The National Building Construction Corporation (NBCC) has finished constructing 7,100 houses out of 38,159 houses in the Amrapali projects located in Noida and Greater Noida, which were delayed for several years. To complete the remaining houses, it is estimated that over Rs 5,000 crore will be required, and the NBCC will have to explore options such as selling the unused Floor Area Ratio (FAR) in the current projects to obtain the necessary funds.Read more

Earlier this week, the board of the Indore Development Authority (IDA) approved two ambitious projects, namely the Town Planning Scheme 9 and the Town Planning Scheme 10. In addition, they changed the land use of a large plot to make way for the construction of a convention centre with a seating capacity of 10,000 on the Super Corridor. The meeting was chaired by Jaypal Singh Chawda and attended by important officials like Indore collector Ilayaraja T, Indore Municipal Corporation commissioner Pratibha Pal, and the authority’s CEO RP Ahirwar.Read more

Rakesh Wadhawan and Sarang Wadhawan, the promoters of the real estate company HDIL have been named in a First Information Report (FIR) filled by the Mumbai Police's Economic Offences Wing (EOW) for an alleged Rs 88.47 crore scam. According to police officials, the Wadhawans have been accused of defrauding a corporation Maxstar Pvt Ltd by selling office apartments without their consent.Read more

In a settlement deal consented to, all parties involved have agreed to withdraw a bankruptcy case filed against Peninsula Land. Although the settlement terms have not yet been made public, it is said that Peninsula Land must first reach a number of financial benchmarks for the insolvency petition to be fully withdrawn.Read more

The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that if a sale deed doesn’t specify the percentage of a husband and wife’s ownership in a house property, then both spouses will be considered equal owners. The ruling was made in the case of Shivani Madan, which has resulted in her requiring to pay Rs 9.8 lakh in taxes for the 2014-15 financial year. Although it is common practice to include a wife’s name in the sale deed of a property, the court felt in her case, being a salaried individual, she was liable to pay for her share of the property.Read more

The cluster development policy, which aims to promote the redevelopment of old wadas and smaller properties in the Peth areas of Pune, has been stuck at the state level for around six years, despite being cleared by the Pune civic body. While the state government has approved the development plan for civic areas, the policy has not been given the green light. This has led to concerns among residents and officials in the area, who believe that the redevelopment of these properties is necessary for the safety and development of the Peth areas.Read more

The Department of Town and Country Planning has released a public notice regarding maintenance charges in affordable housing societies. The notice details all the maintenance and upkeep activities to be undertaken by the developers and seeks suggestions and objections on the issue from the public. This move comes in response to complaints from homebuyers of affordable housing projects who have reported that developers are charging upkeep fees in violation of the Affordable Housing Policy 2013.Read more

Residential property prices in 50 cities in India showed a significant increase of 7.1% year-on-year in the quarter ended on December 31, 2022, compared to 4.5% a year ago, according to the National Housing Bank (NHB) Residex, which publishes three housing price indices. The "HPI at assessment prices" index tracks residential property prices movement in 50 cities quarterly, with the base year being FY 2017-18, and it is based on property valuation prices collected from primary lending institutions.Read more

The Kolkata Metropolitan Development Authority (KMDA) has initiated a campaign to reclaim its plots that have been encroached upon in Kasba and Patuli near the EM Bypass. The authorities have launched a demolition drive to bring down the illegal constructions on the plots and fence off the land. The KMDA plans to auction off the parcels of land after the removal of the unauthorized structures, generating substantial revenues for the state coffers.Read more

Despite the COVID-19 pandemic and rising construction costs, the premium residential real estate market in Bengaluru is experiencing strong growth, according to a report by Savills India. The average capital and rental values of premium housing properties have grown at an average of 4 percent YoY. Central Bengaluru has the highest average capital values at around Rs 19,000 and Rs 15,500 for completed and under-construction projects, respectively. South Bengaluru had the highest YoY increase in premium housing prices at around 8 percent in 2022.Read more