Ghaziabad Set for Growth: Development Body Approves Inclusion of 77 Villages

3/19/2025 10:36:00 AM

Ghaziabad: Seventy-seven villages along Delhi-Meerut Expressway (DME) and Eastern Peripheral Expressway (EPE)—some of them in Baghpat's Kekhra tehsil and others in Loni and Modinagar—will be integrated into the Ghaziabad Development Authority (GDA) for planned development. The GDA board, which met in Meerut on Tuesday, approved the proposal to assimilate these revenue villages. The integration process will start once UP govt ratifies the plan. "The NCR Planning Board's proposal to assimilate 32 revenue villages along EPE and 29 along DME, which are within 500m of the expressways has got the board's backing now. Sixteen other villages under Hapur-Pilakhua Development Authority will also be integrated with GDA," GDA secretary Rajesh Kumar Singh said. The villages, currently under panchayats, have seen unregulated growth due to their proximity to the expressways. "After a notification from UP govt, GDA will be vested with power to draw up plans as per its building by-laws to ensure the planned growth of the area," Singh added. The board also approved GDA's budget for 2025-26 financial year (FY), which proposes to spend Rs 2,132.23 crore under various heads and expects to mop up a revenue of Rs 2,623.4 crore. In the FY 2024-25, GDA generated revenue of Rs 1,599.6 crore while it spent Rs 915.7 crore. The board also approved a proposal to extend by one year the decision to freeze the price of 1,531 GDA properties, valued at Rs 534.1 crore, till March 31, 2026. "In July last year, GDA, with the intent to woo buyers, decided to freeze property rates till March 31, 2025. The board on Tuesday extended it till the next fiscal year," Singh said. The per unit cost ranges from Rs 5.7 lakh for EWS units to Rs 69.42 lakh in different housing schemes, which offer 1 to 3 BHKs, mini-LIG, LIG and EWS flats. "GDA board also approved a proposal to relocate 373 plots in pocket E of Madhuban Bapudham residential project. These plots, sold off to buyers by the development authority as park-facing land, currently face a crematorium. Since then, the buyers have been agitating that they be relocated elsewhere within the township," said Singh. GDA acquired 800 acres of land for the housing scheme based on mutual consent from farmers. But it was forced to revisit land rates of developed plots after farmers, who hold about 281 acres, moved the Allahabad High Court in 2004. "The farmers first moved the court, saying the land compensation must be awarded to them under the Land Acquisition (Rehabilitation & Resettlement) Act, 2013, but the decision was given in favour of GDA. But in 2007, the aggrieved farmers moved the Supreme Court to challenge HC's decision. The SC ruled in favour of the farmers. The GDA board on Tuesday approved a proposal under which 6% of developed land in the 800 acres acquired from farmers at mutually agreed rates and 20% of the developed 281 acres, which was acquired as per the Land Acquisition Act, will be given to the farmers at a lower rate of at Rs 26,500/sqm, said Singh. A developed plot has amenities such as roads, sewers, shopping complexes, schools and parks. Source : Times of India INDIA

Haryana Budget: CM Announces Affordable Housing for Migrants & Support for Gig Workers

3/18/2025 10:42:00 AM

Chandigarh, Mar 17 (PTI) Haryana Chief Minister Nayab Singh Saini announced the launch of a new scheme on Monday to empower gig workers and ensure their social security coverage. A dedicated portal will be created for all gig workers in the state, allowing them to register and connect with various government schemes and opportunities. He added that all gig workers registered on this portal will receive insurance protection, including health, accident, and life insurance. The aim of this initiative is to provide financial stability, social security, and improved working conditions for gig workers, enabling them to become more self-reliant and active contributors to Haryana’s economic development. Saini, who also holds the Finance portfolio, made this statement while presenting the budget for 2025-26 in the state assembly. Haryana has set a deadline of March 31, 2025, to implement three new criminal laws, Saini informed the Assembly during his budget speech. The chief minister said that fast-track courts will be established in every district of the state to ensure the speedy trial and punishment of drug-related cases. Additionally, a centralised NDPS monitoring cell will be set up at the state level. A proposal of Rs. 10 crore has been made for the development and implementation of modern technologies, such as drones, to maintain law and order. Cyber police cells will also be established at the sub-division level in districts with a high incidence of cybercrimes, he announced. In the social welfare sector, Saini revealed that a "Divyangjan Kosh" (Fund for Differently-abled Persons) will be established in the state, with a budget provision of Rs 50 crore. Touching upon environmental matters, Saini outlined plans for the conservation and growth of rare and endangered native tree species, ensuring the protection of their gene pool. Additionally, an environmental training center will be established in Industrial Model Township, Manesar, Gurugram. To prevent pollution in the Ghaggar and Yamuna rivers caused by immersion after worship and factory leakages, the Haryana Pollution Control Board will introduce a new arrangement. This will respect the faith of the people by providing designated immersion sites along the riverbanks. During his budget speech, Saini stated that the state government aims to provide clean and affordable rental housing to urban migrants, unorganised sector workers and economically weaker sections (EWS) through the Affordable Rental Housing Scheme under Pradhan Mantri Awas Yojana (Urban) 2.0. This initiative will offer short-term rental housing options for those who do not wish to purchase their own homes. A pilot project will be launched to rent out approximately 1,600 flats in various sectors of Sonipat at concessional rates for 25 years, using a transparent system. The Chief Minister also announced an allocation of Rs 2444.27 crore for the ‘Housing for All’ scheme in 2025-26, which is an increase of 303.8 percent from Rs 605.30 crore allocated last year. Additionally, the Housing Board will be merged with Haryana Shehri Vikas Pradhikaran in the financial year 2025-26. An amount of Rs. 300 crore was allocated for the modernization of Haryana Police to equip police personnel with the latest and most advanced technology, as well as to enhance their capacity. Saini also mentioned that under the ‘Mukhyamantri Teerth Yatra Yojana,’ elderly individuals from low-income families were provided with the facility to visit ‘Ayodhya Teerth’ and take a dip in the Sangam during the Maha Kumbh in Prayagraj. Yatras to Mata Vaishno Devi and Shirdi Sai Temple will be started in the financial year 2025-26. He stated that there are currently nine labour courts functioning in Haryana for the prompt settlement of industrial disputes, including one each in Ambala, Panipat, Hisar, and Rohtak, two in Gurugram and three in Faridabad. To make the dispute settlement process more accessible, the number of labour courts will be increased to 14. To promote women’s empowerment, the government has decided to build a ‘Mahila Chaupal’ (Women’s Forum) in every village. In the first phase, 754 villages have been identified for this project. Meanwhile, Saini made a provision of Rs 5 crore for each MLA to support development works in their respective constituencies during the tenure of the assembly. This amount will be disbursed in three instalments. Each MLA will need to submit a prioritized list of development works totaling Rs 5 crore for their constituency. Source : Economic Times INDIA

Haryana RERA sends Ninaniya Estates' director to civil jail over unpaid refund

3/18/2025 10:41:00 AM

Gurgaon: The director of a realty firm was on Monday sent to civil prison for one month after failing to comply with a Haryana Real Estate Regulatory Authority (HRera) order in a refund case. A "civil prison" refers to a jail or place used for the detention of a person who is not a criminal prisoner. Such cases involve failure to pay a debt or comply with a court order. Ninaniya Estates Limited director Prateek Rao was arrested following an execution petition filed by decree holders seeking the enforcement of Rs 26,07,780 refund order issued by the regulator on Nov 15, 2023. The regulator had earlier directed the firm directors — Prateek Rao and Rahul Kumar Pathak — to disclose their assets and bank details by Sept 3, 2024 through a sworn affidavit. However, they failed to comply, leading the court to issue arrest warrants under Order XXI Rule 41 (3) of the CPC. Since the bailiff could not arrest the directors, police assistance was sought. Subsequently, Rao was taken into custody and produced in court by ASI Ram Pal of Kherki Dhaula police station and the bailiff. During the hearing, Rao admitted to being a director of the realty firm but failed to justify why the affidavit was not submitted, except claiming he was unaware of the case. Given the circumstances, the HRera sentenced him to one month in civil prison. He has been sent to Bhondsi Jail and will be produced before the adjudicating officer on April 16, 2025. The jail superintendent has been directed to submit a report regarding the diet money, which the decree holder must deposit. Meanwhile, legal proceedings against co-director Rahul Kumar Pathak are pending, with further action expected, a senior HRera official said. On March 11, TOI had reported that the Gurgaon bench of Haryana Rera has so far issued more than 500 arrest warrants against builders for contempt of its orders, but not a single arrest warrant has been executed. Source : Times of India INDIA

Chandigarh Real Estate Update: Collector Rate Hike from April 1, 2025 – A Boost for Property Investments!

3/17/2025 10:51:00 AM

Chandigarh Real Estate Set for a Positive Shift: Collector Rate Hike from April 1, 2025, to Boost Investment Potential Chandigarh's real estate market is poised for a significant transformation as the administration announces a substantial increase in property collector rates, effective from April 1, 2025. This move is expected to redefine property valuations across different sectors, creating new opportunities for investors, developers, and homebuyers. While an increase in rates might initially appear as a challenge, it signals strong economic growth, infrastructural development, and greater market transparency—key factors that attract long-term investors. Key Highlights of the Collector Rate Revision Residential Property Rates: Premium sectors (Sector 1-12) will see an increase of 130%, bringing property values in line with the city's growing demand for high-end real estate. Mid-range residential areas (Sector 14-37) will experience a 96% increase, making these locations more attractive for modern housing developments. Emerging residential sectors (Sector 38 and beyond) will witness an 80% hike, reflecting rising demand in newer parts of the city. Commercial & Industrial Property Rates: Rural commercial land is set for a fivefold increase, which will help streamline investment and development in previously underutilized areas. Industrial sectors (Phase I & II) will see a 30% hike, signaling a positive push for industrial expansion and economic growth. Agricultural Land & Peripheral Development: Agricultural land rates will rise by 2.5 times, encouraging systematic land use and sustainable development projects. A Positive Outlook for Real Estate Growth While higher collector rates mean increased costs for property buyers, they also enhance market credibility, ensuring transparency in real estate transactions. These changes will create a more structured and sustainable real estate ecosystem, attracting long-term investments from both domestic and international markets. For investors, this is the perfect opportunity to enter the Chandigarh property market before prices rise further. Whether you're looking for residential property, commercial spaces, or industrial land, this revision is a strong indicator of Chandigarh’s future real estate boom. Stay ahead of the market and make informed decisions to capitalize on this exciting phase of Chandigarh’s real estate growth. Source: Chandigarh Administration Notification, MagicBricks, 99acres, Janta Serishta, Local News Reports. India

Chandigarh: CHB's sector 53 housing scheme’s future under cloud again

3/15/2025 10:23:00 AM

Chandigarh: After many failed attempts, the Chandigarh Housing Board (CHB) Sector 53 self-financing housing scheme faces another stumbling block – an increase in the proposed flat prices following a revision in the collector rates, which will become effective from April 1. In the recently concluded demand survey for the scheme, nearly 7,500 applicants expressed their interest. In a previous survey (2018-19), the scheme received only 178 applications. However, with the collector rate set for a major revision from next month, CHB officials say, the prices of the apartments are set to increase by 32% to 38%, depending on the category of the flat. According to a senior CHB official, who didn't want to be named, "The 3-BHK flat, which is currently priced at Rs 1.65 crore, is likely to be priced at Rs 2.29 crore if the proposed collector rates are made effective. Similarly, the 2-BHK prices are set to increase from Rs 1.40 crore to Rs 1.97 crore. For the EWS flat, the price is likely to rise from Rs 55 lakh to Rs 73 lakh," said the official. As the new increased collector rates are to become effective from April 1, CHB officials say if the Sector 53 housing is launched within this month (March), then only the proposed rates in the demand survey will remain effective. If the scheme is launched after April 1, then the prices of flats will have to be revised. "The prices of the scheme are to be based on the collector rates, and if the collector rates are revised, then the prices will also have to be revised. In the changed circumstances, the latest demand survey will be irrelevant as the applicants didn't apply for the new rates after April 1," said the official. CHB initiated the demand survey for the self-financing housing scheme in Sector 53 on February 22, and March 3 was the closing date for the submission of applications. The scheme has three categories of flats, including sub-scheme A - HIG (192 units); sub-scheme B - MIG (100 units); and sub-scheme C - EWS (80 units). The demand survey was conducted for the allotment of flats without any commitment. The launch of the Sector 53 housing scheme was marred by delays for several years since it was first planned in 2018. This is the third time the self-financing housing scheme, planned on a 9-acre plot in Sector 53, is being considered by the board. Last year, just when the CHB was planning to launch the project, it was junked by the then UT Administrator Banwarilal Purohit. Earlier this year, the administration reviewed its decision and directed the CHB to give a presentation to the chief secretary on the project. The scheme could not be launched in 2018 after a demand survey revealed that there were not many takers for the scheme because of the high cost of dwelling units. For 492 flats that were planned to be constructed under the scheme, only 178 applications were received in the demand survey. A one-bedroom set was priced at a whopping Rs 86 lakh, 2BHK for Rs 1.28 crore, and 3BHK priced at Rs 1.5 crore. In March 2020, the board scrapped the scheme in Sector 53. However, the officers were asked to consider framing a new scheme with a lesser cost. In 2022, for the revival of the scheme, CHB dropped the plan to construct 100 one-room flats. Under the revived scheme, CHB then in 2023 planned to offer 372 flats in three categories — 192 three-bedroom, 100 two-bedroom, and 80 two-bedroom EWS flats. CHB reserves the right to abandon the scheme for the said project without assigning any reasons whatsoever. Source : Times of India INDIA

Individual housing loans in Delhi surge 14% to Rs 33.53 lakh crore in 2024

3/13/2025 10:19:00 AM

Housing loans outstanding reached ₹33.53 lakh crore by the end of September, marking a 14% year-on-year growth, with the Middle-Income Group (MIG) segment accounting for the maximum credit at 44%. The outlook for the housing sector remains positive, fueled by initiatives like Pradhan Mantri Awas Yojana 2.0, urbanization, and digitization, a report by National Housing Bank has said. However, regional disparities in credit flow pose a challenge, as Southern, Western, and Northern states dominate housing finance disbursements, while the eastern and northeastern regions see lower penetration, it said. National Housing Bank (NHB), a statutory body under the Government of India has released the Report on Trends and Progress of Housing in India, 2024 that covers the housing scenario and house price movements, flagship programmes of the government on housing sector, role of Primary Lending Institutions (PLIs) in providing housing credit, performance of Housing Finance Companies (HFCs) and outlook for the sector. "As on September 30, 2024, EWS and LIG accounted for 39 per cent, MIG accounted for 44 per cent and HIG accounted for 17 per cent of outstanding individual housing loans," the report said. It said individual housing loan disbursements during the half year ended September 2024 were ₹4.10 lakh crore while disbursements during the year ended March 2024 were ₹9.07 lakh crore. "Major initiatives of GoI, such as PMAY-G, PMAY-U, impact assessment of PMAY-U, Urban Infrastructure Development Fund (UIDF), Affordable Rental Housing Complexes (ARHC) scheme, etc. have been covered in the report," it said. It also said the outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanisation, transit-oriented development, digitisation and other factors. The report noted that housing finance companies (HFCs) have played a pivotal role in the Indian housing sector by catering to the diverse needs of homebuyers. Owing to their flexible eligibility criteria, robust customer service, efficient documentation, and reduced processing time, HFCs have secured their place in the Indian financial landscape. Challenges to be addressed by the housing sector The report identifies regional disparities in credit flow and vulnerability to climate related risks, as some of the key challenges to be addressed by the sector. It also identifies technological advancements in construction, digitization of land records etc. as some of the factors which will facilitate growth opportunities for the sector. The Southern, Western and Northern States of the country account for 35.02 per cent, 30.14 per cent and 28.73 per cent share respectively, of the cumulative disbursements done during H1FY 2024-25 whereas the share of Eastern states (inclusive of the north-eastern states) is 6.10 per cent. The North-eastern states account for 0.68 per cent of the total IHL disbursements during the H1FY 2024-25, it noted. Vulnerability to climate-related risks, such as floods, fires, and extreme weather events. There is a growing need to make buildings more resilient and energy efficient, it said. At present, there are limited number of institutions providing green building certifications and there is no equivalence of rating certifications provided by different agencies. The higher cost of green materials for construction is challenging, it added. This is what real estate experts have to say about the NHB report Commenting on the report, Ashok Kapur, chairman, Krishna Group and Krisumi Corporation, said that India’s housing sector is on a strong growth path, fueled by rising homeownership aspirations, rapid urban expansion, and supportive policies. The National Housing Bank's report highlights this momentum, with individual housing loans increasing by 14% and home prices continuing their steady rise. Pradeep Aggarwal, founder and chairman, Signature Global (India) Ltd, said that the NHB report reinforces “what we’ve been seeing in the market—the mid-income group (MIG) is becoming the backbone of the housing sector, making up 44% of outstanding individual housing loans. This segment is growing rapidly, driven by urbanization, increasing incomes, and supportive government policies, reflecting a strong desire for homeownership.” Source : Hindustan Times INDIA

Court stays trial proceedings against M3M Realty's MD in Ireo group case

3/13/2025 10:18:00 AM

Chandigarh: A special PMLA court in Panchkula on Tuesday stayed the trial proceedings against Roop Kumar Bansal, managing director of M3M Realty, in the Enforcement Directorate (ED) case related to the Ireo group of companies. The court, presided over by Rajeev Goyal, issued the stay following an application filed by Bansal last year. Bansal, who was arrested by the ED in 2022, had been facing trial in the case. Defence counsel Yavneet Dhakla argued that there had been no progress in the FIR and presented examples of similar cases where courts had granted relief to accused individuals. Dhakla specifically cited the case involving former Haryana CM Bhupinder Singh Hooda, where the PMLA court paused proceedings due to the absence of a charge-sheet and ongoing investigations. Dhakla also submitted a list of FIRs filed against the Ireo group and its associates, pointing out that several cases had been quashed, closure reports filed, or proceedings stayed. Bansal's name surfaced in the FIR filed by Haryana's Anti-Corruption Bureau (ACB) in June 2022, which led to the arrest of several individuals, including former CBI judge Sudhir Parmar, Bansal's brother and nephew, and others. Bansal was later arrested in connection with the Ireo group case, and in Aug 2022, the ED filed a chargesheet against him, beginning the trial process. Bansal subsequently moved the court to pause the proceedings, which was granted. Source : Times of India INDIA

Allahabad HC Cautions Uttar Pradesh Govt Over Use of Private Land Sans Due Legal Process

3/12/2025 11:03:00 AM

The Allahabad High Court has warned the state authorities against the use of land of private citizens without following the proper legal procedure of acquisition. A division bench of Justices Manoj Kumar Gupta and Anish Kumar Gupta said in case of any default while taking land of the owner, heavy penalty would be imposed on the erring officers. Allowing the plea of one Kanyawati from Bareilly district, the court said, "The state authorities are required to be cautious that they should not utilise the land of the citizens without due authority of law or without following the proper procedure of acquisition." Else, the court said, the authorities if found responsible for such utilisation of land without due procedure of law should be held responsible personally and the court will have to impose "heavy penalty" on the authorities, which would be recovered from their personal account. Kanyawati had purchased a piece of land in Bareilly district. At the time of the purchase, the revenue record reflected Chak Road to be south of the petitioner's plot. The road was subsequently widened and a portion of her land was acquired without due compensation. Upon an RTI inquiry, the petitioner was informed there was no record for any acquisition proceedings for petitioner's land. Despite repeated representations to the authority for compensation, the petitioner received no response. She later moved the high court and her petition was disposed of with a direction to "the district magistrate- Bareilly to refer the matter to the district level committee in terms of the government order of May 12, 2016 for the determination of entitlement of compensation. The district level committee rejected her claim stating that initially the road was 3-metre wide and an extra 2.5 metre was available on both sides, therefore, by widening the road 1.25 metre, no individual right of the tenure holder was infringed. She against moved court with the present plea. The court observed the initial road was developed by the Sugar Industry and Cane Development Department around 20 years ago without any acquisition and it was subsequently widened by the PWD by taking away a certain portion of petitioner's land without proper acquisition process. Having perused the Tehsildar report, the court held the Constitution granted the right to property under Article 300A and prohibited deprivation of property without following due procedure of law. "The land of a person cannot be acquired without payment or due compensation in accordance with law. There is no concept of implied consent for utilising the land of a citizen without following the due procedure and without payment of compensation. The property of a citizen can be acquired for public purposes on payment of reasonable compensation in accordance with law," the bench said. While noting the petitioner ran from "pillar to post" to determine how her land was acquired by the PWD, the court held she was entitled to compensation in accordance with the provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. The court in its judgment dated March 4, 2025 directed the district level committee to determine the compensation of the land of the petitioner taken for road widening and pay the same within a period of four weeks along with interest as provided in the said Act. Source : Times of India INDIA

No coercive action against Noida's Lotus Greens in irregularities case

3/12/2025 11:03:00 AM

New Delhi, The Supreme Court has ordered no coercive action against builder Lotus Greens in a case of irregularities over its Noida real estate project. A bench Justices M M Sundresh and Rajesh Bindal issued notice to the UP government and others on a plea filed by the developer. "Issue notice. In the meantime, the proceedings shall go on, but no coercive steps shall be taken," the bench said on March 7. The top court's order came after Lotus Green Constructions challenged an order of the Allahabad High Court. On February 24, the high court ordered a CBI probe into the matter concerning the developer's Sports City project, citing violations in its execution. The high court directed the CBI to lodge a complaint against all the "conniving officials" of the Noida authority and the allottees or builders involved in the allotment, development, sanction of the project and any other person who might be involved. The Noida authority was further directed to issue notices to all stakeholders within a week, demanding full payment of outstanding dues, including interest and penalties. "In case the allotments are cancelled, Noida authority can call for the fresh bids as per the current market rate, which will certainly be far much higher than the allotted rate. This direction is issued keeping in view the fact that the CAG had pointed out that Noida had suffered a loss of 9,000 crore, in which incorrect pricing was one of the main factors," the high court order said. Reacting to the apex court order, a spokesperson for Lotus Greens said, "The company has full faith in the honourable apex court. We are hopeful that the apex court's intervention would deliver much-awaited justice to the consortium partners and their home buyers." The Sports City project in Noida's Sector 150 was launched in June 2014, covering 12 lakh squaremeter. It was designed with 70 per cent land allocation for sports facilities and open areas whereas 30 per cent was reserved for group housing and commercial purposes. Lotus Greens, a leading a consortium of developers, secured the project in September 2014 through a technical and financial bidding process. Source : Hindustan Times INDIA

Noida : SC Stays Coercive Action Against Lotus Greens Over Sports City Project

3/11/2025 10:24:00 AM

Noida: The Supreme Court has stayed coercive action against the developer of Sports City project in Sector 150, granting it interim relief but allowing proceedings to continue. Last month, the Allahabad high court had ordered a CBI inquiry into an alleged nexus between builders and Noida Authority officials, where multiple benefits were purportedly granted to developers in violation of the scheme. On Friday, the apex court — which was hearing a plea by Lotus Green Constructions against the HC order — said the investigating agency could proceed, but no coercive steps should be taken. "Permission to file special leave petition is granted… Issue notice. In the meantime, the proceedings shall go on, but no coercive steps shall be taken," read the order by Justices MM Sundresh and Rajesh Bindal. On Feb 24, the HC dismissed a plea by Lotus Green seeking relief from Noida Authority, in a case clubbed with seven other petitions by various promoters. It asked the CBI to lodge a complaint against all Authority officials and builders involved in the allotment, development, and sanction of the Sports City project, as well as any other party linked to what the court called a "scam". The bench also ordered the Authority to issue notices against all stakeholders in the Sector 150 Sports City, demanding outstanding dues within a week in keeping with the contract, including penal interest. It granted a reasonable timeframe for developers to clear payments and warned that allotments would be automatically cancelled if the dues weren't paid. Last week, the Authority served notices to developers of four Sports City projects across Noida, including Lotus Green, instructing them to clear dues within a month. These dues included premiums and interest on them, lease rent, 64.7% additional compensation, and time extension fees. Developers who fail to pay within the stipulated period will face further action, the HC specified. It was in June 2014 that the Authority launched the Sports City scheme for Sector 150, spanning 12 lakh sqm. The plan allocated 70% of the land to sports facilities and 30% for group housing and commercial use. Lotus Green consortium received an allotment letter in Sept 2014. Over the years, the land was subdivided among 24 developers, 13 of whom secured layout approvals from the Authority. While they went ahead with commercial and residential aspects of the projects, sports facilities were not built as intended. More than 10,000 homebuyers are stuck in uncertainty, while dues worth Rs 2,700 crore are yet to be cleared with the Authority. Some consortium members, including Samriddhi, Eldeco, Homekraft, and Godrej, began construction, but large portions of land are yet to be developed. Last year, the public accounts committee of the legislative assembly — while reviewing CAG's objections to the Sports City project in Sept 2020 — asked the Authority to approve the revised layout plan submitted by Lotus Greens if it met norms of the scheme. The proposal went before the Authority's board, which decided to seek the govt's approval. However, the govt did not grant clearance because of alleged irregularities. A spokesperson for Lotus Greens said, "The company has full faith in the Apex Court. We are hopeful that the court's intervention will bring long-awaited justice to the consortium partners and their homebuyers. Land was allocated to the company in 2014, and the Master Plan was approved in 2017. However, a ban was imposed in Jan 2021. Before the ban, and after the sanctioning of layout maps, construction of the cricket ground, multi-purpose playfield, and golf course was underway, despite COVID-related restrictions. During the PAC hearing, the Noida Authority acknowledged that work on these sports facilities was in progress and would have been completed within six months had the ban not been imposed." "As the lead member, we request the court to take up this matter and deliver justice to our consortium partners and homebuyers by lifting the blanket ban on SC-02 Sports City, allowing all pending projects to proceed," the spokesperson further stated. Source : Times of India INDIA

