India's markets regulator, SEBI, has proposed granting special rights to unitholders of REITs and InvITs, including the right to nominate representatives on boards, to strengthen governance norms. The regulator also suggested the concept of self-sponsored REITs and InvITs and proposed applying the principles of stewardship code to board members nominated by unitholders. These proposals aim to empower unitholders, enhance monitoring of investments, and facilitate decision-making. SEBI has sought public comments on the proposals until May 29.Read more

PNT Reporter

The Municipal Corporation of Gurugram (MCG) demolished a building with 30 apartments illegally constructed in Sukhrali Enclave, falling within the restricted zone near an Indian Air Force ammunition depot. The MCG commissioner suspended a junior engineer for negligence and ordered a chargesheet against him. The building was initially partially razed, but upon noticing this, the commissioner instructed its complete demolition. Authorities plan to file an FIR against the building owner, warning the public against buying illegal properties lacking basic amenities and property registries. MCG officials will continue demolishing such buildings in the area.Read more

Mumbai, Bengaluru, and New Delhi have experienced a significant upswing in high-end residential property prices, according to a report by Knight Frank India. Mumbai secured the sixth position globally, with a notable 5.5 percent appreciation in annual price growth. Dubai topped the global index with a substantial increase in prime residential property values. The steady performance of the Indian economy, increased income and stability, and a trend of purchasing larger homes were identified as key factors contributing to the sustained demand for prime residential properties.Read more

PNT Reporter

In a landmark move, MahaRERA is poised to conduct the inaugural certification examination for real estate. This follows a mandate that requires all existing and new agents to obtain certification for professional operation. The examination is a significant step towards elevating transparency and industry professionalism, aimed at protecting the interests of all stakeholders in the real-estate sector.Read more

PNT Reporter

Smriti Irani, the Minister of Women and Child Development, has urged the Confederation of Real Estate Developers' Associations of India (CREDAI) to champion the rise of first-generation female developers in the property sector. In her address at the CREDAI Women and Youth Leadership Summit, she highlighted the importance of empowering young women and maintaining high construction standards while offering affordable housing. She challenged newly elected CREDAI President, Boman Irani, to produce 100 new female developers during his tenure, marking this as a milestone for success.Read more

PNT Reporter

In the city of Mohali, the rapid growth of real estate construction has resulted in a mounting problem of construction and demolition waste. Piles of rubble can be found scattered across roads, vacant plots, and public spaces, indicating the lack of effective waste management. Despite the presence of two waste processing plants capable of recycling the waste, the community continues to ignore designated dumping grounds. The Municipal Corporation plans to act by imposing penalties and collecting waste from construction sites to be processed at authorized dumping sites.Read more

PNT Reporter

Kolkata's Mayor, Firhad Hakim, has issued a stern warning to officials and engineers of the buildings department over ongoing illegal constructions. Building department officials face immediate suspension if they fail to report or act against unauthorized constructions within their jurisdictions. The mayor has also ordered the creation of a central demolition team to tackle this issue. The warning underscores the city's determination to curb illegal construction activities, promoting safety and integrity in the cityscape.Read more

PNT Reporter

City Crime Branch (CCB) of Coimbatore has arrested T. Chandran, the head of a bogus real estate company, for defrauding 19 prospective homeowners of Rs. 62.47 lakh. Chandran operated Smart Home Developers, utilizing social media to target unsuspecting buyers. His arrest follows a complaint by a victim, Elson K. Joe, after a fraudulent sale agreement. The case against Chandran and his associates is ongoing. Police urge the public to remain vigilant when dealing with real estate transactions.Read more

PNT Reporter

A civil court has ruled in favour of the residents of a Malabar Hill building, affirming their right to access the common terrace. The decision comes after a couple claimed exclusive ownership of the terrace, prompting the residents to seek legal action. The court recognized the plaintiffs prima facie claim based on conveyance deeds and their contributions to the terrace's maintenance. While the matter of the defendants exclusive rights will be determined in trial, the court granted the residents access to the terrace, citing the balance of convenience and lack of harm to the defendants. This ruling brings relief to the residents and emphasizes the importance of communal rights.Read more

PNT Reporter

The Navi Mumbai Municipal Corporation (NMMC) has ordered three housing societies, Sai Ashirvad, Gulmohar, and Utkarsh, to develop gardens in their open spaces, collectively measuring approximately 3,000 square meters. This move comes after public complaints about lost green spaces due to ongoing redevelopment. Activists have raised concerns over environmental regulations being disregarded during the redevelopment process. If the societies or their developers fail to comply, NMMC will develop the gardens at their cost, ensuring adherence to the green norms and enhancing the residents' quality of life.Read more