A developer arrested on Sunday after fleeing from custody earlier in the day was nabbed from Mumbai airport for allegedly duping a bank for Rs 30 crore, a Thane police officer said. Jagdish Wagh (37) from Dombivali, Mumbai, is accused of dupping the CKP bank with Rs 30 crore following default on loans taken on […]
Fraudulent developer arrested at Mumbai Airport for dupping Rs 30 crore.more
India’s sudden takeover of a struggling Indian shadow bank will not stop its lenders’ troubles, faced with the risk of significant write-offs if a fraudulent account is reported to Dewan Housing Finance Corp. If the KPMG report absolves Dewan of irregular lending, then only around Rs 5,500 crore of provisions would be needed. Dewan has […]
DHFL write-offs will hit Indian Banks by Rs 36,000 crore.more
According to an analyst poll by Reuters, The housing market in India, burdened by unfinished projects, as developers struggle to access money, is expected to recover modestly in the coming year on government efforts to unblock the market. The government has approved the 100 billion rupees ($1.4 billion) fund earlier this month to help clear […]
Analyst poll – Real estate sector is expected to bounce back modestly through the government measures.more
The Forum for People’s Collective Efforts (FPCE) lobby of homebuyers requested involvement by Prime Minister Narendra Modi to avoid any attempt to prevent homebuyers from moving the National Company Law Tribunal (NCLT) against errant builders. Last year the Government implemented the Insolvency & Bankruptcy Code to consider homebuyers as financial creditors and authorize them, in […]
FPCE demands Prime Minister’s intervention to get errant developers to NCLT.more
Residents of Azad Nagar chawls in Wadala, in violation of the Bombay High Court ruling in March 2019, wrote to Municipal Commissioner Praveen Pardeshi to terminate the development agreement with East & West Developers, a part of RNA Group, for failing to pay transit rent to 324 residents. On 1 September at the project location […]
Wadala Chawl residents ask BMC to forfeit redevelopment agreement with East & West Developers.more
The Gujarat Real Estate Appellate Tribunal stated in a significant order that the group must, first be registered association if a group of residents wants to complain against a developer with the Gujarat Real Estate Regulatory Authority (RERA). The residents or allottees of houses can lodge complaints either individually or by means of a lawyer, […]
RERA: A group of residents cannot file a complaint against a builder without registration.more It was an exercise in public relations fraught with potential pitfalls. But the BMC seems to be sitting nicely at the end of the seven-day #PotholeChallenge2019—the corporations claim to have fixed nearly 70% of their complaints about potholes and also decide to call up all of their complainants and confirm that their concerns are dealt with ‘Satisfaction’. The […]
Mumbai Officials claim to have achieved 70% of potholes complaint under Pothole Challenge 2019.more
The Supreme Court, on 4 November 2019, prohibited all construction and demolition activities in the region, along with the burning of garbage and waste in order to enact the severe air pollution in Delhi-NCR as ‘atrocious’. The apex court said, because of the ‘worsening of emergency’, people cannot ‘left to die’, the people engaged in […]
Supreme Court bans construction, demolition, waste burning in Delhi-NCR.more
On Tuesday, Finance Minister Nirmala Sitharaman flagged concerns about the real estate sector problems, saying that much attention is needed in the ailing industry. “The Indian Government is extremely committed to and works with RBI to see how best we can change existing legislation, where it is required, and assist the people in this particular sector […]
The government is working on reviving the real estate sector, says Nirmala Sitharaman.more
Maharashtra Metro Rail Corporation Limited will seek guidance from the new state government on the implementation of future phases of the city’s mass transportation system. Brijesh Dixit, Managing Director of Maharashtra Metro Rail Corporation Limited (MahaMetro), said, “We plan to consult with the state government to seek direction for future phases. Pune City has many […]
MahaMetro officials seek to consult new government for the future metro routes.more