2023-08-16
Real estate developers have been requested by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to set up grievance redressal cells to handle complaints of their homebuyers. These cells for the developers' projects are intended to have at least one grievance redressal officer. Compliance with this provision will be a crucial factor in the regulatory authority's proposed project evaluation process. The details of the redressal cell should be prominently displayed on the project site as well as the developer’s website.
2023-08-16
Solitaire Group, a leading real estate builder and property developer acquired a land parcel of over 20 acres in Mumbai’s Andheri, through one of its subsidiaries, Honest Vastunirman. The land parcel was purchased for Rs 550 crore, from Arogya Bharti Health Parks and Arogya Bharti Hospitals. The total consideration includes 140 residential tenements with a carpet area of nearly 38,000 sq ft to be constructed by the developer and to be handed over to the seller within six years of the conveyance deed.
2023-08-16
Following a rather weak first quarter (Q1), the Indian real estate industry had a strong inflow of private equity (PE) investments reaching $1.92 billion in the second quarter of 2023. This notable growth indicates a significant increase of 63% over the previous quarter (Q1 2023) and a spectacular 60% increase over the same period last year. The first half of 2023 saw impressive cumulative inflows of roughly INR 24,680 crore, representing a significant 51% increase over the same period in 2022.
2023-08-16
The government of Uttar Pradesh is considering implementing a co-development policy as a practical tactic to revive stalled projects in Greater Noida and Noida. This proposed strategy intends to address the challenges of stalled real estate developments and re-energize their advancement. The government is currently testing this policy through a trial run with the Hawelia Group, a real estate developer, who has taken on the responsibility of revitalizing a nearly constructed project in Greater Noida called Shree Radha Sky Garden.
2023-08-16
Shriram Properties Limited (SPL), a Bengaluru-based real estate developer, announced a profit of Rs 16.6 crore for the first quarter of its current financial year on August 14, up 59 % from the previous year. SPL reported Rs 459 crore in first quarter revenues, up 47 % year on year (YoY), by selling 0.78 million square feet. The plotted development model accounted for around 21% of sales volumes during the quarter, while the development management model accounted for 12% of sales volumes.
2023-08-15
On August 12, the Greater Noida Industrial Development Authority (GNIDA) approved the Master Plan 2041, paving the path for the expansion of this satellite town near Delhi. Greater Noida's master plan calls for the acquisition of 40,000 hectares for development and expansion. Greater Noida currently occupies 31,733 hectares of land. After the master plan is implemented, the city will cover around 71,733 hectares.
2023-08-15
Some of the town planning authorities and municipal councils have not been updating MahaRERA via email resulting in pending registrations of 160 real estate projects in the state. Following the discovery that some developers from the Kalyan-Dombivali region had submitted forged civic clearance documents when registering projects under MahaRERA, it was mandated that local civic bodies and planning authorities email all commencement and occupation certificates issued for real estate projects to a dedicated email ID to verify their authenticity.
2023-08-15
According to the real estate regulator, the Uttar Pradesh government elected Sanjay R Bhoosreddy as the next Chairman of the Uttar Pradesh RERA, and Dimple Verma as a new member of the Authority. Bhoosreddy is a retired IAS official who previously served as Additional Chief Secretary-Sugar Industry and as the UP government’s Investment Commissioner. Verma is a retired Director General of Youth Welfare. She has previously served as the Principal Secretary to the UP government.
2023-08-15
Malhotra Group: Leaders in Property Leisure, and Care (PLC), a UK-based firm with business interests in real estate, care homes, and leisure across the UK, purchased a delayed project in Punjab's Ludhiana for approximately Rs 150 crore. The firms’ resolution plan has been approved by the National Company Law Tribunal (NCLT). The corporation's township, which would include a hotel, health farm, school, golf course, villas, and flats, will cost between Rs 1,200 and Rs 1,500 crore in Foreign Direct Investment.
2023-08-15
The Haryana Urban Development Authority (Huda) plans to replace the illegal Gandhi Colony with 20 group housing societies on 21.75 acres of land in Sector 5's Mansa Devi Complex (MDC). Almost a thousand shanties have invaded the region. Municipal corporation and Huda reported that 100 shanties were removed; officials send letters to illegal inhabitants requiring them to vacate within a specified timeframe or face legal action.
