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Arvind Smartspaces declares a 58% YoY increase in bookings & collections

The financial results of Arvind SmartSpaces Limited (ASL) were announced for the quarter and nine months ended December 31, 2022. Bookings increased by 24% YoY in the first nine months of FY23 from Rs. 451 crores to Rs. 558 crores. Revenue from operations increased by 71% YoY from Rs. 96 crores to Rs. 163 crores. It’s EBITDA increased by 6% YoY to Rs. 29 crores from Rs. 27 crores in the previous year. PAT increased by 47% YoY, from Rs. 11 crore to Rs. 16 crores.


Shivalik Homes booked for selling the same flat to multiple people

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.


Homebuyers protest against Tashee Capital Gateway over delayed possession

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.


Six lakh Chennai households yet to pay their property taxes

Greater Chennai Corporation has urged locals to pay their property taxes by the end of March to avoid a 2% penalty. More than 7 lakh persons have paid their property taxes since the general revision took effect in 2022 while almost 6 lakhs are yet to pay according to a statement from the civic body which asked the remaining taxpayers to do so. Even though a sizable portion of residents pays their property taxes online, the civic body's tax collectors continue to visit homes to collect roughly 50% of the levy.


Police arrests realty firm director in Mumbai for fraud

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.


Blackstone in talks with Bain to sell $480 million stake in Embassy REIT

Blackstone Group is reportedly in talks to sell around half of its stake in India's largest real estate investment trust, Embassy Office Parks, to private equity firm Bain Capital. The deal, which is still in the preliminary stage, could be worth up to $480 million, based on Monday's closing price of the Embassy REIT on the stock exchange in Mumbai. The transaction is expected to be executed through block deals on Indian stock exchanges in the coming weeks, though a timeline and pricing have not been finalized.


MahaRERA auctions builder’s properties to compensate homebuyers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to auction off the assets of N K Bhupeshbabu, a Navi Mumbai builder to compensate aggrieved homebuyers. The authority hopes to recover over six crore rupees through this auction, which will be conducted by the Raigad district authorities. The builder owes more than fifteen crore rupees in unpaid dues.


H-RERA stops Bank of Baroda from auctioning a CHD Developer Limited project

Earlier last week, the Haryana Real Estate Regulatory Authority (RERA) stopped Bank of Baroda from auctioning plot of land in Sector 109, Gurugram containing a commercial project by CHD Developers Limited located as several claims of the allottees for the project remain unresolved. The authorities also demanded a forensic analysis of CHD Developers Limited's financial records because the company has been accused of diverting funds intended for the project. The promoters and allottees were informed of the auction through newspaper advertisements.


Naiknavare Developers Sells Over 100 Residential Units in Talegaon Project

“Neelaya” by Naiknavare Developers has received a copious response from prospective home buyers just two months into its launch in October 2022. The company has sold more than 100 units in Neelaya which is a 3.5-acre development with three buildings. Tower A is ready, tower B is nearing possession and C tower is currently under construction. Neelaya's 1 and 2 BHK apartments have sold the fastest out of all the units due to high demand. The housing development provides residents with exclusive parking and a vast array of top-notch amenities.


Navi Mumbai can now be redevelop with only 51% of the membership's approval

The City and Industrial Development Corporation (CIDCO) recently announced revisions to its reconstruction policy last week. A building can now be renovated with only 51% of the housing society members' approval as opposed to the previous 100%. This decision has been made to enable the quicker rehabilitation of existing buildings on CIDCO sites in Mumbai. The rest of the policy's terms and conditions will remain the same.


Mumbai builders seek a series of waivers to redevelop projects

Developers in Mumbai have requested leniency in the payment of development charges for the redevelopment of old buildings on land owned by the Maharashtra Housing and Area Development Authority (MHADA) after the Bombay HC, in its order in October 2022, ruled that developers undertaking redevelopment on state-owned land will not be exempted from paying development charges under the MRTP Act. matter is under consideration in the Supreme Court.


Haryana RERA asks promoter of ILD Grand project to refund Rs 72 lakhs

The Haryana Real Estate Regulatory Authority (HRERA) has ordered the promoter of the ILD Grand project in Gurugram to refund Rs 72 lakh to a buyer due to the builder's failure to deliver the housing unit by the August 2017 deadline. The developer confirmed that the project has not yet received an occupancy certificate because the construction work is not yet finished. The project has now been granted financial assistance by the SWAMIH fund and its new deadline is December 2023.


Puravankara records its highest-ever sales for any year's Q3

Puravankara Limited has recorded sales totalling Rs. 796 crores in the third quarter which is the company's highest-ever sales for any year since its founding. This represents a 20% increase over the Rs. 666 crores reported in Q3FY22. The company reported sales at Rs. 2,100 crores for the nine months that ended in December 2022, a rise of 33% over the same period the previous year. Along with this impressive growth in sales, the company also experienced an increase in customer collections which rose to Rs. 621 crores in Q3FY23 from Rs. 344 crores in Q3FY22. The net debt remained consistent with the prior quarter.


SKA Group to invest 125cr in a commercial project in Ghaziabad

A new high-street commercial project called SKA Arcadia has just been unveiled at Wave City in Ghaziabad by the NCR-based real estate developer SKA Group. The project will span across 7860 square meters, and have over 2.5 lakh square feet of retail space with establishments such as high-street stores, society stores, food courts, restaurants, and a banquet hall. The company is set to invest Rs 125 crores in the project. It is anticipated to be finished by December 2025. It received RERA approval December 2022.


Bengaluru civic body scraps OC for Sobha City

Bruhat Bengaluru Mahanagar Palike (BBMP), the governing body in Bengaluru responsible for issuing construction approvals for real estate projects has scrapped the Occupancy Certificate issued to Sobha City, a residential project, on account of the later submitting falsified and fabricated documents to obtain the approval. The urban planning department alleges that the no-objection certificate and clearance certificate that the builder claims to have procured from the fire department in 2013, 2016 and 2019 appear to have been fabricated.


Mirae Asset Global Investments purchases a logistics centre near Mumbai

Mirae Asset Global Investments has acquired a logistics centre near Mumbai for $15.9m in an effort to expand its portfolio in India. The acquisition came as demand for logistics centres is surging rapidly due to the fast-paced growth in e-commerce and India's rapid economic growth. The company plans to expand its investment in the logistics business in major Indian hubs, including Mumbai, in the future and is also exploring more investment opportunities in logistics and data centres in major cities across India. Mirae Asset Global Investments, a South Korean asset management company, has made a strategic move to expand its portfolio in one of the world's fastest growing economies, by acquiring a logistics centre near Mumbai. The Indian unit of the company, Mirae Asset Global Investments India, recently purchased a 100% stake in the Bhiwandi logistics centre from Indian company K-Square Park for around $15.9 million.