Gurugram : Four Cement Plants Get GMDA Notice for Road Damage

3/11/2025 10:23:00 AM

Gurgaon: GMDA has issued notices to four ready-mix concrete (RMC) plants for illegally accessing roads in sectors 112, 114, 78 and 79A. The enforcement action follows a site inspection by GMDA officials, revealing that the roads, constructed a year ago, suffered damage from heavy trucks and slurry spillage. The spillage from vehicles also contributed to dust pollution, further deteriorating air quality in the area, officials said. The infrastructure division of GMDA reported the issue to the enforcement wing for action and in response, district town planner (DTP) of GMDA issued gave the plant owners 48 hours to produce valid access permission documents. Failure to present the necessary approvals could result in further legal and administrative actions, including possible shutdowns or penalties, officials said. In addition to illegal access, GMDA is also examining whether these plants are complying with zonal regulations and have the necessary permissions to operate within residential and commercial zones as per the development plan of the Gurugram-Manesar Urban Complex-2031 AD (GMUC-2031 AD). "We have issued notices and will take action if plants are found operating without permissions. Such drives will continue in the future for the betterment of the environment," DTP RS Batth said. The authority is also considering stricter penalties to deter unauthorized activities that compromise urban infrastructure and environmental safety. Meanwhile, residents of the affected sectors have welcomed GMDA's intervention, saying that concerns over deteriorating road conditions and increasing dust pollution were finally being addressed. Source : Times of India INDIA

FIRs Registered Against Ansal API for Fraud

3/10/2025 11:18:00 AM

Lucknow: As many as 14 more FIRs were registered against Ansal API at Sushant Golf City police station in Lucknow. Earlier, two cases were lodged at Gomtinagar and Hazratganj police stations. The company's directors are accused of cheating buyers for failing to deliver plots and villas, despite taking substantial payments. Several affected buyers accused Ansal Infra's directors of fraud and intimidation when they inquired about their undelivered properties. One of the biggest fraud claims comes from Anupam Agarwal, a resident of Emaar Gomti Greens, who paid Rs 2.32 crore in Sep 2022 for a 1,528 sq ft plot. He was assured immediate registration but found the land was already sold for Rs 3.33 crore to another buyer. He alleged the accused attempted to extort Rs 2 crore in black from him. Several buyers filed complaints against the Ansal Group, detailing significant financial losses. Some of them include: Retired Army Captain Kanhaiya Lal who lost Rs 12.81 lakh, Rakesh Chandra Srivastava of Gomtinagar Extension who lost Rs 3.5 lakh, Pushplata Bajpai of Aliganj who lost Rs 13.21 lakh, Veena Chandani of Aashiana who lost Rs 16.63 lakh, Arun Kumar of Azamgarh who lost Rs 17.50 lakh, Birendra Kumar Giri of Lucknow who lost Rs 30 lakh, Prashant Kumar who lost Rs 24 lakh, Umashankar Mishra who lost Rs 30.74 lakh, Sadia Bano who lost Rs 7.02 lakh, Ashish Kaushal who lost Rs 10.92 lakh, Anju Goel who lost Rs 23.02 lakh, Naveen Kumar Singh who lost Rs 5.71 lakh, while Kailash Chandra of Omaxe City faced non-registration of three plots. All have accused the API owners and promoters of fraud. Investors accused Ansal Properties & Infrastructure directors, including Pranav Ansal, Sushil Ansal, Rajeshwar Rao, Vikas Singh, Vinay Tiwari, Prashant, and Manoj Kapoor, of orchestrating one of the largest real estate frauds in UP's history. Source : Times of India INDIA

Delhi HC : Survey Needed of Residents of Slum Facing Demolition

3/10/2025 11:17:00 AM

New Delhi: Delhi High Court has said a survey may be needed of residents of a slum in the Okhla area facing demolition action by DDA. Refusing to stay the demolition process, HC on Friday underlined that the "main question is about the survey" of the area before it can intervene to halt a demolition drive. "The basti might be on the list (of those eligible for rehabilitation) but who are the residents there, that's the question. How do we make that determination? The main question is about the survey. It has to be demarcated," a bench of Chief Justice Devendra Upadhyay and Justice Tushar Rao Gedela pointed out to the petitioner counsel while hearing an appeal filed by the locals. The slum dwellers, under the aegis of an organisation "Dhobi Ghat Jhuggi Adhikar Manch", challenged a single judge's decision to dismiss their plea against the demolition of a slum in the Okhla Dhobi Ghat area, saying it was illegal and posed a significant threat to the ecologically sensitive floodplain. DDA has maintained the that the colony in question is not protected under the JJ Clusters List for rehabilitation published by Delhi Urban Shelter Improvement Board. Justice Dharmesh Sharma had earlier concluded that the "so-called members" of the petitioner were not entitled to any compensation or rehabilitation as they were "rank trespassers" who repeatedly returned to the site, which was acquired by the DDA for developing a biodiversity park. "Since the subject site was acquired by DDA for the channelisation and protection of Yamuna, the removal of the petitioner union from the subject site serves the greater public interest," the court noted. It also cited DUSIB Act, 2010, and a 2015 policy, observing not every slum dweller or JJ Basti was automatically entitled to alternate housing. "The JJ Basti in question is not part of the 675 notified JJ Bastis listed by DUSIB, further establishing that the residents of the petitioner union are occupying the area illegally," the court observed in its verdict. The encroachment in the area, the court said, disrupted the natural flow of water and, according to experts, recurring floods in Delhi were primarily driven by such unlawful settlements on drains and the riverbed. Dismissing the plea, it also imposed Rs 10,000 as costs on the petitioner organisation that claimed the Dhobi Ghat jhuggi cluster existed since the 1990s, but on Sept 23, 2020, the police asked its residents to vacate their shelters owing to a proposed demolition the following day. Source : Times of India INDIA

Delay in funds holds up structural audits in 20 housing societies in Gurugram

3/8/2025 11:20:00 AM

Gurgaon: Structural audits of 20 residential societies have come to a halt as builders and resident welfare associations (RWAs) have failed to deposit the required funds. The department of town and country planning (DTCP) has been issuing notices to builders and RWAs for over a year, but no action has been taken. Despite three meetings convened by the deputy commissioner with builders and RWAs, the issue remains unresolved, leaving the structural safety assessments in limbo. In the first phase, the builders bore the cost of structural audits. However, during the second phase, they objected, leading to an intervention by former chief minister Manohar Lal. It was decided that both builders and RWAs would share the cost equally. Since then, both parties have resisted payment, causing delays. Despite multiple notices over the past year, neither builders nor RWAs have shown seriousness in resolving the matter. District town planner of the enforcement wing of DTCP Amit Madholia said, "Repeated notices have been issued to builders and RWAs regarding structural audits, but they have not deposited the required funds. This is preventing the completion of the process. The DC has been informed about the situation." After an incident in Sector 109's Chintels Paradiso society on Feb 10, 2022 — where living rooms of five flats in tower D collapsed, resulting in the deaths of two women — the district administration took complaints of plaster peeling off in residential buildings more seriously. Around 75 societies had reported such concerns, leading to an initial round of structural inspections. In the first phase, 15 residential societies were selected for structural audits, with all but Raheja Atharva (Sector 109) having completed the process. The identified structural deficiencies were communicated to builders for rectification, and they bore the cost of the audits. For the second phase, 23 more societies were identified for inspection. However, two societies are under the National Company Law Tribunal, reducing the number to 21. Among them, only NBCC Heights in Sector 89 has completed its structural audit after the builder and RWA deposited the required amount. Builders of BPTP Park Serene (Sector 37D) and Satya Hermitage (Sector 103) have paid 50% of the fees, but their respective RWAs have not contributed their share. The remaining 18 societies have neither paid the fees nor cooperated in the process. They include Indiabulls Centrum Park (Sector 103), Paras Dews (Sector 106), ATS Tourmaline (Sector 109), Vatika G-21 (Sector 83), SS Coralwood (Sector 84), Takshila Heights (Sector 37C), GPL Eden Heights (Sector 70), Vipul Lavanya (Sector 81), Orris Aster Court (Sector 85), Parsvnath Green Ville (Sector 48), SS Hibiscus (Sector 50), Wembley Estate (Sector 50), Bestech Park View Sanskriti (Sector 93), Ansal Estella (Sector 103), Raheja Navodaya (Sector 92), Aloha Apartments (Sector 57), Raheja Atharva (Sector 109) and SS Almeria (Sector 84). Source : Times of India INDIA

Chandigarh housing board allottees cry harassment over rule tweak, lax service delivery

3/8/2025 11:19:00 AM

Chandigarh: "Pure and simple harassment" is what Chandigarh Housing Board (CHB) allottees say when asked to describe their interaction with the board. The issues related to CHB's "poor" delivery of services and procedural complexities were taken up in a recent meeting of the administrator's advisory council and the CHB board of directors. Shakti Prakash Devshali, a non-official director of the CHB board, said, "CHB officials issue show-cause notices to the allottees based on anonymous complaints. People make up complaints about building rule violations owing to personal issues or to blackmail the allottees. There are vested interests in and outside the CHB, which try to exploit this." Devshali, said the CHB officials also harass allottees over mistakes in the spellings of their names in official documents. "Officials are reluctant to rectify the errors even after the allottees submit supporting documents for the same and get these notified in the govt gazette," he added. Baljinder Singh Bittu from the Federation of Sectors Welfare Association Chandigarh, said, "Allottees of 3-4 marla plots in Sector 41 face delays in getting plans sanctioned by CHB. Even after running from pillar to post, little help comes from CHB officials. " Bittu also drew attention to frequent changes in rules by CHB. "A change in officers at the CHB's helm also leads to changes in the rules impacting the allottees," he added. The allottees cited the example of lifts in multi-storey complexes. Though it was granted long time ago, they said CHB is still not sanctioning changed building plans for the same. Source : Times of India INDIA

Ludhiana development body evicts illegal occupiers of three LIG flats in sector-40

3/3/2025 10:43:00 AM

Ludhiana: Glada officials Saturday evicted illegal occupiers of three low-income group flats on Chandigarh Road in Sector-40. The action was taken following a case pending in court. The officials said Glada had built 319 low- income group flats in Sector 40, of which 82 were occupied illegally. Out of the 82, fifty-eight flats were freed from illegal occupiers last Jan and 21 in August with the help of a duty magistrate and police. The illegal occupants of three other flats — 834, 847 and 848 — were left to be evicted. They had kept their belongings in these flats, and locked them from outside. Glada officials broke the locks with a cutter, opened the doors and threw out the belongings. A video of the entire exercise was also shot. The flats that were freed from illegal occupation have been sealed by the authorities. A notice has also been pasted on them, warning that if any attempt is made to break the seal and reoccupy these flats, legal action will be taken against the offenders. Source : Times of India INDIA

Punjab Extends Deadline for Plot Registration Without NOC Until August 31

3/3/2025 10:43:00 AM

Mohali: The Punjab government has extended the deadline for registering plots without a no- objection certificate (NOC) to Aug 31. This decision provided relief to plot holders, particularly those who had rushed to sub-tehsil offices in Mohali to meet the original Feb 28 deadline. Online slots for registration had been fully booked, indicating the high demand for this service, due to which the state government took a last-minute decision to push back the deadline. The extension order states that all provisions from the previous notification will remain applicable. As per the original scheme, plots up to 500 square yards can be registered without an NOC. This move aims to simplify the registration process and provide a one-time relief to property owners in unauthorised colonies. Deputy commissioner Komal Mittal said, "There is no need to panic and create a rush at tehsil offices. We request applicants to make the most of the extended deadline, as registrations can now be made until Aug 31." Due to the lack of prior announcement, applicants thronged various tehsil offices, leading to long queues and delays in processing documents on Friday. This situation was observed at the tehsil office in Mohali and nearby areas like Kharar, Zirakpur, and Derabassi. Court quashes extra charges imposed by Gmada in plot allotment The Punjab and Haryana high court ruled in favour of petitioners, transferees of plots, in a case over preferential location charge (PLC) imposed by Gmada. Appearing for petitioners, advocate SS Rangi contended that PLC charges demanded by respondents were illegal. Former president of Mohali Property Consultants Association, Shalinder Anand, while welcoming the decision, said, "Good decision by the high court." The court found that these charges violated the original contractual terms and were arbitrarily introduced. Gmada was ordered to refund any amount paid by the petitioners, along with 6% annual interest, within two months. The authority was also directed to deliver encumbrance-free possession of the plots and execute the necessary deeds of conveyance within two weeks. Source : Times of India INDIA

Delhi Civic Body Dismisses Property tax Exemption Claims, Urges Prompt Payments

3/1/2025 10:54:00 AM

In what has been labelled as a “big gift” to homeowners in Delhi, the Aam Aadmi Party (AAP) on Monday announced a waiver of pending dues by the Municipal Corporation of Delhi (MCD) if residents clear their house tax for the fiscal year 2024-25. The announcement was made at a press conference on Monday by MCD Mayor Mahesh Khichi, Deputy Mayor Ravinder Bhardwaj, Leader of the House Mukesh Goel, and senior AAP leader and Rajya Sabha MP Sanjay Singh. Khichi said the AAP has always delivered on its promises and the latest decision is a major step towards easing financial burdens on homeowners. “For years, 1,300 housing apartments in Delhi received no relief. Now, they will finally get a 25% house tax waiver… Pay your house tax on time and enjoy big benefits —100% waiver for houses up to 100 sq. yards and residential shops, and 50% waiver for houses between 100-500 sq. yards in 2025-26,” Sanjay Singh said while addressing media. The motive behind the decision is to eliminate corruption in house tax collection, said MCD-incharge and former Rajender Nagar MLA Durgesh Pathak. “We will pass this proposal in MCD House on February 25 (Tuesday),” Pathak added Responding to the party’s announcement, Leader of Opposition in the MCD Raja Iqbal Singh said that the party’s leadership is trying to mislead the people with hollow promises because they know that their mayor could be removed anytime soon and that they have lost their majority in the MCD. As the defection law does not apply to the MCD, due to the constant poaching of councillors from both the AAP and the BJP, the former has lost its majority in the civic body. The civic body still has an AAP mayor presiding over it even as its strength has come down to 114 councillors against BJP’s 116. “This is just a deception because before making any such announcement, prior approval from the Delhi Finance Commission, the Municipal Valuation Committee, and the Standing Committee is required — which are currently not even constituted,” said Singh. Source : Times of India INDIA

Haryana Plot Holders Can Apply For Enhancement Issue Resolution Until May 14

3/1/2025 10:53:00 AM

Chandigarh: To address the ongoing issue of repeated enhancement charges faced by plot holders who received plots from the Haryana Shehri Vikas Pradhikaran (HSVP), formerly known as the Haryana Urban Development Authority (HUDA), the state govt has unveiled an opportunity under the Vivad Se Samadhan Yojana 2024. This initiative allows plot holders to apply for the resolution of enhancement issues until May 14. A govt spokesperson said the state govt has once again given a golden opportunity to the plot holders to pay a lower amount under the Vivad Se Samadhan Yojana 2024. Under this scheme, plot holders can settle their outstanding enhancement amount at a concessional rate, eliminating any legal complication. Providing detailed information, he said the scheme is available to all allottees and plot holders with residential plots, floorwise registration, group housing societies, as well as institutional and industrial plots falling under various categories. He informed that this scheme encompasses 140 sectors and provides a discount of over Rs 550 crore for over 5,000 applicants. A total of 223 allottees have already availed the benefit of the scheme, he added. He called upon the plot holders to resolve their enhancement issues timely, by applying at ‘https://vsss.hsvphry.org.in' until May 14. Source : Times of India INDIA

ED conducts searches against real estate companies in Delhi-NCR

2/28/2025 10:44:00 AM

New Delhi, Feb 27 (PTI) The Enforcement Directorate on February 27 searched multiple premises of two real estate companies and their promoters in Delhi-NCR as part of a money laundering investigation linked to alleged fraud with homebuyers, officials said. The action is being taken against WTC Builder, its promoter Ashish Bhalla and the Bhutani Group, among others, they said. The Gurugram office of the ED raided about a dozen locations in Delhi, Noida (Uttar Pradesh), and Faridabad and Gurugram (Haryana) under the provisions of the Prevention of Money Laundering Act (PMLA). While WTC Builder could not be contacted immediately, a response from the Bhutani Group was awaited at the time of filing this story. The money laundering probe stems from FIRs filed by Faridabad police and Delhi Police's Economic Offences Wing against WTC Builder, Bhalla and the Bhutani Group, the officials said. The WTC group has multiple projects in Faridabad, Noida and some other locations. It is alleged that the group has collected more than ₹1,000 crore from investors but has not delivered projects to them for the last 10-12 years, the officials said. Source : Times of India INDIA

Chintels Paradiso RWA wants company to pay rent for families that vacated flats in Gurugram

2/28/2025 10:43:00 AM

Gurgaon: Homeowners of Chintels Paradiso in Sector 109 have sought urgent intervention of the district town planner (enforcement) to ensure execution of rent payment orders issued by the district administration. In a letter to town planner (enforcement) Amit Madholia, RWA members said the developer has failed to comply with official directives mandating rent payments to displaced residents. President of the association Rakesh Hooda said, "The residents, who vacated their unsafe flats following govt orders, are struggling to manage temporary accommodations without the promised financial support from the builder." Meanwhile, a spokesperson for the developer said, "The welfare of our residents remains our top priority, as they are part of our extended family. In line with the Hon'ble Supreme Court's order, Chintels was directed to pay rent from the start of reconstruction. While construction will take a few more months to begin due to procedural requirements, we have already started rent payments on humanitarian grounds. We are fulfilling our rental commitments to over 140 eligible residents and have settled buyback agreements with around 160 homeowners. Claims from individuals not receiving rent are from those without formal agreements or those with ongoing court cases." Earlier, the district administration had issued directions to compensate homeowners of six towers (D, E, F, G, H and J) of the first phase and three towers (A, B, and C) of the second phase. A total of 41 homeowners — 25 from first phase towers and 16 from second phase towers — have formally chosen Option II (reconstruction) of the compensation plan and submitted requests for rent payments. These appeals were emailed to the builder, with copies marked to the district town planner, deputy commissioner and additional deputy commissioner. However, residents claim the builder has not responded or initiated the payments, pushing them into financial distress. In the letter, RWA urged the district town planner to intervene and ensure compliance. Their demands include authorities to engage with the builder to enforce the directive, all pending payments, including arrears, to be cleared by March 7, 2025 and action if rent payments are not made by the deadline. In Sept 2024, the district administration committee had decided that 130 homeowners of five unsafe towers — D, E, F, G, H — will get rent compensation at Rs 15/sqft per month from Jan 2025. This support will continue until the reconstruction of the flats is completed. In Feb 2022, a section of Tower D collapsed, killing two people. A structural audit by IIT Delhi later deemed these towers unsafe, leading to their evacuation by the district administration. Source : Times of India INDIA

Mohali: Sohana building collapse inquiry report indicts building owners, contractor

2/27/2025 11:27:00 AM

Mohali: The inquiry report regarding the Sohana building collapse, which resulted in two fatalities, has found the building owners and contractor culpable due to their negligence. The findings establish equal liability and guilt for both parties concerning abetment and collusion. The two proprietors, Gagandeep Singh and Parminder Singh, residents of Chao Majra village in Mohali district, were initially arrested but subsequently released on bail. Mohali SDM Damandeep Kaur conducted the investigation and submitted her findings to the Mohali deputy commissioner after 65 days of the incident for subsequent action. The investigation revealed that based on all available evidence and documentation, the building's collapse occurred due to the negligent actions of both the contractor and owners. The report highlighted that excavation at the construction site had extended below the existing building's foundation, triggering its collapse. Expert analysis indicated that excavations deeper and closer to adjacent structures increase collapse risks due to soil settlement or uneven soil pressure, disrupting structural equilibrium. The findings additionally emphasise that when owner involvement is established or suspected, anyone who assisted in furthering the act bears equal responsibility for abetment and collusion. The contractor's role warrants attention, as excavation commenced without proper precautionary measures due to insufficient expertise. The magistrate concluded that the incident resulted in two casualties and property damage, causing significant public distress. The co-owners bear direct responsibility, with the contractor sharing equal culpability. The report indicates that all relevant government directives were circumvented through deliberate misconduct and malicious intent. The findings have been forwarded for appropriate governmental action. On Dec 22, 2024, a five-storey building collapsed in Sohana village of Mohali, claiming two lives. Drishti, a 29-year-old bride-to-be from Theog near Shimla, awaiting her March 2025 wedding, tragically lost her life in the incident. Abhishek Dhanwal, aged 28, from Ambala, was extracted from the rubble but was pronounced dead upon arrival at hospital. The 23-hour rescue operation involved approximately 140 NDRF personnel, 167 members from the Army's 57 Engineers Regiment, over 300 local police officers, and additional allied department staff. BOX Owners booked for culpable homicide not amounting to murder Building owners were booked for culpable homicide not amounting to murder in the building collapse incident. Mohali police booked the building owners, Parwinder Singh and Gagandeep Singh under Section 105 of BNS at Sohana police station. They were released on bail later. The presumed cause of the collapse was the excavation of the basement in the adjoining plot and the accumulation of water leaked during digging, which compromised the foundation of the five-storey building (including the basement). BOX DC warned MC, Gmada of legal action The Mohali deputy commissioner had warned MC and GMADA officials of legal action if any tragedy like the Sohana building collapse occurs again. The DC had directed local officials to ensure that no more tragedies like the Sohana collapse happen. Every ongoing construction must comply with building bylaws. Violations should be checked, and stringent action should be ensured, the DC had said. Source : Times of India INDIA

Noida: Bhutani Infra fined Rs 5 lakh for illegal excavation

2/26/2025 12:07:00 PM

Noida: The district administration imposed a Rs 5 lakh fine on Bhutani Infra's Bhutani City Centre project in Sector 150 for basement excavation without the mining department's permission. Officials also seized an excavator from the project site. An FIR will be filed against the realtor if the excavation resumes, mining department officials said. District mining officer Utkarsh Tripathi said the department received an anonymous complaint regarding unauthorised digging work being carried out in Sector 150. On Monday, the department officials reached the Bhutani Infra project site in Sector 150, where an earthmover was being used to dig up a basement. However, the builder's representatives failed to provide any permission documents. "We verified with our department and checked our records to see whether any such permission was granted, and found that no such permission was given for the project," said Tripathi. As per UP govt rules, if any development project carries out any excavation beyond 2 metres, they have to obtain permission from the mining department. Tripathi said in this case, the excavation was well beyond 2 metres leading to the action. The department has intensified its crackdown on illegal mining in the district. Since Jan 1, it has seized 43 vehicles and four excavators from parts of Greater Noida including Jarcha, Ecotech, Rabupura and Dadri, collecting Rs 23 lakh in fines. "We have been consistently acting against illegal mining and unauthorised excavation across the district. This incident in Sector 150 is part of the same," Tripathi added. Despite multiple attempts to reach out, Bhutani Infra Developers Pvt Ltd did not respond to the queries. Source : Times of India INDIA

Chandigarh civic body hikes fire safety certificate fee by 10%

2/26/2025 12:06:00 PM

Chandigarh: Struggling with its finances, the municipal corporation (MC) has increased the fire safety certificate charges by nearly 10%. Under the National Building Code (NBC) 2016, new fee has been fixed for different types of buildings by the MC's Fire and Rescue Services. Buildings of different categories will have to pay a minimum fee of Rs 6,615. These rates come into effect from April 1, 2025. As per the order issued by the MC, buildings of different categories will have to pay fire safety certificate fee at different rates. In Group A category (residential building), lodging houses, hostels, hotels, etc, will have to pay a fee of Rs 6,615 or Rs 14 per square metre. For Group B category (educational institutions), from schools to higher educational institutions; Group C, hospitals, mental health centres; and all buildings under Group-D, a fee of Rs 6,615 or Rs 14 per square metre will be levied. Group E (commercial buildings), Group F (shops and markets), and Group G (industrial) units will have to pay a fee of Rs 6,615 or Rs 12 per square metre. Group H (warehouses) will be charged at the rate of Rs 6,615 or Rs 12 per square metre. Group J buildings, which store substances like petrol, gas, explosives, and rocket propellants, will be charged at the rate of Rs 6,615 or Rs 14 per square metre. In 2019, the corporation fixed the minimum fee at Rs 5,000 or Rs 10 per square metre (whichever is higher) for covered areas. It was revised in 2022 to Rs 6,000 or Rs 12 per square metre. The MC has exempted religious places from this fee. Residential buildings under Group A subdivision, which is A-2 (one or two family private dwellings) and subdivision A-4 (apartment houses) of Group 1 as per occupancies are exempted from fire safety certificate charges. Source : Times of India INDIA

