Category: Latest Stories

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Latest StoriesRera

MahaRERA Initiates Statewide Verification of Developer OCs

Certainly! Here’s a rewritten version of the content you provided: PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has launched a statewide verification process for 2,600 Occupancy Certificates (OCs) submitted by developers through its official portal. These certificates are being sent to the relevant planning authorities for validation to prevent any potential discrepancies or forgeries, as reported by officials on Saturday. This initiative follows the repercussions of the Dombivli scam, where developers allegedly utilized falsified approvals to construct illegal buildings across numerous projects. This crackdown is a direct consequence of the 2022 Kalyan-Dombivli Municipal Corporation (KDMC) scandal, which involved 65…

IndustryLatest Stories

Noida Authority May Contest HC Ruling on Lease Rent Waivers

NOIDA: The Noida Authority has opted to challenge an Allahabad High Court ruling that annulled the state’s decision to revoke lease rent waivers previously granted to various real estate firms under the “zero period” policy. This policy is designed to offer relief against delays that developers cannot control, emphasizing the need to protect revenue and maintain policy consistency. During a meeting on June 14, the Authority’s board decided to contest the High Court’s April 23 decision, made in response to a petition by Greatvalue Projects India. The Authority asserts that the lease rent waivers contradict its established policy, which categorically…

Latest StoriesResidential

Maharashtra CM to Inaugurate BDD Flats in Worli on July 21

Representative image created by AI MUMBAI: Chief Minister Devendra Fadnavis is set to distribute keys for the first batch of BDD flats in Worli on July 21, shortly after the conclusion of the legislative session. Plans for a function have been made where the CM will hand over several keys. Milind Borikar, Chief Officer of the Mumbai Board at Mhada, stated that 556 flats, each with a carpet area of 500 sq ft, will be allocated in this initial phase. “By the end of the year, we anticipate receiving 3,989 flats across three sites,” Borikar added. While preparing to hand…

Latest StoriesRera

Only 30% of MahaRERA Recovery Warrants Executed; ₹527 Crore Pending

PUNE: The progress of MahaRERA in executing recovery warrants has been sluggish, with only 31% of cases resolved. Although the state government has instructed that these cases be handled within three months, officials informed TOI that merely Rs 233 crore has been recovered from the Rs 760 crore due in 1,212 cases across Maharashtra. This slow progress contradicts the revenue minister Chandrakant Bawankule’s promise during the state budget session, where he highlighted the need for faster execution of MahaRERA’s recovery warrant orders to clear the backlog within three months. The recovery warrants are issued under Section 40(1) of the Real…

Housing FinanceLatest Stories

IIFL Home Finance Secures $100M Loan from AIIB

The Abu Dhabi Investment Authority (ADIA)-backed IIFL Home Finance has secured a $100 million loan from the Asian Infrastructure Investment Bank (AIIB). This funding aims to support economically weaker segments in India and assist builders of low-cost housing. This marks AIIB’s first funding to IIFL Home Finance, as reported by CEO Monu Ratra. “The ECB from AIIB is noteworthy because we can finance developers focused on affordable housing. This will help address the shortage of affordable homes in high-demand areas. Additionally, these funds will be used for retail affordable home loans,” Ratra stated. The loan is structured for a five-year…

IndustryLatest Stories

CIDCO Approves Conversion of Leasehold to Freehold Plots

Representative image created by AI The Maharashtra government has taken a notable step to enhance property ownership rights by converting residential plots allocated by the City and Industrial Development Corporation (CIDCO) from leasehold to freehold. This decision is poised to affect plot owners in Navi Mumbai and other areas developed by CIDCO. To facilitate the implementation of this directive, CIDCO has established a dedicated committee to oversee and review applications for these conversions. This scheme is applicable to residential plots awarded through the tender process, CIDCO-built housing projects, and those allotted under the 12.5% and 22.5% land allotment schemes. Eligible…

Latest StoriesResidential

Ghaziabad Orders Residents to Demolish 172 Houses in 15 Days

GHAZIABAD: The Ghaziabad Development Authority (GDA) has issued demolition notices to 172 households in the Babu Jagjivan Ram Colony located in Rajendra Nagar. The GDA asserts that this colony occupies 2,864 sqm of land originally designated as a park around 50 years ago. Residents have been granted a 15-day period to demolish their homes, failing which the GDA will initiate demolition efforts. An official from the GDA indicated that a petition was filed with the National Green Tribunal (NGT) in 2023, bringing this issue to public attention. The original case is ongoing. “In 2024, a meeting, chaired by the then…

Latest StoriesRera

Telangana RERA Fines Agent for Promoting Unregistered Flats

HYDERABAD: The Telangana Real Estate Regulatory Authority (TG RERA) has imposed a fine of Rs 6.17 lakh on a real estate agent for promoting an unregistered project and impersonating the builder to issue receipts to buyers. RERA has also instructed builders, Aaditri Housing, to complete the flat and register it in the complainant’s name after clearing the mortgage, with further penalties threatened for any delays. This case arose from a complaint by Venkata Naga Sai Gupta Chegu, a bank manager from Khammam, against Aaditri Housing Pvt. Ltd, along with agents Jakkepalli Sri Lakshmi and Jakkepalli Appa Rao. Sai Gupta claims…

Latest StoriesRegulatory

CBI Rescinds Earlier Directive on India Cements

The CBI has urged the High Court to set aside its earlier ruling that acquitted India Cements in the quid pro quo case linked to YS Jaganmohan Reddy, as the agency has filed an appeal with the Supreme Court, which is still pending. This request was made during proceedings regarding Dalmia Cements’ petition to dismiss the case against them.

IndustryLatest Stories

Gmada proposes ₹800/sq yard cut in enhancement fees for sectors 76-80

MOHALI: A potential relief for over 30,000 plot allottees in sectors 76 to 80 is on the horizon as the Greater Mohali Area Development Authority (GMADA) has proposed reducing enhancement charges by Rs 800 per square yard. However, this proposal awaits final approval, as the state government is seeking a comparative review of enhancement charge calculations used by other regional development authorities. The decision was made during a GMADA executive committee meeting chaired by Punjab Chief Secretary K.A.P. Sinha, who also leads the committee. The meeting took place at the PUDA office in Sector 62 on Thursday. Before proceeding with…