CIDCO issues notice to Bhumiraj Builders over Parsik Hill cutting

CIDCO has issued a show-cause notice to Bhumiraj Builders for violating the terms of an agreement regarding the maintenance and plantation of Parsik Hill slope. The developer has been given two weeks to remove the illegal construction or face legal action. The developer on the other hand has denied the use of heavy machinery to dig or excavate the hill slope and has stated that their actions were for soil stabilization and stormwater systems. A joint site survey was conducted by CIDCO, NMMC, MPCB, Forest and Police and a report was submitted to HRC, citing the breaching of conditions in the leave and license agreement between CIDCO and the developer.


CapitaLand India Trust to spend 1226cr on an IT park in Bengaluru

CapitaLand India Trust (CLINT) has agreed to pay Rs 1,226 crore to purchase a 1 million square foot IT park situated in Bengaluru’s outer ring road. In order to purchase the IT park, CLINT has engaged into a forward purchase agreement. The project consists of two buildings with a combined net leasable area of about 1.5 million square feet. To handle the project's design, development and leasing the landowners have appointed CapitaLand Services (India) Pvt Ltd. CLINT will invest in the project's construction using internal resources and debt during the building phase.


Maharashtra Govt and Berkshire Hathaway Home Services sign MOU

A multi-year Memorandum of Understanding (MoU) was recently signed between Berkshire Hathaway HomeServices Orenda India and the Government of Maharashtra at the ongoing World Economic Forum Annual Meeting in Davos, Switzerland. Berkshire Hathaway HomeServices Orenda India is a division of one of the fastest-growing conglomerates in the world that specialises in urban infrastructure among other things. With this new partnership the company and the State Government will create and manage assets for physical and social infrastructure on a 1,000-acre plot of land in Raigad, adjacent to the planned Navi Mumbai international airport.


India’s Uber wealthy diversify 25% of their wealth in commercial realty

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.


MahaRERA allows builders to extend lapsed projects with consent

In a recent order released by the Maharashtra Real Estate Regulatory Authority (MahaRERA), builders can now apply for an extension of their lapsed projects without the previously mandated 51 percent consent from home buyers in the project. The developer will have to state down reasons for not being able to get the requisite percentage of consent from the buyers and submit the same along with their application for extension. The builder will have to also submit all the achieved consent documents and explanatory notes detailing the specific reasons for why the delay was caused which led to the lapse of the project. The applications will be reviewed on a case-by-case basis.


HIDCO auctions a 7.4acre plot in South Kolkata

The Housing Infrastructure Development Corporation (HIDCO) held an auction last Friday for a 7.4acre plot at BL Saha Road in Kolkata. The bid was to create a residential housing project on the plot via a 99-year lease agreement with authorities. The highest bid came from Mumbai based Godrej Properties Ltd, who offered to pay a sum of Rs 230 crores. If approved by the state cabinet, this will be the company’s fourth residential development in the city. It has previously developed a large project in Sodepur and Alipore. It currently has an on-going multi-phase residential project near Joka.


Mumbai & Bengaluru overtake APAC peers in office rentals

According to a study released by Knight Frank, the Indian cities of Mumbai and Bengaluru have recorded the fastest growth in office property rentals in the entire Asia Pacific region this year. With a 11 percent and 7 percent increase in the fourth quarter of 2022, rentals are expected to be buoyant and grow in a similar trajectory even in the 2023. While rental rates increased in Mumbai and Bengaluru, rentals in the National Capital Region remained steady without any significant rise in yields. NCR recorded the highest occupancy cost as almost $79 per square foot, followed by Mumbai at $71 per square foot and Bengaluru at $37 per square foot.


Proposal on TDS exemption in recovered properties under review

The government is said to be reviewing a proposal put forth by banks in the country which demands that sale of immoveable property mortgaged to lenders for recovery of bad loans via auction be made exempt from tax deducted at source (TDS). The current laws require sellers to pay 1 percent of the value of properties exceeding Rs 50 lacs towards TDS when sold. It also allows for the loan defaulter to claim benefits of up to 1percent of this sales value. Therefore, the banks recommend that an exception be made with such sales to ensure there is no financial loss for lenders and loan defaulters are made to pay.


Centre proposes changes to the Insolvency and Bankruptcy Code (IBC)

The central government has proposed several amendments to the current insolvency law regime in a bid to strengthen and quicken the entire process. The Insolvency and Bankruptcy Code (IBC) came into effect in 2016 and has since then been amended numerous times to accommodate the changing needs. Suggestions with regard to real estate include distinguishing between defaulted real estate projects and solvent projects, allowing transfer of ownership and possession to the allottees with the consent of the CoC and allowing allottees of a completed unit to request for ownership and possession of a completed unit during a CIRP or a project-specific resolution process.


Mt. K Kapital raises 350cr for its residential real estate fund

According to recent reports, Mt. K Kapital has raised over Rs 350 crore through the initial close of its residential development fund from anchor investors such as State Bank of India, Famy Care, Rustomjee Group, family offices, and high-net-worth individuals. The fund is a category II alternative investment fund registered with the Securities & Exchange Board of India. The fund aims to invest in 8-10 projects in the Mumbai region, with a focus on redevelopment projects.


Kolte Patil Developers reports highest quarterly pre-sales for Q3 FY 22-23

Pune based Kolte-Patil Developers Limited recently announced that it achieved its highest-ever quarterly pre-sales figures in Q3 FY23 both in terms of value and volume. They launched 6 new projects in the quarter which made up more than 57 percent of their total sales for the quarter. Life Republic, their flagship project alone sold of 6.62 lac square feet. During the first nine months of FY23, sales of Rs. 1,528 crores, up 23% year over year were generated from both ongoing and recent releases. The 9M FY23 collections increased by 22% to Rs. 1,313 crores.