Punjab Assembly Panel Suggests Raising Financial Aid Under PMAY-G

2/25/2025 10:33:00 AM

Chandigarh, Feb 24 (PTI) A Punjab Vidhan Sabha committee has recommended a hike in financial assistance under the Pradhan Mantri Gramin Awas Yojana, asserting that an amount of Rs 1.20 lakh was not enough for the construction of a house. Under the Pradhan Mantri Gramin Awas Yojana, a financial assistance of Rs 1.20 lakh is given to eligible beneficiaries for the construction of a house by the Centre. The assistance is paid in three instalments. On the first day of the two-day Punjab Vidhan Sabha session which began here on Monday, a report of the Vidhan Sabha committee regarding the ongoing Pradhan Mantri Gramin Awas Yojana in the state was tabled by AAP MLA Budh Ram, who was the chairman of the committee on Panchayati Raj Institutions. A total target of 63,985 houses has been allocated by the Centre to all Panchayats in Punjab, including beneficiaries of the PMAY-G. Among the recommendations, the committee in its report stated that it has come to its notice that the central government provides an amount of Rs 1,20,000 for the construction of a house but the committee feels that the amount is inadequate. “With such an amount, building a good house is very difficult. The raw materials required to build a house have also become very expensive these days,” the report said. It has also come to the attention of the committee that under another scheme launched by the central government — Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan, an amount of Rs 2 lakh is provided for the construction of a house. “Keeping such facts in mind, the committee strongly recommends that the state government should approach the central government to increase this amount so that the beneficiaries can build a good house,” said the report. The committee feels that elected representatives of the people, the MLAs, have a direct relationship with the villages and they know how many people in a village do not have their own houses, the report said. But the team which visits villages to identify beneficiaries under this scheme, the concerned MLAs are neither informed nor taken into consideration when a survey is conducted, according to the report. Therefore, the committee strongly recommends that the team which is to survey villages under this scheme should contact the MLA of the constituency that it visits so that the elected representative can be made a part of the survey, it said. The committee also stated that many villages in Punjab are not covered under this scheme due to which beneficiaries are deprived of benefits. Therefore, the committee strongly recommends that all villages should be covered in the survey, it said. Source : Times of India INDIA

Three Sports City Project in Noida Under CBI and ED Investigation

2/25/2025 10:32:00 AM

Noida: Calling them a "scam", the Allahabad high court has ordered a CBI and ED investigation into three of four Sports City projects and brought within the ambit of the inquiry their developers and consortium members for misappropriating homebuyers' money and Noida Authority officials for forming a "dirty nexus". A division bench of justices Mahesh Chandra Tripathi and Prashant Kumar issued 10 separate judgments covering the three projects on Monday. The court examined various alleged violations — from land use irregularities to financial misconduct as well as the promised sports facilities remaining incomplete. "This court has no other recourse but to refer the investigation to CBI. CBI would also investigate the role of all the persons involved in this scam. We hope and trust that the investigation would be carried out and completed expeditiously," read the order pertaining to some of the cases. The bench observed that developers prioritised commercial development for profit while neglecting the mandated sports infrastructure on 70% of the project site, despite receiving substantial benefits from Noida Authority. The orders specifically addressed the Sports City project in sectors 78, 79, and 101 (where Xanadu Estate was the lead developer) and two others in Sector 150 (developed by Logix Infra Developers and Lotus Greens Constructions). The Xanadu and Logix projects are currently under insolvency proceedings, which the court criticised as a deliberate strategy to avoid obligations. The 10 judgments came after hearings on pleas filed by some of the developers and consortium members, seeking handover of encumbrance-free land, waiving of lease rent and penalties, cancellation of demand notices, and proper execution of the Sports City development plan. The court dismissed their claims, pointing out that since they failed to develop sports infrastructure in keeping with the original plan, insolvency could not be used as a shield to escape liabilities. The court strongly criticised the "dirty nexus" between builders and Noida Authority officials, noting that "benefits after benefit were doled out to the builders, completely contrary to the scheme, MOA and the implementation of the Sports City scheme". A Comptroller and Auditor General (CAG) audit had in 2021 revealed major financial irregularities in Sports City allotments, resulting in a Rs 9,000-crore loss to Noida Authority and the state govt. The audit highlighted underpriced land, unauthorised ownership transfers, unpaid lease premiums, and improper issuance of occupancy certificates by Noida Authority despite sports facilities nowhere near completion. The court observed that even after the CAG report was tabled, neither Noida Authority nor UP govt registered any FIR against officials concerned or recovered dues from builders. The only step Noida took was to send notices to the developers demanding payment of dues, which remained unaddressed. The judges expressed particular concern that the inaction continued despite multiple leadership changes. "In the last so many years in Noida Authority, a number of officers would have come and gone, and surprisingly no one blew a whistle to the scam, or took any action against them," the bench observed in a case filed by Lotus Green. The "nexus" was mentioned in another judgment passed by the court in a case related to Esthetic Buildtech, one of the consortium members of the project helmed by Logix. "Since very senior officers of Noida Authority, state, and other influential persons seem to be involved and because of them no inquiry has yet been conducted for this reason, the court does not inspire any confidence in referring the matter for investigation to any of the state agencies. Hence, this is a fit case where the inquiry should be instituted by the Central Bureau of Investigation," one of the orders read. In one notable case involving Three C Green Developers, the court identified promoters Nirmal Singh, Surpreet Singh Suri, and Vidur Bhardwaj as operating through a web of companies to circumvent regulations. The court found that they transferred shares to third parties without proper authorisation and used insolvency proceedings as a "strategic manoeuvre" to evade responsibilities. The court asked Noida Authority to issue notices to all stakeholders, demanding payment of outstanding dues, including interest and penalties. Failure to comply will result in automatic cancellation of allotments, it added. To protect homebuyers' interests, the bench ordered that their investments be safeguarded through forfeited deposits and additional support from Noida Authority if necessary. "In case the allotments are cancelled, Noida Authority can call for fresh bids as per the current market rate, which will certainly be far much higher than the allotted rate…. However, since this court is also conscious that the interest of homebuyers has to be protected, if the petitioners are not able to complete the project strictly as per the brochure condition of the Sports City scheme and the lease deed conditions, the money deposited by them be forfeited and used for paying back the homebuyers. If there is any shortfall, Noida Authority will pay the same," read an order in the Lotus Greens case. Source : Time of India INDIA

Noida Authority Set to E-Auction Industrial Plots Under Revised Policy Soon

2/24/2025 10:09:00 AM

Chandigarh: The economic offences wing (EOW) of UT police registered two separate FIRs against a real estate company for duping people of around Rs 2 crore on the pretext of investing in their project. No arrest has been made in the case so far. The complainants, Vikrant Gupta, Raghawendra, Manju Rani, and Pankaj Arora, alleged that the builder cheated them of Rs 1.1 crore on the pretext of making an investment in a project. The complainants made a complaint at SSP public window in Nov 2024, and the complaint was forwarded to EOW for investigation. After verifying the facts, EOW registered a case under the relevant sections of BNS and started a probe. EOW registered one more cheating case against the group. The complainant, Pinki Rani, alleged she invested Rs 69 lakh for office space in the project, but it never materialised. Inspector Shiv Charan of EOW is investigating both the cases. Source : Times of India INDIA

Two FIRs For Fraud Filed Against Chandigarh-Based Builder

2/24/2025 10:08:00 AM

Noida: Noida Authority is set to introduce its first industrial plot scheme under a new policy designed to bolster the micro, small, and medium enterprises (MSME) sector. The initial phase will feature 17 plots through an e-auction process, with their sizes varying from 200 to 7,500sqm. Spread across sectors 7, 8, 10, 62, 80, and 164, these plots will have a total area of around 60,000sqm. Authority officials confirmed that the scheme would be launched anytime soon as most administrative preparations were already complete. Authority officials are also actively scouting for additional vacant land in other sectors for future development phases, aiming to create more opportunities for small and medium business expansion in the city. This initiative follows a significant policy revision approved during a joint board meeting of the Noida and Greater Noida authorities last month. The policy change aligns with a state govt directive from Dec 26, 2024, which mandated a uniform allotment policy across Noida, Greater Noida, and Yamuna Expressway authority areas. The new framework stipulates that industrial plots up to 8,000sqm will be allocated through e-auction, with a clear focus on supporting genuine entrepreneurs rather than speculative investors. For plots exceeding 8,000sqm, the allocation process will involve interviews and specific evaluation criteria. Chief secretary and industrial development commissioner Manoj Kumar Singh has emphasised the necessity of maintaining transparency in the industrial plot allotment process. According to the e-auction's terms, potential allottees would have to make an initial deposit of 10% of the plot's reserve price to participate in the process. Successful bidders must then pay 30% of the total cost immediately, with the remaining amount payable in scheduled instalments. The e-auction system has, however, drawn criticism from some industry associations. They have expressed concern that small business owners might be disadvantaged, as the system could potentially favour property dealers and large investors with greater financial capabilities. These groups have proposed an alternative lottery system for plots larger than 2,000sqm to ensure fairer access for genuine MSME businesses. Despite these concerns, Authority officials said they were committed to implementing the govt's prescribed allotment policy. A comprehensive brochure detailing the terms, conditions, and eligibility criteria for participation in the e-auction will be released soon, providing potential investors with clear guidelines for the application process. Source : Times of India INDIA

SC Halts NCLAT Order Instructing NBCC to Complete Stalled Supertech Homes

2/22/2025 10:36:00 AM

NEW DELHI: The Supreme Court stayed the appointment of state-owned NBCC as the project management consultant for completing 16 stalled housing projects of debt-ridden real estate firm Supertech Ltd, which are valued at approximately Rs 9,500 crore. A bench comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan heard two appeals challenging the National Company Law Appellate Tribunal (NCLAT) order and raised concerns over the fate of thousands of homebuyers. Issuing notices to the parties involved, the court temporarily stayed the NCLAT directive that had assigned NBCC the task of completing the Supertech projects. The bench stated it would review whether due procedure under the Insolvency and Bankruptcy Code was followed in appointing NBCC as the consultant. The NCLAT, in its December 12, 2024, ruling, had directed the NBCC, under the ministry of housing and urban affairs, to complete 16 projects across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka, covering a total of 49,748 residential units. Nearly 27,000 homebuyers have been waiting for possession of their homes in these projects. The appellate tribunal’s decision followed an earlier Supreme Court order from October 1, 2014, which permitted it to evaluate an NBCC proposal for completing stalled housing developments. During the hearing, the Chief Justice instructed all stakeholders to submit written responses outlining alternative plans for completing the unfinished projects without involving NBCC. The bench also directed the resolution professional to continue functioning as per the law and scheduled the next hearing for the first week of April. Supertech welcomed wider solution Reacting to the court’s decision, Supertech chairman R K Arora expressed relief over the stay, and said, "We respect the decision of Supreme Court to stay the NCLAT order which allowed NBCC to take over Supertech's projects arbitrarily without respecting the interests of other stakeholders like land authorities and lenders. We welcome the Supreme Court's instructions of inviting other companies to propose a solution which takes care of all stakeholders along with homebuyers.” He further added that as promoters, they are looking for a solution for all stakeholders including homebuyers, bankers and land authorities. NBCC’s plan on hold As per the NCLAT directive, NBCC was expected to begin awarding contracts by March 31, 2025, with construction work to commence on May 1, 2025. The tribunal had also ordered the formation of an apex court committee and individual project committees for each stalled development, with NBCC nominating a member in each. NBCC had submitted a three-phase completion plan covering key residential projects, including Eco-Village-2, Capetown, Northeye, Upcountry, Meerut Sports City, and Micasa in Bengaluru. However, with the Supreme Court’s intervention, this plan now lies in uncertainty. Insolvency battle continues Supertech’s financial crisis led to insolvency proceedings initiated by the Union Bank of India in March 2021, with a claim of over Rs 431 crore. In May 2023, the Supreme Court allowed a “project-wise resolution” approach, permitting construction under the supervision of an interim resolution professional. With the Supreme Court now pushing for a broader resolution beyond NBCC, the fate of thousands of homebuyers remains in limbo until the next hearing in April. Source : Times of India INDIA

UttarPradesh Set Aside Rs 25000 Crore for Ubran Growth

2/22/2025 10:35:00 AM

Lucknow: The UP govt has made provisions to provide additional services and amenities across the key urban centres. Budgetary allocations have been made to establish convention centres, recreational centres, sports facilities besides strengthening urban infrastructure. Overall, about Rs 25,310 crore would be infused in various kinds of activities to support urban development. While 17 key cities being governed by municipal corporations would have better facilities, the state govt would set out on a programme to upgrade the municipal councils (nagar palikas) and town councils (nagar panchayats) on the lines of the central govt by providing money to make them smarter. Also, Rs 400 crore have been set aside for the smart city scheme. Urban development minister AK Sharma said, "With this budget, UP would get state-of-the-art building structures, international shooting range and better infrastructure in the cities. The govt is going to enhance the liveability of the cities." Principal secretary of the department, Amrit Abhijat said, "The budget marks a paradigm shift in the way importance of urban services is being perceived by the state govt. On the lines of smart city mission, the state govt would provide funds to upgrade the smaller cities and towns in the coming financial year." As reported by TOI, Rs 1,131 crore have been earmarked for developing a better and improved stormwater drainage system in 10 cities. Plus, Rs 4,100 crore have been provided under Amrut 2.0 scheme. The scheme to provide model roads would get more impetus with a provision of Rs 800 crore for 2025-26 financial year under CM GRIDS. Source : Times of India INDIA

Mohali Villagers Warn of Protests if Building Bylaws Notices are not Canceled

2/21/2025 11:19:00 AM

A delegation of residents from several villages of Mohali on Thursday submitted a memorandum to mayor Amarjit Singh Jeeti Sidhu and municipal corporation (MC) commissioner T Benith, warning of a massive protest if notices to houses that violate building bylaws are not revoked. The civic body has issued notices to residents of several villages, including Mohali, Sohana, Kumbra, Mator, Shahi Majra and Madanpur, under newly implemented building bylaws. Failure to comply could result in the demolition of illegal structures. This move has sparked strong opposition from village residents, demanding the cancellation of these notices. Led by the Shiromani Akali Dal (SAD) senior leader from Mohali Parvinder Singh Sohana, the delegation urged the withdrawal of these notices. Additionally, similar memorandums were sent to chief minister Bhagwant Mann and the chief secretary. The delegation also requested the inclusion of a resolution in the upcoming MC meeting. The delegation said the villages have existed for centuries, and most houses were constructed before the villages were brought under the MC’s jurisdiction. However, the civic body did not formulate any specific building scheme under Section 275 of the Punjab Municipal Corporation Act, 1976, making the issuance of these notices unlawful. Speaking on the issue, the SAD leader said urban building regulations should not be imposed on villages. Sohana demanded the immediate cancellation of these notices, calling them illegal. He urged the MC to develop a special building scheme under Section 275, which aligns with the ground realities of villages. He also stressed that urban regulations should not be applied to villages unless a proper scheme is in place. Source : Times of India INDIA

Haryana Sets Up Probe Panel for All Affordable Housing Project Allottees from One Area

2/20/2025 11:17:00 AM

Gurgaon: Haryana govt has formed a four- member committee to investigate the e-draw mechanism used for affordable housing allotments after it emerged that all 708 residential units at Sector 36 that were on offer went to residents in Sohna. The committee has now been directed to examine the portal and submit a report within 10 days. The allotments have been put on hold. The move comes after the draw conducted on Jan 27 was found to have allocated all flats exclusively to applicants from Sohna, violating Affordable Housing Policy 2013 guidelines. The panel will carry out a thorough examination of the e-draw system to determine if the lapses stemmed from a technical glitch or is an administrative error. It will also probe whether there was a deliberate bias in the allotment process. The committee comprises chief town planner (IT&M), senior town planner (E&V), senior town planner (Gurgaon) and project manager (IT HQ). The draw was conducted for an affordable housing project being developed by 4S Developers under licence number 235 of 2023. Though 51,586 people applied for 708 flats, allotments to beneficiaries exclusively from Sohna town raised eyebrows. According to clause 5(ii) of the policy, while Pradhan Mantri Awas Yojana (PMAY) beneficiaries are prioritised, the policy doesn't specify any preference of a particular town for the draw. The senior town planner (Gurgaon) flagged this discrepancy, leading to an immediate review. The department of town and country planning (DTCP) On Feb 13 issued orders to cancel allotments and conduct a fresh draw following the policy guidelines. Also, the e-draw software is now under scrutiny to ensure its compliance with state-wide eligibility criteria. The dispute has raised questions about clarity and fairness in Haryana's affordable housing allocation process, with numerous applicants expressing doubts about transparency. Director of town and country planning Amit Khatri in his order said, "The draw conducted for affordable housing project in Sector 36, Sohna stands cancelled and instructions have already been issued to the senior town planner to get the fresh draw conducted. The matter needs to be enquired and test run of the software needs to be conducted to ensure its functioning in accordance with the policy norms" As the committee begins its probe, homebuyers and stakeholders eagerly await its findings, which will determine if the problem was a technical malfunction, human oversight or an intentional manipulation. Reshma, a resident of Delhi who applied for a flat in the Sohna project, said, "I applied for this project hoping for a fair chance, but now it seems like the system was rigged. How can all selected applicants be from Sohna when thousands from across Delhi-NCR have applied? The govt must ensure transparency in the fresh." Arvind Kumar, an applicant from the city, said, "Affordable housing is meant for everyone, not just people from a particular town. If the system is biased, what's the point of applying? The govt should take strict action and overhaul the e-draw mechanism to prevent such irregularities." Source : Times of India INDIA

Delhi : NDMC Sends 3,200 Notices to Property Tax Defaulters

2/19/2025 11:49:00 AM

New Delhi: The New Delhi Municipal Council (NDMC) identified around 3,200 defaulters who did not pay property tax amounting to about Rs 200 crore in the last three years (post- Covid) and served them notices. This initiative is part of efforts to enhance property tax collection during the current financial year. NDMC aims to collect Rs 1,150 crore from property tax in 2024-25, compared to Rs 1,030 crore collected in 2023-24. "With data available for the past three years across all categories, we decided to assess property status and identify defaulters. It was found that at least 3,200 taxpayers have not paid their taxes for three consecutive years despite repeated notices. As a result, we have served them reminders and show-cause notices, urging them to pay their legitimate dues immediately, or face coercive action," said an NDMC official. Under NDMC regulations, a 30-day show cause notice is issued to defaulters, followed by additional reminders. If there is no response or payment within the 30-day period, the council may take action, such as property attachment, sealing, or account attachment. "We recently served show cause notices to about 380 taxpayers, offering them a 30-day period to make payments and avoid further action. These cases involved taxpayers who raised objections to the ex-parte property tax assessments made by NDMC over previous years. After reviewing their objections and rectifying the assessments, revised demands were raised. However, these 380 taxpayers still failed to make payments, prompting us to take action," the official added. "We can withdraw the revised assessment details and take other actions if they fail to reply or pay dues in 30 days," stated the official. NDMC oversees about 15,600 properties in its jurisdiction, including approximately 1,600 govt properties and around 14,000 private ones. Of these, 1,000 properties are exempt from taxation. As of mid-Feb 2024-25, Rs 735 crore has been collected from 9,600 taxable properties, with the tax submission deadline for the financial year set for Mar 31. Unlike the MCD, where taxpayers conduct self-assessments, NDMC's department calculates taxes based on property records and ground surveys. Taxpayers are invited to review the assessment list and raise objections either online or in person. If objections are raised, a revised assessment is carried out based on the facts submitted. To support taxpayers, NDMC is organising meetings with market associations, RWAs, and government agencies, and is sending property tax inspectors to residential areas for on-site collection. The council is also addressing outstanding payments, especially for government agencies where dues have been pending for an extended period. Source : Times of India INDIA

Gurugram Authorities Give 600 Buildings in DLF 3 Two Weeks to Rectify Extensions

2/19/2025 11:47:00 AM

Gurgaon: Owners of 600 properties in DLF-3 have till the first week of March to restore the buildings to their original structures, failing which action will be taken, the department of town and country planning (DTCP) has said in notices issued to them. Action could include revoking occupancy certificates and registry, sealing property and disconnecting water and sewer lines to the building. DTCP officials said on Tuesday that the owners of 600 properties were initially issued show-cause notices and could not give satisfactory responses on illegal construction or use of the residential buildings for commercial purposes. The next stage of enforcement is the restoration notices, which gives the owners one to two weeks to revert the buildings to their original form and shut down commercial activities. "Restoration orders have been issued to 600 buildings, and we will ensure compliance as per the high court's directions. Non- compliance will lead to strict legal action, including sealing and utility disconnections," said Amit Madholia, district town planner (enforcement). The department's crackdown began as the Punjab and Haryana high court heard a petition by a DLF resident about building code violations in the area. On HC's orders, 15,000 properties across DLF 1-5 were inspected by the department. Of these, norms were found to have been flouted at 4,200 properties. A significant chunk of the violations was spotted at properties allotted for economically weaker sections (EWS). In most of these cases, these 60-sq yard plots were illegally developed into multi-storied buildings, some reaching up to eight floors. These buildings were often used as paying-guest facilities or rented out to businesses, going against their purpose to provide affordable housing, On another 500 properties, the owners had illegally constructed rooms in stilt areas, covered backyards, enclosed ventilation cut- outs and expanded rooftops. Such illegal construction didn't just alter the area's planned structure, but also strained civic infrastructure, leading to parking chaos and sewage overflows apart from breaching safety norms. While some property owners object to DTCP's action, other residents support this crackdown. "This action was long due. Unchecked illegal construction has made this area unlivable. Roads are choked, parking is a nightmare and basic civic infrastructure is overburdened. We welcome this move by the authorities as it will restore some order and bring back the residential character of our neighborhood," said Rajiv Malhotra, a resident of DLF-3. Source : Times of India INDIA

New Income Tax Bill Tabled by Finance Minister

2/18/2025 4:03:00 PM

On February 13, 2025, Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha, marking a significant overhaul of India's tax legislation. This new bill aims to replace the six-decade-old Income Tax Act of 1961, intending to simplify tax laws, reduce litigation, and make compliance more straightforward for taxpayers. Key Features of the Income Tax Bill, 2025 1. Simplified Language and Structure The new bill comprises 536 sections spread across 23 chapters and includes 16 schedules, condensed into 622 pages. This is a substantial reduction from the previous act, which had 298 sections and 14 schedules spanning over 800 pages. The simplification aims to make the tax laws more accessible and easier to understand for the general public. 2. Introduction of 'Tax Year' A notable change is the replacement of the terms 'previous year' and 'assessment year' with a unified 'tax year.' The tax year is defined as the 12-month period beginning on April 1 and ending on March 31. For newly established businesses or professions, the tax year will commence from the date of setup and conclude at the end of that financial year. This change aims to streamline tax reporting and reduce confusion among taxpayers. 3. Revised Tax Slabs and Rates The bill proposes new tax slabs under the revised tax regime, providing relief to middle- income taxpayers. The updated tax rates are as follows: Up to ₹4,00,000: No tax ₹4,00,001 to ₹8,00,000: 5% ₹8,00,001 to ₹12,00,000: 10% ₹12,00,001 to ₹16,00,000: 15% ₹16,00,001 to ₹20,00,000: 20% ₹20,00,001 to ₹24,00,000: 25% Above ₹24,00,000: 30% Additionally, individuals earning up to ₹12 lakh annually will be eligible for a full tax rebate, effectively exempting them from income tax. 4. Standard Deduction and Salary Deductions The standard deduction for salaried individuals has been retained at ₹50,000 under the old tax regime. Taxes paid by employees under Article 276(2) of the Constitution, pertaining to professional tax, will continue to be fully deductible. These provisions aim to provide consistent relief to salaried taxpayers. 5. Focus on Digital Assets The bill introduces stricter regulations for virtual digital assets (VDAs), including cryptocurrencies and non-fungible tokens (NFTs). VDAs are now explicitly included in the provisions for searches and can be considered part of undisclosed income, alongside traditional assets like money, bullion, and jewelry. This move aims to address tax evasion and bring digital assets under the tax net. 6. Empowerment of the Central Board of Direct Taxes (CBDT) A significant shift from the existing law is the delegation of certain powers to the CBDT. Under the new bill, the CBDT is authorized to establish tax administration rules, implement compliance measures, and enforce digital tax monitoring systems without requiring frequent legislative amendments. This change is expected to reduce bureaucratic delays and enhance the efficiency of tax governance. 7. Enhanced Compliance and Penalty Provisions The bill emphasizes stricter compliance mechanisms, including faceless assessments and digital record-keeping. It introduces a more structured approach to penalties for non- compliance, aiming to deter tax evasion and encourage timely and accurate tax filings. Taxpayers are encouraged to maintain precise financial records to navigate the updated tax landscape effectively. 8. Clarity on Specific Tax Provisions The new legislation provides clearer guidelines on various tax matters, including: Depreciation and Deductions: Modifications in business expenditure rules to align with current economic practices. International Taxation: Refined rules concerning double taxation avoidance agreements and taxation of non-residents. Taxation of Startups and Special Economic Zones (SEZs): Structured tax incentives to promote entrepreneurship and investment in designated zones. Taxation of Digital Transactions and Cryptocurrencies: Expanded and clearer rules for the taxation of digital assets to ensure comprehensive coverage. These clarifications aim to reduce ambiguities and potential disputes, fostering a more transparent tax environment. Implications for Taxpayers The introduction of the Income Tax Bill, 2025, signifies a transformative shift in India's taxation framework. Taxpayers are advised to familiarize themselves with the new provisions to ensure compliance and optimize their tax planning strategies. The emphasis on digital compliance and the inclusion of virtual digital assets under the tax purview reflect the government's commitment to modernizing the tax system in line with evolving economic realities. As the bill progresses through the legislative process, it is expected to undergo further scrutiny and possible amendments. Taxpayers and stakeholders are encouraged to stay informed about these developments to adapt effectively to the forthcoming changes in the tax landscape. INDIA

