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The Covid-19 pandemic has led to a dramatic increase in gift deeds and will registrations in Mumbai, according to Maharashtra government data. The surge is attributed to property owners' heightened sense of mortality, prompting them to secure their families' interests. Data from the Department of Registrations and Stamps reveals gift deed registrations grew annually since 2019, reaching 20,843 in 2022 and 3,287 in the first quarter of 2023. Will registrations have also increased significantly, with 11,642 registered in 2022 and 3,091 in the first three months of 2023. The pandemic and reduced stamp duty rates contributed to this trend.Read more
The Supreme Court of India has issued a notice to the government, financial institutions, and real estate developers in response to appeals by Supertech homebuyers seeking to restrain lenders from charging EMIs until they receive possession of their flats. Meanwhile, the Delhi High Court has sought responses from the government on a PIL seeking to link property documents with Aadhaar to curb corruption, black money, and benami transactions. While proponents argue that linking property documents with Aadhaar would help curb corruption, critics are concerned about privacy issues.Read more
The Chandigarh Housing Board (CHB) is considering allowing the conversion of leasehold apartments in the Sector 63 Housing Scheme to freehold, which will benefit more than 2,100 allottees. The proposal will be put before the CHB board of directors, which is likely to meet soon. Allowing the conversion will also improve the ease of property transfer, giving ownership rights to allottees and is likely to boost the price of the property. The CHB had launched the scheme 15 years back in 2008.Read more
The Bombay High Court has ordered state authorities to take strict action, including punitive measures, against those involved in illegal sand mining in Vaitarna Creek and near Julie Island. The court observed that the state's efforts have not yielded results, and remedial steps, such as the installation of barricades near bridges, need to be taken to prevent erosion of the banks of Julie Island. The court has directed the state to take positive steps by June 8.Read more
Quarry owners in the state of Kerala have launched an indefinite strike to protest the state government's new quarry policy, which includes an increase in royalty and penalties collections, and reinstatement of permission for mining revenue land. The new policy has also increased security fee charges and penalties for violating the act, leading to concerns of severe repercussions such as a temporary shortage of construction materials. Around 636 quarries, 1,100 crushers, and over 1,000 yards have remained closed since the start of the protest, causing several government-funded infrastructure and low-cost housing projects to come to a halt.Read more
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The Rajasthan cabinet meeting, chaired by Chief Minister Ashok Gehlot, has approved several proposals that will benefit the state. These include distributing land ownership documents in slum areas, regularizing new slum settlements, and providing water connections to high-rise buildings. The amendment to the Land Allotment Policy of 2015 will facilitate the construction of student hostels, while the approval of the Rajasthan Laws Repeal Bill, 2023, will abolish outdated laws.Read more
The Karnataka HC ruled that lease agreements for tenancy periods of more than 11 months must be registered to be considered for rent enhancement. The decision came about after an appeal filed by Punjab National Bank was allowed, which dismissed the original suit filed against the bank by Srinivasa Enterprises. The unregistered lease agreement was only considered for collateral purposes and not for rent enhancement, as stated in the Registration Act. This ruling has significant implications for landlords and tenants who must comply with the act's provisions to avoid legal disputes in the future.Read more
Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 12 developers a total of Rs5.8 lakh for publishing advertisements in newspapers without registration numbers. MahaRERA officials will now monitor social media platforms for advertisements without MahaRERA registration numbers, and developers breaching the rule will be penalised. The Real Estate Act requires any project with a land area of more than 500 square meters or eight flats to be registered with MahaRERA, and its registration number must be mentioned in advertisements of the project.Read more
The Indore Development Authority (IDA) has allocated 138 flats in Scheme 155 through a lottery system, with a total of 808 ready-possession flats available in buildings designed for low and middle-income groups. The flats are located in the heart of the city and the complex features three gardens, lifts, and covered parking. The starting prices for the flats range from INR 9.74 lakh to INR 20.09 lakh. The remaining flats will be allocated through the same process in the next six months.Read more
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a notice to M3M India for allegedly promoting and marketing units in a Noida project without registering it with the authority, violating the RERA Act. The authorities have warned the promoter of facing imprisonment if advertisements for unregistered project is not discontinued immediately. M3M India has responded by stating that the campaign is an extension of their corporate campaign to bring awareness about their presence in the city and that they are committed to operating on the principles of corporate governance and ethics.Read more
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