MahaRERA investigators begin site visits of real estate projects

MahaRERA (Maharashtra Real Estate Regulatory Authority) is set to appoint investigators to visit real estate projects starting February, to ensure that developers have not declared higher costs than they actually incurred on the project. Post the visit, investigators will have to submit a report which will include details such as stages of construction, target date of completion approved by RERA, target date set by the developer, and the opinion of the investigators as to when they feel the project can be completed. This move comes after MahaRERA identified 300 large real estate projects (worth over Rs 500 crore each), where a significant amount had been spent but very little work was completed.


EWS Housing Program to be launched by GMADA

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).


SEBI permits virtual meetings for REIT and InVIT unitholders

The Securities and Exchange Board of India (SEBI) has begun permitting investment managers of investment vehicles such as REITs and InvITs to hold unitholder meetings via video conferencing and other audio-visual methods, provided they follow the regulator-mandated protocol while holding these sessions. Among other criteria, the investment managers of InvITs or managers of REITs should keep the recorded transcripts of the meetings conducted through VC or OAVM in their safekeeping and provide the meeting transcripts as soon as feasible after the meetings are over on their respective websites. The facility of remote e-voting must be made available among other things before the meeting's scheduled date.


Mahindra Lifespaces takes on residential redevelopment projects in Mumbai

Mumbai-based Mahindra Lifespaces, the realty arm of the Mahindra Group, is set to redevelop two residential societies in the western suburb Santacruz, Mumbai. Both projects will be developed on a land parcel of approximately 1.2 acres. The developers believe the project will have a revenue potential of Rs 500 crores. Both parties will execute definitive documents once due diligence is complete. Prime localities in Mumbai city offer little to no scope for green field developments. The housing society redevelopment market is estimated to currently be worth over Rs 30,000 crores.


SEBI issues demand letter to Sahara Housing Investment and others

Last week, the Securities and Exchange Board of India (SEBI), the market watchdog, delivered a notice to Sahara Group company Sahara Housing Investment Corporation, its CEO Subrata Roy, and other parties requesting that they pay Rs 6.48 crore within 15 days in a matter involving a violation of regulatory standards. Additionally, if they didn't make the payment, the regulator threatened to attach their assets and bank accounts. The entities were given the notice after they neglected to pay the fine that SEBI had assessed against them earlier in the year.


Prayagraj to experience real estate development boom in the coming years

Prayagraj's real estate market is projected to experience significant growth as plans have been made for investments of roughly Rs 4,000 crores over the course of the next five years. Numerous real estate firms will begin development on at least 29 different housing projects in and around Sangam City soon. Vinayak Group is set to invest about Rs 590 crores, Paras Group has confirmed a Rs 300 crore project and Sai Dham Group has promised to invest around Rs 700 crores in seven residential projects. Omaxe Limited is looking to set up a Rs 500 crore project and Goyal Housing is said to be making an investment of Rs 400 crores.


Isprava Group raises 160cr in funding

The Isprava Group, known for creating and managing luxury villas across India has recently raised Rs 160 crores through a round of funding led by Symphony International Holdings and others. The company intends to use the money raised for both brands; Isprava and Lohono Stays to increase their footprint across India and other key countries. They intend to develop and broaden their brand presence and explore the use of technology for product development in the near future. Both brands are said to have witnessed an exponential growth in the last couple of years, more than doubling their operations.


Base price fixed for auction of Rajesh LifeSpaces’ hotel business in Powai

Lenders of the now defunct hotel business in Powai, Mumbai owned by Rajesh Lifespaces, have set a base price of Rs 305 crores for the final auction of the business scheduled for 24th January 2023. Interested bidders will now have to increase their base price by Rs 10 crores if they wish to continue participating. Initial investors include Sankalp Recreation, Rare Asset Reconstruction Co., Bright Star Investments, Rajesh Business & Leisure Hotels, Shri Ram Multicom, Unison Hotels and Rockwood Hotels & Resorts. The project was marked as a non-performing asset on the books of the banks in 2019.


Private builders dubious for redevelopment of abandoned structures

The Maharashtra Housing Area Development Authority (MHADA) and the Brihanmumbai Municipal Corporation (BMC) own 454 buildings in the city that are currently old, dilapidated and in a very dangerous condition. For the redevelopment of these buildings, the state urban development agency has created a new clause 33(24) in the Development Control and Promotion Regulations, 2034. However, since these structures are present within sites are controlled by the BMC and MHADA a standard FSI of 1.33 will apply, thereby making it commercially unviable for private contractors to consider.


Unity Group and Parsvnath Developers to build a mall in Delhi

In a statement released to the press, Unity Group co-founder Harsh V Bansal claims the company has entered into a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space in Delhi. The development will draw an investment of approximately Rs 200 crores. The land for mall will be leased from Delhi Metro and is situated close to the Netaji Subhash Place metro station. The deal is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT) in the coming year.


CBI takes over Chintels Paradiso case

Earlier this week, the Central Bureau of Investigation (CBI) logged an FIR against Ashok Saloman, Managing Director of Chintels Group in a case concerning the partial collapse of the Chintels Paradiso apartment complex in Gurugram last year that claimed the lives of two women. The husband of one of the deceased women, who was also severely injured in the accident, filled cases against the developer under IPC sections 304-A and 420. In December 2021, the Gurugram Police arrested Mr Amit Austin, the proprietor of Manish Switchgear and Construction, the company commissioned to conduct the repair work of the building after a magisterial inquiry found that the retrofitting in Flat D603 was the key trigger for the collapse.


Shapoorji Pallonji to revive India’s tallest residential tower in Mumbai

Mumbai based real estate conglomerate Shapoorji Pallonji Real Estate and investment firm PAG are gearing up to revive an ultra-luxury residential complex in Mahalaxmi, Mumbai. The project Minerva was launched by Lokhandwala Kataria Constructions in 2010 but eventually stalled on account of not being able to procure the requisite construction approvals for the planned FSI in a timely manner. Shapoorji Pallonji Real Estate will now take over branding, sales, and marketing for the project.


House of Abhinandan Lodha to invest over 10,000cr to acquire land

House of Abhinandan Lodha is planning to invest upwards of Rs 11,000 crores to acquire and develop land parcels across the country in the coming three to four years. The company has so far successfully launched and sold plotted development projects in Goa, Dapoli, Anjarle and Neral. The company intends to roll out as many as 11 new projects in the coming financial year, near Alibaug, Goa, Ayodhya, Lonavala and other undisclosed locations in the Konkan region. According to insiders, of the total investment budget planned for the next four years, almost Rs 3,000 crores has been set aside for land acquisition in Uttar Pradesh of which over Rs 1,000 crores will be invested in Ayodhya alone.


