Tag: Maharashtra

Latest StoriesRegulatory

Maharashtra Eases Land Rules Restricted by Fragmentation Act

NAGPUR: The Maharashtra government has taken a significant step in land reform by officially regularizing numerous land parcels previously constrained under the Fragmentation and Consolidation of Holdings Act, 1947. This change is expected to benefit nearly 20 million citizens. Revenue Minister Chandrashekhar Bawankule announced the implementation of this long-awaited amendment following the issuance of a government gazette notification on Tuesday. Describing it as a momentous and citizen-focused reform, Bawankule stated, “Approximately 4.9 million landholders—representing around 20 million family members—will now have their names officially listed on 7/12 land extracts. This decision resolves decades of confusion and challenges posed by antiquated…

IndustryLatest Stories

Maharashtra Revamps Rules for Redevelopment Projects

MUMBAI: The Maharashtra government has announced proposed amendments to the Development Control and Promotion Regulations (DCPR) 2034 for Greater Mumbai, aimed at enhancing the feasibility and financial viability of redevelopment schemes under the Maharashtra Housing and Area Development Authority (MHADA). The proposal comes after MHADA approached the state government, requesting modifications to existing provisions to bolster the viability of its redevelopment projects. Currently, Regulation 31(3) permits builders to receive extra ‘fungible’ construction area, exempt from premium charges, based solely on the existing built-up area of a project. The government intends to expand this benefit to include the rehabilitation area, allowing…

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NA Tax Scrapping Awaits GR; Pune Societies Get Notices

PUNE: Nearly a year after the state cabinet’s decision to abolish the non-agricultural (NA) tax in urban areas, housing societies are still awaiting an official government resolution (GR) to confirm the tax exemption. Several societies in Pune and Mumbai have received NA tax notices, leading some to pay the dues to avoid potential administrative actions. The NA tax, rooted in colonial times, is levied on properties built on agricultural land converted for non-agricultural use within municipal limits, excluding gaothan (village) areas. The cabinet’s decision to abolish this tax was made last October, but the law and judiciary department has delayed…

InfrastructureLatest Stories

Maharashtra Approves Pune Civic Body’s Draft Plan for Merged Areas

PUNE: Nearly eight years after its declaration, the draft development plan for the merged areas under Pune Municipal Corporation (PMC) has been approved by the state government. The notification, published on Friday, invites public suggestions and objections for the next 60 days. Civic officials stated that under Section 23(1) of the Maharashtra Regional and Town Planning Act, 1966, PMC expressed its intention to prepare a draft development plan on June 28, 2018. The proposal to merge 34 villages was ratified by PMC in 2013-14, with eleven areas incorporated into its jurisdiction in 2017. Among these, nine were partially merged, while…

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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…

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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…

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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,…