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The Delhi High Court has upheld the statutory bail granted to Kapil Wadhawan and his brother Dheeraj, former promoters of Dewan Housing Finance Corporation Limited (DHFL), in connection with a bank loan scam case. The court dismissed the Central Bureau of Investigation's (CBI) petition challenging the trial court's order, stating that the decision to grant bail was based on sound reasoning and logic. The court emphasized that considering an incomplete charge sheet as a final report to deny bail would be against the law and violate the constitutional right to personal liberty.Read more
The Assam Real Estate Appellate Tribunal (REAT) has ruled that promoters are obligated to adhere to the prescribed format for the Agreement for Sale, as stated in the Assam Real Estate (Regulation and Development) Rules, 2017. The ruling came in response to an appeal filed by a Guwahati-based promoter who was penalized for not signing the Sale Agreement as per the prescribed format. The Tribunal rejected the builder's arguments and emphasized the promoter's responsibility to strictly follow the prescribed form. The decision highlights the importance of standardized procedures and transparency in the real estate sector to protect buyer interests.Read more
The government has made a significant decision to simplify the process of obtaining Non-Agricultural Use Permits (NA) for construction projects. The authority to grant these permits has been delegated to local self-government bodies, streamlining the process and eliminating the need for separate visits to the Revenue Department. This decision applies to class 1 lands and aims to simplify and expedite construction procedures. The new system allows for online application submission and fee acceptance, saving time and reducing human intervention. The decision has been implemented in all municipalities, providing reassurance to developers and the public.Read more
The Supreme Court has dismissed Godrej & Boyce Manufacturing Company Limited's claim for additional Transfer of Development Rights (TDR) for a recreation ground in Vikhroli. The court's decision was based on the absence of developed amenities required by law to be eligible for extra TDR. The case dates back to 1994 when the company surrendered the land reserved for a recreation ground. Despite legal challenges, the court upheld the Bombay High Court's decision, emphasizing the importance of adhering to legal requirements and protecting constitutional rights related to fair compensation in property acquisition cases.Read more
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a directive mandating the use of QR codes in advertisements and social media displays for registered housing projects. Effective from August 1, this new regulation aims to provide homebuyers with easy access to crucial project information. By scanning the QR codes, potential buyers can instantly obtain details about the project, including commencement and completion dates, complaints, necessary approvals, and more. This move by MahaRERA enhances transparency, simplifies research, and promotes informed decision-making in the real estate sector.Read more
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Last week, the Haryana Urban Development Authority (HUDA) conducted an e-auction of nine sites for group housing societies. The auction included plots in various sectors across Haryana, with additional sites in Pinjore. This marks the first time since 2021 that HUDA is auctioning plots for group housing in multiple cities. Interested bidders were told to register on the HUDA website. The auction aims to facilitate urban development and address housing needs, providing opportunities for developers and investors to acquire land for the construction of quality housing projects in the region.Read more
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled in favour of 12 allottees who lodged a complaint about the delay in the luxury project Mirabilis in Santacruz, directing the builders to refund their payments. Under the subvention scheme, nine of the allottees will receive their payments without interest, while the remaining three buyers will be refunded with interest. The total refund amount reaches over Rs 7 crore, with individual cases involving up to Rs 1 crore each. The refund will be disbursed after obtaining the full occupancy certificate by the scheduled possession date of December 30, 2023.Read more
The Enforcement Directorate (ED) has conducted searches on businessman Purnachandra Rao as part of their investigation into the Sahithi Infratech Venture real estate fraud case. The ED suspects his involvement in diverting Rs 100 crore collected from homebuyers by Sahithi. Bank accounts associated with Rao have been frozen, and crucial property documents have been seized. The ED aims to uncover potential money laundering activities. The case emerged after police arrested the managing director of Sahithi Infratech for defrauding homebuyers.Read more
Over 1.8 million houses have been sanctioned under the Pradhan Mantri Awas Yojana - Gramin (PMAY-G) in Assam, with over 1.1 million houses already completed, according to the state's Panchayat and Rural Development Minister. More than 1.9 million beneficiaries are covered under the scheme. The government has provided land to 40,096 landless beneficiaries and formulated a standard operating procedure for housing in tea garden areas. A mass ceremony for over 250,000 completed houses is planned, and efforts are being made to train local masons.Read more
Maharashtra Deputy Chief Minister Devendra Fadnavis recently announced a new housing scheme allowing slum dwellers in Mumbai Metropolitan Region (MMR) and Pune to acquire homes by paying a fixed fee of Rs 2.5 lakh per house. The initiative aims to provide affordable housing options for low-income individuals. The Slum Rehabilitation Department of Maharashtra stated that 2,205 houses are currently available, with additional schemes in progress. The scheme can be combined with the central government's Pradhan Mantri Awas Yojana for further relief.Read more
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