Earlier this week the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) slapped hefty penalties on 13 real estate developers in the state on account of ignoring orders and intentionally not complying with the pertaining laws. The authority has followed section 38/63 of the RERA Act 2016 which empowers the authority to penalise the non-compliant promoter with up to 5 percent of the total cost of the project. The collective penalties amount to approximately Rs 1.78 crores.Read more

Earlier this month, the department for town and country planning passed an order for the demolition of over 15 colonies that had been illegally constructed on agricultural land. Together these colonies had encroached approximately 70 aces of prime agricultural land in and around the city. The offenders in question are said to have sold the plots of land illegally and constructed colonies without the requisite permissions from the competent authorities. Some of the structured razzed include shops, property dealers’ offices, houses and boundary walls.Read more

Residents of the BDD Chawls in Worli, Mumbai have been offered the option of availing a monthly rental compensation of Rs 25,000/- instead of opting for a transit home while the chawls are being redeveloped. The Chief Executive Officer and Vice President of MHADA has confirmed that the state government has approved of the same. As part of the redevelopment Phase 1 almost 4,400 families were asked to vacate their homes whereas there were only 3,100 transit homes to accommodate them interim. Therefore, a need to create an alternative option was necessary.Read more

Several disgruntled homebuyers collected to protest outside Raheja Developer’s office in Gurugram earlier this week over delayed possession for the Raheja Revanta Project located in Sector 78, Gurugram. The individuals claim to have paid up almost 90 per cent of the total value of their flats. The project began five years ago and is still currently far from complete. Spokespersons from Raheja Developers issued a statement discussing details of the measures being undertaken by the developer to speed up the construction and delivery of the project.Read more

The Supreme Court has passed a judgement ordering two illegal buildings constructed in 2011 in Nerul, Navi Mumbai to be brought down. The families residing in these buildings have been given six months to vacate. Individuals who purchased flats in the complex where aware of the legal standing of the buildings. The court has ordered for the civic and police officials involved in allowing the construction to take place to be held liable as well. The plots in question had been allotted for the creation of a public garden according to the area’s development plans.Read more

According to a recent report published by JLL India, start-ups have dominated the office leasing arena by taking on over 6.5 million square feet of space in the first half of this calendar year. The start-up’s share in gross leasing grew from 17 per cent in 2021 to 28 per cent in H1 of 2022 in the top eight cities of the country. Bengaluru led the race with an approximately 2.5 million square feet leased by start-ups this year, followed by Delhi NCR at 1.9 million square feet and Mumbai at 0.95 million square feet.Read more

According to recent reports, only 7,000 of the 16,000 plots allotted by the MIDC offices in Nagpur and Amravati for industrial estates are being actively developed. Several reasons have been cited for the delay with the primary reason being touted as disruption caused by the Covid pandemic. The Vidarbha Economic Development Council has urged MIDC to create an amnesty program to help them cope. Their recommendations include deduction of fees and penalties levied from underutilisation and water usage. Several allottees have been unsuccessful in utilising their land parcels and wish to surrender them but are unable to because of the heavy deductions made by MIDC.Read more

According to recent reports, the government of India has fixed an indicative value of Rs 7.409 crore rupees for the iconic Ashok Hotel located in New Delhi. This action was taken in line with the National Monetisation Program which aims at raising private sector investment for new infrastructure creation. The Ashok Hotel and along with the adjacent Samrat Hotel two of the eight structures listed under the India Tourism Development Corp assets under this scheme.Read more

Last week, a division bench of Justices R D Dhanuka and S G Dige said it would begin hearings for the petition filled by the state government regarding land acquisition from Godrej & Boyce from 5th December 2022. The state government and the company have been embroiled in a bitter court battle since 2019. The company alleges a wrongful approach undertaken by the state government to acquire the land and changes in the compensation amount offered. The state government and NHSRCL on the other hand are accusing the company of causing unnecessary hurdles thereby delaying the project.Read more

In an attempt to jump upon the digitisation bandwagon and ease the burden on sub registrar offices, the state of Goa is considering introducing an e-registration process for flats purchased directly from the builder. The new system is currently underway and should be ready for use in the coming months. With the introduction of this facility, state officials hope to shorten the otherwise long and cumbersome process of property registration. To prevent impersonation and fraud, individual property sellers will not be permitted to use this service.Read more