Haryana RERA Levies Rs 50 Lakh Penalty on Birla Estates in Gurugram

2/18/2025 11:29:00 AM

Gurgaon: The Real Estate Regulatory Authority (Rera) in the state has imposed a hefty penalty of Rs 50 lakh on Birla Estates Pvt Ltd for promoting an unregistered housing project, violating key provisions of the Real Estate Act of 2016. The regulatory body found that Birla Estates had begun advertising its upcoming group housing project, Birla Akira, in sectors 31 and 32A before receiving official registration approval. Section 3 of the Real Estate (Regulation and Development) Act, 2016, restricts developers from marketing projects without prior registration from the authority. H-Rera made it clear that Birla Estates would receive its registration certificate only after fulfilling three conditions — submitting remaining documentation, completing the online DPI process, and paying the Rs 50 lakh penalty. The authority's crackdown extended beyond Birla Estates, with three other developers each receiving Rs 25 lakh fines for failing to meet project timeline commitments under Section 4(2) (l)(C) of the RERA Act. In a separate action, H-RERA ordered that security deposits worth Rs 2.2 crore be seized from six developers for violating registration conditions. The affected companies include 1000 Trees Housing, Keystone World, JMK Holdings, TARC Ltd, Mapsko Builders, and Aviana Green Estates. The authority issued a stern warning to Birla Estates and other developers, emphasising that any future marketing of unregistered projects would face more severe legal consequences. "The promoter M/s Birla Estates Pvt Ltd is advised not to indulge in or allow any other entity to sell units in unregistered projects, failing which legal consequences shall follow," the order stated. Source : Times of India INDIA

Gurugram: Compensation Plan Prepared for Chintels Paradiso Flat Owners

2/18/2025 11:28:00 AM

Gurgaon: In a relief for homeowners of towers A, B, and C of Chintels Paradiso in Sector 109, a high-level meeting chaired by the deputy commissioner proposed two compensation options for them, upholding the Central Building Research Institute (CBRI) report, that deemed the towers structurally unsafe. The homebuyers can opt for a full refund at the market rate with additional compensation. The prevailing market rates are: Rs 7,900 per square foot for Towers A and B, and Rs 7,500 per square foot for Tower C. Additional compensation includes a refund of the stamp duty paid, with 18% annual interest. An additional Rs 10 lakh will be paid as exemplary damages. The homeowners can also opt for the reconstruction of towers A, B, and C. Residents who choose this will be paid a fixed rent for alternate accommodation, the Supreme Court ordered on Jan 4 last year. The committee also reaffirmed that rent payments for displaced residents would continue as per the orders issued by the divisional commissioner on June 6, 2024. The meeting, convened after homeowners' representations, also considered the reply submitted by Chintels India Pvt. Ltd. The discussion centred around the structural integrity of the buildings and possible rehabilitation measures. An investigation by CBRI concluded that the structures were beyond repair, necessitating urgent action. The structural assessments of Paradiso's towers began after a vertical collapse of living rooms of flats across five floors in Tower D on Feb 10, 2022, led to the death of two residents, which was followed by days of protests on the compound, with residents accusing the developer of not reacting on time to concerns like sagging balconies that they had raised. Spokesperson for the developer said "Now that the value of flats is determined, we will offer to buyback at the rate determined by the govt. approved valuator." Source : Times of India INDIA

Over 200 Supertech employees finally get salary for December 2024

2/17/2025 10:59:00 AM

Noida: Supertech has disbursed Dec salaries to 237 employees, totalling over Rs 1 crore, following an order from the National Company Law Appellate Tribunal (NCLAT) issued on Feb 10. The payment adheres to the plan prepared and submitted by interim resolution professional (IRP) Hitesh Goel in consultation with the Apex Court Committee (ACC), which oversaw the process. The plan also includes disbursing Jan 2025 salaries, contingent upon the HR head submitting verified attendance records along with the processed salary sheet. The IRP emphasised the importance of accurate and timely documentation to ensure the continuation of salary payments. On Feb 10, NCLAT had directed the IRP to disburse Dec salaries within seven days and begin processing Jan payments. A hearing regarding the non-payment of salaries from Sept to Nov 2024 is scheduled for Feb 18. The employees, who were without salaries since Sept, recently approached NCLAT seeking intervention to clear their dues. Many struggled with basic expenses such as house rent, loan repayments and school fees. Feb 4, employees gathered at Supertech's Sector 96 office and staged a protest. During the Feb 10 hearing, NCLAT took note of the prolonged salary delays and instructed Supertech's HR head, Arun Mathur, to cooperate in providing employee details and ensuring timely salary payments. Goel had informed the tribunal that instructions for the bank transfer of December salaries were already issued, and the process for clearing Jan payments was underway. The NCLAT order stated, "In view of the aforesaid, we direct the salary for the month of Dec to be released within one week from today, that is by Feb 17, and with regard to salary for Jan, as submitted by IRP, the processing may be done and as early as possible the salary for Jan may also be released." Supertech Ltd has been undergoing insolvency proceedings since 2022. In Dec 2024, NCLAT mandated state-backed NBCC to complete 16 of Supertech's unfinished projects. Source : Times of India INDIA

Noida: Over 1,400 SDS NRI Township buyers protest against builder's additional compensation demand

2/17/2025 10:58:00 AM

Noida: More than 1,400 homebuyers of SDS NRI Township in Sector 26A off Yamuna Expressway have initiated a protest against the developer's demand for 64.7% additional farmers' compensation at the rate of Rs 8,746 per sqm. This demand by SDS Infracon will translate into an unexpected financial burden of around Rs 8-10 lakh for each buyer, despite a majority of them still lacking legal possession of their plots in the 125-acre township after more than a decade. The controversy dates back to 2011, when the compensation for farmers who had parted with their land was initially set at Rs 1,770 per sqm. The amount, however, escalated significantly because of SDS Infracon's delayed payments, accumulating interest on mounting dues and penalties. On May 19, 2022, the Supreme Court favoured a demand by Yamuna Expressway Industrial Development Authority (YEIDA) for additional farmers' compensation. After the court verdict, the developer asked the buyers of plots to bear the additional cost, citing terms of the sub-lease deed. "The YEIDA since then is pressing for recovery of the said additional farmers' compensation, however, at an excessive rate and that too with penal interest. Our various letters/representations to YEIDA for corrective actions/reliefs are still being considered by YEIDA," the letter to buyers read. Of the 1,400 affected buyers, only 500 could register their plots between 2011 and 2015, when YEIDA issued temporary and conditional completion certificates. The remaining 900 are yet to get their land registered. But those with registered plots aren't any better either. They cannot begin construction because of severe infrastructure deficiencies, including the absence of basic amenities like electricity, water, and sewerage systems. Tarun Sharma, general secretary of the NRI Township Yamuna Plot Owners Association, expressed outrage at the compensation demand, saying their investment in the project had increased nearly four times. "This unreasonable demand shows the builder's complete disregard for buyers' hardships. On the other hand, they remain unaccountable for the project's incomplete infrastructure," he added. The situation has been further complicated by YEIDA's inconsistent policies regarding construction penalties. While fines were waived from 2017 to Dec 2022 because of lacking infrastructure, the authority unexpectedly enforced penalties for 2023. Though the waiver was reinstated in 2024, uncertainty remains about the 2025 policy. There are additional challenges regarding the township's expired layout plan, which has not been renewed since 2018. This has prevented even registered buyers from obtaining approvals of their construction maps. Source : Times of India INDIA

Ghaziabad Development Authority Plans Land Acquisition for Growth in Harnandipuram Villages

2/15/2025 11:34:00 AM

Ghaziabad: GDA has decided to chip the proposed Harnandipuram township by nearly 150 hectares. The township was proposed to come up on 521 hectares — almost the same size as Indirapuram — which would require the Authority to acquire land from 8 villages at an estimated Rs 5,000 crore. The costs were to be shared equally by GDA and UP govt under the CM Urban Expansion New City Promotion Scheme. GDA secretary Rajesh Kumar Singh informed a six-member panel, set up for supervising the land acquisition process under UP govt's direction, that for now, it has decided not to acquire land from three villages from it was to acquire over 150 hectares—Shahpur Morta (77.4 hectares), Bhowapur (68.9 hectares) and Morta (5.4 hectares). "The financial status of the GDA is not sufficient to acquire land from all eight villages in one go," Singh said. The official added about 127 hectares are to be acquired from farmers of Nagla Ferozepur, Mohanpur, Atour, Champat Nagar, Shamsher, Bhenda Khurd, Mathurapur and Shapur Morta. The rest—about 242 hectares— is either with the GDA already or is gram sabha land. DM Deepak Meena told TOI that at the meeting on Thursday, they also discussed the rates at which land will be acquired for the township. "The panel has decided that land acquisition rate will be determined on mutual consent between GDA and landowners as the process was less time consuming. In case there is no consensus, plots will be acquired under the Land Acquisition Act," he said. GDA has now been directed to start a land survey. "The development authority has some land parcels in its bank. With three villages out of the purview now, only 127 hectares need to be acquired," Meena added. The map of the new township, vetted at the GDA Board's meeting in Aug last year, showed that the township will span from Pipeline Road in the north of the city to Northern Peripheral Road in the east and Morti in the south. As per one estimate, Rs 10,000 crore will be needed to develop Harnandipuram, and nearly 50% will go into acquiring land. The six-member committee, comprising, the DM, ADM (finance and revenue), GDA vice chairperson, an official from the tehsil level, the stamp department and the GDA Secretary, was set up in keeping with a govt order, which mandates that a committee must be set up to decide on land rates if the cost of acquisition is more than Rs 10 crore. Source : Times of India INDIA

Punjab Government Announces Affordable Housing Project for Economically Weaker Sections on 1500 Acres

2/15/2025 11:33:00 AM

Chandigarh: To provide houses to the economically weaker sections (EWS), the Punjab cabinet gave nod to a policy for "optimum utilisation of land reserved for EWS". Under the scheme, scattered land pockets located in different housing colonies will be sold off and the money raised would be utilised to acquire 1,500-acre land in different cities of the state. The state development authorities will "generate reasonable revenue" through auction of the scattered land pockets. Separate chunks of land would then be used for to provide either plots or houses to the EWS. Finance minister Harpal Singh Cheema said, "The developers have to set aside 5% area for the EWS. But since 1995, not even a single plot has been given to any EWS during the Akali and Congress regimes. This section was neglected. Over 700 acres of scattered land in various housing colonies in cities lie undeveloped. We have identified that land and sell it in the open market. It is estimated to raise funds to buy 1,500 acres of land in the key cities of the state. It is a historic decision of the AAP govt." "The existing pockets cannot be developed properly, and it has been decided to buy and development alternate land for the EWS," he added. Utilisation of EDC The cabinet also approved a policy to utilise the external development charges (EDC) collected by various development authorities on behalf of the govt from promoters who develop their projects under Punjab Apartment and Property Regulation (PAPRA) Act, 1995. As per this policy 50% of the EDC collected from promoters will be utilised for development of infrastructure within the periphery of the colony or township whereas the remaining 50% will be utilized by the government for development of major projects in the state. Relief to acid attack victims enhanced The cabinet decided to rename the scheme for financial assistance to acid victims as ‘The Punjab Financial Assistance to Acid Victims Scheme, 2024' by including the males and transgenders victim in the scheme besides increasing the financial assistance of Rs 8,000 per month being given to the victim to 10,000 per month Earlier, only female acid attack victims were covered and provided with a financial assistance of Rs 8,000 per month. Amnesty for defaulting land allottees The cabinet approved an amnesty policy for the defaulted allottees who were not able to deposit the money against the plots allotted to them by Puda and other development authorities. As per this scheme, the defaulters can deposit their dues in lump sum along with scheme interest without any penalty. 6 spl courts for NRIs The cabinet approved setting up special fast track NRI courts in six districts in Jalandhar, Hoshiarpur, Kapurthala, Shaheed Bhagat Singh Nagar, Moga and Ludhiana. This will ensure smooth dispensation of justice to the NRI brethren, giving a big relief to them. Bathinda thermal plant land It was decided that the 253 acres of land of the thermal power plant Bathinda will be "optimally utilise" by the Bathinda Development Authority for residential and commercial sites, water treatment plant, bus stand, hospital and schools. Besides, 1,235 acres will be returned to the PSPCL. Apart from this, the administrative control of three lakes falling in 173-acre land of thermal plant will remain with the Bathinda Development Authority and the ownership rights will remain with the PSPCL. This area will be developed by the authority concerned as a tourist spot which will make the city as a tourist hub and the profit from this will be divided. e-auction policy for housing The cabinet gave approval for amending e-auction policy of the housing and urban development department. On the basis of feedback received after e-auction conducted in Sept-Oct, 2024, and after examining e-auction policies of other development authorities like Noida, Greater Noida Industrial Development Authority, and Jaipur Development Authority, changes have been made in the policy to generate revenue. The eligibility fees for all types of properties except chunk sites has been increased and a formula for the reduction in the reserve price of unsold properties after two consecutive auctions has been devised. If a site is not sold in two consecutive auctions, the reserve price will be reduced by 7.5% at the level of chief administrator of the authority. If the same site is not sold in the next two consecutive auctions, reserve price shall be reduced by 7.50% of the originally fixed reserve price for the first auction. Rental housing accommodation policy amended The cabinet approved changes in Rental Housing Accommodation Policy 2018 thereby making it more rational. The amendment stipulates that rental housing accommodation projects would also be permissible in institutional zones of Master Plans (except Master Plan of Mohali) and New Chandigarh. Further the accommodations will be allowed construction to house 1000 students instead of the existing limit in 500 over one acre of land. Pilot project for 200 solar pumps To promote renewable sources of energy for agriculture purposes, the Cabinet also gave go ahead for launching a pilot project to install 200 solar pumps for agriculture purposes and 90% funding for this project will be done by the Punjab govt. Bio methanation plant for Buddha Nullah To check the pollution caused due to cow dung in the Buddha Nullah of Ludhiana, the cabinet also gave nod for setting up an "ultra-modern" bio methanation plant in the industrial city. The plant will be spread over 2.5-acre land and will have a capacity of 300 tonne daily. Extension of Papra licensed projects The cabinet accorded approval to allow extension of time period for Papra licensed projects for two years up to Dec 31, 2025, at an extension fee of Rs 25,000 per acre per year. Similarly, extension of one year up to Dec 31, 2025, for mega projects at an extension fee of Rs 25,000 per acre. Subsidy for paddy straw-based boilers For paddy straw management, the cabinet gave consent to give Rs 1 crore capital subsidy on setting up of new paddy straw-based boilers and Rs 50 lakh for upgrading the existing plant. Sub-divisions of villages changed The cabinet gave consent to include Mahru, Tiwana and Tasalpur village in Ghanaur sub-tehsil, Rajpura tehsil, Patiala district, from Dudhan Saadhan sub-division, Patiala. Likewise, it was also decided to include Namol village in Sunam Udham Singh Wala sub-division, Sangrur, from Cheema sub-division. UGC scales for sports univ The cabinet gave a green signal to provide UGC scales to the teaching faculty in the Maharaja Bhupinder Singh Punjab Sports University, Patiala. BOX Stamp duty was not on agenda: Cheema Replying to a question about the proposal to impose stamp duty for the transfer of property among blood relations, finance minister Harpal Singh Cheema said that the issue was only being reported in a section of the media but was not on the agenda for the cabinet meeting. There were reports that the AAP govt was keen on bringing back stamp duty on the transfer of land among relatives, which was earlier withdrawn in 2014 by the Akali govt. The plan was to impose a 1% stamp duty on direct transfers from parents to children and grandparents to grandchildren, while all other transfers, including those between brothers, sisters, and spouses, were to invite a stamp duty of 2.5%. Source : Times of India INDIA

NGT Highlights Issues in Greater Mohali Development , Calls For Action

2/14/2025 11:32:00 AM

The National Green Tribunal has come down heavily on the Greater Mohali Area Development Authority over blatant environmental violations at its Purab Premium Apartments project in Sector 88. On Wednesday, the green court directed GMADA’s chief administrator (CA) Moneesh Kumar to conduct an inquiry to find officers responsible for these violations, demanding action within three months and an action-taken report before its registrar general. The tribunal warned that failure to comply would lead to further scrutiny. “We are hopeful that the GMADA chief administrator will do the needful as directed so that the tribunal may not be compelled to presume otherwise,” the National Green Tribunal (NGT) bench, headed by chairperson justice Prakash Shrivastava, said. Moreover, over two years after the Punjab Pollution Control Board (PPCB) in September 2022 imposed a compensation of ₹1.02 crore on GMADA for environmental violations at the project, the tribunal asked the board to impose further penalty on the authority. While GMADA had paid the penalty then for violations between August 31, 2022, and March 31, 2023, NGT found that violations were committed even before and after this period. The tribunal’s action came following a petition by the Purab Premium Apartments Allottees Association and resident SK Loona, accusing GMADA of violating essential Environmental Clearance (EC) conditions, including non-installation of a Sewage Treatment Plant (STP). The project had got EC for construction of 6,360 flats in an area of 117.118 acres — 1,080 of Type 1; 2,520 of Type 2 and 2,760 of Type 3. But, the petitioner submitted, only 1,620 flats in 37 acres had been constructed and residents were deprived of fresh drinking water. The petition also highlighted non-compliance of safety protocols, such as securing a fire safety certificate. It was further alleged that the applicants were compelled to take possession of uninhabitable apartments based on an allotment letter and offer of possession containing the condition to take possession within 30 days or the allottee shall not be entitled to take benefit of any rebate or refund on any ground whatsoever. ‘GMADA not above law’ Raising concerns over GMADA’s casual approach to legal compliance and notices, the tribunal observed, “It is apparent that there are gross violations of compliance of EC conditions by GMADA, which is a statutory authority. It has acted in clear contravention of the law and conditions of EC, and has proceeded with the project even without obtaining the Consent to Establish and Consent to Operate, which are statutory requirements.” “GMADA is bound by law and cannot treat itself above the provisions of law,” it further remarked. Notably, in light of the green violations, PPCB in July 2024 had restricted GMADA from continuing construction or selling flats at Purab Premium Apartments until the violations were rectified. ENVIRONMENTAL NORMS THROWN TO WIND An NGT-appointed three-member joint committee had highlighted the following violations following a visit to the project site in November 2023: GMADA did not install a Sewage Treatment Plant (STP) and is discharging the entire untreated domestic sewage into sewer leading to STP, Mohali Fresh water being used for toilet flushing and plantation/horticulture purposes instead of treated sewage water No record regarding maintenance of rainwater harvesting pits Despite the site being a bulk waste generator, no arrangements made for management of biodegradable solid waste Construction waste and mixed solid waste dumped in the basement Solar energy not utilised for illumination of common areas Drinking water supply line and fresh water supply line for horticulture and flushing not colour-coded Consent to establish and consent to operate not obtained Environment Management Cell not established Environmental Clearance not renewed after expiry in February 2020. Source : Hindustan Times INDIA

Allahabad HC Safeguards 81 Apartments Owners From Demolition in Lucknow

2/14/2025 11:31:00 AM

Lucknow: The Lucknow bench of Allahabad High Court has granted major relief to several flat owners of 81 apartments whose residents were slapped notice by LDA for vacating the apartments so that the said apartments could be demolished in pursuance to demolition orders issued to their builders about 19 to 20 years ago. In-fact, on suggestion of LDA itself, the bench has permitted the flat owners to apply to the LDA for compounding their flats by depositing the requisite penalty. The bench has , however, clarified that it would fix the accountability of the LDA officials who had failed to execute the demolition orders issued to builders 19 years ago. The bench was of the view that for the fault of the builders, the flat owners, who had purchased the flats from their hard earned money and were not aware of notices to builders should not suffer. A bench of Justice Rajan Roy and Justice OP Shukla passed the order on a writ petition filed by some flat owners of Royal Green Apartment situated in Mahanagar. The bench has stayed demolition of the apartment . Earlier, LDA counsel Ratnesh Chandra informed the bench that LDA had proceeded to demolish the said apartments owing to an order passed by a co-ordinate bench in a 2012 PIL. Source : Times of India INDIA

Gurugram Authorities Take Steps to Ensure Compliance with Building Codes

2/13/2025 11:37:00 AM

Gurgaon: The district town planner (enforcement) has issued a show-cause notice to Ansal Properties & Infrastructure Ltd and the NRI Group Housing, Celebrity Homes, Palam Vihar, over unauthorised commercial activities and illegal alterations in the residential complex. The notice, issued under Section 10(2) of the Haryana Development and Regulations of Urban Areas Act, 1975, highlights violations of approved building plans and warns of legal action if corrective measures are not taken immediately. A complaint on potential encroachments prompted a site inspection by town planning officials. The inspection confirmed the existence of unauthorised commercial setups, including a gym, fresh mart and play area, along with structural modifications in the stilt area, which is legally designated only for parking purposes. These alterations were found to be in violation of Section 3B of the Haryana Development Act, which mandates that all construction within a licensed colony must adhere strictly to approved plans. The stilt area modifications and commercial use of residential property violate licensing norms for Palam Vihar, a project developed by Ansal Properties & Infrastructure Ltd. Authorities have warned that if the violations are not rectified immediately, strict legal action will be initiated. The notice directs the developers and resident welfare association of Celebrity Homes to remove the illegal constructions and restore the building in accordance with the approved layout. "Submit authenticated copies of the approved building plan and relevant permissions. Appear before town planning officials at Huda Complex, Sector 14, Gurgaon, on Feb 25, 2025, at 11.00am to justify their actions," the notice stated. Many residents have welcomed the crackdown, citing growing concerns over unauthorised commercial activities within the residential complex. "We bought homes here expecting a peaceful residential environment, but unauthorised shops and commercial activities have disrupted our daily lives. Parking space has been reduced due to these illegal modifications," Amit Sharma, a resident of Palam Vihar, said. Source : Times of India INDIA

Noida Launches Initiative to Streamline Lift Registrations For Societies

2/13/2025 11:36:00 AM

Noida: The district administration is taking steps to address the alarmingly low registration of lifts under the state's new Lift Act, with only 88 of 80,000 elevators recognised in the city so far. In response, the additional district magistrate's (ADM) office has announced training camps to help RWAs with the online registration process. Atul Kumar, ADM (finance/revenue), said that of the registered lifts, 68 were in residential highrises, while commercial and industrial establishments accounted for the remaining ones. "All registrations must be completed through the UP Directorate of Electrical Safety website (updeslift.org). Despite multiple public advisories and announcements from the district administration, the response has been minimal," he added. UP govt has set a March 25 deadline for registering all lifts, according to a notification issued on Sept 25 last year. The first training camp is scheduled for next Tuesday, involving 47 societies in Sector 62. SK Gupta, president of the Federation of Sector 62 RWAs — which represents 45 societies with lifts — highlighted the challenges faced during registration. "None of our member RWAs has successfully completed the online registration process. We requested the ADM's office for a demonstration to facilitate the process," he said. Surojit Dasgupta, president of the Exotica Fresco AOA in Sector 137, who successfully registered 20 lifts, said, "The registration process is comprehensive and requires extensive documentation, including specific information from lift manufacturers." The Lift Act — passed by the state legislature in Feb last year after a spate of accidents involving elevators in societies — aims at regulating the installation, maintenance, and safe operation of lifts and escalators across UP. This legislation is particularly crucial for Noida, where elevators are integral to daily life in numerous highrises. The administration has laid down a stringent penalty system for delayed registrations. Late fees can range from Rs 100 a day for delays up to seven days to Rs 200 a day for delays between 8-15 days, and Rs 500 for delays between 16-30 days. If registration isn't done even after 30 days, lift operations will be suspended immediately, with a hefty penalty of Rs 10,000 for reinstating them. In Jan this year, the district administration issued reminders to 200 residential societies, malls, hotels, and commercial complexes regarding the mandatory registration. The ADM's office plans to extend these training camps to other clusters of societies, which will ensure comprehensive coverage and compliance with the new regulations. "We understand the challenges faced by residents and are committed to facilitating smooth registration of lifts through these training camps," Kumar added. Source : Times of India INDIA

