Union Minister, Hardeep Singh Puri said that a lot of people do not want to give their properties on rent because they think that "if you have a weak legal system, you might not get your property back" and hoped that the new policy will overcome this.
Once the portal is launched, the citizens can visit it for all encumbrances related to property — from checking title search, records of rights, property and water tax dues to conduct charges search at the Registrar of Companies.
Delhi-based developer has to complete work by August 30 for reverse CIRP. Insolvency process was started after a buyer of Winter Hills-77 Gurgaon, a project of Umang Realtech, where Uppal housing is one of the promoters, had approached NCLT. However, the flat buyers moved the NCLAT against the order and Uppal agreed to complete the flats.
According to Anarock, total area sold was slightly higher during last year’s festive quarter, while the total revenue was more this year. This indicates that the sale of homes other than affordable housing saw a higher overall sales value.
About 10 days ago, the Forum for People’s Collective Efforts had written to the committee saying the threshold requirement was suggested by builders and it does not provide a level playing field for home buyers. It added that the proposed requirement had been rejected by the Supreme Court earlier.
Upscale neighbourhood of West Delhi having a mix of group housing societies, DDA flats and builder floors. Like any other developed locality, all facilities like schools, restaurants, hospitals are readily available here.
"Special Window clears projects with capital commitment of more than Rs 540 crores. Disbursements started which will provide relief to 1800 home buyers and unlock Rs 3,000 crores of invested capital," the finance ministry said in a tweet.
The registration process for the 14,000 residents in multiple projects of Amrapali started in January. The buyers are, at present, signing up tripartite agreements with the Noida Authority and the court receiver, and then getting their properties registered at the district registrar’s office in Sector 33.
Supertech chairman RK Arora told ET that the company has applied for the realty stress fund and as a backup plan, has identified several of its malls and hotels in tier II cities to raise Rs 700 crore.
This locality is close to the employment hubs of Dombivli, Bhiwandi, Ulhas Nagar, Ghansoli, Mahape, etc. Kalyan also has a good mix of social infrastructure including schools, hospitals, banks, cinema halls, and so on.
In December 2019, the government had passed an ordinance to amend the code, with the result that a threshold of minimum 100 homebuyers or 10% of total homebuyers in a project, whichever is less, is required to take the builder to an insolvency court.
"A revised demand assessment was made and now the demand is for 1.12 crore houses. I am sure we can meet that in terms of sanctioning in the next month or so," Union Housing and Urban Affairs Minister Hardeep Singh Puri said during the Question Hour in the Upper House.
This week realty hot spot focuses on North Kolkata. The locality is a well-established residential area with good rail and road connectivity. Apartments here are available in the range of Rs 2,300-5,700 per sq ft.
As an industry we expected bolder steps from the government to revive the ailing sector such as providing more liquidity for the sector, onetime restructuring of loans and tax deductions on home loans, said Satish Magar, President, CREDAI National.
The newly constituted board of debt-laden property developer Unitech is looking for an agency to prepare a resolution plan, the modalities of which were discussed at the board’s first meeting on Tuesday.
Confronted with the homebuyers' rejoinder, a Supertech spokesperson said on Tuesday that keys were handed over to 20 buyers. It alleged that Supertech has also backed out from its commitment to make pre-EMI payments to subvention buyers.
Under the e-court system, registration of complaints will happen through an online form that will collect the required information, which will be then pre-processed/scrutinized by RERA for missing information in the complaint.
The warehousing stock of India is expected to cross 375 mn sq ft by 2023 with an increased share of Grade A stocks. Strong demand is expected to drive the market absorption and keep the vacancy below 10%, said JLL in its latest report.
Anarock Property Consultants' commercial business will operate in all major cities. It has already secured mandates to strata sell 3 million square feet office space in MMR, NCR. It will focus on sales of office assets to corporates, HNI investors & end-users.
K-Rera has scheduled hearings in February for both the complainant and the respondent. Officials said complaints have been received against projects dating back to 2010, 2014 time-periods. Complaints against real estate builders and promoters have crossed 100.
Golf Course Extension in Gurgaon is a well-developed locality with extensive connectivity via road and metro, proximity to key employment hubs and a variety of other facilities. Here are more features that make it this week's realty hot spot.
About a year ago, the Supreme Court had asked NBCC to complete 16 projects of the Amrapali Group. It has completed work on two of those, which will be handover soon to the court receiver. It has issued tender for completion of work on seven stuck projects.
The flat owners have been asked to submit the proforma 3, along with the documents, for determining the balance amount, besides the compensation of Rs 25 lakh payable to them since the terms of the committee will expire on March 10.
Department of town and country planning (DTCP) has started installing notice boards at these illegal colonies to warn people from investing there, as it can also land them in jail. So far more than 50 such boards have been installed in the city.
In December 2019, for Amrapali Group, the Centre made an application having a five-point criterion for financing the selected stalled projects. But for Unitech, the Centre refused to infuse funds from the Rs 25,000 crore corpus created to salvage stalled residential projects.
Residential options across all budget segments is a key growth driver of this Bengaluru locality. The locality is easily accessible from key employment hubs. Properties here are priced between Rs 4,200 per sq. ft and Rs 8,400 per sq.
The recent demolition of illegal apartment buildings in Kerala shows the risks homebuyers are taking in India. In addition to coastal regulation zone (CRZ) rules, there are several land usage rules that home buyers must be careful about.
"We note that the appellant (DLF) is a listed company in real estate and is very well aware of legal formalities. By insisting affidavit and indemnity bond again and again, in spite of Letter of Administration issued clearly establish that the Appellants (DLF and Rajdhani Investments) are harassing the poor investors," said a three-member NCLAT bench.