The state cabinet approved the redevelopment of 25 buildings in Sion Koliwada, Mumbai, housing Sindhi, Sikh, and Punjabi families displaced during Partition. The redevelopment, costing INR 3,000 crore, will be overseen by MHADA, providing 1,200 families with larger homes free of cost. A high-powered committee will monitor the project, ensuring at least 51% tenant consent. The buildings, erected in the 1950s and '60s for refugees, faced demolition notices from BMC in 2011. The initiative, long overdue, aims to address housing needs and marks MHADA's role as a special planning authority. Residents welcome the decision after years of efforts and displacement.Read more

Starting April 1, property developers with a minimum of 50 housing units can register properties with MahaRERA at their own offices. Rajagopal Devara, the additional secretary of revenue, shared the Maharashtra state government's target to increase annual stamp duty registration revenue from INR 50,000 crore to INR 75,000 crore within two years. The decision on maintaining or changing ready reckoner rates, which impact stamp duty fees and property values, will be taken following a review. The government has also allowed property registration from any office in Pune and Mumbai, with this facility to be extended to buyers in Kolhapur district as well.Read more

The National Company Law Tribunal (NCLT) in New Delhi has issued a verdict on a legal dispute between Supertech Realtors and Indiabulls Housing Finance. The case concerns Supertech Realtors' accusation that Indiabulls Housing Finance improperly deducted INR 6,150 crore from its loan account, exceeding the legitimate amount owed of INR 5,873 crore. Supertech alleges that this financial discrepancy not only breaches their contract but also has broader implications for public interest, potentially affecting their ability to deliver properties to customers. However, Indiabulls Housing Finance presented a Reserve Bank of India (RBI) order characterizing the dispute as a bilateral matter, to be resolved through contractual obligations. The NCLT ruling favoured Indiabulls Housing Finance, highlighting the complexities of corporate disputes, particularly in the real estate sector.Read more

In response to public outcry, the Brihanmumbai Municipal Corporation (BMC) has scrapped a controversial draft policy concerning open spaces, confirmed by BMC Commissioner Iqbal Chahal. The policy, introduced in September 2023, aimed to lease playgrounds and recreation grounds to private entities and NGOs for up to five years, sparking widespread opposition. With concerns raised over potential exploitation and loss of control, the BMC has opted to maintain the existing adoption policy, allowing leases for eleven months. Chahal highlighted citizen concerns and stressed the importance of elected representatives shaping city policies. The decision, applauded by activists, signifies a victory for citizen engagement and the preservation of Mumbai's public spaces.Read more

The Greater Noida Industrial Development Authority (GNIDA) has initiated an e-auction for eight group housing plots, spanning 3.5 to 10 acres each, in various sectors of Greater Noida. Developers have a 90-day window to complete payment for the land and are required to adhere to the approved layout plan, obtaining an occupancy certificate within seven years. Sector Mu offers a 4.5-acre plot, Omicron 1A a 7.5-acre plot, and Eta 2 a 7-acre plot, among others. Interested parties must apply by Feb 27 and submit documents by March 1. Land rates range from INR 36,500 to INR 48,300 per sqm, with a total reserved price exceeding INR 970 crore. Allotments are on a leasehold basis for 90 years, with restrictions on amalgamation or subdivision. Consortiums are allowed, with a designated lead member responsible for project completion. Previous transactions, like Prasu Infrabuild's acquisition of a 6-acre plot in Sector Zeta 1, reflect investor confidence in Greater Noida's real estate market.Read more

In June 2015, the Slum Redevelopment Authority (SRA) issued a circular aiming to regulate transit rent increases for slum dwellers affected by redevelopment projects. However, this directive has remained dormant, causing distress for occupants stuck in temporary accommodations. The Bombay High Court recently intervened following a representation by Wadala slum dwellers, urging the SRA to enforce the circular mandating a 5% transit rent increase. A division bench of justices instructed the SRA to expedite a decision, responding to a petition filed by 78 eligible slum dwellers from Wadala Village Welfare CHSL. Represented by senior advocate Ranjeet Thorat and advocate Yashodeep Deshmukh, concerns were raised regarding the fairness of developers' rent offers, contrasting market rates, and the SRA's inaction, highlighting the need for prompt resolution.Read more

Prime Minister Narendra Modi is scheduled to virtually inaugurate and oversee the ceremony for 131,454 housing units in Gujarat this Saturday, with Chief Minister Bhupendra Patel and State BJP President C R Paatil attending in Deesa, North Gujarat. Beneficiaries from all 182 assembly constituencies will participate virtually, highlighting Gujarat's prominent role in implementing the Pradhan Mantri Awas Yojana (PMAY) and the national objective of housing for all by 2047. The state has already built 13.42 lakh PMAY units, with plans for an additional 65,000 units in urban areas during the 2024-25 fiscal year, reflecting its steadfast commitment to addressing housing needs.Read more

The West Bengal government's plan to re-evaluate the Urban Land Ceiling Act (ULCA) signals a significant shift with potential to rejuvenate the real estate market. Minister Chandrima Bhattacharya's announcement during the fiscal year 2024-25 Budget presentation reflects a strategic intent to scrutinize existing land regulations, aiming to attract substantial investments, including foreign capital. Industry leaders applaud the decision, foreseeing it as a crucial move to eliminate investment hurdles and unlock vast revenue and job creation opportunities. The proposed revisions, coupled with initiatives to simplify land ownership and enhance infrastructure, promise to enhance business ease and instil investor confidence, ultimately fostering growth in the housing and related sectors.Read more

In a significant development, private companies in Delhi can now purchase DDA flats in bulk, thanks to amendments made to the DDA (Management and Disposal of Housing Estate) Regulations, 1968. The Delhi Development Authority (DDA) has expanded its eligibility criteria, allowing non-governmental legal entities to acquire built-up properties for various purposes, including staff quarters and hostels. This move is anticipated to foster growth across private industrial and educational sectors, particularly in emerging areas like Narela. Additionally, DDA announced enticing discounts of up to 25% and 15% on MIG and LIG flats respectively.Read more

The Uttar Pradesh government has allocated INR 2,441 crore for the PMAY-Rural scheme, following the Union Budget's INR 32,000 crore earmark to construct 2 crore housing units in rural areas. In 2022-23, UP built over 28 lakh units, 96 percent of the set target. Subsequently, INR 9,000 crore was allocated in 2023-24. This allocation aligns with the government’s rural sector focus ahead of the upcoming Lok Sabha elections. UP, along with other states, is pivotal for housing unit construction. Additionally, the state allocated INR 1,140 crore for Mukhyamantri Awas Yojana (rural) and doubled funds for toilet construction under Swachh Bharat Mission.Read more