DLF Achieves Rs 2680 Crore in Sales Over the Last Two Years, According to Panchkula Real Estate Update

2/12/2025 11:43:00 AM

Real Estate News , Panchkula Real Estate Market , DLF Latest Update: In a major boost to Panchkula’s real estate landscape, DLF Limited, one of the country's largest real estate developers, registered Rs 2680 crore in sales over the past two years. According to sources, the company's impressive sales figures stem from its two marquee projects -- The Valley Gardens and The Valley Orchards. Both these residential projects have witnessed overwhelming demand from homebuyers. These developments are part of the larger 175- acre DLF Valley township, a premium residential hub that continues to attract high-end buyers. Panchkula real estate news: DLF The Valley Gardens Launched in 2022, The Valley Gardens spans 34 acres and offers luxury independent floors on 500-square-yard and 269-square-yard plots. With sales surpassing Rs 1,150 crore, the project has set new records for premium housing in Panchkula. Recent transactions indicate that 4BHK+Study units have been sold at prices exceeding Rs 4 crore, highlighting the growing appetite for luxury homes in the region. Panchkula real estate news: DLF The Valley Orchards DLF’s latest launch, The Valley Orchards, introduced in December 2023, has also seen an extraordinary response. This 15.8-acre low- rise development features 512 residences in 3BHK and 3BHK+Study configurations. Market insiders report that over 95% of the inventory has already been sold, prompting speculation that DLF may announce additional phases to cater to surging demand. Panchkula real estate market , DLF in Panchkula DLF’s stronghold in Panchkula’s luxury segment comes amid increased activity from other major developers expanding their presence in the Tricity region. While DLF has focused on luxury residential projects, players like Omaxe and Sushma Group are catering to the affordable and mid-segment housing markets in New Chandigarh and Mohali. Additionally, developers such as ATS Infrastructure, Emaar India, Ireo, Maya Estatz, Hero Realty, Spaze Group, and Elante Developers are capitalizing on the region’s rapid urbanization and improving connectivity. Earlier in a statement, the company spokesperson highlighted that its projects have attracted a diverse clientele, including NRIs, defence personnel, government employees, and corporate professionals from across North India and international markets. Complementing its regional success, DLF announced a 61% increase in consolidated net profit, reaching Rs 1,058.73 crore for the quarter ending December 31, 2024. The company recently announced its Q3 FY25 results and said “Our development business continues its growth trajectory, delivering record new sales bookings of Rs 12,093 crore during the quarter. Our latest super luxury offering, The Dahlias in DLF 5, Gurugram, performed exceptionally well, garnering Rs 11,816 crore of new bookings in the opening quarter. The overwhelming response to our new offering has resulted in the company surpassing its annual guidance. New sales bookings for the first nine months of the fiscal year stands at Rs 19,187 crore” Source : Times of India INDIA

Haryana RERA Confiscates Security Deposits From Six Developers for Breaching Registry Regulations

2/12/2025 11:42:00 AM

Gurgaon: Haryana Real Estate Regulatory Authority (HRera) has seized security deposits worth Rs 2.25 crore from six promoters for failing to comply with registration conditions. In a major crackdown on errant developers, the authority in the city also imposed penalties of Rs 25 lakh each on two promoters for not adhering to project timelines, as mandated under Section 4(2)(l)(C) of the Real Estate (Regulation and Development) Act, 2016. The authority has warned that strict action will continue against developers who fail to meet their commitments. Despite the penalties, the Rera registration certificates for the affected promoters remain valid, though with revised project timelines. An HRera official said on Tuesday, "Timely completion of real estate projects is essential to maintaining consumer trust in the real estate sector. Developers must adhere to their commitments, or they will face stringent penalties." For homebuyers, HRera actions serve as reassurance that regulatory bodies are taking steps to hold developers accountable. Experts believe such penalties will deter developers from delaying projects and encourage compliance with regulations. Section 4(2)(l)(C) of the RERA Act requires developers to submit an application for registration, clearly specifying the timeline for project completion. Any deviation from this timeline without due approval is considered a violation, subjecting the developers to penalties. HRera emphasised that these actions are aimed at ensuring accountability and protecting homebuyers from indefinite project delays. HRera's Gurgaon office has been actively monitoring real estate projects to prevent delays and ensure that homebuyers receive their properties within the promised timeframe. The decision to forfeit security deposits linked to delayed projects and impose penalties is seen as part of the real estate authority's broader effort to enforce discipline in the sector. Homebuyers have often raised concerns about stalled projects and delays, which lead to financial burden and emotional distress. For developers, the penalties for failing to adhere to timelines and agreements highlight the need for stricter planning and execution of projects. The real estate sector has faced challenges in meeting deadlines due to factors such as financial constraints and irregularities, regulatory approvals and market fluctuations. Gurgaon: Haryana Real Estate Regulatory Authority (HRera) has seized security deposits worth Rs 2.25 crore from six promoters for failing to comply with registration conditions. In a major crackdown on errant developers, the authority in the city also imposed penalties of Rs 25 lakh each on two promoters for not adhering to project timelines, as mandated under Section 4(2)(l)(C) of the Real Estate (Regulation and Development) Act, 2016. The authority has warned that strict action will continue against developers who fail to meet their commitments. Despite the penalties, the Rera registration certificates for the affected promoters remain valid, though with revised project timelines. An HRera official said on Tuesday, "Timely completion of real estate projects is essential to maintaining consumer trust in the real estate sector. Developers must adhere to their commitments, or they will face stringent penalties." For homebuyers, HRera actions serve as reassurance that regulatory bodies are taking steps to hold developers accountable. Experts believe such penalties will deter developers from delaying projects and encourage compliance with regulations. Section 4(2)(l)(C) of the RERA Act requires developers to submit an application for registration, clearly specifying the timeline for project completion. Any deviation from this timeline without due approval is considered a violation, subjecting the developers to penalties. HRera emphasised that these actions are aimed at ensuring accountability and protecting homebuyers from indefinite project delays. HRera's Gurgaon office has been actively monitoring real estate projects to prevent delays and ensure that homebuyers receive their properties within the promised timeframe. The decision to forfeit security deposits linked to delayed projects and impose penalties is seen as part of the real estate authority's broader effort to enforce discipline in the sector. Homebuyers have often raised concerns about stalled projects and delays, which lead to financial burden and emotional distress. For developers, the penalties for failing to adhere to timelines and agreements highlight the need for stricter planning and execution of projects. The real estate sector has faced challenges in meeting deadlines due to factors such as financial constraints and irregularities, regulatory approvals and market fluctuations. Source : Times of India INDIA

Haryana RERA Orders Builder to Refund Rs 6 Lakh to Homebuyer

2/11/2025 11:43:00 AM

Gurgaon: The Haryana Real Estate Regulatory Authority (H-Rera) this month ordered the developer of a residential project in Sector 103 to refund Rs 5.8 lakh paid by a homebuyer to book a flat in 2019 along with annual interest of 11% for failing to honour its commitments. HRera gave the ruling after the homebuyer filed a petition to the authority. The buyer, Bharat and Poonam Gupta, had booked a 2BHK flat in Mahira Homes in April 2019 for up-front amount of Rs 1.15 lakh. The Guptas received a letter on July 1, confirming that flat number 703, spanning 570sqft, in Tower G was allotted to them for a basic sale price of Rs 23.3 lakh. The buyer paid an additional Rs 4.7 lakh via cheque, bringing the total payment to Rs 5.88 lakh, but the developer did not issue a receipt for this payment. The same month, the buyer also sought a builder-buyer agreement from the developer to get a home loan, but the developer refused, citing lack of environmental clearance certificate for the project by the govt. Despite this, the homebuyer alleged, the developer continued raising demands for further payments for the flat. The buyer was also refused a home loan by the Punjab National Bank, and in Jan 2020, Mahira Homes cancelled the flat's booking unilaterally, he alleged. The homebuyer in Jan last year approached HRera, alleging that the developer was not refunding the amount paid by him after the flat was booked. The regulatory authority noted in its hearings on Jan 17 and Feb 21, 2024, that the developer did not file any responses despite multiple directives. On Feb 5, HRera struck off the defence and ruled in favour of the homebuyer, saying that the developer of Mahira Homes violated Section 13(1) of the Real Estate (Regulation and Development) Act, 2016, which prohibits collecting more than 10% of the total price of a property without executing a sale agreement. Additionally, HRera also observed that project had since come under regulatory scrutiny as its accounts were frozen and the developer was blacklisted in May 2022 due to several violations. On March 11, 2024, HRera revoked the project's registration as well to prevent the developer from selling unsold units. Citing these factors, HRera ordered the developer to refund the full amount paid by the homebuyer along with 11.1% annual interest. The developer has 90 days to comply, failing which further legal action will be taken. Source : Times of India INDIA

Private Firm to Assess Value of Gurgaon’s Chintels Paradiso Flats

2/11/2025 11:42:00 AM

Gurgaon: The department of town and country planning (DTCP) has appointed consultants to assess the market value of flats and their interiors in towers A, B and C of Chintels Paradiso, months after these buildings were also declared unsafe in a second audit organised by the developer. Audits at the Sector 109 society began after a vertical collapse of five floors at Tower D killed two women in Feb 2022. Soon after the incident, the district administration brought in IIT experts to assess the structural safety of residential towers at the apartment complex. IIT reports declared towers E and F unsafe in March 2023, followed by Tower G in June 2023, Tower H in July 2023 and Tower J in Jan 2024. Later, the developer – Chintels India – asked the Central Building Research Institute – to audit the remaining towers. Tower C was declared unsafe by CBRI in Aug 2024, followed by Tower A in Oct 2024 and Tower B in Dec 2024. In all, all nine towers of the complex are likely to be demolished. The process to raze towers D, E, F, G, H and J has already begun, and all residents of these buildings have been vacated. The valuation work of flats in towers A, B and C -- ordered by the deputy commissioner this week -- will take the process forward and determine the financial repercussions for homebuyers. "We will pay these fees (to the consultant) as we did for the first phase of valuation. Once the value is determined, then we will offer to buy back flats from homebuyers at the rate determined by the govt-approved valuator," a spokesperson for Chintels India said on Monday. The decision to go ahead with valuation was taken after DC Ajay Kumar on Monday held a meeting with homebuyers of Paradiso to address their concerns. The consultant has to submit a final report on valuations within 15 days after receiving necessary documents. On Monday, residents of the society held a candle-light march to mark three years since their ordeal began. They said both the district administration and developer have delayed the rehabilitation and compensation process to give them relief. Source : Times of India INDIA

Residents of 32 Noida Societies Protest Over Delay in Property Registration

2/10/2025 11:53:00 AM

Noida: Homebuyers from 32 societies, including 7x sectors and Sectors 141, 167, and 137, staged a conch shell (shankhnaad) protest within their societies on Sunday evening. The protest highlighted the residents' frustration over the delay in pending registries. They also demanded the implementation of the original Amitabh Kant Committee report and the chief minister's intervention on the matter. Approximately one lakh registries are pending in Noida, of which about 25,000 are from 7x and neighbouring sectors, comprising over 1.5 lakh population. In the meanwhile, about 16 residents from Skytech Matrott Sector 7x are currently visiting Mahakumbh at Prayagraj, where they also held a banner protest against pending registries. They also held a black flag protest on Jan 26. Meanwhile, on Saturday, residents' anger erupted against the professional appointed by the NCLT court regarding the pending registries of Supertech Eco Village 1 and 2. They said that NCLT-appointed the officials have been constantly procrastinating for past three years and paid no attention to the matter. Residents stated that it is high time the authority should collect its dues from the builders by auctioning their land, projects, or private property. They also added that they were trying to draw the Authority and UP govt's attention to the matter. Saurabh Sinha, a Skytech Matrott Sector 76 resident, told TOI that he, along with 16 homebuyers from his society, raised the protest on pending registries with banners from the Kumbh ground. Speaking to TOI via telecon from the Mahakumbh ground in Prayagraj, Sinha said it's a do-or-die situation for the homebuyers as they are suffering heavy financial burden due to pending registries. Earlier on Saturday, residents' anger erupted against the professional appointed by the NCLT court regarding the pending registries of Supertech Eco Village 1 and 2. Source : Times of India INDIA

NGT Panel Identifies Environmental Compliance Gaps at ACC Cement Plant in Himachal Pradesh

2/10/2025 11:52:00 AM

Bilaspur: A joint committee of National Green Tribunal (NGT) has identified environmental compliance lapses at Adani Group's ACC Limited cement plant in Barmana, Himachal Pradesh, raising concerns over air pollution in the region. In its report to the tribunal, this committee of Bilaspur subdivisional magistrate (SDM) Abhishek Garg, Himachal Pradesh State Pollution Control Board (HPSPCB) regional officer Pawan Sharma, and Central Pollution Control Board (CPCB) scientist Narender Sharma has outlined deficiencies in the plant's environmental safeguards after inspecting the unit on Jan 18. The committee observed dust emissions from clinker, ash, and cement silos, as well as inadequate measures to prevent accidental discharges, despite directives from the HPSPCB. While metal sheets and nets were installed near a complainant's residence to mitigate dust, their height was deemed insufficient for effective control. Even though the plant has implemented a truck wheel washing system at the exit point to prevent dust dispersion, it lacks a mechanism to remove oil and grease from wastewater before recycling it for washing purposes. Additionally, the committee noted the absence of a mandated three-layer tree plantation system to counter air and noise pollution. The report acknowledged the installation of 111 air pollution control devices, including 109 bag filters and two electrostatic precipitators, aimed at capturing dust generated during production. The report highlighted that the ACC cement plant has faced seven complaints over the past three years. In April 2022, the HPSPCB imposed an environmental compensation of ₹1.29 crore on the company for air pollution and untreated wastewater discharge, a penalty that ACC has since paid. A previous ruling in 2015 saw the NGT impose a ₹50 lakh fine on ACC for similar environmental violations in Barmana. At the time of inspection, the plant was undergoing an annual maintenance shutdown and operating at only 25% capacity, with mining and crushing activities halted. The committee has requested an additional eight weeks to conduct a follow-up inspection when the plant is fully operational. The NGT initiated the investigation following a petition by Kashmir Thakur, a Barmana resident, who alleged that airborne dust from the plant was contaminating roads, pathways, and residential areas. The petitioner also claimed that ACC Limited had failed to manage emissions effectively despite years of operation. The tribunal is expected to review the findings in the coming weeks. box Key findings at Barmana >> Dust emissions | From clinker, ash, and cement silos, contaminating roads, pathways, and residential areas >> Accidental discharge prevention | Inadequate despite directives from the HPSPCB >> Dust control | Metal sheets and nets installed near residential area are of insufficient height >> Truck wheel washing system | Exit-point dust dispersion measure doesn't remove oil and grease from wastewater before recycling it for washing purposes >> 3-layer tree plantation system | Absent despite being mandated to counter air and noise pollution >> 111 air pollution control devices | 109 bag filters and two electrostatic precipitators, capturing dust generated during production >> Complaints | Seven over the past three years >> Environmental compensation | Rs 1.29 crore, imposed on ACC in April 2022, for air pollution and untreated wastewater >> Fine | Rs 50 lakh, imposed on ACC by the NGT in 2015 >> Current operating capacity | Only 25% at the time of inspection due to annual maintenance shutdown Source : Times of India INDIA

Builder Unable to Fix Issue; 700 Families in Gurugram left Without Power

2/10/2025 11:50:00 AM

Gurgaon: Around 750 families at Mapsko Mount Ville in Sector 79 were left with electricity for 23-hour power after DHBVN disconnected supply due to the developer's failure to repair a faulty breaker at the Sector 72 substation. The disconnection occurred at the 33kV switching station at 6pm on Friday and was only restored at 5pm on Saturday, with residents claiming no prior notice was given to them. "Despite no fault, the ring main unit in Sector 79 remains racked out and locked, with no keys provided to the operations and maintenance contractor. We tried contacting DHBVN officials, but there was no response. The disconnection came without any intimation, and we only learnt about it the next morning. Does DHBVN have the right to deprive residents of electricity even after timely payment of bills?" asked Sumit Duggal, RWA president of Mapsko Mount Ville. Meanwhile, a senior DHBVN official said that the developer and facility management failed to act on multiple warnings, adding that a notice was also served to the management, allowing seven days for rectification of the fault. "The vacuum circuit breaker at the Sector 72 substation was faulty for the last 25 days. Since its repair falls under the developer's scope, we served a notice giving them seven days to take action. Meanwhile, power was supplied through an alternate source, but no remedial measures were taken despite repeated follow-ups. This failure affected power supply to other areas as well. The supply has now been restored on the assurance that the fault will be fixed within three days," the DHBVN official said. When TOI reached out to the representative of the developer, they did not respond for comment. Residents, however, said that they had to bear the brunt due to the tussle between the developer and the discom and also pointed out the financial burden on them caused by prolonged reliance on diesel generators. "We have spent approximately Rs 8 lakh on diesel for gensets, which not only burns a hole in residents' pockets but also harms the environment. If there was a delay in repairs, the developer should have been penalised instead of harassing the residents. We have already deposited Rs 25 lakh as an advance payment for electricity, making this disconnection completely illegal," said Raghu Tiwari, general secretary of Mount Ville RWA. Source : Times of India INDIA

ACC Cement Plant in Himachal to Undergo Review For Cleaner Air Solutions

2/8/2025 10:47:00 AM

Kullu: Taking cognizance of a complaint that has accused Adani Group-owned ACC cement plant in Barmana village of Himachal Pradesh's Bilaspur district of causing air pollution, the National Green Tribunal (NGT) set up a joint committee to inquire into the matter. In a recent order, Justice Sudhir Agarwal directed the committee members to visit the cement factory and determine whether the firm had taken necessary measures to contain environmental pollution or there were any violations. The panel will have to submit a factual report to the tribunal. The committee members include officials from the Himachal Pradesh State Pollution Control Board (HPSPCB) and Central Pollution Control Board (CPCB) along with the Bilaspur deputy commissioner. The NGT appointed the CPCB as the nodal authority for coordination and compliance of its order. The NGT order came on a letter petition filed by Kashmir Thakur, a resident of Barmana village, who stated that flying dust from the factory during cement production process settles on pathways, concrete roads, and residential accommodations in the area. The petition added that ACC Limited has been manufacturing cement for the last several years but has not been able to manage and control dust emission from its plant effectively. "The dust separation system is not properly functioning or has not been properly erected by the proponent, due to which it has not been able to control fugitive emissions," according to the petition. Reacting to the points raised in the petition, the NGT observed that "before taking any action, we find it appropriate to obtain a factual report by constituting a joint committee." The NGT in 2015 imposed an environmental penalty of Rs 50 lakh against ACC Ltd for causing air pollution and thereby a health hazard in Barmana. The penalty amount was meant to be used for healing the environmental damage caused in the area and to ensure there is no pollution in the future. ACC Limited, along with Ambuja Cements, was taken over by the Adani Group from Holcim Group, a Swiss company, in May 2022. Source : Times of India INDIA

YEIDA Allocates Four Hotel Plots Near Noida International Airport For Development

2/8/2025 10:46:00 AM

Noida: Yamuna Expressway Industrial Development Authority (YEIDA) has auctioned plots for four hotels near Noida International Airport, securing bids significantly above the reserve price. The plots, ranging from 3,400-4,000 sqm in Sector 29, received the highest bid of Rs 31 crore. Equasocio Digital Technologies was allotted a 4,000-sqm plot at least Rs 5 crore above its reserve price of Rs 26 crore, officials said. Two 3,400 sqm plots were auctioned for Rs 23 crore each, against a reserve price of Rs 22 crore, to Balaji Enterprises and Ranchor Infra Developers. Net2Source Consulting emerged as the highest bidder for another 3,400 sqm plot, acquiring it for Rs 29 crore against a reserve price of Rs 23 crore. The Authority earned a cumulative revenue of Rs 106 crore, about 12% more than the reserve price of Rs 94 crore from the sale of plots. It anticipates a total investment of over Rs 200 crore in these projects. The Authority also allocated a 2,100 sqm plot for a fuel station in Sector 18 to Bharat Petroleum Corporation Ltd at Rs 12.2 crore. The e-auctions for both the schemes were conducted on Thursday. The hotel plot scheme was launched in Dec last year, offering 12 plots ranging from 3,100 sqm to 20,000 sqm for allotment through e-auction. The scheme for the fuel station plots was introduced in November last year and offered two plots of 2,100 sqm and second one of the 1,600 sqm. Source : Times of India INDIA

Chandigarh Housing Board Aims to Address Rs 4.5 Crore Deficit in FY25

2/7/2025 11:34:00 AM

Chandigarh: With no major project undertaken for the past several years, the Chandigarh Housing Board (CHB) is now losing money and running deficits. As per the financials submitted for three financial years, 2022-23, 2023-24, and 2024-25, the CHB's receipts are less than its payments. From generating a surplus of Rs 25 crore in FY 2022-23, the CHB is heading to run a deficit of around Rs 4.5 crore in FY 2024-25. In the previous year, FY 2023-24, CHB generated a surplus of Rs 17.4 crore. When the board of directors of the CHB meets on Feb 12, this worsening financial position will be on top of the agenda. The budget will be submitted to the board of directors for its approval. CHB has proposed to tap into its accumulated savings to tide over the deficit. The receipts of CHB have been decreasing consistently. As per budget estimates 2023-2024, the receipts were pegged at Rs 473 crore. The actual receipts were Rs 108 crore. For the outgoing financial year, the receipts are pegged at Rs 120.26 crore. "The actuals are likely to be lower, which will be calculated at the end of the financial year," said a CHB official. The major source of income for CHB is derived from the sale of residential and commercial property, service charges, and user charges being charged from various allottees. A CHB official said, "The decrease in receipts in the revised estimates during 2023-24 was due to non-finalisation of schemes in IT Park (Rs 300 crore), UT Employees (Rs 5 Crore), and Sector 53, against which the provision was made in the previous year. The increase in the estimated receipt for the next financial year 2024-25 has been proposed due to the auction of vacant residential property, commercial property, and rental income." Similarly, the official said, the decrease in payments in the revised estimates during 2023-24 was due to non-finalisation of schemes in Sector 53, UT Employees, and IT Park Scheme and due to the decrease in CHB Works (Rs 134 Cr), Income Tax (Rs 48 Cr). The increase in the estimated payments for the financial year 2024-25 is due to an increase in CHB works from Rs 10.75 crore to Rs 44.13 crore, said the official. The working of the CHB has come under the scanner and its relevance questioned with its failure to launch any new project after 2016. But it has continued to add to its employee strength, the latest being the addition of 38 engineers. CHB pays around Rs 2 crore per month in salary/wages to its employees, whose strength is around 500. In the last five years, CHB has not much to show for. During this period, it completed 200 two-bedroom flats in Sector 51, office building ‘B' block in CHB Complex, constructed a boundary wall at the complex of small flats complex at Dhanas, renovated rental accommodation of CHB employees, and renovated toilets in Hotel Chandigarh Beckons Sector 42. Recently, UT chief secretary-cum-CHB chairman directed it to undertake a fresh demand survey for the Sector 53 housing scheme. CHB is yet to start the survey. Source : Times of India INDIA

Aadhar Housing Finance Q3 Profit Jumps 17.17%, Shows Strong Growth

2/7/2025 11:32:00 AM

Non-banking finance company (NBFC), Aadhar Housing Finance posted an increase of 17.17% in its net consolidated profit for the third quarter of FY25. Non-banking finance company (NBFC), Aadhar Housing Finance posted an increase of 17.17% in its net consolidated profit for the third quarter of FY25. The profit after tax (PAT) stands at ₹239.34 crore in the third quarter which is an increase from ₹204.37 crore registered in the same quarter last financial year, as per the firm's disclosure to Bombay Stock Exchange (BSE). It registered ₹797.64 crore in net consolidated total income in the quarter ended from ₹673.08 crore, registering an increase of 18.51% in the same quarter previous fiscal. The company's assets under management (AUMs) witnessed a growth by 21% to ₹ 23,976 crore from ₹ 19,865 crore. "There has been consistent growth in our AUM, and we have reached an AUM level of Rs 23,976 crore as at the end of Q3 FY25 which is a 21% year-on-year growth in AUM," said Rishi Anand, MD & CEO, Aadhar Housing Finance. Its gross non-performing assets improved marginally to 1.36% this quarter from 1.40% of December 31, 2023. "Disbursements have remained strong with a growth of 20%. PAT for nine months ended December 31, 2024 stood at Rs 667 crore, a growth of 22% year-on-year basis," he added. Ahead of earnings, the HFC's shares ended at ₹394.30 up nearly 1% on BSE. Source : Economic Times INDIA

