In the ongoing survey by Pimpri Chinchwad Municipal Corporation, the civic body has examined 43,925 commercial properties. Among them, 2,423 establishments have been identified for violating safety norms, with 718 of them classified as industrial units in the Talawade red zone. Officials emphasize the urgency of immediate intervention to avert potential major fire mishaps. This comprehensive assessment reflects the civic body's commitment to enhancing safety measures and underscores the critical need for prompt corrective actions to mitigate risks and safeguard both property and lives within the specified zone.Read more

The Economic Offences Wing (EOW) of Mumbai has arrested prominent builder Lalit Tekchandani over allegations of cheating and forgery in connection with Supreme Constructions' Taloja project. The case involves accusations that Tekchandani and other directors accepted payments from homebuyers but failed to deliver on promises, leading to an FIR with charges of cheating and forgery. The FIR mentions an estimated cheating amount of INR 73 lakh. A lookout circular was issued, and the case was transferred to EOW for further investigation. Homebuyers, including Hera Jadhwani, disclosed promises unfulfilled since 2016, prompting authorities to uncover the extent of the alleged fraud.Read more

In the ongoing insolvency proceedings with the NCLT, J Kumar Infraprojects has submitted a proposal to acquire Pranav Construction for INR 45 crore. This move has been approved by the bankruptcy court. The acquisition involves taking over the real estate company, with J Kumar Infraprojects addressing admitted liabilities amounting to approximately INR 212 crore. This strategic step comes within the framework of the insolvency process, signalling a significant development in the financial restructuring and resolution of Pranav Construction's assets and liabilities. The National Company Law Tribunal's approval binds all stakeholders involved in the resolution plan.Read more

CIDCO has announced a significant INR 6 lakh reduction in the prices of tenements in its Bamandongri project, focusing on economically weaker sections under the Mass Housing Scheme Diwali-2022. The move aims to lower the original flat price from INR 35.30 lakh to INR 29.50 lakh, with additional reductions to INR 27 lakh for successful applicants from the economically weaker sections category. Chief Minister Eknath Shinde commended CIDCO for addressing financial challenges and facilitating affordable housing, emphasizing the government's commitment to inclusive urban development in Navi Mumbai.Read more

BSNL plans to monetise 7.5 acres of prime land in Lucknow via e-auction, setting a reserve price of INR 226 crore. The land is part of a larger parcel which hosts a telephone exchange and customer service center across 0.63 acres while the rest is vacant. NLMC appointed CBRE South Asia to manage the sale. Eligible bidders include individuals, companies, LLPs, trusts, and funds. Bidders must upload documents from February 15-22, with the e-auction date to be announced later. This move aligns with BSNL's contribution to the National Monetisation Pipeline, aiming to monetise non-core assets like tower businesses and other properties.Read more

The Government of India is gearing up to unveil a new affordable housing scheme, on the lines of the credit-linked subsidy model of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) announced in 2015. Targeting low- and middle-income households in urban areas, the initiative is set to extend subsidies for dwelling units. Sources suggest the announcement might precede the upcoming Lok Sabha elections in April-May. The Ministry of Housing and Urban Affairs (MoHUA) is said to have engaged in discussions with top lenders to design the proposed credit-linked subsidy scheme (CLSS). The scheme aims to generate employment through the construction of affordable homes in over 20,000 locations.Read more

At least five real estate developers in Noida have received permission to execute registries for 1084 apartments, with two more expected to follow suit soon. The Noida Authority granted these permissions after developers paid 25% of their total dues, benefiting from a UP government-approved policy. The waiver of penal interest during the Covid-19 period and construction disruptions due to court orders is part of this policy. The move aims to address homebuyer concerns and streamline the registry process. Other developers in talks with the Noida Authority are expected to follow suit, potentially leading to permissions for around 3,000 ready apartments across 31 stalled housing projects.Read more

The Supreme Court has clarified that the protection under the Insolvency and Bankruptcy Code (IBC) does not extend to promoters and directors of insolvent firms, offering relief to homebuyers. The decision follows a plea by Ansal Crown Heights homebuyers, initially denied by the National Consumer Disputes Redressal Commission (NCDRC) citing the company's IBC involvement. The Supreme Court ruled that the moratorium under Section 14 of the IBC, shielding against suits and judgments, does not protect directors and officers. This precedent establishes that these individuals can be held accountable despite the moratorium, providing hope for homebuyers navigating real estate insolvency complexities.Read more

Gujarat's Real Estate Regulatory Authority (RERA) is initiating the construction of RERA Bhavan, a new office complex in Gandhinagar, consolidating the RERA authority and tribunal under one roof. The 3,500 square meter plot for the Bhavan has been acquired from the Gandhinagar Urban Development Authority (GUDA). This signifies the authority's commitment to streamlining operations and enhancing regulatory efficiency in the state's real estate sector. The move comes after a two-year planning phase and reflects GujRERA's dedication to fostering transparency and improving access for services for stakeholders in the evolving real estate landscape.Read more

The Ahmedabad Municipal Corporation (AMC) is set to conduct a fresh round of auctions for approximately 150 plots measuring less than 2,000 square meters. This decision comes after the lukewarm response to larger plot auctions in February 2023. Potential buyers have shown a preference for smaller plots suitable for bungalows or compact corporate offices. In response, the AMC's standing committee has directed officials to assess and prepare 10 to 15 smaller plots for sale in the western parts of the city. This adjustment in approach aims to cater to evolving buyer preferences and maximize participation in future auctions, aligning with current market demands.Read more