The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by securing over Rs 140 crore in compensation this year from developers failing to deliver apartments, marking one of the country's highest regulator successes. Issuing 1,123 warrants, MahaRERA aims to recover Rs 764 crore, freezing accounts and attaching assets as warnings. Of 459 projects, recovery occurred in 110. This success stands out amid national challenges in enforcing orders.Read more

Delhi Lieutenant Governor VK Saxena has instructed officials to develop a time-bound plan for the regularisation of unauthorised colonies, stressing the need for a simplified process. The directive follows the recent passage of the National Capital Territory of Delhi Laws (Special Provisions) 2023. Saxena urged prompt implementation of PM-UDAY, PMAY, and the DDA's Land Pooling Policy, emphasising an expedited approach to address long-standing issues related to unauthorised colonies and slum rehabilitation.Read more

The Punjab Agricultural University (PAU) police have filed charges against two farmers from Malakpur village for allegedly defrauding a city-based realtor of Rs 13 crore in a land deal near South City. The accused, Boota Singh and Jugraj Singh, reportedly accepted the money from the realtor but refused to transfer the land ownership after property rates surged due to the construction of a bypass. The FIR, registered under multiple sections of the IPC, highlights the complexities of real estate transactions and the need for thorough legal scrutiny to prevent fraudulent activities.Read more

Maharashtra's real estate regulatory authority, MAHARERA, has effectively resolved 15,423 consumer complaints in the seven years since the enactment of the Real Estate (Regulation and Development) Act, according to a report from the Ministry of Housing and Urban Affairs (MoHUA). The state ranks among the top three, alongside UP and Haryana, in addressing homebuyers' grievances. The report also reveals that 32 states and UTs have functional real estate regulatory authorities. Maharashtra leads in project registrations under RERA, accounting for 36% nationally.Read more

Over a year after the Slum Rehabilitation Authority (SRA) suspended projects in Mumbai's koliwadas pending demarcation, a recent order rejecting slum enclave status for Worli koliwada highlights ongoing challenges. The SRA insists no projects will proceed in koliwadas until specific development rules are established or the state revenue department demarcates boundaries. This decision underscores the complexity of balancing urban development with preserving cultural identities in Mumbai's fishing villages.Read more

The Securities and Exchange Board of India (SEBI) plans to auction 13 properties, including those of Sunheaven Agro India and RaviKiran Realty India, on January 22, 2024, to recover funds allegedly collected illegally from investors. The auction, featuring land parcels in West Bengal and Jharkhand, aims to address non-compliance with public issue norms by these companies. SEBI's initiative underscores its commitment to enforcing regulatory compliance and protecting investor interests in the capital markets.Read more

The Bihar Revenue and Land Reforms Department recently launched the e-mapi portal, streamlining land measurements for transparency. Landowners can apply online, eliminating the need for physical visits to offices. The entire process can now be completed within a 30-day completion timeline. The fees for Amin are set at Rs 500 for rural and Rs 1,000 for urban plots. A 'Tatkal' service expedites measurements for individuals living outside the State. Landless individuals receive the services free of cost.Read more

As per MahaRERA data, out of 1,123 recovery warrant complaints filed with 13 district collectorates in Maharashtra over six years, only 204 have been executed. The recovery warrants issued against developers by the RERA are forwarded to district collectors for attachment of properties and recovery of dues. Only Rs 137.74 crore has been recovered out of Rs 736.66 crore. This indicates a gap between the issuance of recovery warrants and their actual implementation. Mumbai suburban leads in complaints, while Pune has the most projects facing complaints. MahaRERA has announced weekly meetings and an official has been appointed by MahaRERA specifically to expedite recovery proceedings. Homebuyers, awaiting recovery for years, find relief in MahaRERA's heightened intervention.Read more

The Lucknow Development Authority (LDA) has revealed a comprehensive plan to address the concerns of families facing eviction from residences along the Kukrail riverbed. LDA Vice-Chairman Indramani Tripathi cited the area's designation as a floodplain since 1904 and 1920, emphasizing unauthorized construction issues. To mitigate displacement impact, LDA has offered discounted housing options, reduced registration fees, and assistance for shop relocation. Business owners can relocate to LDA-developed shops with a 15% upfront payment and a convenient 10-year payment plan. The initiative aims to balance addressing encroachment issues while minimizing the impact on affected residents.Read more

The remarkable success of the Kanpur Development Authority (KDA) in an online auction of residential plots, showcases a 98% increase in income compared to the reserve prices set for 480 plots. The initiative, launched during the festive occasion of Diwali, aimed to reclaim land previously occupied by unauthorized individuals, marking a significant legal victory for the KDA. The overwhelming response from the public, with 4,645 applicants bidding for 405 plots, reflects a notable enthusiasm, with some bids exceeding the fixed reserve prices by up to five times.Read more