Centre Denies Ownership Rights to Chandigarh Rehabilitation Colony Resident

2/6/2025 11:36:00 AM

Chandigarh: The central govt, on Tuesday, refused to give ownership rights to allottees of rehabilitation colonies of Chandigarh. It was stated that there was no such provision and houses were given to allottees on a monthly rent basis. Incidentally, local BJP leaders claimed in the past that the party would ensure ownership rights for residents of rehabilitation colonies. The clarification came on a question asked by city MP Manish Tewari in Parliament on Tuesday. Raising the issue of rehabilitation colonies, Tewari asked whether the Union govt was aware of any survey conducted by the estate office of Chandigarh to ascertain ownership rights of houses under rehabilitation schemes in Chandigarh. If so, he requested details thereof, and if not, the reasons. Replying to the question, Union minister of state, home affairs, Nityanand Rai said, "These houses were allotted to economically weaker sections of society on a monthly licence fee basis or leasehold basis. In these rehabilitation schemes, there is no provision to get ownership rights." Replying to another question regarding the total number of such houses built under rehabilitation schemes in the city since financial year 1980-1981 to financial year 2018-2019, the minister replied that Chandigarh has 34,965 such houses under rehabilitation schemes. As per the record provided, maximum number of houses, 11,616, were built in 2010-2011, followed by 6,161 houses in 1992-1993 and 4,960 in 2018-2019. The issue of ownership has been a major election issue, affecting lakhs of people. The MP said, "It is very unfortunate that the NDA, BJP govt is short-changing poor people and not giving them the ownership rights as they promised in the 2014, 2019, and 2024 Lok Sabha elections." Source : Times of India INDIA

Zomato Plans to Lease 2 Million Sq Ft Office Space in Gurugram

2/6/2025 11:36:00 AM

Food delivery company Zomato is in advanced discussions to lease about 1 million sq ft in Gurugram with an option to add another 1 million sq ft, in one of the largest office space transactions in the country, two people aware of the development said. Zomato, which currently occupies more than 300,000 sq ft of office space developed by ASF and the Pioneer Group in Gurugram, is in talks with the same developers for built-to-suit assets. “The demand for Grade-A office spaces will continue to remain strong in 2025. This deal highlights the robust demand Indian corporates will generate this year,” said Peush Jain, managing director – commercial leasing and advisory, at real estate consultancy Anarock Group. “Institutional-owned and campus-sized developments are preferred, as they provide growth opportunities along with numerous common amenities for occupiers. Recently, Zomato leased around 750 seats with Smartworks, which operates 450,000 sq ft of office at ASF’s Insignia Campusin Gurugram. The ASF Insignia Campus is primarily a special economic zone, and the company is in the process of de-notifying certain areas to lease to non-IT tenants. Last year, Hines, one of the world’s largest privately held real estate investors and developers, signed an agreement with property developer Pioneer Group to develop 1.25 million sq ft of office space along Golf Course Extension Road in Gurugram. Zomato currently occupies a large office complex in a Pioneer Group building in the same area. "Zomato is looking to consolidate its office space and, in the future, wants to have a single office campus in the NCR (National Capital Region). It is exploring both options. ASF has the advantage of lower rental costs," said a person aware of the deal. While the majority of the ASF’s campus is developed, the builder has the capacity to develop an additional 2 million sq ft. ASF has delivered over 5 million sq ft of commercial real estate projects. Source : Times of India INDIA

Greater Noida Authority May Extend Relief on Flat Registration Penalties

2/5/2025 11:32:00 AM

Noida: GNIDA is likely to extend the penalty waiver for homebuyers unable to register their flats due to developers' outstanding dues, for another six months, in its upcoming board meeting. Introduced in July 2024 for a six-month period, the waiver has already benefited over 6,500 homebuyers, each receiving a waiver of penalties ranging from Rs 2 lakh to Rs 2.5 lakh. According to officials, the initiative encouraged more property registrations and helped reduce legal disputes. "Since the implementation of the govt's policy for stalled projects in Dec 2023, over 11,500 registries were executed, and out of these, 6,500 homebuyers availed the penalty waiver benefits," said Saumya Srivastava, OSD at GNIDA. The Noida Extension Flat Owners' Welfare Association (NEFOWA) and other homebuyer groups have urged GNIDA to extend the scheme, citing financial constraints faced by many buyers. "Many homebuyers are eager to complete their registries but are struggling to arrange funds. They should be given more time to deposit the registry amount, and we are hopeful that the Authority will consider our request," said NEFOWA president Abhishek Kumar. The relief was initially introduced to assist nearly 40,000 homebuyers across numerous stalled projects. Despite receiving occupancy certificates many buyers were unable to execute their registries due to their developers' failure to clear dues, leaving them without legal ownership of their flats. Previously, in 2018, GNIDA granted a similar waiver, allowing buyers to register their flats without penalties. However, those whose developers had outstanding dues were still barred from completing the process. Once the relief window closed, these buyers faced daily penalties—Rs 50 for flats under 100 sqm and Rs 100 for larger homes—resulting in accumulated fines of Rs 2 lakh to Rs 2.5 lakh per buyer. The issue gained further attention in Dec 2023 when the Uttar Pradesh govt introduced a rehabilitation policy for stalled projects. Under this policy, 78 builders in Greater Noida availed benefits under a "zero-period" waiver on interest and penalties accrued during COVID, provided they paid 25% of their recalculated dues upfront. In early 2024, homebuyer groups petitioned the authority to waive these fines. Following discussions at a board meeting in June 2024, a six-month penalty waiver was approved, which was in effect from July 22, 2024, until Jan 31, 2025. With thousands of buyers benefiting from the relief but many still unable to gather the necessary funds, the upcoming board meeting will determine whether the waiver will be extended. Source : Times of India INDIA

Supertech Employees Seek Resolution For Pending Salaries in Noida

2/5/2025 11:32:00 AM

Noida: More than 300 employees of Supertech Limited — currently under insolvency proceedings — staged protests on Tuesday along with hundreds of vendors, demanding that salaries and payments due to them for several months be cleared at the earliest. Both groups have recently approached the National Company Law Appellate Tribunal (NCLAT), seeking its intervention and an order to interim resolution professional (IRP) Hitesh Goel to clear the dues. Employees gathered at the company's Sector 96 office in Noida on Tuesday morning, expressing their frustration over five months of unpaid salaries. The protesters vowed not to resume work until their salaries were cleared. The 300-odd workers have been without pay since Sept last year, causing them severe financial hardships. Many said they had been struggling with basic expenses such as monthly house rents, loan payments, and school fees. Some of them claimed facing the risk of their children being expelled from schools. Supertech Ltd is one of many companies floated by Supertech group. The National Company Law Tribunal ordered the initiation of insolvency proceedings against it in March 2022. Following an appeal by Ram Kishor Arora — a former Supertech promoter — the NCLAT in June 2022 allowed the formation of the committee of creditors for Ecovillage 2 while keeping other projects under the supervision of the IRP. Several vendors of Supertech Ltd — who have formed Shri Shyam Vendors Association to register their protest — began an indefinite sit- in pat Supertech Square, demanding settlement of their dues exceeding Rs 200 crore. Association president Dinesh Bhati has also called on National Buildings Construction Corporation (NBCC) to release at least 50% of their pending payments before initiating work on Supertech's stalled housing projects. The state-backed NBCC, which was mandated by NCLAT in Dec 2024 to complete 16 unfinished projects of Supertech, has yet to respond to the contractors' demands. The vendors have also filed a petition with NCLAT, which heard their plea last week and requested IRP Goel for a written submission. Following Supertech's insolvency proceedings in March 2022, the IRP had assured vendors that dues incurred during corporate insolvency resolution process would be settled "on priority". This commitment, however, remained unfulfilled. The association of vendors also argued that while issuing its order asking NBCC to complete the unfinished projects in Dec last year, NCLAT failed to acknowledge the priority of payments due to operational creditors — as mandated by the Insolvency and Bankruptcy Code. The payments included expenses for maintaining essential supplies and facilitating the completion of the projects and handovers of flats. NCLAT has scheduled hearings for the employees' case on Feb 10 and the vendors' petition on Feb 11. Source : Times of India INDIA

Noida Tribunal Ensures Swift Resolution: Tenant Ordered to Vocate with Rs 20 lakh Penality

2/4/2025 11:32:00 AM

Noida: The district rent tribunal has ordered a tenant who refused to vacate an apartment at Great Value Sharanam in Sector 107 and not paid rent for four years to cough up a stiff fine of Rs 20 lakh and move out within a month. Presiding over the tribunal, additional district magistrate (finance and revenue) Atul Kumar passed the order under UP Urban Premises Tenancy Regulation Act on Jan 21, warning of further legal action if the tenant fails to comply. The flat's owner, Manorama Devi, is an elderly widow and the tenants, Mukesh Gupta and his wife, are also senior citizens. In her complaint, Manorama claimed she rented her 19th- floor flat in Tower B of Great Value Sharanam to Gupta on May 1, 2019. A lease agreement was signed between them for 11 months at Rs 20,000 per month rent, excluding maintenance charges. After the lease term ended on March 31, 2020, it was not renewed and Gupta allegedly refused to vacate the property. Subsequently, Manorama issued a termination notice on Dec 12, 2021, but the tenant neither vacated the flat nor paid rent. "She sent them a second notice on Feb 21, 2022, but the tenants did not reply. Ultimately, the matter was taken to the rent tribunal on Feb 19, 2024," her advocate KK Singh said. During the hearings, Gupta told the tribunal, set up under the ADM court, that according to the UP Tenancy Act, he paid Rs 9 lakh in cash in two instalments as advance rent for 3 years in March 2020. However, with no formal lease agreement to support his claim, the court dismissed the argument. On Jan 21, the court finally ruled in favour of Manorama and ordered Gupta to vacate the flat and pay the penalty within 30 days. "The fine was fixed at Rs 20 lakh to include unpaid rent calculated under tenancy laws that impose penalties of double rent for the first two months of non-payment and four times the rent thereafter," Singh said. According to ADM Atul Kumar, several such disputes are heard by the rent tribunal daily since the implementation of the Tenancy Act in 2021. "Eviction orders have been issued for several more such cases, though the penalty for each case varies. This case is among the highest penalties calculated as per the Tenancy Act," the ADM said. Source : Times of India INDIA

Allahabad HC Upholds Urban Planning: Unauthorized Shops in Noida Residential Area to be Removed

2/4/2025 11:31:00 AM

NOIDA: The Noida authority is set to demolish the shops built in violation of the building bylaws in Gardenia Gateway society in Sector 75 after the Allahabad high court issued a demolition order following residents’ plea for an action. The decision to demolish shops came after the Allahabad high court dismissed a petition, challenging the demolition order of the Noida authority against illegally built shops in the Gardenia Gateway project. The court upheld the authority’s decision on the ground that the occupants had no legal right to the properties due to absence of an occupancy certificate and sub-lease deed. The petition, meanwhile, was filed by a group of buyers, seeking quashing of the demolition order dated August 9, 2024. The authority’s order directed to demolish shops and kiosks built on front and side setbacks without official approval. The petitioners, who had been allotted shops in the complex by the developer, challenged the authority’s order on the grounds that they had not been served any independent notice before the action was taken. However, the court, comprising justices Manoj Kumar Gupta and Anish Kumar Gupta, observed that the petitioners’ possession was unauthorised. The developer had handed over shops’ possession to allottees without obtaining an occupancy certificate from the Noida authority. On January 22, the court noted that the agreement between the petitioners and the developer clearly stipulated that possession could only be granted after the execution of a sub-lease deed, which had not been done. During the hearing, the petitioners’ counsel conceded that no occupancy certificate had been issued for shops. The Noida authority argued that the petitioners’ possession was illegal as the constructions contravened building norms. Citing a recent Supreme Court judgment in a recent case, the high court emphasised that unauthorised occupations could not be allowed. The apex court had directed authorities to undertake strict action against such violations. Dismissing the petition, the court ruled that granting the petitioners a hearing would serve no purpose, given the clear violations. It further stated that the petitioners could seek legal recourse against the developer to recover their payments or pursue any other remedy available under law. Residents had sought that the Noida authority must demolish all illegal shops without any delay because these pose safety hazards. There are at least 400 residents living in the society who have filed many complaints before the Noida authority against the realtor, which has built shops at the ground floor. “We had demanded that the Noida authority demolish these illegal shops. But they did not act initially. On court’s order, the authority demolished a few shops, and most of the units are yet to be demolished. We will meet the Noida authority any day this week to demand action against all illegal shops,” said Virendra Ganjoo, a resident of Gardenia Gateway society. Source : Hindustan Times INDIA

Himachal RERA Takes Action : Former Chief Under Probe For Fund Misuse

2/3/2025 12:04:00 PM

Shimla: Former deputy advocate general Vinay Sharma has filed a complaint in the state vigilance and anti-corruption bureau against former chief secretary Shrikant Baldi. He is seeking a thorough probe into the financial transactions made during Baldi's tenure as Real Estate Regulatory Authority (RERA) chairperson over the last five years. The complainant has also sought the registration of an FIR against Baldi under Section 13(1) and (2) of the Prevention of Corruption Act. In a complaint submitted to the director general of the state vigilance and anti-corruption bureau on Saturday, Sharma stated that he learned from the media reports, based on information sought under the Right to Information (RTI) Act, that Baldi distributed free apples worth approximately Rs 10 lakh from govt funds to IAS and IPS officers across the country over a span of five years while he was serving as the RERA chairman. When contacted, Baldi, the former IAS officer of the 1985 batch, told TOI: "I don't want to comment on anything." A day after his retirement, Baldi had joined as the first chairperson of the Himachal Pradesh RERA on Jan 1, 2020. His term ended on Dec 12, 2024. Sharma further said Baldi did this despite no provision in the rules allowing such expenditures. "This act not only raises serious concerns about financial mismanagement but also amounts to the misuse of public funds for personal and unofficial benefits," read the complaint. The former deputy advocate general has sought a thorough inquiry into the financial transactions made during Baldi's tenure as RERA chairman, identifying and holding accountable any officials involved in approving such expenses. He has also sought recovery of the misused amount from the individuals concerned and appropriate legal and disciplinary action against those responsible. Source : Times of India INDIA

NGT Pushes for Accountability: Ludhiana Civic Body to Address Illegal Structures

2/3/2025 12:03:00 PM

Ludhiana: The NGT has asked the MC commissioner to appear in person or via virtual mode in a disposed of case pertaining to non-compliance with orders on removal of the MC extension office building and dumpyard in Sarabha Nagar as well as closure of some commercial outlets at Model Town Extension Road. The orders mention that the registry is directed to issue show cause notices to the MC commissioner, CEO, Ludhiana Smart City Limited, deputy commissioner and chairman, Improvement Trust Ludhiana to show cause as to why action not be taken against them as mentioned above and also requiring them to file a compliance report at least three days before the next date of hearing, Feb 17. Engineers Kapil Arora and Vikas Arora were petitioners in this case. The NGT, in its final orders on July 4, 2024, directed the MC to remove the illegal structures and encroachments from green belts situated in Sarabha Nagar and Model Town Extension in two months. The MC commissioner submitted a compliance report on Sep 8, 2024, seeking 15 days time to remove the statue of Lord Shiva. The MC issued a letter on Aug 16, 2024, directing the assistant town planner to take action against unauthorised construction, whether temporary or permanent, from the premises of the park, namely Leisure Valley, and other establishments that have encroached upon the green belt. On Sep 4, 2024, the civic body demolished unauthorised construction in the green belt, including the birth and death registration office, scrap yard, and office of the junior engineer in Leisure Valley under the supervision of the district magistrate and a representative of the Punjab Pollution Control Board. It was submitted that despite their efforts and negotiations with religious representatives regarding removal of the Lord Shiva statue, 15 more days were needed to identify an appropriate place to re-establish it. On other structures, the MC said that they removed temporary sheds of a restaurant from the green belt and took steps against other violations. The civic body reiterated its commitment towards the creation of green belts for the benefit of city residents. However, petitioner Kapil Arora said that the scrap yard had not been demolished. He also claimed that commercial outlets which had been sealed by the MC at the green belt in Model Town Extension were operational again. Taking cognisance of this, the registrar general reopened the case as a miscellaneous application and the matter was heard recently. The Tribunal observed that non-compliance with the order passed by the NGT constitutes an offence punishable under Section 26 of the National Green Tribunal Act, 2010 (NGT Act, 2010), and the order passed by the Tribunal is also executable as a civil court decree under Section 25 of the NGT Act, 2010, as per modes of execution provided for in the Code of Civil Procedure, 1908, including the mode of arrest and detention in civil prison. Ankit Siwach, advocate had appeared and accepted the notice on behalf of the MC commissioner. Source : Times of India INDIA

Chandigarh's Rs. 2.73 Billion Development Projects: A Game-Changer for Tricity Real Estate Market

2/2/2025 12:52:00 PM

Chandigarh, the planned city known for its impeccable infrastructure and high quality of life, is set to witness a massive transformation with the announcement of Rs. 2.73 billion worth of development projects. These projects, aimed at enhancing the city's infrastructure, connectivity, and overall livability, are expected to have a profound impact on the Tricity real estate market, which includes Chandigarh, Mohali, and Panchkula. The development initiatives include the expansion of road networks, the construction of new flyovers, the upgrading of public transportation systems, and the creation of smart city features. These improvements are not only set to make Chandigarh more accessible and convenient but are also likely to boost property values across the Tricity region. For real estate investors and homebuyers, this presents a golden opportunity. The enhanced infrastructure will make the Tricity area more attractive for both residential and commercial investments. Properties in well-connected neighborhoods are expected to see a significant appreciation in value, making now the ideal time to invest in Chandigarh's real estate market. Moreover, the development projects are expected to create a ripple effect, benefiting the surrounding areas of Mohali and Panchkula. As Chandigarh becomes more developed, the demand for housing and commercial spaces in these adjacent cities is likely to surge, further driving up property prices. In conclusion, Chandigarh's Rs. 2.73 billion development projects are a boon for the Tricity real estate market. Whether you're a homebuyer looking for a dream home or an investor seeking lucrative opportunities, now is the time to capitalize on the growth and potential that these projects bring to the region. India

Budget 2025: Tax Benefits Now Available on Two Self-Occupied Homes

2/1/2025 2:30:00 PM

In a significant move announced on February 1, Finance Minister Nirmala Sitharaman relaxed the conditions for tax relief on self-occupied properties in the Union Budget 2025. Taxpayers can now claim tax benefits for two self-occupied houses, a major change from the previous rule that allowed relief for only one property. “Presently tax-payers can claim the annual value of self-occupied properties as nil only on the fulfilment of certain conditions. Considering the difficulties faced by taxpayers, it is proposed to allow the benefit of two such self-occupied properties without any condition,” the Finance Minister announced in her budget speech. “This reform significantly eases the tax burden for individuals who own and live in multiple properties, offering financial flexibility and promoting homeownership. By acknowledging the diverse housing needs of families, this decision not only provides greater tax relief but also encourages real estate investment. The move aligns with the government’s broader focus on financial empowerment and ease of living, strengthening the middle class while simplifying the tax structure,” said Adhil Shetty, This is a positive move also for residential real estate investment. The simplified TDS on rent decreases the compliance burden and enhances liquidity for landlords and will positively impact the rental housing market, especially in metro cities. Previously, homeowners could claim only one self-occupied property as tax-free; now, they can claim two – thereby removing taxation on notional rental income from a second home. “This step minimizes tax pressures, promotes homeownership, and facilitates real estate investment, especially in second homes and Tier 2 and 3 cities. Middle-class homebuyers, landlords, and investors can now benefit from reduced tax liabilities, better affordability, and less compliance hassles. By simplifying financial constraints and tax rules, the budget has made property ownership and rental housing more accessible. This gives a significant fillip to the real estate sector, specifically to and housing demand,” said Anuj Puri, Chairman, ANAROCK Group. Source : Financial Express INDIA

Haryana to Soon Begin Door-to-Door Drive for Property ID Verification

2/1/2025 11:56:00 AM

Gurgaon: The govt will start door-to-door verification of property IDs in districts of South Haryana. This will address irregularities in property ownership documents, a major concern for citizens and one of the issues brought up during the assembly elections campaign. The administration and civic bodies of the districts have been directed to first fix the issues related to property before streamlining the collection of property tax. After the formation of the govt, CM Nayab Singh Saini started a "Samadhan Sivir" at the district level, and most of the complaints received at these camps were found to be related to property ID and Parivar Pehchan Patra (PPP). Division commissioner R C Bidhwan said the verification of property IDs in the districts of Gurgaon, Rewari, and Mahendragarh should be completed within the next two months and urged municipal units to initiate a door-to-door campaign for the same. "Property ID verification process needs to be expedited. Municipal corporations of Gurgaon, Manesar, and Pataudi, along with councils and committees of Rewari, Mahendragarh, Narnaul, Dharuhera, Sohna, Farrukhnagar etc should conduct a door-to-door campaign for property ID verification," he said, adding that only after verifying the IDs could the property tax collection campaign be effectively directed. After online property IDs were introduced in 2023, Haryana govt made them mandatory to execute sale and purchase deeds. A property ID provides a unique identification number of the property and has attached the details of its owner, such as their name, contact number, address of the property, dimension, etc. These IDs are for paying property tax online, recordkeeping and executing sale deeds. Haryana has around 48 lakh registered properties. However, the property tax database is incomplete, with crucial information about owners missing from it. Govt data reveals that 42% of the registered properties, from residential to industrial or commercial, do not have the contact details of the owners, while 34.1% of the property IDs are missing the names of the owners. Among all the municipal corporations, Gurgaon has the highest number of inconsistencies in property IDs. Around 39.4% out of 9.15 lakh properties in the district lack contact numbers, and 2.53 lakh (27.7%) properties have missing property owner names. Faridabad follows closely, with missing contact numbers for 3.4 lakh properties and absent property owner names for 2.76 lakh properties. In Ambala, 1.3 lakh properties have missing contact numbers, and 1.1 lakh properties have missing names. Moreover, residents have accused the system of property IDs to be deliberately manipulated and mismanaged. They believe this is to force them to offer bribes in order to get their work completed. Meanwhile, the division commissioner, while reviewing pending revenue cases in Tehsildar, SDM, and deputy commissioner courts, urged all officials to act promptly for their resolution. "Revenue cases should not remain pending for long. Quick resolution of land-related disputes will provide relief to the public, enabling them to continue their agricultural activities smoothly," he said. Source : Times of India INDIA

Budget 2025: What the Real Estate Sector Expects!

