The Union Budget 2023 has several positive proposals for the real estate and infrastructure sector. The Pradhan Mantri Awas Yojana (PMAY) outlay was enhanced by 66% to over INR 79,000 crore. The Budget proposed changes in the provisions for computing capital gains in the case of joint development of property. It also proposed to establish an Urban Infrastructure Development Fund (UIDF) to create urban infrastructure in Tier 2 and Tier 3 cities. In addition, it focused on promoting green growth initiatives, such as green buildings, green energy, green mobility, and green farming.Read more

The Mumbai state government has proposed a change that has sparked controversy and opposition from environmental activists. The government wants to delete the reservation of a 1,375 square meter plot adjacent to Byculla Zoo and convert it into a residential zone. The plot was previously reserved for a garden and zoo in the development plan of 2034, but the government claims that it was not being acquired by the BMC for the expansion of the zoo and that no garden or zoo existed there. The proposal was approved by the BMC in December 2022 and public suggestions and objections are now being invited by the development plan department.Read more

Noida based developer, Shivalik Homes has been booked for fraud for allegedly selling the same flat to multiple people. An FIR was lodged against the builder under Section 420 (cheating), 406 (criminal break of trust) and other relevant provisions of the Indian Penal Code (IPC) following an order form the Allahabad High Court. A petition was filed by Ms Poonam who purchased a house in Shivalik Homes in 2019 but shortly after received a notice from PNB Housing stating the house belong to someone else. Ms Poonam claims the local police were incorporative which led her to approach the court.Read more

Recently, over fifty disgruntled homeowners who have purchased homes in Tashee Capital Gateway, gathered at the project site in Sector 111, Gurugram to protest over the delayed possession of their apartments. The project was launched in 2011 and the builder signed contracts with the individuals in 2013 with the promise of delivery in December 2015. In 2019, a few owners complained to H-ERA which imposed a penalty of 10.2% per annum for the delay but the developer disobeyed the ruling. He has now stopped all forms of communication with the owners. A builder’s spokesperson has denied all accusations.Read more

Earlier this week, Mrs Sona Bansal, a director of a Delhi based real estate firm was arrested by the Crime Branch of Delhi Police in Mumbai on charges of allegedly duping investors. A reward of Rs 50,000/- had been put out for those who could aid the police in her arrest. Mrs Bansal and her husband are wanted for several high-profile white collar crimes including the ‘Gurgaon-Manesar Industrial Model Township Land Grab Scheme’. The Enforcement Directorate (ED) has initiated a money laundering investigation after an FIR was lodged in Manesar police station against them.Read more

A survey by Knight Frank found that 84% of Indian ultra-high net-worth individuals' investable wealth is allocated between equities, real estate and bonds, with 34% invested in equities and 25% in commercial real estate. The rise in commercial assets as an investment category is a sign of improved confidence in India's growth story. Indian super rich own an average of 5.1 residential properties and 37% of their wealth is allocated to primary and secondary homes, 15% of which is held outside India. Real estate was the top cited opportunity among 46% of survey respondents, whether for its attributes as an inflation hedge or benefits of diversification.Read more

The Greater Mohali Area Development Authority (GMADA) is gearing up to launch an EWS housing program in February. It will launch a call for applications for a 5,000-unit building, the design for which was approved in July last year. The administration will begin soliciting applications for the apartments as well as floating tenders for construction next month. According to the plan, the apartments will be built on a total of 54 acres spread over GMADA's four townships: Aerocity (13.49 acres), IT City (17.48 acres), Eco City-1 (3.6 acres) and Eco City-2 (20.17 acres).Read more

According to a report released by Anarock, over 4 lac homes were built in the top eight cities of India in 2022, a 44 percent increase from 2021, where only a little over 2.7 lac homes were built. The top eight cities include Mumbai Metropolitan Region, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and National Capital Region (NCR). The year 2023 promises to be even better with over 5.5 lac units scheduled for delivery. NCR is expected to introduce as many as 1.7 lac ready units into the market, followed with MMR at about 1.4 lac units and Pune city at 94,000 units.Read more

Earlier this week, the Economic Offences Wing (EOW) of Pune City registered a case of cheating against the directors of Nirman Corporation filled by a real estate agent who claims the former have cheated him of Rs 9 crores over investments made in two of the company's projects. Upon conducting a preliminary inquiry, the EOW lodged an FIR against them under the Indian Penal Code and MOFA. They are currently reviewing, and scrutinizing documents submitted by both parties after which a plan of action will be formulated.Read more

The Enforcement Directorate (ED) recently attempted to execute an arrest warrant for Ragvendra Singh Tomar, the owner of Faith Builders, at his residential property in Bhopal in connection with an alleged money laundering case. The ED had to execute the warrant without the assistance of local police force due to concerns about potential political chaos. The warrant follows the 2010 raid of IAS couple Arvind Joshi and Tinu Joshi for an alleged case of disproportionate assets. This comes as part of a larger crackdown by officials on alleged money laundering and illegal assets.Read more