In order to help new financiers revive struggling housing developments that have left millions of homebuyers throughout the nation in the dark, several high-street banks will waive their first claims to assets and cash flow. Several of the bank CEOs and other industry leaders who spoke about the issue a week ago were willing to […]
Banks might relinquish the right to restart housing projects.more
PUNE: Since the city authority has sealed over 400 such structures since May of this year, residents who have not paid their property taxes for a number of years may lose their homes. “Notices were sent to the property’s owners and occupants, reminding them of the payment.” However, despite repeated summons, they have not paid […]
400 buildings in Pune have been sealed because of unpaid property taxes.more
Despite multiple difficulties, including numerous unhappy homebuyers, the insolvency and bankruptcy proceedings of real estate enterprises have seen consistent progress in terms of remedies. Experts predicted that the performance would increase if the government changed the code to allow for resolution based on the type of projects being undertaken rather than imposing a single, strict […]
62% of instances involving real estate insolvency have a successful conclusion.more
NEW DELHI: In order to make rehabilitation projects economically viable, particularly in the Mumbai region, realtors’ group CREDAI has urged the government to abolish the GST on units that are provided free of charge to current tenants. When meeting with Union Finance Minister Nirmala Sitharaman, a delegation from CREDAI and CREDAI-MCHI made an official representation […]
CREDAI calls for the removal of the GST on free-of-charge apartments offered in redevelopment projects.more
NOIDA: 38 builders were fined Rs 76.5 crore by the Uttar Pradesh Pollution Control Board (UPPCB) for unlawfully drawing groundwater from borewells. Within 15 days, the builders must deposit the money. According to officials, the board fined the Gaur City 2 project a maximum amount of Rs 6.6 crore and the Gaur City 1 project […]
For unlawfully collecting groundwater, the UPPCB penalised 38 builders in Noida with a total of Rs. 76.5 billion.more
KOLKATA: The West Bengal Real Estate Regulatory Authority (WBRERA) will now handle all proceedings on complaints that home buyers had brought against developers to the now-defunct West Bengal Housing Industry Regulatory Authority (WBHIRA). The Supreme Court stated during a special leave petition (SLP) hearing on May 12 that any orders issued by the WBHIRA will […]
According to SC, West Bengal RERA will hear real estate complaints submitted to HIRA.more
Over 584 developers of housing projects registered in January have received show-cause warnings from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for failing to update information about their projects. These are a part of the 746 new housing projects overall that total 50,288 flats and were filed with the regulator in January. They are estimated […]
584 developers receive notifications from MahaRERA for failing to update their quarterly information.more MUMBAI: The state consumer commission ordered a housing society in Deonar to pay Rs 55,000 as reimbursement and perform repairs and water-proofing of two-row houses after observing that a housing society cannot shirk its responsibility for necessary maintenance just because the owners have given the house on rent. The Maharashtra State Consumer Disputes Redressal Commission […]
If a home is rented, the housing society cannot avoid its obligations: SCDRC of Maharashtra.more
NOIDA: The marketing offices and remaining inventory of three projects with outstanding debts totaling Rs 1,000 crore were sealed on Thursday by the Noida Authority. The action was taken against two Gardenia Group projects in sectors 46 and 75 for failing to pay debts totaling Rs. 707 crores, as well as a Logix project in […]
Offices and unsold apartments in three buildings in Noida are sealed due to debts of nearly Rs 1,000 crore.more
MUMBAI: The Enforcement Directorate (ED) recently filed a chargesheet in the court against developer Shailesh Sawla and two of his firms, Kunal Construction and Sawla Construction, for selling homes to prominent persons in a slum-dwelling project. It’s one of the ED’s oldest pending laundering of money cases, dating back to the Prevention of Money Laundering […]
In one of the oldest PMLA cases, the ED files charges against a Mumbai-based builder.more