2/1/2025 11:55:00 AM

Finance Minister Nirmala Sitharaman will present Budget 2025 today, and the real estate sector anticipates a strong focus on affordable and middle-income housing. Industry stakeholders are seeking an expanded definition of affordable housing, tax benefits for homebuyers to boost affordability, and incentives for developers to drive the construction of budget-friendly homes. The need of the hour is to provide more tax sops for both homebuyers and developers wanting to undertake affordable and middle-income housing projects. Real estate experts say the government should raise the deduction limit for interest payments on home loans from the existing ₹2 lakh a year to ₹5 lakh, which will add momentum to housing demand. Boost to Affordable Housing Increase budgetary support and incentives to make housing more accessible. The current growth trajectory is skewed towards luxury and premium housing. Considering the specific housing needs of India’s middle class, this momentum cannot ride solely on higher-priced homes while affordable housing continues to languish. Experts say the government should focus on providing more sops for affordable and mid-segment housing. According to Anuj Puri, chairman of Anarock, the current definitions of affordable housing, based on size, price, and buyer income, require urgent revision. While the size criterion (60 sq. m. carpet area) is reasonable, the price cap of ₹45 lakh is unrealistic in high-cost cities like Mumbai. The cap should be raised to at least ₹85 lakh in Mumbai and ₹60-65 lakh in other metro cities to reflect market realities. Such revisions would enable more properties to qualify as affordable housing, granting buyers access to lower GST rates (1% without ITC) and other subsidies. According to the Ministry of Housing and Urban Affairs, affordable housing is defined based on property size, price, and buyers’ income. For instance, affordable housing is a house or flat with a carpet area of up to 90 sq. m. in non-metropolitan cities and towns and 60 sq. m. in major cities and valued up to ₹45 lakh for both. On the other hand, the central bank’s definition is based on the loans given by banks to people for building a house or buying apartments. With such price revisions, more homes would qualify for the affordable price tag and more buyers could avail of benefits such as lower GST rates at 1% without ITC and government subsidies, said Puri. Tax Relief for Homebuyers Higher deductions on home loan interest and principal repayment. On the demand side, real estate experts have urged for a separate and higher deduction for housing loan principal repayment (up to ₹500,000), currently capped at ₹150,000 under section 80C. The limit on tax deduction on interest paid can be increased from the current ₹2 lakh to about ₹4-5 lakhs in case of let-out property. They say tax benefits for first-time homebuyers in applicable affordable housing projects under 80EEA should be expanded. The current capping of ₹150,000 and loan sanction timeline until March 2022 can also be expanded to boost housing for the masses. Tax exemptions should be offered on rental income to boost housing demand, especially among investors, they say. According to G Hari Babu, national president of Naredco, “The Union Budget 2025 presents a critical opportunity to address key challenges and propel the real estate sector towards sustainable growth. Revising the affordable housing price cap from ₹45 lakhs to ₹60 lakhs, which has remained unchanged for a decade, is imperative to account for rising input costs and inflation. Similarly, increasing the income tax deduction limit on interest payments under Section 80C from ₹2 lakhs to ₹5 lakhs and reducing home loan interest rates will make homeownership more accessible.” Restore the 100% Tax Holiday for Developers To boost supply and incentivize developers to build more affordable housing, the government can re-introduce the ‘100% Tax Holiday’ benefit they previously enjoyed under section 80-IBA in the Finance Act, 2016. This section provided for major tax relief on the profits earned from developing and building affordable housing projects. To boost the supply of affordable housing, CREDAI recommends extending the lower 15% income tax rate, currently available to manufacturing companies, to affordable housing projects. This measure would incentivize developers to increase their focus on affordable housing developments, thus bridging the housing gap. Increased Allocation for Stressed Projects Through the SWAMIH Fund This can improve liquidity in stressed residential developments, said experts. The finance ministry should allocate ₹50,000 crore to the second tranche of the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund in the upcoming union budget for FY 2024-2025. This should be accompanied by other budgetary support and relaxations, including allowing input tax credit under GST and incentives for rental housing to achieve the housing for all targets. Simplification of GST laws A pre-budget expectations survey by Grant Thornton Bharat said rationalising input credits to developers under GST would reduce project costs, improve working capital efficiency for developers, and potentially lower property prices for consumers. Encourage Rental Housing The government should prioritise funding and incentives for rental housing development to meet growing housing demand and high ownership costs. This will increase affordable rental options, benefit a broader segment of society, and encourage private sector investment to address housing shortages and improve urban affordability, the survey said. Source : Hindustan Times INDIA

Birla Cotton Mills in Delhi to Turn into a Modern Residential Hub

1/31/2025 11:58:00 AM

Texmaco Infrastructure & Holdings Limited (TIHL, An Adventz Company), Hines, Conscient, and HDFC Capital have entered into a partnership to develop a premier residential- led mixed- use project on the site of the former Birla Cotton Mills in Kamla Nagar, Delhi. “This land parcel, owned by our Group for over 100 years, required the right development partners to realize its full potential. Hines and Conscient bring a unique combination of global expertise and deep local market knowledge, making this an ideal collaboration,” said Akshay Poddar, Chairman of Texmaco Infrastructure & Holdings Limited. Spread over 10 acres, the project will feature around 3 million square feet of modern condominium residences and premium retail spaces. “This is our first joint investment with HDFC Capital. This project provides a platform for us to leverage our global development expertise to address the shortage of modern residential options in one of the city’s most sought‐after location. The Project will also address the serious lack of Grade A retail spaces in the region,” said Amit Diwan, Country Head of India, Hines. Source : Times of India INDIA

Noida: 200 Buildings Advised to Register Lifts by March 25 for Safety

1/31/2025 11:55:00 AM

Noida: Over 200 residential societies, malls, hotels and commercial complexes are yet to register elevators under the Uttar Pradesh Lifts and Escalators Act. With the March 25 deadline not far away, the district administration recently sent them reminders to complete the procedure or pay a penalty. The Lift Act was passed by the state legislature in Feb 2024 to regulate the installation, maintenance and safe operation of lifts and escalators across the state, especially Noida, a bustling hub of high-rise buildings where elevators are a crucial part of daily life. On Oct 29 last year, the Noida administration issued a directive that made it mandatory for building owners and RWAs to register lifts on their society's premises within six months from Sept 25. Four months since, only two residential societies—Exotica Fresco and Purvanchal Royal Park, both in Sector 137—have registered their 68 lifts. This is a fraction of the estimated 80,000 lifts in Noida and Greater Noida. "We have been sending reminders since Jan 15, and the process is ongoing as more such reminders will be sent. Establishments are being informed that penalties will be imposed if lifts are not registered by the March 25 deadline," ADM (finance) Atul Kumar said. AOAs, however, told TOI that the registration process was tardy. Surojit Dasgupta, Exotica Fresco apartment owners' association president, said the registration process on the UP Directorate of Electrical Safety portal was "cumbersome". "One of the key challenges in the registration process is the requirement to submit multiple documents, including lift drawings, safety details and an affidavit from the lift manufacturer. Many societies and associations are struggling to gather these mandatory documents on time, leading to delays in the registration process," he added. Kumar agreed there were technical and administrative hurdles in the online registration process. "As of now, we are unable to monitor how many registrations are taking place in Gautam Budh Nagar through the online portal, as the information is directly sent to officials in Lucknow. We have requested modifications to the website to allow local monitoring," Kumar said. As per the Lift Act, all agencies involved in annual maintenance contracts (AMCs) and lift manufacturing must also register with the Directorate of Electrical Safety. "The registration of AMC agencies and lift manufacturers is conducted at the state level. However, at the district level, every registered lift requires AMC details to be filled out separately during document submission," an official said. The cost for registering a lift is Rs 5,000, which is a one-time fee. The registration fee for a lift manufacturing company is Rs 25,000, valid for five years, while lift maintenance agencies must register annually for Rs 25,000. As per the rules, if the delay to register lifts is seven days or less, then a late fee of Rs 100 per day will be charged. If the delay is more than 7 days and up to 15 days, then a late fee of Rs 200 per day will be charged for the entire period. If the delay is more than 15 days and up to 30 days, then a late fee of Rs 500 per day will be charged for the entire period, and if the delay is more than 30 days, then the operation of the lift or escalator will be stopped immediately and it can be restarted only after compliance with the provision with a late fee of Rs 10,000. Source : Times of India INDIA

Gurugram DTCP Pushes Developers to Fast-Track Affordable Housing Project

1/30/2025 11:19:00 AM

CHANDIGARH: The Gurugram Zonal Office of the Directorate of Enforcement (ED) on Tuesday claimed to have provisionally attached nine residential flats of M/s Bansal Poles Pvt. Ltd & Kailash Gupta, situated at Omaxe Executive Homez, Omaxe City, Bahadurgarh, District Jhajjar, Haryana, valued at Rs. 3.14 Crore (approx.) on January 27, 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a bank fraud case related to M/s Supergold Pipes Pvt. Ltd. ED initiated an investigation based on an FIR registered by the Economic Offences Wing (EOW) of the CBI, New Delhi, under various sections of IPC, 1860, and the Prevention of Corruption Act, 1988, against M/s Supergold Pipes Pvt. Ltd., its former Directors—Parmod Gupta, Kailash Gupta, and A.P. Saxena, and unknown public officials of the erstwhile Oriental Bank of Commerce. ED investigation revealed that the accused individuals unlawfully siphoned off and diverted the funds obtained through a loan from the erstwhile Oriental Bank of Commerce documents and caused a wrongful loss to the tune of Rs. 13.40 Crore (approx.). Out of this, the bank recovered an amount of Rs. 5.19 Crore (approx.) through selling the mortgaged properties. ED investigation further revealed that the loan was obtained by mortgaging land whose valuation was fraudulently inflated through the forgery of No Objection Certificates (NOCs) issued by the District Town Planner of Jhajjar. ED investigation so far has revealed that a portion of the loan, originally sanctioned for the purpose of expanding the business operations of M/s Supergold Pipes Pvt. Ltd., was diverted by the company’s former directors Parmod Gupta and Kailash Gupta. A significant portion of the diverted loan amount was subsequently utilised for the acquisition of residential flats. Further investigation is in progress. Source : Times of India INDIA

ED Recovers Rs Crore in Bank Fraud Case Involving Supergold Pipes

1/30/2025 11:18:00 AM

Gurgaon: The department of town and country planning (DTCP) held a review meeting with over a dozen builders in the city to assess the progress of affordable housing projects. DTPC reviewed the status of 55 ongoing projects, of which 40 were found to be progressing on time while around 15 were running behind schedule, causing inconvenience to homebuyers. While Agranta Realty's project, which received environmental clearance in 2019, has only completed 76% of construction, Revital Realty's project has made only 9% progress and Renuka Traders' project remains only 86% complete even after six years. Agranta Realty's project developer cited pollution-related restrictions under the Graded Response Action Plan (GRAP) as a reason for the delay and sought an extension until Dec 2025. Under DTCP regulations, projects must be completed within four years of receiving environmental clearance. However, several developers failed to meet this deadline, leaving homebuyers uncertain about their future. DTCP expressed dissatisfaction over slow progress and warned builders of strict actions against non-compliant developers. Regular review meetings will be held to ensure timely completion, and developers must submit progress reports periodically. "Builders must complete projects within the stipulated four-year timeframe, failing which strict action will be taken. Regular reviews will be conducted, and developers are required to submit progress reports periodically," said Renuka Singh, senior town planner, DTCP. Projects by MRG Eco World, Apricus Hills, GLS Infracon, and Prime Infra Developers were noted for their satisfactory progress and while in projects by Signature Global Private Limited and Pareena Builders & Promoters Private Limited, some towers were completed and work on several others remained slow. Meanwhile, homebuyers, many of whom are struggling with prolonged waiting periods and financial strain, demanded accountability and swift action on the part of builders. Source : Times of India INDIA

Noida Authority Takes Action Against Builders For Rs 825 Crore Unpaid Dues

1/29/2025 11:08:00 AM

Noida: Noida Authority has filed a complaint with Delhi Police's economic offences wing (EOW) against developers Shubhkamna Buildtech and IVR Prime Developers for failing to pay dues and diverting funds collected from the sale of flats. Accusing the promoters — Shubhkamna Buildtech and IVR Prime Developers — of misappropriating funds collected from the sale of apartments but not paying up their dues, Noida Authority argued that it not only caused big financial losses but also left homebuyers in distress. Noida Authority CEO Lokesh M said Shubhkamna promoters Mukesh Khurana, Diwakar Sharma, Kamal Singh Rothan, Harish Kumar and Piyush Tiwari created third-party rights by selling flats at their group housing project Shubhkamna Tech Homes in Sector 137 but diverted the funds without clearing its land dues. As per the Authority's data, the builder's dues exceed Rs 165 crore, even as no occupancy certificate has been issued for the Rs 692 flats. Subsequently, a complaint was filed with the EOW on Tuesday, seeking an investigation into the discrepancies. The developer was allotted a 22,566 sqm plot on March 23, 2010, for the project. Possession of the land was granted on Aug 20 of that year after a lease agreement was executed in July. IVR Prime Developers (formerly IVRCL Infrastructure) was allotted 1.3 lakh sqm of land on April 18, 2007, for Ajnara Ambrosia project in Sector 118. The project has 4,065 sanctioned flats, but only 3,385 units have been constructed, none of which have been registered. The developer owes Noida Authority over Rs 660 crore. A statement issued by the Authority states the promoters, Ila Reddy, E Sudhir Reddy, K Ashok Reddy, R Balrami Reddy, E Sunil Reddy, TN Chaturvedi, RC Sinha, TRC Bose and Ashish Dhawan, allegedly created third-party rights by selling flats and misusing the proceeds. A formal complaint was submitted to the Delhi Police EOW as the promoters failed to clear dues or complete the project despite repeated notices. The Authority has also issued a recovery notice of Rs 57.6 crore against Sethi Buildwell. The promoter was allotted 20,000 sqm of land on June 9, 2010, for the Sethi Max Royal housing project in Sector 76. Of the 726 sanctioned flats, only 455 have been registered, while 281 remain unregistered. Officials said the developer had opted for the state govt's rehabilitation policy for stalled projects, rolled out in Dec 2023, but failed to deposit 25% of the recalculated dues upfront. On Tuesday, the Noida Authority directed the DM to recover the dues as land revenue through a recovery certificate. Lokesh M told TOI the steps were crucial to safeguard the interests of homebuyers and ensure adherence to financial and regulatory obligations. In Sept, Noida Authority decided to write to the EOW to investigate defaulting developers, conduct financial audits, and track whether funds received from homebuyers were diverted. Subsequently, it issued a final notice to developers of seven residential projects, including IVR Prime, cumulatively owing Rs 1,035 crore in land dues, to pay up. In Nov last year, it filed a complaint against promoters of Logix City Developers Pvt Ltd over Rs 666 crore unrealised dues and missed delivery timelines for its Blossom Zest housing project in Sector 143. Source : Times of India INDIA

High Court Approves Private Lifts in South Delhi Buildings

1/29/2025 11:07:00 AM

New Delhi: Delhi High Court has given its approval to a resident of a multi-storey building to install a private lift on the ground floor, ruling that public interest and compliance with necessary approvals outweigh individual grievances, provided adequate safeguards are in place. Justice Ravinder Dudeja on Monday rejected a plea from the ground floor occupant of a residential building in south Delhi, who had claimed that the lift would invade his privacy, obstruct access to common areas, disrupt essential services, and affect the building's structural stability. The ground-floor resident argued that the lift would cause irreparable harm to the 45-year-old structure. "The court is in agreement with the trial court's finding that the privacy concern must be balanced against the practical need for modern amenities such as lifts, especially in multi- storeyed residential buildings," HC said. It noted that the lift and the window of the ground floor room open into a common area facing the road, and that this open area is already accessible to the public. The court ruled that the installation of the lift would not further impact the ground floor occupant's privacy. The court also clarified that the sanctioned plan for the building shows that the proposed lift does not obstruct the ground floor occupant's bedroom window. Furthermore, there is enough space between the lift and the adjacent washroom window to ensure that light and air are not affected. The building consists of flats on the ground, first, second, and third floors. The second and third floors are a duplex owned by the resident who received permission from the MCD to build the lift. When the ground-floor neighbour raised concerns about violations, the court ordered an inspection by the MCD, which found no cause for alarm and noted that 75% of the lift installation had already been completed. In its ruling, the high court emphasised that "public interest and compliance with statutory approvals outweigh individual grievances, provided adequate safeguards are in place." The court further stated that halting the project or dismantling the lift structure at this stage would cause greater harm, not only to the duplex owner but also to other residents who would benefit from the lift. Source : Times of India INDIA

Omaxe Plans Rs 2500 Crore Investment for Exciting New Projects

1/28/2025 11:52:00 AM

Realty firm Omaxe Group on Monday said it will invest Rs 2,800 crore to develop projects under a new brand BeTogether. In a regulatory filing, Omaxe said the new brand is dedicated to reshape urban and economic development through collaborative real estate projects. "The current projects being undertaken by BeTogether would entail a total investment of over Rs 2,800 crore," it added. Under the new brand BeTogether, the company will focus on joint ventures, collaboration and development through the Public-Private Partnerships (PPPs) model. BeTogether's project portfolio currently includes the joint venture initiative, 'BeTogether Centre Point Vrindavan'. In addition, the brand is partnering with the Uttar Pradesh State Road Transport Corporation (UPSRTC) on several PPP projects to upgrade bus terminals in key cities, like Lucknow, Ghaziabad, Kaushambi, Ayodhya, Amausi, and Prayagraj. In the last 37 years, Omaxe has established a strong footprint in 31 cities in 8 states of North and Central India and has delivered more than 1,350 square feet of area. Source : Business Standard INDIA

Noida International Airport Set to Open on April 17, Boosting Connectivity

1/28/2025 11:51:00 AM

Noida: ATC – check. Runway – check. Navigation systems – check. Over 80% of work at the terminal building is complete, and the remaining is on track for the April 17 launch of the Noida International Airport in Jewar. Officials said on Monday that the flooring of the terminal building is complete, and escalators and baggage handling systems have been installed. Construction of the roof is underway, said Shailendra Bhatia, nodal officer of Noida International Airport Ltd (NIAL), the agency monitoring the project. "The terminal building has achieved significant progress, with further finishing works progressing rapidly. Once the terminal building is fully completed, the installation of 10 aerobridges will commence," Bhatia said. He said that 90% of the funds for the airport's first phase of construction have been utilised. "Rs 9,024 crore has been spent out of the total sanctioned budget of Rs 10,056 crore. This includes Rs 4,326 crore allocated by the UP govt for acquisition of 1,334 hectares of land and Rs 5,730 crore earmarked for project development by the concessionaire, Yamuna International Airport Private Limited, a subsidiary of Zurich AG," the official added. Work on the air traffic control (ATC) tower, including its glass façade and the operational systems mandated by the Airport Authority of India (AAI), has been completed. "Land-side development, which includes the passenger terminal, access roads, parking facilities, and public transport connections, has made 78.7% progress. On the air-side, which comprises runways, taxiways, aprons and navigation systems, 88.9% of the work is complete," Bhatia said. The airport concessionaire, last month, applied for an aerodrome licence after a successful ‘validation' test flight. In the exercise, an Airbus 320 touched down and took off from the runway to assess NIA's airport's flight readiness. On board were officials from the Directorate General of Civil Aviation (DGCA) and AAI as passengers. Officials said the aerodrome licence, which is mandatory for commercial operations to begin, is likely to be granted by March. Authorities are aiming to start commercial flights from the airport from April 17. Built along the Yamuna Expressway, the Noida International Airport is meant to be an alternative to India's busiest Indira Gandhi International airport in Delhi. Officials said they expect to cater to 12 million passengers annually in the first phase. Separately, a 750m eight-lane elevated road with four cloverleaf interchanges that connect the airport with the Yamuna Expressway is ready. The elevated road is part of a 31km road that will eventually connect the airport with the Delhi-Mumbai Expressway at Ballabgarh in Haryana. This link road will take a few months to be completed. Progress has also been made regarding the MRO hub and a second runway to be developed for the second phase of the airport project. Tender documents are being prepared and sent to the govt to advance the process for the MRO hub. Source : Times of India INDIA

Nirala World Purchases 2.5 Acres of Land in Greater Noida For Rs 175 Crore

1/27/2025 12:59:00 PM

Real estate company Nirala World has bought 2.5 acre land in Greater Noida to develop a 8 lakh square feet commercial project to meet rising demand of office and retail spaces.In a statement, Nirala World said the company bought this land through an auction, from Greater Noida Industrial Development Authority (GNIDA).It has won bid to acquire a 10,400 square metre (2.5 acre) commercial land parcel worth Rs 175 crore. "We recently purchased a land parcel in Greater Noida West through an auction process," said Suresh Garg, Chairman and Managing Director of Nirala World.He said the company will develop its second commercial project in Greater Noida. Garg said the project will have retail spaces, high street, food court, multiplex, office spaces.The total development potential in this project will be 7.87 lakh square feet. In October last year, Nirala World had purchased a 2.6-acre land parcel in Sector 10, Greater Noida West to develop its first commercial projects. Nirala World said the company will continue to look for land parcels in Delhi-NCR. To expand its footprint, the company intends to enter the Gurugram commercial and housing markets. Nirala World is already developing a luxury residential project situated in Sector 2, Greater Noida West by the name of 'Nirala Trio'.The project comprises 400 units in which 40 per cent units are already sold. Nirala World has developed a 25-acre project by the name of Nirala Estate in Greater Noida West comprising 4,050 homes out of which possession of 3,600 units has been given to the buyers and 450 units will be delivered soon in its last phase. Source: Nirala World INDIA

Haryana Revises Project Licensing Rules to Enhance Transparency

1/27/2025 12:58:00 PM

Chandigarh: In a bid to facilitate the colonisers and also ensure safety of home buyers, the Haryana's town and country planning department has changed the conditions for granting the licence for a project. As per the old rules, the department first assessed the financial capacity of the builder at the time of issuing the letter of intent (LoI). The financial strength of the builder was examined once again before the issuance of the licence. These rules came into existence in 2012, and later in 2018, the department made some changes to the norms. The existing rules were further amended on Jan 13, and supersede the previous guidelines, according to an internal communication of the department. Department officials said earlier, the builder had to go through the same exercise twice and there were instances where the title of the land changed between the period of issuing the LoI and the licence. This impacted the credibility, they said. Now, the builder will be asked to furnish the details regarding financial capacity only ahead of getting the licence. The company or builder must prove that its financial capacity was more than the cost of the entire project. In the case of shareholding, the company's financial capacity should match its paid-up capital. "Our priority is to facilitate the home buyers as well as the project holders. We have to protect the interests of both. Adopting a dual system sometimes delayed the scheduled start and completion (of the project). Now, at least the time taken to scrutinise the project and the builder will be reduced. The rest of the terms and conditions remain unchanged," said a senior official of the department. In the case of collaboration, the financial capacity of collaborators shall also be calculated, said the official. This will be in addition to the close monitoring of the strategy adopted by companies for fund generation as well as the sale of project units, the official added. Chandigarh: In a bid to facilitate the colonisers and also ensure safety of home buyers, the Haryana's town and country planning department has changed the conditions for granting the licence for a project. As per the old rules, the department first assessed the financial capacity of the builder at the time of issuing the letter of intent (LoI). The financial strength of the builder was examined once again before the issuance of the licence. These rules came into existence in 2012, and later in 2018, the department made some changes to the norms. The existing rules were further amended on Jan 13, and supersede the previous guidelines, according to an internal communication of the department. Department officials said earlier, the builder had to go through the same exercise twice and there were instances where the title of the land changed between the period of issuing the LoI and the licence. This impacted the credibility, they said. Now, the builder will be asked to furnish the details regarding financial capacity only ahead of getting the licence. The company or builder must prove that its financial capacity was more than the cost of the entire project. In the case of shareholding, the company's financial capacity should match its paid-up capital. "Our priority is to facilitate the home buyers as well as the project holders. We have to protect the interests of both. Adopting a dual system sometimes delayed the scheduled start and completion (of the project). Now, at least the time taken to scrutinise the project and the builder will be reduced. The rest of the terms and conditions remain unchanged," said a senior official of the department. In the case of collaboration, the financial capacity of collaborators shall also be calculated, said the official. This will be in addition to the close monitoring of the strategy adopted by companies for fund generation as well as the sale of project units, the official added. Source : Times of India INDIA

DLF’s Q3 FY25 Net Profit Jumps by 61.46%

1/25/2025 12:13:00 PM

Realty major DLF on Friday reported a 61 per cent year-on-year (Y-o-Y) increase in its consolidated net profit for the third quarter of the current financial year (Q3FY25) at Rs 1,058.73 crore, up from Rs 655.71 reported in Q3FY24. DLF’s revenue from operations grew marginally by 0.5 per cent to Rs 1,528.7 crore in Q3FY25 from Rs 1,521.2 crore reported in Q3FY24. On a sequential basis, the Gurugram-based realtor’s net profit fell by 23 per cent and revenue by 22 per cent from Rs 1,381.2 crore and Rs 1,975 crore recorded in Q2FY25, respectively. The net profit growth can be attributed to the company’s performance in development and rental businesses. DLF stated that its development business continued its growth trajectory in the ongoing quarter, after delivering record new sales bookings of Rs 12,093 crore in Q3FY25. “Our latest super luxury offering, The Dahlias in DLF 5, Gurugram, performed exceptionally well, garnering Rs 11,816 crore of new bookings in the opening quarter,” the company added. The company added that the overwhelming response to its new offering has resulted in the company surpassing its annual guidance. For its rental business, DLF said that development of subsequent phases of Downtown, Chennai, and Downtown, Gurugram, totalling around 11 million square feet (msf) remains on track. “Our ongoing projects, including Atrium Place in Gurugram and three retail malls are expected to be completed soon with rents commencing in the next financial year,” it added. The operating cash surplus generated during Q3FY25 was Rs 1,850 crore. Consequently, the net cash position stood at Rs 4,534 crore at the end of the period. The company posted its results after market hours. On Friday, DLF’s stock fell by 2.80 per cent, ending the day’s trade at Rs 695.05 apiece on the BSE. Source : Business Standard INDIA