Bombay High Court allows redevelopment of BDD Chawals

The Bombay HC has decided not to quash the BDD Chawls redevelopment scheme, following a petition filed by two residents, who had cited danger to health, wellbeing and right to life of residents. The HC however noted that the scheme has all necessary permissions and environmental clearance and as a result there was nothing to show any discrepancy. The bench also stated that prior to full-fledged construction, a sample flat has been built and exhibited to the officials involved with the project and no objections had been raised with regarding to the quality of construction or planning.


MahaRERA allows Lodha & Terraform Realty JV to move ahead

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given Mumbai based Macrotech Developers and Terraform Realty (Everest Group) permission to form a Joint Venture (JV) to market, advertise and sell their joint venture project Lodha Bellevue in Mahalaxmi, Mumbai. The project is being built by Macrotech Developers on land owned by Terraform Realty Group’s entity Money Magnum Nest. The registration of this project was put on hold following two pleas filled by Urban Infrastructure Venture Capital Fund (UIVCF). The fund claimed the developers procured a RERA registration number for the project without having the requisite approvals such as the IOD and CC certificates.


Goa to introduce affordable housing schemes

Earlier this week, the Cabinet approved amendments to the Goa (Regulation of Land Development and Building Construction) Act, 2008 which will make it easier for the state to roll out central housing schemes catering to the Economically Weaker Sections (EWS). The new regulations will allow for relaxation in areas such as minimum plot size, maximum coverage, setbacks, etc. The changes however do not cater to other categories such as low-income group (LIG) and mid-income group (MIG) housing.


Stay order on NA tax for housing societies to be addressed in February 2023

In an interview with TOI last week, the state Revenue Minister Radhakrishna Vikhe Patil announced he would be personally looking into the request submitted to scrap non-agricultural (NA) tax payable by several housing societies in Pune and Mumbai that exist on land that falls under the ‘gaothan’ areas as classified by the Collector in accordance with the Maharashtra Land Revenue Code 1960. More than 85,000 societies are said to currently exist on land classified as such.


Over 4lac homes built in India in 2022

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.


50 acres of land in Aravalis to be cleared of illegal structures

In line with directions issued by the National Green Tribunal (NGT) on 9th December 2022, all illegal structures constructed on protected Aravali Forest land in Gairatpur Bas, Haryana will be cleared this week. The NGT has directed the Haryana and Rajasthan governments to destroy all illegal structures that have been erected on land protected under Sections 4 and 5 of the Punjab Land Protection Act (PLPA), 1900. All requisite notices have been issued and ample warning has been given to those who have constructed these structures.


EOW registers a cheating case against Nirman Corporation

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.


Vertex launches its largest project in Miyapur, Hyderabad

In the newly developed residential and commercial core of Miyapur, Vertex unveiled its project Viraat, an upmarket, smart and sustainable residential neighbourhood. Vertex Viraat will include 1,428 units including 2 and 3 BHK houses in six skyscrapers with 30 stories and internal areas ranging from 1,340 to 2,030 square feet, erected on an 8.75-acre plot. It is touted to be a perfect blend of space, comfort, safety, and convenience offers customers a quiet and sustainable living.


ED visits residence of Faith Builders owner to execute arrest warrant

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.


Gujarat State government adopts new rules to stop NRG property fraud

The government of Gujarat has implemented new procedures to prevent fraud in the sale of properties belonging to Non-Resident Indians (NRIs). The revenue department has issued two circulars this month outlining the new rules. The new legislation follows a slew of cases in Ahmedabad and other cities in Gujarat where buyers bought land belonging to NRIs through individuals armed with the power of attorney, only to find others claiming a stake in the property. The new rules ensure that no sale may take place without the knowledge of the NRI landowner(s).


MahaRERA introduces mandatory training for realtors

In a circular released earlier last week, the MahaRERA authority has announced its intention to train real estate agents. From 1 May 2023, the authority will only allow agents with a valid certificate of competence to register as licensed real estate agents on its portal. This decision comes in light of increasing number of grievances related to self-employed real estate agents, who without proper oversight and training are not being held accountable for their actions. Through mandatory training, the authority hopes to streamline the activities of real estate agents while increasing knowledge and awareness of the legal and regulatory frameworks and practices.


Malibu Towne receives a notice of closure, but no environmental approval

The Haryana State Pollution Control Board (HSPCB) has ordered that all construction activity be immediately stopped in the Malibu Towne project in Sector 47, Gurugram due to a lack of environmental approvals. The 2,500 families who presently reside in the society will not be impacted by the closure notice. The order states that the developer will not be permitted to execute any sale deeds for a flat, plot, home, shop, or any other project component. The utility that distributes electricity has been asked not to add any additional connections to the project.


Hyderabad records the highest housing sales figures in 10 years

The Hyderabad housing market continues to see strong buying and selling activity in 2022, with residential sales up 28% year-on-year (YoY). A total of 31,046 units were sold in the city for the whole year, the highest number of sales recorded in the city since 2011. The number of new launches in Hyderabad also increased significantly, at a rate 23% over the same period last year. Most of new housing units launched were in West Hyderabad with Tellapur, Kollur, Gandipet and Narsingi among the most popular.


MahaRERA to issue notices to 18,000 developers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to issue show-cause notices to over 18,000 developers in the state over failure to update details of their registered projects on the MahaRERA website within the stipulated 3-month time frame. Upon receiving the notice, the developers have 1-months’ time to respond or risk facing punitive action. The 18,000 projects in question are a mix of old, newly registered and lapsed projects Mumbai, Pune, Thane and Nagpur.


NCLT rejects Wave Group’s appeal for initiating insolvency proceedings

Earlier last week the National Company Law Appellate Tribunal (NCLAT) rejected Wave’s Group’s appeal against insolvency proceedings initiated, thereby allowing Noida Authority to auction over 1 lac square meters of cancelled land in sectors 25A and 32 that was earlier allotted to the builder. The builder may still apply for restoration of the land and take advantage of the reschedulement policy under Noida Authority to clear pending dues and complete the stalled projects. The aggrieved investors are prepared to file a caveat with the Supreme Court should the developer choose to do so.


