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The Kerala state government has completed 1,379 houses under the Life Sampoorna Parpidam Scheme, with a goal of constructing houses for 8,703 beneficiaries by 2024. In addition, the government has implemented the 'Manasoduithiri Mannu' scheme to provide land to the landless. The construction of housing complexes for beneficiaries is also ongoing in various areas.Read more
Despite being approved by the NCLT-Bengaluru bench, the merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate (IBREL) has been delayed by the NCLT-Chandigarh court. Due to concerns made by the NCLT-Chandigarh in relation to Income Tax department objections to the merger, IBREL addressed the complaints and sought to appeal the verdict. IBREL's board will meet to examine the next steps even though the merger has already gained backing from shareholders and clearance from other regulators.Read more
Nearly 1,000 cooperative housing societies in Pune, India, are waiting for the implementation of a single-window system announced in 2019 for the clearance of self-redevelopment projects. The delay in the issuance of the order by the state government has caused inconvenience and delays, and many societies have adopted a wait-and-watch policy. Representatives of the state housing federation have made representations to the government to expedite the implementation of the single-window system and ensure that the Maharashtra State Bank's budget for self-redevelopment is implemented as soon as possible.Read more
The Pune Municipal Corporation estimates that around 30,000 properties over PMC limits, including 34 merged areas, are liable for fire safety preparedness audits. However, only 800 to 1,000 certificates are submitted annually to the department. More than 90% of housing societies and commercial properties in Pune do not have certified firefighting systems, making them more susceptible to fire accidents. The PMC is taking necessary measures to make citizens aware of the importance of fire safety preparedness.Read more
The town planning committee of Ahmedabad has raised alarm among developers by announcing that buildings in the 200m buffer area of prime zones, which were initially outside the zone when the town planning scheme was formulated, will not be permitted to have an FSI of 4. This ruling will impact plots that were once part of the buffer zone but were later moved outside. The objective behind this decision is to prevent individuals from deceiving the corporation to obtain a higher FSI. As a result, this ruling will have substantial consequences for developers and landowners situated close to premium thoroughfares such as the Metro, BRTS, TOZ, and CBD.Read more
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MahaRERA, the Maharashtra Real Estate Regulatory Authority, has issued show-cause notices to over 584 promoters of housing projects for not updating information related to their projects. As per the RERA Act, certain information needs to be updated every three months and financial details once a year. The regulator had expected these new developers to update the information by April 20, but they failed to do so. The regulator has given them 15 days to update the information, failing which action will be initiated.Read more
An expert committee is set to convene on May 16 to review Haryana's contentious fourth-floor policy in residential areas. The panel will deliberate on issues such as structural damages, parking shortages, and environmental implications. While developers push for upgraded infrastructure and policy restoration, residents argue that existing services are already overstretched. The outcome could significantly reshape housing construction and infrastructure development in the state.Read more
According to a report by the Maharashtra Real Estate Regulatory Authority (MahaRERA), only 39 out of 277 recovery warrant orders have been executed by the district administration of Pune, resulting in only Rs32.92 crore being recovered out of the total amount of Rs170.37 crore owed by errant realtors. The slow process of execution of orders in Pune district has been attributed to the lack of a dedicated team and difficulty in finding properties of errant builders for auction. Homebuyers have expressed frustration at the inordinate delay in executing recovery warrant orders.Read more
The Chandigarh Housing Board had cancelled the flat allotment for the rent defaulters. The CHB cancelled 100 allottees and also sent notices to all the small flats that were rented and dues not paid. About Rs.50 crores were outstanding from the small flats rented out. Once the allotment is cancelled, the tenants must vacate the flat and if the dues are paid with interest and revival charges, the flat can be restored. About 18000 flats are under restoration in Chandigarh. Besides cancelling allotments, show cause notices have also been sent to some tenants to pay off their pending dues.Read more
The Supreme Court has directed the Brihanmumbai Municipal Corporation (BMC) to rework the capital value of all properties in Mumbai and refund citizens who paid property tax for the years 2010 to 2012 as per the Capital Valuation System (CVS). The high court had set aside certain rules framed by the BMC for retrospective tax assessment and directed them to frame new rules and issue fresh bills. This decision will have significant implications for the BMC and the citizens of Mumbai as property tax is the second largest source of revenue for the civic agency.Read more
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