The Pune police's Economic Offences Wing is investigating a loan fraud case involving directors of Gagan Raisoni Vastushilpa Ventures, a realty firm. The directors are accused of securing a loan using flats and shops in a housing society as collateral without the property owners' knowledge. The directors deny the allegations and claim the properties were extended as collateral security, not mortgaged. The complaint was filed by a flat owner, who claims the directors defaulted on the loan payment. The case highlights the need for a thorough investigation to establish the truth and ensure justice for all parties involved.Read more

The Delhi Police's Economic Offences Wing (EOW) has arrested a couple accused of defrauding hundreds of investors through their fraudulent real estate firm. The couple targeted vulnerable individuals seeking affordable housing options by dealing in the sale and purchase of unauthorized properties. The victims, numbering around 300-350, paid the required amounts but never received confirmed registry information for their purchased plots. The accused collected a significant sum from the victims and intentionally delayed proceedings to avoid contact. The couple sold land without adhering to legal formalities and evaded capture before being apprehended in Ahmedabad.Read more

The Rajiv Gandhi Housing Corporation in Karnataka has set an ambitious target of constructing 7,06,290 houses between 2020-21 and 2022-23. Significant progress has been made, with approvals received for the construction of 3,68,177 houses and 68,177 houses already completed. However, there are still houses pending construction or delayed for various reasons. The PM Awas Yojana and Chief Minister Housing Scheme have also contributed to the target, with approvals received for 99,218 houses and 10,148 houses already completed. Work orders have been issued for 4,67,395 beneficiaries, but challenges remain, including pending construction and delays in approvals.Read more

Haryana's Chief Minister, Manohar Lal Khattar, has announced the provision of 100,000 houses to qualifying families in the state. The announcement follows discussions with Union Urban and Housing Minister Hardeep Singh Puri and other key advancements, including the approval of the Gurugram Metro project. Khattar also addressed RRTS projects' challenges and highlighted Haryana's digitization of agriculture policies. Union Minister for Agriculture and Farmers Welfare, Narendra Singh Tomar, has praised these initiatives as exemplary for other states.Read more

The West Bengal department of land and land reforms has authorized apartment owners along Kolkata's EM Bypass to convert their land from leasehold to freehold. Owners must submit a registered indenture and pay a fee equating to 15% of the flat's current market value. The landmark decision, praised by several industry leaders, promises to foster further development and benefits over 10,000 flats, encouraging ownership rights and facilitating property reselling. The impact of this new policy on the real estate market remains to be seen.Read more

The Chennai Metropolitan Development Authority is embracing digital transformation to grant online layout permissions for better-planned layouts with access roads in Chennai. Builders and developers urge the CMDA to set approval timelines and provide software training. Integration with the registration department and survey settlement is underway. Discrepancies in layouts will be eliminated, and pending applications are increasing. The CMDA aims for glitch-free implementation and the introduction of deemed approval. This transformative initiative paves the way for seamless urban development and efficient approval processes in Chennai's evolving landscape.Read more

Prominent fashion designer, Ulka Chandrashekhar Nair, is facing legal heat as the Economic Offences Wing (EOW) of the Mumbai police charges her with defrauding a builder out of Rs 20.52 crore in a property redevelopment scam. Despite receiving a Rs 19 crore payment and Rs 1 crore for preparations, Nair allegedly refused to surrender her property for the agreed redevelopment. Nair, however, has dismissed these claims as a scheme by the builder to illegitimately gain control of her property. The case continues to unfold.Read more

The implementation of recovery certificates issued by the Real Estate Regulatory Authority (UP-RERA) in Ghaziabad has been disappointingly low, with only 15% of the certificates being successfully executed. Out of 781 recovery certificates, only 117 have been reclaimed, amounting to Rs 17.3 crore. The district administration faces challenges in enforcing the certificates, especially for developers based outside their jurisdiction. Legal complexities, including cases in the National Company Law Tribunal (NCLT) and various courts, further hinder the execution process. However, alternative approaches through the Revenue Recovery Act of 1890 offer a glimmer of hope.Read more

The Haryana Cabinet, chaired by Chief Minister Manohar Lal Khattar, has approved an amendment to the Affordable Housing Policy-2013. The amendment raises the allotment rates for apartment units under Affordable Group Housing (AGP) projects by an average of 20% across the state. The revised rates, applicable to yet-to-be-allotted licenses, include an increase of 800 per sq ft for hyper and high potential zones, 700 per sq ft for high and medium potential towns, and 600 per sq ft for low potential towns.Read more

Greater Cochin Development Authority (GCDA) has announced its return to affordable housing projects after a hiatus of nearly three decades. The GCDA executive committee has approved plans to construct a twin tower apartment complex on a one-acre land in Gandhinagar, Cochin. The existing staff quarters will be demolished to make way for the project. The complex will target middle and high-income groups, offering modern amenities and improved living quarters for GCDA staff. With an estimated cost of Rs 60 crore, GCDA aims to sell the flats to generate revenue. The project also includes a commercial space with a shopping complex and supermarket.Read more