Investments in Indian Real Estate remain buoyant in 2022

According to a report published by Colliers India, institutional investments in alternate asset classes in real estate reached a record high of $0.9 billion, indicating a 92 percent YoY hike for the calendar year 2022. These investments accounted for 18 percent of the total inflow for the year and is said to have jumped 4-fold since 2019. Investors have bet on emerging markets such as data centres, life sciences, holiday homes, hospitals, etc. The largest tractions were witnessed in data centres which accounts for roughly 52 percent of the total investments made in alternate assets.


Premium for development near the International Airport in Mumbai waived

The Maharashtra state urban development department has decided not to charge Mumbai International Airport Ltd (MIAL) a premium for its development activities in Chhatrapati Shivaji Maharaj International Airport Notified Area. It has also allowed a floor space index of (FSI) of 5 on plots within the area. MIAL is being charged a premium on the extra 1 Floor space index, as the FSI 4 is considered as Global FSI, on which no premium is charged. The development of the CSMIANA is to be integrated with the existing Bombay Metro infrastructure. The notified site area is about 1982 acres.


CREDAI-NCR appeals to Environment Minister to curb construction bans

The builder’s association Confederation of Real Estate Developers’ Associations of India-NCR (CREDAI-NCR) has reached on the Union Environment Minister Bhupender Yadav to express their concern over multiple bans enforced on construction activities in the last few months. The builder’s association has cited that these bans have caused numerous delays to their projects and urged the minister to reconsider what activities should be banned to curb pollution. According to them normal construction work should be allowed to continue for the sake of homebuyers and daily wage labourers.


CIDCO cancels sale of contested Nerul CRZ plot

The City and Industrial Development Corporation (CIDCO), the governing body responsible for most of Navi Mumbai’s planned development, has cancelled the tender process of the contested CRZ plot at Seawoods, Nerul. Several citizens along with the Navi Mumbai Environment Preservation Society (NMEPS) had filled petitions with the National Green Tribunal (NGT) to stop the tender process as the plot of land in question fell within the CRZ limits where construction activity is restricted. The petitioners are pleased with the decision of the NGT to block the sale process and hope to stop CIDCO from commercially exploiting the CRZ plot. The civic body however cites that the tender process was cancelled simply because the bidding offer received for plot was well below market value.


Over 200 people evacuated in Joshimath after buildings develop cracks

Authorities in the Himalayan town of Joshimath have evacuated nearly 200 people from their homes, after hundreds of buildings in the area developed cracks. According to several press statements, cracks were reported in more than 600 houses in recent weeks. The damage has been attributed thus far to land subsidence. Experts claims Joshimath lies on an ancient landslide deposit of sand and stone, and not on the main rock making it naturally vulnerable to land subsidence. Undercutting by river currents of Alaknanda and Dhauliganga and increased construction on account of hydraulic projects nearby are also being attributed as contributing factors.


Madurai Corporation to set up a construction waste processing centre

The Madurai Corporation is in talks to set up a processing centre in Chennai to tackle the issue of construction and demolition waste and. At present the corporation has four designated dumping sites for waste in the city. However, debris is often found along city roadways and in empty plots. This has led to residents questioning the efficacy of the civic body and demanding that appropriate action be taken swiftly. A tender to create a construction and demolition waste processing centre in Madurai is likely to be issued in the coming two months.


NCLT approves Adani Good Homes’ bid for Radius Estates

Earlier this week, the National Company Law Tribunal (NCLT), cleared the bid put forth by Adani Good Homes to procure Radius Estates despite several creditors opposing the bid on account of foul play. The opposing creditors claim the company’s resolution professional (RP) colluded with the largest creditor to influence the bankruptcy process resulting in only one bid being received, that of Adani Good Homes. The NCLT has dismissed claims due to a lack of evidence. Adani Good Homes will complete construction of the company’s BKC project in Mumbai city without any additional cost to the homeowners.


RLDA opens bid for lease of land parcel in Dwarka

A statutory authority for the Indian Railways, The Rail Land Development Authority (RLDA) has opened bids for leasing out a 124,000 square meter land parcel for a period of 99 years, located in Sector 21, Dwarka, Delhi. The pre-bid meeting was held on 10th January 2023 and the last date for e-bid submission has been declared as 6th February 2023. The reserve price for the land in question is approximately Rs 1190 crores. The land is available for mixed used development, i.e., for residential and commercial structures. The land parcel available for lease is a combination of multiple railway plots located near Indira Gandhi International Airport in the southwest region of New Delhi.


HDFC Capital raises $376 million for H-Care 3 scheme

HDFC Capital has raised USD 376 million in its third round of funding for its affordable real estate fund H-Care 3. The real estate private equity arm of the HDFC Bank has raised over USD 3 billion through the H-Care schemes since its launch in 2016, making it one of the biggest private finance platforms in the world focused on affordable housing development. The fund intends to use the money raised to meet growing demand for early-stage financing of housing projects in India.


Supreme Universal inks pact to develop 5-acre land parcel in Chembur

Realty developer, Supreme Universal has acquired the development rights for a parcel of land in Chembur suburb of Mumbai City. Supreme Universal is said to have paid stamp duty of Rs 15.57 crores on the current market value of Rs 311 crore. The company plans to develop a premium gated community on the parcel of land which is estimated to have a development potential of nearly 1 million square feet. The project is expected to generate at least Rs 1800 crore in revenue based on the current trend of property rates in the vicinity.


More than 5000 housing plots returned to Andhra Pradesh Government

In line with the larger goal of providing ‘housing for all’ the Andhra Pradesh state government undertook the task of setting up Jagananna colonies across the state. Under the YSR Jagananna housing scheme, the government plans to construct nearly 18000 colonies to provide housing for 30.3 lakh beneficiaries from low-income groups. However, more than 5000 plots allotted have been returned with the request for an alternate. The allottees returning their plots claim that plots allotted to them were either located too close to burial grounds or were too far from their present habitations. The Chief Minister of the state, YS Jagan Mohan Reddy has directed officials to provide alternate sites to the affected beneficiaries.


Trident Realty reports a sale of Rs. 500 Cr in Panchkula project

Trident Realty has witnessed remarkable sales in its freshly launched project Trident Hills in Panchkula. The project which was launched in the middle of November 2022 and has since then already sold residential plots worth 500 crores rupees. The developers were able to reach out to larger audience and simplify the process of booking plots with the help of a tech-enabled platform. Thanks to this superior use of technology, buyers were able to reserve 90% of the whole inventory online from the comfort of their homes in just 20 minutes. The project will be built up over the course of the next 7 to 8 years.


