Advertisement
The Vigilance Bureau is investigating the fraudulent allocation of residential plots under Ludhiana Improvement Trust's scheme. They have arrested an individual who tampered with the e-auction system and are planning to summon officials from the software company involved in its development. The accused manipulated bids by adding extra zeros, leading to their cancellation. The Bureau aims to determine how the e-auction system was hacked. The involvement of the software company and suspicions surrounding an official's connection to the fraud are being examined.Read more
The tenancy certificate introduced by the Pune Municipal Corporation (PMC) has seen limited uptake among wada residents. Only around 400 tenants have applied, with concerns about its utility, legal value, and potential loss of rights deterring others. The PMC is exploring alternatives like offering additional floor space index for wada redevelopment. Legal experts suggest that the significance of the certificates depends on their allocation. The low adoption reflects scepticism and fear among tenants. Efforts are being made to address concerns and protect residents' rights. The PMC aims to strike a balance between property owners and tenants' interests.Read more
The government of Maharashtra has introduced a resolution to expedite self-redevelopment for housing societies. Under the new resolution, societies that pass a majority resolution for self-redevelopment can apply for deemed conveyance or land ownership. Approval will be granted within one month. The competent authority will issue notices to builders or landowners, conduct hearings, and make decisions on deemed conveyance. Around 10,000 societies in Mumbai and another 10,000 in the metropolitan region seek redevelopment. The government will be flexible with document submission, and the stamp duty will be a nominal Rs 100. The resolution aims to address ownership issues and empower housing societies.Read more
The delay in replacing the SEZ Act with the DESH Bill has affected the rental collection of large office parks. Corporates are hesitant to lease space at SEZ parks, causing vacancies to persist. Global macro headwinds and the delayed bill implementation have further slowed down leasing decisions. However, there is optimism that once the DESH Bill is enacted, occupiers and developers can plan for the future and reverse the current market underperformance.Read more
The Patna Municipal Commissioner has instructed newly registered architects, engineers, structural engineers, and town planners to expedite the approval process for building maps. Emphasizing efficiency, smaller buildings are expected to receive approval within seven days, while larger structures should be processed within 15 days. The Patna Municipal Corporation organized a training program for these professionals, focusing on the utilization of a software tool to streamline the approval process. The aim is to promote sustainable urban development by enforcing stricter regulations and ensuring standardized procedures in construction projects while considering long-term impacts on the city's infrastructure.Read more
Advertisement
A cabinet led by Chief Minister Naveen Patnaik has approved a new rural housing scheme called 'Mo Ghara' to benefit those excluded from existing housing schemes. With a budget of Rs 2,150 crore, the scheme aims to provide housing assistance to four lakh families over the next two years. Eligible beneficiaries can avail loans up to Rs 3 lakh with subsidies and rebates. The scheme also covers processing fees, registration fees, stamp duties, and legal consultation fees.Read more
The state cabinet has approved a 50% reduction in premium rates to promote cluster redevelopment in Mumbai. The move aims to accelerate the approval process for housing projects and provide affordable homes within the city. Experts believe the reduced premium rates will encourage more developers to participate but stress the importance of timely approvals and building public confidence. The government hopes this initiative will revitalize the real estate sector and transform Mumbai's urban landscape.Read more
Mumbai's Municipal Commissioner, Iqbal Chahal, has endorsed the use of Transfer of Development Rights (TDR) for redeveloping older buildings on internal, private layout roads. This move, conditioned on road dimensions and proximity to public roads, is expected to invigorate urban renewal of numerous aged structures. The decision also insists on a deed to assure perpetual private access. However, the stance on TDR for landlocked plots remains undecided. Despite this, the decision anticipates a promising transformation in Mumbai's real estate scene.Read more
The recent auction conducted by the Chandigarh Housing Board (CHB) witnessed a disappointing outcome, with only two out of the total 123 properties finding buyers. The auction included residential freehold and commercial leasehold properties, but the majority remained unsold. This follows a trend of low success rates in previous auctions by the CHB. Experts attribute the challenges to factors such as high collector rates and limited demand for leasehold properties. The CHB continues to explore electronic bidding procedures to attract interested buyers, with eligibility open to residents from across the country, including NRIs.Read more
The Delhi Development Authority (DDA) is set to launch a monumental housing scheme for 23,000 flats, with approval expected in June. The project, offering phased distribution and newly eligible applicants, will be launched subject to the authority's approval. Individuals owning property less than 67 square meters in Delhi are now eligible to apply, marking a significant shift in DDA regulations. The sale of approximately 16,000 units from old schemes will be temporarily suspended to prevent confusion. The DDA is taking proactive measures to enhance the appeal of these new flats, including infrastructure improvements and certain buyer concessions.Read more
Advertisement
