Tag: Maharashtra

IndustryLatest Stories

Maharashtra: Only 31% Builder Recovery Warrants Executed, Buyers Upset

PUNE: Homebuyers across Maharashtra are expressing their dissatisfaction with the slow progress on recovery warrants issued against non-compliant builders by MahaRERA, with only 31% of cases resolved to date. Despite a directive from the state government to hasten the process, officials revealed that only ₹243 crore has been recovered from the ₹760 crore owed in 1,212 cases. The slow recovery stands in stark contrast to revenue minister Chandrashekhar Bawankule’s promise during the state budget session to eliminate the backlog within three months. Recovery warrants, issued under Section 40(1) of the Real Estate (Regulation and Development) Act (RERA), authorize district administrations…

IndustryLatest Stories

Maharashtra Panel Proposes Cancelling Membership for Flat Owners Blocking Redevelopment

PUNE: Homeowners who continue to obstruct self-redevelopment after exhausting all legal avenues may face membership revocation, as suggested by a state-appointed study group. The panel, led by MLC Pravin Darekar, emphasized that while objections are a member’s right, persistent resistance following majority approval of a redevelopment plan constitutes holding the entire society at ransom. The report proposed that if a minimum of 51% of society members approve a redevelopment resolution (validated by the deputy registrar, cooperative court, or even the High Court), that decision should be obligatory for everyone. Dissenters would then need to vacate their flats to facilitate the…

Latest StoriesResidential

Maharashtra Deputy CM Suggests Policy for Redevelopment Safety

THANE: The state housing department is developing a new policy aimed at preventing redevelopment projects from halting midway and ensuring residents are not displaced without compensation. Deputy Chief Minister Eknath Shinde announced on Saturday that developers will be required to deposit three years’ rent before commencing any redevelopment work. Shinde stated, “Some builders initiate redevelopment projects, displace residents from their flats, and either fail to pay rent or delay construction. Occasionally, they even trade rights with other developers, resulting in stalled projects and inconvenience for residents.” He continued, “To counter this, we are implementing a policy requiring builders to deposit…

Latest StoriesRegulatory

Maharashtra I-T to penalize sub-registrars for unreported deals

NAGPUR: The income tax department is set to impose significant penalties on property sub-registrar offices (SRO) for failing to accurately report real estate transactions in their financial statements. Investigations at various SROs revealed that transactions totaling approximately Rs13,000 crore were not disclosed in the required format. Registrations of properties valued at Rs30 lakh and above must be reported to the income tax department under the Statement of Financial Transactions (SFT). This marks a rare occasion where a government department penalizes another. Last year, SROs received a penalty notice, but it was for a relatively minor sum. This time, penalties could…

IndustryLatest Stories

Maharashtra earns ₹29,795 crore from property fees by Oct 12

PUNE: Property registrations across Maharashtra continue to thrive, even after the recent increase in the ready reckoner (RR) rate, marking the first uptick in three years. The state has already gathered nearly half of its annual stamp duty and registration fees target as Diwali approaches. According to the state registration department, Maharashtra amassed ₹29,795 crore in stamp duty and registration fees by October 12, equating to 46.9% of the current financial year’s target of ₹63,500 crore. This represents a 7% increase from ₹27,834 crore during the same timeframe last year (up to the end of September), despite the recent RR…

InfrastructureLatest Stories

Maan-Mhalunge planning scheme awaits Maharashtra’s approval

PUNE: Nearly seven years after being highlighted as a premier urban development project at the Magnetic Maharashtra summit, the Mhalunge-Maan town planning (TP) scheme is still awaiting the final approval from the state government, leaving many landowners in uncertainty. Initiated by the Pune Metropolitan Region Development Authority (PMRDA) in August 2017, the project was touted as a key initiative during Devendra Fadnavis’s first term as Chief Minister. Despite renewed directions in July from Fadnavis to the urban development department (UDD) to accelerate processes, officials confirm there has been no advancement in the past three months. A senior PMRDA official remarked,…

CommercialLatest Stories

Maharashtra Cabinet Greenlights Policy to Double Global Centres by 2030

AI-generated image (representative) NAGPUR: On Tuesday, the state cabinet approved a new policy aimed at attracting investments in Global Capacity Centres (GCCs). The initiative emphasizes Tier-2 and Tier-3 cities such as Nagpur, Nashik, and Chhatrapati Sambhaji Nagar, with a goal of increasing the number of GCCs in the state to 800. This policy, effective from 2025 to 2030, seeks to draw in investments totaling ₹50,600 crore and create 400,000 new jobs. Currently, Maharashtra is home to 400 GCCs that employ 400,000 individuals. With this decision, Maharashtra joins other states like Gujarat, Karnataka, Madhya Pradesh, and Uttar Pradesh in having a…

Latest StoriesResidential

Tenant registrations can now be cleared at any district sub-registrar.

PUNE: The state property registration department has implemented a measure to expedite online leave and license registrations, allowing tenant agreements to be processed at any sub-registrar office within a district instead of being confined to specific taluka offices. The change, part of the One District, One Registration initiative, will take effect on October 2, as announced by officials on Monday. “This will facilitate faster clearance of tenant registration documents, reducing pendency across the state,” said a senior official following a departmental review. Previously, residents had to rely on their designated local sub-registrar office, leading to a disparity in workloads—some offices…

Latest StoriesResidential

Hiranandani Group Unveils 225-Acre Township in Alibaug

NEW DELHI: Hiranandani Communities has unveiled its latest township project, Hiranandani Sands, spanning over 225 acres in Alibaug, Maharashtra. This initiative anticipates generating revenue projections of ₹17,000 crore. The initial phase covers 3.3 lakh sq ft and includes three residential towers with 330 units, featuring studio, 1, 2, and 3 BHK apartments. Prices start from ₹80 lakh for studios and go up to ₹2.85 crore for high-end 3 BHK homes. The launch of the project saw gross sales reaching ₹450 crore. The township will comprise residential homes, villas, plotted developments, and branded serviced apartments, along with five hotels, a convention…

CommercialLatest Stories

Maharashtra to open 16-acre Worli Dairy land for commerce

Representative AI image The Maharashtra government plans to transform the sea-facing Worli Dairy land, approximately 16 acres in central Mumbai, into a commercial zone, changing its previous designation as a site for a marine research institute, aquarium, and exhibition center. The Urban Development Department has issued a notification under Section 37(1AA) of the Maharashtra Regional & Town Planning Act, 1966, inviting public objections and suggestions within a month. The Worli division plot was initially marked as ‘dairy’ in the Development Plan 2034 and zoned for residential use. In 2021, the government updated its designation to include ‘marine research institute, aquarium,…