Celeste Township by Godrej Properties sells 1M square feet at Launch

Godrej Properties sold more than 1 million square feet of space during the opening of a new phase Celeste in its Ahmedabad township Godrej Garden City. Since Celeste's inception in October 2022, the company has sold 870 properties with a booking value of roughly Rs 435 crore. Celeste is a 2.3-hectare development that has 8 buildings and provides a variety of housing options and retail establishments. This phase includes a wide range of cutting-edge amenities as part of the integrated offering that caters to the social, health, and leisure needs of all age groups enabling residents to live more fully and comfortably.


Noida Authority launch a low-cost housing

Earlier this month, the Noida Authority launched a housing scheme for individuals eligible for Low Income Group (LIG), Mid Income Group (MIG) and High-Income Group (HIG) housing. The flats will be made available in Sectors 52, 62, 71, 99, 118, and 135. Interested individuals can submit their application latest by 31st January 2023. The cost of these residential apartments ranges from Rs 45 lacs to Rs 1.79 crores. In another decision, the Noida Authority vowed to resolve the property parcel assignment issue that has been pending for 12 years. These individuals have been given time until March 2023 to procure the requisite approvals and begin construction.


Joyville Shapoorji Housing to launch a new project in Hadapsar, Pune

The affordable housing arm of construction mammoth Shaapoorji Pallonji Real Estate is gearing up to launch a new residential project in Hadapsar, Pune. The project will be built on a 9-acre plot of land over the next four years and will require an investment upwards of Rs 700 crores. The first of seven phases will be launched shortly, comprising 168 duplex apartments and penthouses distributed amongst two towers. Phase one will be developed across 2.8 lac square feet of space.


VMRDA to receive 500acres of land from state government as compensation

In exchange for expenses incurred while developing one-cent layouts, the Visakhapatnam Metropolitan Region Development Authority (VMRDA) has requested the state government to give them 500acres of land in the region rather than a 15% stake in the 'Jagananna housing complexes’ as earlier decided. The civic body has already incurred as expense of Rs 150 crores in development and intends to invest a further Rs 50 crore to build infrastructure. Therefore, it believes pooled land parcels would be a more equitable exchange for their services rendered and will help in maintaining their financial health.


Sobha Ltd declares highest ever quarterly sales for December quarter

Bengaluru based real estate company Sobha Ltd has posted a 36 percent increase in sales bookings at Rs 1,424 crores for the quarter ending December 2022, indicating a robust rebound in demand. According to data published by the company in its regulatory filing, its sales bookings for the same period in the previous fiscal year was Rs 1,047 crores. The company sold 4.17 million square feet in total in the first nine months of current fiscal year, up 16.9% over the same period last year. In comparison to the previous financial year the average price realisation during the April to December period of FY23 increased to Rs 8,952 per square foot, whereas this year the average price realisation increased to Rs 9,650 per square foot, indicating a 21.9 percent rise.


YEIDA to develop FinTech hub in sector 7 of Noida

The Yamuna Expressway Industrial Development Authority is set to develop a FinTech hub on 700 acres of land in sector 7 of Noida. FinTech hubs are aimed at providing financial services which have a backbone based on information technology. Whether the project will be a single allottee, multiple allottees or public private partnership model is yet to be decided. The Indian FinTech industry grew nearly 282% between 2013 and 2014 with a net worth of 450 million USD. This market is projected to reach 76219 million USD by 2025. As a result, the country has seen increased investments in the sector, including the development of FinTech hubs.


BDD chawal homes to be ready by December 2024

Earlier this week, the CEO and vice-president of the Maharashtra Housing Area Development Authority (MHADA) announced that six buildings of 40-storeys each will be ready to be occupied by December 2024. These buildings are a part of the massive redevelopment project of BDD Chawal undertaken by the state government along with local governing bodies such as MHADA and SRA as well as private builders. The tenants eligible for homes in these six buildings will be the first to move into their new 500square feet of living space. The entire chawal is said to have over 9,500 tenants eligible for housing.


L&T Realty to sell its stake in Think Tower Developers

According to a statement released to the press L&T Realty Developers Ltd, a faction of the construction and infrastructure giant Larsen and Toubro, will sell their stake in the engineering and construction conglomerate Think Tower Developers Pvt. Ltd. The agreement will be executed in the end of the month, subject to completion of closing conditions set forth by both parties. The stake is being sold to Mr Pratik Harsha Kalsariya, who does not belong to the promoter group.


Chandigarh Housing Board auctions residential & commercial properties

On 6th January 2023, the Chandigarh Housing Board began an e-auction for approximately 49 freehold residential units and 91 leasehold commercial properties. The auction will continue until 24th January 2023. The properties are in multiple locations across the city. About 17 properties are in Kajheri and 59 properties are in Manimajra, 10 in Sector 40A and 3 in Sector 38W. The remaining properties are in and around Sectors 26E, 51A, 49, and 63. The prices of these properties range between Rs 18 lacs to Rs 3 crores.


CIDCO extends deadline for applications for mass housing

The City and Industrial Development Corporation (CIDCO) of Navi Mumbai has once again extended its deadline for online applications until 23rd January 2023 for its mass housing scheme launched in August 2022 due to overwhelming response. The computerised lottery draw for the scheme will now take place on 8th February 2023. The state-run planning authority is offering homes in Ulwe, Navi Mumbai under the Pradhan Mantri Awas Yojana (PMAY) scheme for individuals eligible for EWS housing. The current scheme offers almost 8,000 residential homes.


38 open plots to be auctioned by the HMDA

The Hyderabad Metropolitan Development Authority (HDMA) has announced it would be conducting an of auction of 38 open plots, located at the periphery of the city via sessions scheduled for 18th January 2023. The pre-bid meeting was held earlier this month which was attended by over 100 prospective bidders. The plot sizes range from 252 square meters to 800 square meters and have a total revenue potential over almost Rs 1,000 crores. The plots are in areas such as Nallagandla, Isnapur, Ameenpur, Patelguda, Sultanpur, Bachupally and Moosapet to name a few.


UP-RERA 2.0 to be launched by May 2023 with improved services

With a goal of providing better service to homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is gearing up to launch new version of their current web portal with enhanced services. The new and improved web portal version 2.0 will use the latest AI / ML technology to reduce time and effort spent in documenting and resolving complaints and speed up the process of acting against defaulters. The hope to enhance ease of service provided to customers and provide swift justice by taking into account the best practises established in other RERAs around the country and other comparable bodies.


