The Yamuna Expressway Industrial Development Authority (YEIDA) is in dispute with ATS Realty and Supertech Township Project Ltd over nearly INR 1,300 crore in unpaid land dues. YEIDA threatens partial land allotment cancellation for ATS and Supertech, who owe INR 668 crore and INR 677 crore respectively. Despite a pandemic relief package offering penal interest waivers, both companies have not settled their dues. YEIDA plans to propose partial cancellation by June 22, affecting undeveloped land, while residents in existing projects could face future uncertainties. Meanwhile, other developers like Greenbay Infrastructure, Omnis Developers, and Logix Buildstate have made partial payments under the relief package.Read more

The Bombay High Court has ruled in favor of 14 housing societies in the Juhu Vile Parle Development (JVPD) scheme, granting them ownership of common plots and amenities. This decision clarifies that these plots belong to the societies, not the Maharashtra Housing and Area Development Authority (MHADA). The dispute originated from the JVPD scheme's development in the 1950s and resurfaced between 2010 and 2017 when MHADA and the Brihanmumbai Municipal Corporation (BMC) claimed ownership. The court affirmed the societies' rights, a significant win that allows them full control over their areas, improving livability and setting a precedent for similar cases nationwide.Read more

India's Ministry of Housing and Urban Affairs is spearheading a transformative agenda for the real estate sector, focusing on sustainable development until 2029. D. Thara, Additional Secretary, outlined key initiatives to industry leaders, emphasising rainwater harvesting systems to alleviate water scarcity, child-friendly playgrounds in housing complexes, and solar-powered pathways for energy efficiency. These measures aim to enhance livability and community bonding. Additionally, the ministry addresses gender diversity, urging increased participation of women in real estate. These initiatives mark a pivotal shift towards creating eco-friendly and inclusive housing solutions, aiming to meet future challenges sustainably in India's evolving urban landscape.Read more

The Greater Noida Industrial Development Authority (GNIDA) board has approved a 5.30% increase in land allocation rates for 2024-25, driven by upcoming projects like the Greater Noida West Metro and Multimodal Logistics Hub. This increase applies to industrial, residential, commercial, institutional, and builder properties, effective April 1. The board also approved revised lease rent payments, increased Floor Area Ratios near the Metro route, and extended deadlines for lease deed execution and completion certificates, aiming to support regional growth and property demand.Read more

The Delhi High Court dismissed a PIL demanding the demolition of alleged illegal constructions in Okhla Industrial Area, imposing a INR 25,000 cost for lack of adequate investigation. The petition aimed to direct the MCD, DDA, and DSIIDC to act against unauthorised constructions. However, it was revealed that the owner had necessary permissions and building plans approved. The court found the petition baseless and potentially malicious, intended to malign authorities and extort money. The bench, comprising Acting Chief Justice Manmohan and Justice Manmeet PS Arora, ordered the petitioner to pay the costs equally to MCD and DDA within four weeks.Read more

A city court dismissed a real estate firm's petition to stop residents of Park Serene condominium from displaying banners criticising construction quality and infrastructure. BPTP, the developer, had filed a defamation suit, alleging harm to its reputation. Residents argued the banners served public interest by highlighting community issues. Judge Kimmi Singla's ruling on May 31 emphasised free speech rights, citing a Supreme Court precedent that injunctions in defamation cases should be rare. She noted the banners focused on facilities provided by BPTP, leaving defamation determination for trial. Residents welcomed the decision, citing ongoing concerns over construction quality and management practices, while the developer expressed intent to pursue legal recourse.Read more

The Securities and Exchange Board of India (SEBI) is set to auction 19 properties of KBCL India Ltd to recover over INR 118.69 crore raised through an illegal Collective Investment Scheme (CIS). SEBI found that KBCL India Ltd, formerly Kalpataru Biotech Corporation, operated the CIS without necessary approvals. A restraining order in 2014 halted their fundraising activities. The auction, managed by C1 India, is scheduled for July 16, 2024, with a reserve price of INR 3.54 crore. This action underscores SEBI's commitment to protecting investors and recovering funds obtained through non-compliant means, emphasizing the need for investor vigilance.Read more

The Maharashtra government's formation of a new 10-member committee to review amendments to the Maharashtra Apartment Ownership Act, 1970, has triggered confusion and concern among housing activists. This Act governs ownership, management, and transfer of apartments across the state, impacting over 1 lakh buildings. The move follows a previous committee's recommendations, yet no actions were taken. Critics question the efficiency of the new committee given its tight three-month deadline. Key areas for amendment include simplifying redevelopment and resolving disputes within apartment associations. Activists urge inclusive review processes to ensure effective reforms benefiting residents statewide.Read more

The Lucknow Development Authority (LDA) has initiated the demolition of illegal constructions in Akbarnagar, targeting shops and houses built without permits. Affected residents are being relocated to Vasant Kunj, with LDA officials, including VP Indramani Tripathi, facilitating the move. The demolition, focused on vacated buildings, is under strict security and CCTV surveillance. While alternative housing is provided, residents face challenges such as a relocation fee of INR 8,000 and higher-floor apartments. The LDA is working to address these issues, aiming to balance planned development with resident well-being.Read more

The Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) is promoting a regulation aimed at expediting project completion and handover of flats in Noida. Under this regulation, if developers apply for an Occupation Certificate (OC) or Completion Certificate (CC) and don't receive a response within a specific timeframe, the certificate is considered "deemed approved." This clause addresses delays in obtaining OC/CCs, benefiting both developers and homebuyers. While not a panacea, it offers a potential solution to streamline processes and promote efficiency in Noida's real estate market, ensuring adherence to regulatory guidelines while facilitating faster project completions.Read more