats and 1.70 lakh individual houses. Additional projects, including 79,094 apartments and 89,429 individual houses, are in progress with a total expenditure of INR 6,685 crore.Read more

The Rajasthan Government has set up a committee to investigate single lease cases, chaired by former judge R.S. Rathore. This follows concerns about the previous committee's impartiality. The Bhajanlal government recently cleared several officials in a notable case from 2011, stating no rules were broken. The case, involving a lease to Ganapati Construction, led to arrests and legal proceedings. Despite closure attempts by the ACB, the court rejected withdrawing charges. An SLP in the Supreme Court challenges this decision. The new committee aims to provide an unbiased review of these long-standing cases, potentially impacting future handling of such matters in Rajasthan.Read more