The Supreme Court, in a recent hearing on the demolition of structures in Lucknow's Akbar Nagar, highlighted flaws in urbanization policies and the government's failure to provide affordable housing, citing it as a key driver for unauthorized constructions. Justices Sanjiv Khanna and Dipankar Datta noted challenges in urbanization policies, particularly in cities like Delhi, where unauthorized colonies proliferate due to inadequate land information. Concerns were raised over demolitions affecting both commercial and residential spaces, prompting a reevaluation of existing policies to address housing needs, especially for economically weaker sections. The court issued an interim stay on demolitions, emphasizing the necessity for comprehensive urbanization policy reviews to ensure housing for all.Read more

The Maharashtra Housing and Area Development Authority (MHADA) in Chhatrapati Sambhajinagar opens registration for the sale of 941 flats and 361 plots. The online application process, utilising the Integrated Housing Lottery Management System (IHLMS) 2.0, allows applicants to participate remotely. Lottery draw results will prompt immediate notification letters to winners. Applications began on February 28 and will end on March 27. The draft list of eligible applications will be released on April 4, with objections accepted until April 7. Final eligible application list will be announced on April 12, with draw details to follow. The process emphasises transparency and warns against third-party involvement.Read more

The Noida Authority is taking significant strides to address the protracted issue of stalled real estate projects by facilitating the registration of more than 13,000 flats across various developments. With 35 developers committing to settle outstanding dues under Uttar Pradesh's rehabilitation package, aimed at resolving stalled projects, officials emphasize their dedication to prioritizing homebuyers' interests. Initial payments from developers, recalculated to reflect package benefits, are anticipated to exceed INR 500 crore, with 12 developers already settling dues, enabling registration of approximately 1,200 flats. Amidst an estimated INR 44,700 crore in outstanding dues, initiatives including special registration camps aim to expedite processes and alleviate burdens on homebuyers, underscoring efforts to revive the region's real estate sector.Read more

The Supreme Court recently ruled in favor of a homebuyer, Venkataraman Krishnamurthy, directing the prominent real estate developer Lodha Group to refund INR 2.25 crore with a 12% per annum interest. This decision stems from alleged delays in delivering possession of a Mumbai apartment purchased in 2013. Despite the National Consumer Disputes Redressal Commission's earlier order for possession within three months and a 6% per annum interest compensation, the Supreme Court overturned this ruling, emphasizing contractual obligations. The verdict highlights the significance of adhering to legal frameworks in resolving disputes, reinforcing consumer protection and contractual integrity in real estate transactions.Read more

A dispute has arisen over the ownership and subleasing rights of 47.5 acres of railway land designated for Mumbai's Dharavi Redevelopment Project. The Railway Land Development Authority (RLDA) refuses to permit subleasing to the Dharavi Redevelopment Project/Slum Redevelopment Authority (DRP/SRA). DRPPL contends that DRP/SRA, as state government bodies, have the right to sub-lease the land. RLDA prioritises railway staff quarters' redevelopment and scrapyard relocation, while DRPPL advocates for simultaneous redevelopment. Alongside, DRPPL recently said that eligible industrial and commercial units redeveloped as part of DRP will enjoy benefits, such as a refund of SGST.Read more

The National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against Sankalp Siddhi Developers, a special purpose vehicle (SPV) promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, controlled by Chinese group Fosun since 2022. The petition was filed by operational creditor Lekha Enterprises due to payment default. Ahuja's alleged fraud led to disputes, with the SPV claiming inability to pay creditors. NCLT appointed Rajkumar Jaiswal as interim resolution professional. This action reflects a broader trend, with 21% of companies admitted for resolution under the Insolvency & Bankruptcy Code since 2016 belonging to the real estate sector.Read more

In Mumbai, housing societies are bypassing legal transfer fee caps of INR 25,000 by demanding up to INR 30 lakh as 'voluntary donations' for flat transfers in affluent areas like South Mumbai. This widespread practice, criticized as 'arm-twisting' by experts, aims to bolster societies' infrastructure funds, despite legal constraints. Advocates highlight the adverse impact on sellers, who often pay hefty sums to expedite transactions, amidst calls for regulatory adherence and fairness in the property market. Critics argue for transparency and equitable contributions from all members to address maintenance costs without overburdening individual transactions.Read more

The Bombay High Court has directed questions at the Anjuna-Caisua panchayat concerning the delay in sealing 175 illegal structures situated in no-development and coastal regulatory zones. The panchayat has cited challenges in locating and sealing these structures and has requested assistance in addressing the issue. The court's scrutiny comes amid increasing concerns over illegal constructions in environmentally sensitive areas. Authorities are urged to take swift action to ensure compliance with regulations and preserve the integrity of these zones.Criticizing the panchayat's delays and excuses, the court has demanded a status report.Read more

The Jammu & Kashmir government has mandated the registration of all real estate projects with the newly established Real Estate Regulatory Authority (RERA) before commencement of work, following the J&K Real Estate (Regulation and Development) Rules, 2020. J&K RERA commenced operations on January 18, 2024, under the leadership of Satish Chandra. This initiative aims to enhance transparency and accountability in the real estate sector, aligning with the national framework of the Real Estate (Regulation and Development) Act, 2016, and bolstering consumer confidence in the region's real estate market.Read more

Mumbai's Slum Rehabilitation Authority (SRA) has extended the defect liability period for rehab buildings from three to ten years, following a panel's recommendations post a fatal Goregaon fire last October. In a recent circular, SRA mandated the issuance of revised letters of intent reflecting the longer liability period. Professionals and construction entities involved in projects exceeding 7,500 sqft will be accountable for structural flaws over the extended term. Meanwhile, the state's urban development department has designated BMC as the planning authority for slum rehab schemes, aiming to relocate slum dwellers affected by infrastructure projects.Read more