Representatives from Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow this week for a crucial meeting aimed at reviving stalled real estate projects within their jurisdictions. The agenda also includes discussions on recommendations put forth by a committee chaired by bureaucrat Amitabh Kant. These recommendations primarily involve granting waivers to developers to expedite the completion of delayed projects. Chief Minister Yogi Adityanath is expected to participate in the meeting. Currently, developers owe approximately Rs 45,000 crore to these authorities, a contentious issue under scrutiny by the Supreme Court.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed nine Pune homebuyers to execute cancellation deeds after GERA Developments filed a complaint, alleging non-payment in line with their sale agreements. MahaRERA cited a violation of Section 19(6) of the RERA Act, mandating timely payments. One buyer has already settled their balance, while the remaining eight face cancellation if they do not comply within 30 days.Read more

The Visakhapatnam Metropolitan Region Development Authority (VMRDA) plans to auction 87.8 acres of land in Madhurawada, with an upset price of Rs30,000 per square yard, potentially yielding nearly Rs1,200 crore. This significant auction, a first for VMRDA in the upscale Madhurawada area, includes 14 bulk land parcels, each ranging from 3 to 12 acres. Madhurawada, known for its premium residential and IT zones, has garnered attention over the years. This auction's impact on the real estate market and potential interest from top builders across the state is anticipated, especially given its strategic location and mixed-use zoning.Read more

The Greater Mohali Area Development Authority (GMADA) conducted a successful draw to allocate 550 Purab Premium Apartments in the Mohali region. This housing scheme received 313 applications, indicating strong demand for affordable housing. Various Punjab government departments secured 167 apartments for their employees, recognizing the importance of accessible housing. The draw results are available on the official GMADA website, and successful applicants have been advised to submit documents by October 9. Allotment letters will be issued online, and payments must be made within 30 days of receiving the letter. This initiative contributes to the growth and development of Mohali's residential options.Read more

The Noida Authority is taking steps to recover over Rs 7,000 crore in unpaid fees from developers of delayed real estate projects. The authority had previously mandated the establishment of escrow accounts for such projects, but compliance has been lacking. By issuing notices to developers who have not opened escrow accounts, the authority aims to prevent fund misappropriation and ensure accountability. Developers are required to deposit 50 percent of project funds into these accounts. This proactive approach reinforces transparency and financial discipline in the real estate sector, ultimately benefiting homebuyers and the timely completion of projects.Read more

The Gujarat High Court has urged the state government to expedite the appointment process for vacant positions within the Gujarat Real Estate Regulatory Authority Appellate Tribunal (RERA Appellate Tribunal). This call to action comes in response to a public interest litigation (PIL) that highlighted the need to promptly fill the positions of chairperson and technical member, which had been vacant since June 2021 and September 2021, respectively. The recent appointment of Justice (retd) R M Chhaya as the chairperson led to the court's intervention, as it expressed dissatisfaction with the delay and emphasized the importance of a functional regulatory authority in the real estate sector.Read more

The Lucknow Development Authority (LDA) has introduced a new initiative to alleviate financial burdens on individuals with disabilities and those from economically disadvantaged backgrounds. Under this scheme, LDA will calculate interest on late property payments using a formula that includes the Marginal Cost of the Fund-Based Lending Rate (MCLR) plus an additional 1% interest. This move was prompted by a distressing case involving a disabled individual who faced exorbitant compound interest on an LDA shop, making the property financially unattainable. Additionally, the LDA has pledged to combat fraudulent property registrations, ensuring prompt redressal of citizen concerns.Read more

The Uttar Pradesh government is preparing to launch FASTPAS (fast and simplified trust-based plan approval system), an improved system for building plan approvals. FASTPAS aims to streamline the approval process for building and township maps, introducing features like the ability to purchase additional Floor Area Ratio (FAR), facilitate land use changes, and access compensatory FAR. FASTPAS will integrate various elements, including GIS master plans, land usage details, and more, to create a more efficient system. This initiative is expected to modernize and simplify building plan approvals in Uttar Pradesh.Read more

The Enforcement Directorate (ED) has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited as part of a money laundering investigation. This action is based on complaints from home buyers related to the Unitech group. The land, located in Nallambakkam, Chennai, comprises 4.79 acres within the Uniworld City township. The ED's probe has revealed alleged proceeds of crime amounting to USD 1.50 crore (approximately Rs 125.06 crore) that were purportedly routed through Narnil Infosolutions Private Limited into Unitech Infopark Limited in 2009-10, with the Chandras, the promoters of Unitech Group, acquiring a 39.83 percent share in the company. The investigation remains ongoing as authorities address money laundering allegations and work to provide relief to affected home buyers.Read more

India is planning to allocate 600 billion rupees ($7.2 billion) over the next five years to offer subsidized loans for small urban housing. Banks are set to launch the scheme in the coming months, strategically ahead of state and general elections. The initiative, first announced by Prime Minister Narendra Modi in August, will provide an annual interest subsidy ranging from 3 percent to 6.5 percent for housing loans below five million rupees with a 20-year tenure. It aims to benefit up to 2.5 million applicants from low-income groups living in urban areas, stimulating lending in the affordable housing sector.Read more