Residential real estate is projected to thrive as interest rates stabilize, ensuring healthy demand for the next few years. Top real estate companies excelled in FY23, reporting significant pre-sales growth, with DLF standing out by doubling its pre-sales. Despite higher launches, inventory overhangs were avoided due to improved sales velocity and strategic price hikes. The absorption rate for top cities remained steady, but renewed interest from first-time buyers is expected to drive growth. Additionally, large developers expanding into new markets will enhance industry growth. The outlook remains positive for the residential real estate sector.Read more

The Ministry of Housing & Urban Affairs in India has directed all states and Union Territories to provide information on stalled housing projects within their jurisdictions. A committee led by Amitabh Kant has been formed to examine the projects comprehensively and propose measures for their completion. The government's initiative aims to expedite the delivery of homes to distressed homebuyers who have been awaiting possession. State governments are collaborating with homebuyers' associations to gather comprehensive data on stalled projects, facilitating the formulation of effective action plans.Read more

Chintels Paradiso residents are grappling with looming eviction threats as the developer allegedly demands the termination of their temporary accommodation within a week. This move comes amidst ongoing issues with structural defects that led to a major collapse in February 2022. With half of the 180 affected families yet undecided on the compensation offer, and the recent order for residents of Tower G to vacate, the crisis at the residential complex has intensified. As residents battle housing rights and safety concerns, the situation necessitates urgent attention from both the developer and authorities.Read more

In Gurugram, structural audit firms are nearing completion of visual inspections for serious construction defects in over 70 high rise societies. With 90% of the surveys complete, the district administration prepares to select 15 societies for detailed auditing based on the findings. This effort follows a tragic building collapse last year, highlighting a commitment to enhancing safety measures and addressing construction flaws across the city's residential societies.Read more

In a recent development, the Coimbatore Corporation took decisive action by sealing a building situated on a 12-cent OR land, which had been unlawfully rented out to a private individual for commercial purposes. Under the leadership of Assistant Town Planning Officer A Babu, a dedicated team was responsible for executing the operation. Not only did they seal the building, but they also successfully retrieved the land, valued at a staggering 2.25 crore.Read more

PNT Reporter

The Nashik Municipal Corporation (NMC) has issued a warning to builders in the city, instructing them to adhere to safety guidelines and exercise caution while carrying out excavation work during the monsoon season. The NMC's action comes after a road in Govind Nagar area suffered partial collapse last year due to excavation activities, causing disruptions in vehicular movement. In response, the NMC has written to real estate organizations, including CREDAI and NAREDCO, requesting them to inform their members about the need for extra precautions during rainy season construction activities.Read more

PNT Reporter

Delhi Development Authority (DDA) has raised concerns over the delay in laying water and sewer lines at the Jailorwala Bagh rehabilitation housing project for slum dwellers. In a letter to Lieutenant Governor V Saxena, DDA alleged that the project's inauguration and house allotment were hindered due to the Delhi Jal Board's (DJB) delayed approvals. The absence of a water and sewer network has caused significant delays. Additionally, DDA highlighted the reliance of Kalkaji rehabilitation project residents on water tankers due to the lack of a regular water supply by DJB.Read more

PNT Reporter

According to property consultancy Anarock, the average size of newly launched apartments in India's major cities has seen a significant increase, with a 5% annual surge during the first quarter of 2023. This reflects the evolving real estate market, where developers are catering to the rising demand for larger living spaces. Among the cities, Delhi-NCR experienced the most prominent surge, with average flat sizes expanding by 50%. The trend signifies a shift from previous preferences for compact homes, driven by affordability and millennial lifestyle trends.Read more

PNT Reporter

The Income Tax Department's Intelligence and Criminal Investigation Wing has launched an extensive probe into two tehsil offices in Gurugram over non-disclosure of property registry data for the past five years. Prior irregularities include arrests of officials accepting bribes, misrepresentation of property types, and unauthorized issuance of 1,200 land registries. The investigation highlights the necessity of transparency and stringent oversight in land registry processes to ensure public interest and administrative accountability.Read more

PNT Reporter

Kaveri 2, the new property registration system in Karnataka, is currently facing severe backlash due to frequent technical glitches. The once-revolutionary platform has caused a major slowdown in property registrations, with only 25% of the normal volume being processed daily. These ongoing issues have alarmed revenue officials and frustrated the public. Despite the initial hurdles, district registrar Pavan Pandit urges the public and stamp vendors to embrace the new system, assuring that these teething problems will be addressed promptly.Read more