Non-essential construction ban lifted in Delhi-NCR

Three days after the Centre announced a ban on all non-essential construction and demolition activities in Delhi-NCR on account of rising air pollution levels, the authorities are now said to have lifted all cubs imposed in the city under stage III of the Graded Response Action Plan (GRAP). As of Tuesday, Delhi’s 24-average air quality index (AQI) was around 385, down by 14 points since the week before.


Nirmal Developers’ land to be auctioned in Mumbai

On account of several unanswered recovery warrants issued by the Maharashtra Real Estate Authority (MahaRERA) towards Nirmal Developers, authorities have taken a decision to seller the developer’s land parcel located in Mulund, Mumbai to pay pending dues. The base price for the plot has been set at approximately Rs 31 crores and the auction is likely to be held on 18th January 2023 at the Tahsilar’s Office in Mumbai. This decision comes in lieu of over 80 complaints registered with authorities from buyers in their projects amounting to unrecovered dues of almost Rs 29 crores.


Chennai Government to reclassify land use

The Chennai Metropolitan Development Authority (CDMA) has set up a seven-member team to prepare guidelines for the reclassification of land use in the city. The new guidelines will be presented in the next authority meeting. The decision to do so has come about due to several protests conducted by civilians and housing societies over reclassifying areas that have been marked as waterbodies in the second master plan. Over fifty files are likely to be placed for reclassification during the authority meeting.


What do higher interest rates mean for homebuyers?

In 2022 the Reserve Bank of India increased the repo rate five times, amounting to a total increase by 2.25 percent. As a result, the average home loan interest rate is said to have gone up from 7 percent to 9.25 percent, thereby impacting home loan borrowers most severely. The easiest way to reduce exposure, in our opinion, is to consider partial repayment of your current loan as most home loans are usually taken on floating interest rates and do not usually invite penalties for partial or early repayments.


Karnataka government amends land mutation rules

The government of Karnataka recently amended the Land Revenue Rules of 1966, effectively reducing the notice period of mutation of registered and unregistered documents. Mutation is the process by which the title of a property is changed in municipal records once the property has transferred to the new owner. However, despite the new reforms the process remains as sluggish as ever, making homeowners anxious as they feel they're under undue risk till the process is completed. The process of mutation is applicable to residential properties, and all types of land including those meant for agricultural or commercial purposes.


LIC Housing Finance increase repo rate by 0.35 percent

India’s largest mortgage provider LIC Housing Finance has increased its 0.35 percent in a bit to keep up with its competitors. This change comes on the heels of other private banks such as HDFC increasing their marginal lending rates. The minimum interest rate for the best-rated borrower will now begin at 8.65 percent. Since May 2022, the Reserve Bank of India has increased the repo rate at which it loans to the system, five times in a row by a total of 2.25 percent resulting in banking and non-banking financial institutions to raise their interest rates.


Housing sales up by 50% as new supply increases twice fold in top 8 cities

According to a study published by PropTiger, real estate sales in the past year grew by a staggering 50 percent with a 101 percent increase in the number of new launches across the top eight cities in India. Mumbai and Pune led with a combined share of 56 per cent in overall sales in 2022. Nearly 26 percent of all sales transactions were concentrated in the Rs 45-75 lakh price bracket. Mumbai led new supply in 2022 with a 39 percent share in overall launches, followed by Hyderabad with 19 percent and Pune with 18 percent. Experts see 2023 as a year of smooth sailing for the real estate sector even with the steady increase in interest rates for home loans and hikes in property prices.


SEBI directs Oyo to refile its draft IPO papers with updates

The Securities and Exchange Board of India (SEBI) has asked Oravel Stays, the parent company of hospitality chain Oyo Hotels to refile its draft red herring prospectus (DRHP) with revisions. According to the SEBI website, the offer document was returned on 30th December 2022 with advice to re-file with applicable updates and revisions. The company has reported a revenue of Rs 4,900 crores for the financial year 2021-22, indicating an 18 percent YoY growth from the previous year. It is also claims to have reduced its losses by almost half in FY 21-22. The company first filed its DRHP in September 2021.


Delhi Court summons Supertech MD over forgery and other allegations

A Delhi Court has summoned the managing director of Suptertech Limited, Mr Ram Kishor Arora over a case filled by Gaurav Vij claiming the former engaged in a criminal break of trust and forgery. Mr Vij alleges that he had given the company a sum of money, through its representatives, for a short-term investment in September 2012. However, in June 2013 he became aware that the company had used the money to book a flat in his name in one of their Gurgaon housing projects. He claims that despite voicing his concerns on paper, the MD and other directors did not do anything to help him and continued to mislead him.


Assets of Holy Faith Builders to be auctioned to compensate homeowners

After the demolition of the Holy Faith H20 building in Kochi in January last year, revenue officials are now gearing up to auction off assets of the builder to compensate customers. The Supreme Court directed officials to go ahead with the auction as the builder has failed to remit money owned to individuals who had purchased property in the now demolished building. This decision comes in lieu of a 13 year long tussle initiated in 2006 by the Maradu Panchayat who issued show cause notices to Holy Faith Builders and three other developers for constructing buildings along the banks of the Vembanad lake, which was in violation of the Coastal Regulation Zone rules of the area.


Mumbai's real estate registrations increased by 9% to 1.22 lakh units

According to a report published by real estate consultant Knight Frank India, 1,21,850 properties in Mumbai's BMC region were registered in 2022, indicating a 9 percent YoY growth from 1,11,913 units registered in the previous year. Of the properties registered, over 86 per cent are said to be residential properties. Post pandemic, the real estate industry has bounced back in increased vigour with the year 2022 clocking in maximum registrations compared to the preceding ten years. These registrations have been supported by solid demand, consistent income, and positive economic growth despite the absence of any government incentives and the presence of headwinds.


Kanpur civic body demolishes illegal site behind Chakeri Airport

Earlier last week, the Kanpur Development Authority was finally given the go-ahead to demolish an illegal plotted developed spanning 12 acres in Pyondi village, behind Chakeri Airport. The offender Mr Umar Lar had been illegally developing the land by constructing boundary walls, building DPC and CC road, installing sewer lines and power poles. In doing so, he violated the requirements of the 1973 UP Urban Planning and Development Act as well as KDA regulations as the site plan does not allow for such modifications.


