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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to around 16,000 real estate developers in the state for failing to provide satisfactory updates on their projects as required by law. These developers had already been given 30 days to update their information and fix any deficiencies, but around 16,000 of them failed to respond or submitted unsatisfactory responses. MahaRERA has stated that it will take action against those who do not respond to the notices within 15 days, as required by law.Read more
The Real Estate Regulatory Authority (RERA) in Bihar has taken possession of 27 katha of land belonging to Agrani Homes in Patna. Agrani Homes failed to honour its obligations to property buyers and breached RERA regulations, leading to the confiscation. The RERA authorities placed a sign on the property last week to intimate the public of the same. The action has allegedly been taken based on three execution cases filed by property buyers who were affected, as per Section 40 (2) of RERA Act and Rule 26 of Bihar RERA Rules.Read more
The Haryana cabinet has approved a one-time settlement scheme, 'Vivadon Ka Samadhan,' to assist colonizers who have defaulted on arrears of license and renewal fees. The scheme will be valid for six months and requires colonizers to deposit 100% of the outstanding principal amount against renewal fees and interest charges. Additionally, the cabinet has approved policies for phasing in licensed colonies and seeking 2/3rd consent from allottees for revisions of layout and building plans, as well as an amendment to the Policy for Planned Development of Low Density Eco-Friendly Colonies.Read more
The Bombay High Court has ruled that the Indian state of Maharashtra cannot charge a premium on the entire freehold land of a property owner in order to lift development restrictions but can only do so on surplus vacant land under the repealed Urban Land (Ceiling and Regulation) Act. The court's decision came after a landowner filed a petition after the state sought a premium on almost one acre, he was permitted to hold under ULCA.Read more
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The Orissa High Court has issued notices to the Odisha Real Estate Regulatory Authority (ORERA) over a petition challenging a ten-fold hike in real estate project registration fees, calling it "exorbitant, unreasonable, and arbitrary." The Confederation of Real Estate Developers Associations of India - Odisha and a builder filed the petition seeking the quashing of the notification, which increased the fee from INR 10 per square metre to INR 100/sqm. The bench has posted the matter to July 20 for further consideration along with replies from ORERA.Read more
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Himachal Pradesh has amended the Himachal Pradesh Ceiling on Land Holdings Act of 1972 to promote gender equality in landholding, allowing adult daughters to have a separate independent unit of up to 150 bighas of land. The amendment aims to ensure that families with daughters have equal rights in land ownership, removing the unconstitutional clause that promotes gender inequality. This decision will have a long-lasting impact on the socio-economic development of women in the state and will pave the way for a more equitable and just society.Read more
The Kolhapur Municipal Corporation (KMC) has given a six-month extension to the deadline for submitting proposals to regularize unapproved constructions on gunthewari plots. This extension is the last chance for the owners to legalize their properties, or risk losing them. The KMC charges three times the property tax rates for these constructions, and once they are regularized, the property tax will be charged as per the normal rates. This policy aims to bring unapproved constructions under regulation and improve urban planning and management in Maharashtra.Read more
The Indore Development Authority (IDA) has initiated a campaign to aid in the transition of approximately 10,000 properties from leasehold to freehold. This effort is expected to generate revenue of at least Rs 250 crore. During a five-day event held from March 20-24 this year, 169 properties were successfully converted, resulting in a revenue of Rs 3.68 crore for the IDA while also assisting property owners.Read more
According to several realtors and property data companies, demand for properties from Chinese nationals has seen a recent upsurge in countries such as Singapore, Australia, and Thailand. Many of the current property buyers are investors who need moving their money overseas. Experts are attributing the outflow of capital to the current vulnerability of the real estate market, the Chinese government’s taxation regulations, as well as its negative attitude towards wealth accumulation.Read more
Nine people, including the Chairman, Managing Director, and four directors of Omaxe Ltd, have been booked for cheating on the complaint of Deepak Bhati, who had booked a shop at the Omaxe Connaught Place Mall in Greater Noida in 2017 but has not received its possession even after six years. Bhati had paid over Rs 26 lakh to the developer and was assured of possession within two years. However, upon filling an RTI query, he found out that the Greater Noida Authority had not approved nearly 170 of the proposed 1,000 shops, including the one he had booked. Bhati then approached the district court, which ordered the FIR against the accused.Read more
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