NCLT accepts IDFC’s appeal against Marvel Realtors

The National Firm Law Tribunal (NCLT) Mumbai's bench granted the lender IDFC First Bank's request to put Pune based real estate company Marvel Realtors & Developers into administration after the real estate company defaulted on more than 44 crore rupees worth of debt. The developer took a 48-crore term loan from IDFC First Bank in July 2017 at an annual interest rate of 17.5%. The loan was to be paid off in 48 monthly instalments with the principle to be paid up in 10 instalments.


Building limitations around naval units in Mumbai to be removed

The defence ministry has released a circular stating it has reduced construction restrictions around naval sites in India, particularly Mumbai City. The authorities have brought the restriction down from 500 meters to 50 meters. This comes as a big relief to many housing societies who’s dilapidated buildings could not be redeveloped due to these restrictions. Several societies were left in a lurch a few years ago when the BMC abruptly halted their redevelopment, after demolition had taken place, because the defence ministry did not issue a no objection certificate. Now only projects within 50 metres of a defence facility will need the local military authority's NOC for construction.


Homebuyers in Noida stage protest non-delivery of apartments

Homebuyers from over 15 residential complexes got together in Noida to protest the delay in registration of their houses. These buyers have purchased flats in popular projects such as Supertech Eco Village Ajnara Homes, Apex Golf Avenue, JM Florence, La Residentia, Casa Greens One and Amaatra Homes. One of the primary reasons for the delay in registration is due to non-payments of dues by builders to the local authorities. The builders and authorities have been unable to settle on a rate of interest to be paid and therefore the authorities have halted issuance of all necessary approvals for the projects to be completed and registrations to take place.


UP RERA disposes of 9,300 complaints in 2022

The Uttar Pradesh Real Estate Regulatory Authority has issued a statement claiming that it has disposed of over 9,000 complaints in the year 2022 alone. The regulatory body received a total of 6,900 complaints in the year, with the highest inflow in March at 695 complaints and the lowest in December with 320 complaints. The three-member bench consisting of a secretary and chairman is said to have addressed and disposed of 25 cases a day on an average. Established in 2017, the UP RERA has received approximately 47,000 consumer complaints, which accounts for approximately 38 percent of the total complaints filled across the country.


Puravankara board approves issue of NCDs worth 230cr

The board of directors of Bengaluru based realty firm Puravankara has approved the issuance of non-convertible debentures worth Rs 230 crores in two tranches via private placement at an interest rate of 11.75 percent per annum. In another decision it approved an investment in Ghar Realty LLP of which it will now become a designated partner, having contributed approximately 68 percent of the capital of the LLP. Ghar Realty LLP undertakes businesses dealing in land and property transactions and property management of residential, commercial, industrial properties and infrastructural development projects.


Maharashtra Revenue Minister reduces freehold charges to 2%

As a result of a meeting held last week, the current revenue minister of Maharashtra Radhakrisha Vikhe-Patil has agreed to reduce the Nazul Lands’ freehold charges from 5percent to 2percent of the ready reckoner value. Other significant decisions taken during the meeting include the reduction of penal charges levied, further clarification on premium lease holder charges and further reduction of the existing charges to be paid after renewal of lease. Officials have been directed to prepare detailed policies regarding the same for review.


Madras HC dismisses petitions challenging property tax hike

Dismissing several petitions and the consequent GO challenging the recent hike in property tax in Chennai and Coimbatore, the Madras High Court has directed that the amendments recommended by the councils be implemented and effective from 1st April 2023. The decision to raise property tax rates was initiated by a need for augmented funds. Additionally, a mandate cast by the 15th central finance commission for availing grants and entry level conditions for receiving funds under various schemes offered by the central government.


CapitaLand India Trust to acquire Ascendas IT Park from CLI & MIDC

CapitaLand India Trust (CLINT) has entered into separate definitive agreements, via its wholly owned subsidiary Ecospace IT Park, with CapitaLand Investment (CLI) and Maharashtra Industrial Development Corporation (MIDC) to acquire their respective 78.5 percent and 21.5 percent shareholdings in Ascendas IT Park, located in Pune. The deal is said to have been closed for a reported 13.5 billion rupees and will be completed by February 2023. Ascendas IT Park owns International Tech Park Pune (ITPP-H) in Hinjewadi, Pune.


Builders continue to default on rental payments with SRA

Earlier this year, the Slum Rehabilitation Authority (SRA) in Mumbai published the names of 150 builders who had defaulted on their rental payments to slum dwellers of slum rehabilitation and redevelopment projects. Along with publishing their names, the authority demanded that all defaulters remit the pending money immediately and submit an affidavit within a month to the authority citing reasons for the delay. However, in the three months that followed this announcement, only a fraction of the payments is cleared. The total outstanding was said to have been approximately Rs 700 crore of which only Rs 20 crore has been cleared so far.


HDFC secures $400 million from IFC for green housing projects

One of India’s largest private lenders HDFC has secured a loan of USD 400 million from International Finance Corporation (IFC) for financing green affordable housing projects. Both companies issued statements a few weeks earlier confirming the same and reiterating their commitment towards the creation of affordable housing projects and green practises. The companies hope this venture will help close the urban housing gap while improving access to climate-smart affordable homes by boosting green housing. They also believe this loan will help in supporting the country’s shift towards a more sustainable growth path while creating jobs and ensuring long-term business development.


Over 14 lakh families in Odisha eagerly await PMAY-Gramin Housing

In Odisha, of the 32.36 lakh families eligible for housing under the Pradhan Mantri Awaas Yojana-Gramin, more than 14 lakh families still await houses and housing assistance. The rural development ministry had set a target of 26.95 lakh houses under the PMAY-G to Odisha from 2016-17 to 2021- 2022. The PMAY-G, formerly known as the Rajiv Gandhi Awas Yojana, along with the Pradhan Mantri Awaas Yojana-Urban, were implemented as flagship missions of the government of India by the Ministry of Housing and Urban Affairs in an effort to address the urban housing shortage amongst EWS, LIG and MIG categories including slum dwellers.


Non-essential construction work banned in Delhi-NCR

On account of worsening air pollution conditions, the Centre’s air quality panel ordered for the implementation of stage III restrictions under the Graded Response Action Plan (GRAP) in Delhi-NCR which meant banning all non-essential construction and demolition work. As of 30th December 2022, the average AQI for Delhi stood at 399, considered borderline hazardous. The experts committee at GRAP believes the air quality is likely to further deteriorate in the coming days due to calm winds and stable atmospheric conditions.


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