SWAMIH Fund Achieves Milestone of 50,000 Homes Completed Since 2019

1/25/2025 12:12:00 PM

The Special Window for Affordable and Mid- Income Housing (SWAMIH) investment fund has achieved a milestone by completing 50,000 homes and aims to deliver 20,000 homes every year for the next three years. Funded by the finance ministry, the fund is designed for debt financing of stressed and brownfield residential properties. It was set up in 2019 and is managed by SBICAP Ventures Ltd, a State Bank Group company. It has no precedent or comparable peer fund in India or in the global markets. "Milestones achieved: 50,000 homes completed under SWAMIH Fund. Transforming lives of homebuyers in stalled projects, redefining impact investing and setting benchmark in real estate," SBI Ventures said in a post on X. The fund has raised Rs 15,530 crore so far with the aim of providing priority debt financing for the completion of stressed, brownfield, and Real Estate Regulatory Authority (RERA)- registered residential projects that fall in the affordable and mid-income housing category. The target corpus of the fund was Rs 12,500 crore, with a green shoe option of Rs 12,500 crore. The fund achieved its first close with a capital commitment of Rs 10,037.5 crore and its final close with a capital commitment of Rs 15,530 crore on 6 December 2022. The sponsor of the fund is the Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, on behalf of the Government of India. Since the fund considers first-time developers, established developers with troubled projects, developers with a poor track record of stalled projects, customer complaints, and NPA accounts, and even projects with litigation issues, it is regarded as the lender of last resort for distressed projects. A study by PropEquity, commissioned by SBI Ventures Ltd in 2019, estimated that about 1,500 projects with 4.58 lakh housing units were stalled or stressed and required aggregate funding of Rs 55,000 crore to complete the stalled projects. In the upcoming Union Budget, real estate players expect increased fund allocation for stressed projects through the SWAMIH fund to improve liquidity in stressed residential developments. Sharad Mittal, Founder & CEO of Arnya Real Estates Fund Advisors, said that on the financing front, developers seek easier access to credit and lower interest rates to ease liquidity challenges. “Policies can be outlined for priority financing for affordable housing projects to incentivise the developers to take up such projects and bridge the demand-supply gap. Further investment through schemes such as SWAMIH (The Special Window for Affordable and Mid- Income Housing) to enable the completion of stuck projects will instil confidence in buyers to make purchase decisions,” stated Mittal. Source : The New Indian Media INDIA

EFC (I) Reports a 91.71% Surge in Net Profit for Q3 FY25

1/24/2025 11:52:00 AM

NEW DELHI: EFC (I) has reported a growth of 91.71 per cent in its net consolidated profit during the quarter ended December 31, 2024. Its profit after tax stood at Rs 40.47 crore in Q3 FY25 as against Rs 21.11 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at Rs 181.50 crore in Q3 FY25, a growth of 4.50 per cent from Rs 173.68 crore it recorded in the similar quarter later year. In its rental segment, assets under management (AUM) exceeded 2.6 million sq ft across 70 sites, with a seating capacity over 57,000 and an average occupancy rate of 90%. Rental revenue grew to Rs 96.34 crore, a 31% year-on- year increase, with 5,650 seats added during the quarter. EBIT for the vertical increased by 157% year-on-year. The design and build vertical executed projects totalling over four lakh sq ft and the total project pipeline stands at Rs 92 crore, with Rs 32 crore completed and Rs 60 crore in progress. Revenue increased by 51%, with a 27% growth in EBIT. Its furniture division delivered Rs 13.33 crore in revenue from completed projects, with Rs 2.65 crore in progress. Rs 8.57 crore worth of projects are slated for completion within 30 days and Rs 14.35 crore within 30–60 days. The company recently acquired 4,07,897 equity shares of MPF Systems (formerly known as Mather and Platt Fire Systems) through preferential allotment representing 15% paid- up capital. The stake has been acquired through the corporate insolvency resolution process (CIRP) as the resolution plan of EFC (I) was approved by the COC and NCLT. Source : Economic Times INDIA

Ghaziabad Development Authority to Propose Compulsory Structural Audits for High-Rise Buildings

1/24/2025 11:51:00 AM

Ghaziabad: As the first board meeting of Ghaziabad Development Authority (GDA) this year draws near, it is deliberating on the agenda that will be taken up in the meeting scheduled for Jan 27, with "a compulsory structural audit proposal" topping it. Prior to this, a meeting was called by the Meerut divisional commissioner on Thursday to discuss the agenda. Sources in the GDA said that a compulsory structural audit proposal will be placed before the board. A GDA official said, "According to the proposal, a structural audit of multi-storey buildings will be made mandatory every three years. It will be the responsibility of the developer to ensure the structural audit and in case maintenance is transferred to the apartment owners' association (AOA), the responsibility will be with them. The proposal has listed IITs, NITs and equivalent institutes to carry out the structural audit." The Housing Board earlier adopted the UP govt's structural audit policy, which was implemented. "After the proposal is passed in the board, the GDA will also adopt the policy, which will go a long way in ensuring the structural safety of buildings and also fixing accountability on the maintenance body," the official said. The structural audit policy is based on two major defects of construction, which will be classified under major and minor defects. "Under major defects, cracks in the foundation of the building or cracks in walls or floors will be considered, while under minor defects, peeling off plasters, etc., will be considered. If in the structural audit the fault is major in nature, the maintenance agency will have to get it rectified within six months, and the work has to commence within one month. If the defect is minor in nature, it has to be rectified within six months, and the cost will have to be borne by the maintenance agency," the official said. Ashish Kumar of Supertech Icon Society in Indirapuram said, "There have been instances when the structure of a building weakened, resulting in the peeling of plasters and cave-ins of ceilings, causing injuries. The developers, on their part, absolves themselves of any such incidents once the handover is made, and RWAs or AOA many times dither in getting such structural defects rectified because of cost involvement." "On a major level, I am not aware of a robust mechanism to deal with structural issues of a building, but a proposal of this nature with such salient features, where accountability is fixed and rectification will have to be done within a stipulated time, will serve the purpose," Kumar said. The fact that Delhi-NCR comes under seismic zone-4 makes such structurally deficient buildings prone to earthquakes, so a compulsory structural audit of a building on a regular basis is very important, he said. Source : Times of India INDIA

Mohali Development Authority Clears Unauthorized Constructions in Nayagaon For Better Urban Planning

1/23/2025 11:13:00 AM

Mohali: Greater Mohali Area Development Authority (Gmada) demolished 40 unauthorised under-construction structures in Nayagaon on Tuesday. The demolition drive was organised in two illegal colonies at Karoran village, Majri tehsil, near Nayagaon. Around 30 to 40 structures were razed during the operation. The enforcement action was undertaken by the office of the district town planner (regulatory), Gmada, on the directions of additional chief administrator. Assistant town planner (ATP) Gagandeep Singh and junior engineer (JE) Kushal Sharma supervised the proceedings. ATP Gagandeep Singh said, "We have many such structures on our target which will soon be demolished. We have zero tolerance for illegal construction and occupation of govt land." Junior engineer (JE) Kushal Sharma said that the initiative was aimed at suppressing unauthorised construction and enforcing regulatory adherence in the vicinity. Residents have been cautioned against investing their savings in unauthorised colonies, as such properties face stringent legal consequences, including demolition. Mohali: Greater Mohali Area Development Authority (Gmada) demolished 40 unauthorised under-construction structures in Nayagaon on Tuesday. The demolition drive was organised in two illegal colonies at Karoran village, Majri tehsil, near Nayagaon. Around 30 to 40 structures were razed during the operation. The enforcement action was undertaken by the office of the district town planner (regulatory), Gmada, on the directions of additional chief administrator. Assistant town planner (ATP) Gagandeep Singh and junior engineer (JE) Kushal Sharma supervised the proceedings. ATP Gagandeep Singh said, "We have many such structures on our target which will soon be demolished. We have zero tolerance for illegal construction and occupation of govt land." Junior engineer (JE) Kushal Sharma said that the initiative was aimed at suppressing unauthorised construction and enforcing regulatory adherence in the vicinity. Residents have been cautioned against investing their savings in unauthorised colonies, as such properties face stringent legal consequences, including demolition. Source : Times of India INDIA

Max Estates and M3M Group Lead Bidding in Noida Authority’s Commercial Land Auction, Promising Future Growth

1/23/2025 11:12:00 AM

The Noida authority on Wednesday said it has sold four commercial plots to different companies, netting a revenue of ₹1,500 crore. The four plots include a small-sized plot in Sector 50, while the three bigger plots are located in other areas that are already developed, authority officials said. The authority launched the plot scheme with eight large plots -- 20,000 square metres or more in size -- on September 9, 2024, and December 5, 2024. It also launched a smaller sized plots scheme -- each plot has an area of less than 20,000 square metres -- between November 30, 2024 and January 1, 2025. “The authority selected the companies that placed the highest bid against the reserve price during the e-bidding process. The authority is likely to issue the allotment letter shortly, after completing all formalities,” said Lokesh M, chief executive officer, Noida authority. The e-bidding process was held on January 21 and 22 , said officials. The authority allots the commercial plots through a competitive bidding process to the applicant that places the highest bid against other applicants in the bidding system. The Noida authority has allotted 41,835.46 square metres of plots in Sector 105 to realty firm Max Estate Limited. And it has allotted 24,000 square metres in Sector 98 to Manglam Multiplex Private Limited, 23,570.92 square metres to M3M India Private Limited in Sector 97; and 812.73 square metre plot to Vertex Construction, said officials. Officials said very few companies showed an interest in the plots, which remained unsold in the earlier schemes. “The rule is that at least more than two firms should participate in the e-bidding system so that the authority earns a profit. And except for these four plots, not enough companies have participated in the bidding process for the other plots. The authority will try to sell the remaining plots in a new scheme that may be launched soon,” said an authority official, asking not to be named. Source : Hindustan Times INDIA

Gurugram: Raheja Developers to be Penalized for not depositing Rs 77 Lakh for Structural Audit

1/22/2025 11:43:00 AM

Gurgaon: Raheja Developers has come under scrutiny for failing to deposit Rs 77.28 lakh for the second phase of a structural safety audit for its group housing projects — Raheja Vedanta in Sector 108 and Raheja Atharva in Sector 109 — in the city. Despite repeated reminders and commitments, the developer has not complied with the payment directives issued by DTPE. Deputy commissioner Ajay Kumar has now recommended stringent measures, including halting the grant of future permissions to Raheja Developers, until the pending payments are made to ensure the compliance. In a letter to DTCP director Amit Khatri, Kumar said, "Raheja Developers may be directed to deposit the said amount in the escrow account and in case of failure, strict action may be taken against the developer or further grant of any permission be stopped till the said amount is deposited by the developer." DTPE Amit Madholia said, "If Raheja Developers continues to defy orders, authorities are likely to escalate the matter, with possibilities of legal action and stricter penalties to safeguard public interest. For now, the residents of Vedanta and Atharva anxiously await resolution and assurance of their safety." The district administration officials stressed that completing the audit is critical to ensuring the safety of thousands of residents. The audits were initiated following complaints from RWAs of these societies, raising concerns about the structural integrity of the buildings. The developer initially issued a statement but later withdrew saying company will take legal advise and comment later. In Sept 2022, the DTP (E) Gurgaon issued memos outlining the terms for the structural audits. The first phase, involving visual inspections, was completed after the developer paid the initial amount. However, Raheja Developers has not deposited the required amounts — Rs 56.87 lakh for Vedanta and Rs 20.41 lakh for Atharva — for the second phase, which includes critical NOT. RWAs of both societies have repeatedly approached the district administration and the DTP (E), demanding action against the developer for delaying the structural audit process. On Dec 3, 2024, a meeting chaired by the DC Ajay Kumar saw Raheja Developers' representatives requesting a 20-day extension to make the payment. Over a month has passed and the developer has failed to deposit the funds. Source : Times of India INDIA

Delhi: ED Sezies Assets Worth Rs 82 Crore in PMLA Case Against MGF Developments

1/22/2025 11:42:00 AM

Gurgaon: The Delhi zonal office of Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 82 crore owned by MGF Developments Ltd. The action — under the Prevention of Money Laundering Act (PMLA), 2002 — follows allegations of fraudulent transactions amounting to Rs 180 crore by Shravan Gupta, the director of MGF Developments, in a case filed by Emaar India Ltd. "The properties attached are proceeds of crime derived from fraudulent transactions orchestrated by Shravan Gupta through his companies," an ED statement read. The properties that were attached included a 42,364sqft commercial space valued at Rs 50.8 crore at Metropolitan Mall of Gurgaon, and another spanning 33,601sqft worth Rs 31.5 crore in Metropolitan Mall in Saket, Delhi. The case came under ED's scanner based on an FIR registered by the Economic Offences Wing (EOW) of Delhi Police for fraud and other relevant sections. The ED investigation, officials said, revealed that Gupta allegedly siphoned off around Rs 180 crore from Emaar MGF Land Ltd — a joint venture between Dubai-based Emaar PJSC and MGF Developments Ltd. The embezzled funds were allegedly diverted through two shell companies — Nanny Infrastructure Pvt Ltd and Saum Infra Pvt Ltd — under the pretext of providing services to the joint venture. These transactions were carried out with the help of fraudulent and backdated agreements, officials said. The misappropriated funds were linked to two residential projects in the city — Palm Hills in Sector 77 and Imperial Garden in Sector 102. The development of these projects, being built under the joint venture company, were adversely affected after Gupta allegedly diverted the funds. After ED took over the case, Gupta was issued multiple summons, but he did not respond to them, prompting the investigating agency to accuse him of non-cooperation. Gupta is also named as an accused in the high-profile AgustaWestland helicopter scandal and is believed to have left the country. Source : Times of India INDIA

Growing Opportunities for Women in India’s Real Estate Sector

1/21/2025 11:18:00 AM

New Delhi, Jan 20 (PTI) Real estate remains one of the least inclusive sectors for women with only 70 lakh females among 7.1 crore workers employed in the Indian realty industry, according to a report. Realty firm Max Estates and In Tandem Global Consulting in a joint report 'Concrete change -- A Study of the Economic Impact of Better Pay Parity & Inclusion of Women in Real Estate' pointed out that the real estate sector has a long way to go in achieving inclusivity. "The Indian real estate sector stands at a crossroads. Poised for unprecedented growth, it remains burdened by challenges that prevent it from realising its complete potential. Women make up 48.5 per cent of India's population, out of which approximately 1.2 per cent female population is employed in real estate," the report said. Underrepresentation of women along with unequal pay across all levels of the workforce is one of the most pressing challenges the sector faces, it added. "Despite its role as a significant employment generator, the real estate sector remains one of the least inclusive sectors for women. Addressing gender disparities could unlock substantial economic benefits, enhancing productivity, innovation, and profitability," the report said. The real estate sector faces significant challenges related to workforce composition and gender disparity. "With approximately 71 million workers employed in the sector, only 7 million are women, resulting in a Female Labour Force Participation Rate (LFPR) of 25.1 per cent," the report said. It suggested that there is a need for targeted upskilling and training programmes to empower both blue-collar and white-collar female workers. Integration of technology and access to leadership roles are crucial in driving this transformation. Sahil Vachani, Vice Chairman and Managing Director of Max Estates, said, "We need to change our mindset and not accept the status quo. Leadership at the top must drive these changes aggressively. It's good for both society and business." With more inclusion and better parity, women can be the changemakers in the sector, said Shormishtha Ghosh, Founder and MD of In Tandem Global Consulting (ITGC). Source : Economic Times INDIA

Gurugram Takes Steps to Enhance Accessibility in Residential Areas

1/21/2025 11:17:00 AM

Gurgaon: Unauthorised gates in residential colonies will be razed. In a decisive move, the Gurgaon administration has announced strict action against Resident Welfare Associations (RWAs) installing unauthorised steel gates in licensed colonies and sectors under the Haryana Urban Development Authority. Deputy commissioner Ajay Kumar said on Monday, "The administration is committed to ensuring public safety and convenience. RWAs must comply with the rules. Unauthorised gates will be removed and violators will be held accountable." The action came after a meeting chaired by the DC, where it was revealed that several RWAs violated permissions by erecting gates instead of boom barriers, obstructing public access and posing serious challenges during emergencies. The DC directed the district town planner, enforcement (DTPE) to review all permissions granted for boom barriers and inspect sites for violations. RWAs found flouting norms will be ordered to dismantle the gates immediately. Failure to comply will result in demolition by the enforcement team. "Permissions for boom barriers are issued under strict conditions, including mandatory security personnel, CCTV cameras and regular inspections. Gates installed in violation of these rules will not be tolerated," DTP(E) Amit Madholia said. The issue gained urgency after ACP (DLF) Vikas Kaushik reported several complaints from residents. It was highlighted that some RWAs install gates, lock them at night and take the keys, creating significant inconvenience during emergencies. Such practices have led to situations where residents struggled to access roads in critical moments. The administration emphasised that permissions for boom barriers are aimed at enhancing security while maintaining public access. The DC has put pending applications for new boom barrier permissions on hold until a thorough review of previously granted permissions is completed. A special inspection team will be formed to verify compliance with existing rules. RWAs found installing gates without permission or violating conditions will face immediate action, including removal of the gates and potential penalties. The crackdown signals the administration's resolve to enforce urban planning regulations and address public grievances. With inspections beginning soon, RWAs are advised to voluntarily dismantle unauthorised gates to avoid enforcement measures. Source : Times of India INDIA

Chandigarh to Unveil Ambitious Infrastructure and Housing Projects in FY25-26

1/20/2025 11:25:00 AM

Chandigarh: More than 600 new houses are among a slew of major developmental works planned by the UT administration in the coming financial year. In addition to govt housing, the UT engineering department has included the construction of the new DC Office in Sector 17, four new auditoriums in city colleges, hostels, elevated road connecting Khudda Lahora to Sarangpur, new box culverts at Bapu Dham, and two new railway underbridges (RUB) at Kishangarh and Chandigarh-Baltana border. In the education sector, the engineering department will take up the construction of new hostels like in CCET, and the upgradation of four auditoriums will be done in different higher educational institutions. The auditoriums, including two heritage ones, in govt colleges are set for major upgradation at a cost of around Rs 50 crore. Two auditoriums, having a heritage status, in Post Graduate Government College for Girls, Sector 11, and Post Graduate Govt College, Sector 11, will be upgraded. The development of the Police Training Centre in South Campus and IRB in North Campus, Sarangpur, is another big-ticket infrastructure project. The Rs 98-crore project will be spread over 30 acres. "It will comprise hostel blocks having separate hostels for both male and female candidates. Space has been reserved for the officers' quarters within the complex. Also, with emphasis on physical fitness and training of the cadets, the facility will have a stadium," said a UT official. The complex will have a theatre and seminar hall, multipurpose indoor games hall, parade ground, and obstacle course for the training of the cadets. In addition to these, there will be two administrative blocks, an armoury block, and a healthcare facility within the campus. The new state-of-the-art DC building will cost around Rs 125 crore, and construction will start in the new financial year. Major Push to Govt Housing "There will be housing for the police department and general housing for the UT employees. Dhanas, sectors 20, 43, and 46 are identified as the locations for the construction of the houses. The financials and development plans are being prepared. Construction will start after taking requisite approvals, which is likely in the coming financial year," said a senior UT official. "There is very limited scope for redevelopment of the existing housing, so the administration has to focus on new developments," said the official. Around 150 houses are planned under the police housing project in Dhanas, besides 200 general houses in Sectors 43 and 46. To meet this demand, the available land parcels and existing old housing will be tapped into. Around 150 houses are planned on the land reclaimed after demolishing the sewermen colony in Sector 20, said the official. The colony spread over around 2-3 acres has 116 houses. The need for govt housing has increased tremendously in the city in the past few years. The demand pressure is not only from the UT but also from Punjab and Haryana. Currently, in all pool categories, there are 13,825 housing units. Of these, 11,923 are in the general pool category and 10,989 are allotted. In several categories of houses, particularly in the type 10, 11, 12, and 13 categories of houses, the demand is much higher than the housing available. Source : Times of India INDIA

Gurugram’s DLF Phase 1 Moves Towards Compliance with 280+ Properties Adressed

1/20/2025 11:23:00 AM

Gurgaon: In another crackdown on unauthorised constructions and illegal commercial activities in residential properties, the district town planner (enforcement) of the town and country planning department issued show-cause notices to 258 properties in DLF phase 1. The enforcement team initiated the process of affixing these notices on the identified properties. Earlier, a survey of 3,658 properties in DLF phase 1 revealed violations in 301 houses. According to the department, these violations pertain to unauthorised construction and misuse of residential spaces for commercial purposes. As per an affidavit filed by the department in the Punjab and Haryana High Court, over 4,000 properties across DLF phases 1 to 5 were identified for similar violations. Notices are being issued, and the process is nearly complete in phase 1. DTP (enforcement) Amit Madholia said that DLF phase 1 comprises 43 Economically Weaker Section (EWS) plots and 3,615 general category plots. Of these, violations were found in 20 EWS and 281 general category properties. Notices were served to 20 EWS and 238 general category properties, while 29 cases are currently sub judice with a stay on action. Source : Times of India INDIA

Gurugram: ED Recovers Assets Worth Rs68.59 Crore in Vatika Limited Case

1/18/2025 11:13:00 AM

Gurgaon: The Enforcement Directorate (ED) has provisionally attached nine immovable properties — including approximately 27.36 acres of agricultural land — valued at Rs 68.59 crore in connection with a massive builder-investor fraud case involving Vatika Limited. The action was taken under Prevention of Money Laundering Act (PMLA), 2002, highlighting the alleged exploitation of over 600 investors. The ED investigation follows multiple FIRs lodged in 2021 by the economic offences wing, Delhi, against Vatika Limited, its promoters Anil Bhalla and Gautam Bhalla and others. The charges include criminal conspiracy, cheating and dishonestly inducing investors and homebuyers. The ED said Vatika Limited lured investors into paying for future projects by promising high returns, including assured payments during construction and lease-rent returns post- completion. However, the company allegedly failed to honour these commitments, halting assured returns and delaying the handover of units. The investigation revealed significant procedural lapses by Vatika Limited, including non-renewal of licences from the department of town and country planning and failure to complete projects within stipulated timelines. These irregularities left investors stranded, with no legal recourse or possession of promised units. The projects under scrutiny include Vatika Inxt City Centre Tower D, E & F (Gurgaon), Vatika Mindscapes Tower-C (Faridabad), Vatika Towers Tower-C (Gurgaon) and Vatika High Street (part of V'Lante, Gurgaon). More than Rs 248 crore was collectively invested in these projects, some of which have been delayed for up to 12 years. Despite repeated promises, the company neither completed the projects nor executed conveyance deeds for the affected investors. This development marks a significant step in holding real estate defaulters accountable. The ED's action sends a clear signal against fraudulent practices in the real estate sector, which have trapped countless homebuyers and investors. Source : Time of India INDIA

Gurugram : Administration Seeks Builder’s Response on Chintels Paradiso Residents’ Concerns

1/18/2025 11:12:00 AM

Gurugram, The district administration has paused its decision to vacate three towers of a Gurugram society that have been "deemed unsafe" and sought a reply from the builders on objections raised by the residents, officials said on Friday. Residents and builders of Chintels Paradiso in Sector 109 are locked in a dispute regarding the specifics of the reconstruction of several towers of the housing society, after six floors of Tower D collapsed partially on February 10, 2022, killing two women residents. A structural audit of the buildings by the IIT-Delhi declared almost all towers as "unsafe". Residents of the society and Residents Welfare Association held a meeting with officials under the chairmanship of Gurugram Deputy Commissioner Ajay Kumar, an official said. Hearing objections raised by the residents, authorities have halted the implementation of its order to vacate towers A, B and C of Chintels Paradiso, the official said. After the developers respond to the objections, a final decision on vacating these towers will be taken by the Structural Audit Committee, the official said. At the meeting, RWA representatives alleged that while the Supreme Court has ordered the reconstruction of the society, the builders are "pressurising flat owners" to enter into an agreement. "Residents, who are not signing this agreement are not being paid rent despite vacating the flat. About 40 families are facing financial problems due to this," a representative of the RWA said in the meeting. The Supreme Court had earlier said that residents are entitled to be paid an amount in lieu of alternate accommodation they will need after vacating the buildings. At the meeting, the RWA also made three other demands: that towers A and B be declared premium towers; the builder's condition that flat owners should pay ₹1000 per square feet for the reconstruction of towers A, B be removed; A, B and C towers should be revalued at current market rates . The RWA also shared copies of orders of courts in Delhi, Chennai and Gurugram on similar matters to make their case. They cited the case of NBCC Green View Society located in Sector 37D, Gurugram, saying the Haryana Real Estate Regulatory Authority had ordered that owners who vacated their flats during its reconstruction be paid rent for alternate accommodation. Officials have asked the RWA to submit their objections in writing, following which a reply will be sought from the developers. A committee will then be formed to take final call on vacating the three towers. Source : Time of India INDIA

Delhi RERA to Introduce New Guidelines for a Transparent Real Estate market

1/17/2025 11:38:00 AM

NEW DELHI: Delhi real estate regulatory authority (Delhi RERA) in coming weeks will issue new set of guidelines for builders and other stakeholders, informed Anand Kumar, chairman of the authority. Kumar was speaking at NAREDCO's Delhi chapter conference held on Thursday. During the conference, Harsh Vardhan Bansal, president, NAREDCO Delhi discussed appointment of various sub committees for Delhi chapter and took feedback and suggestions for the LG task force. Kumar further stated that there are several builders who are marketing and advertising real estate projects on super built-up area instead of carpet area. "Under the new guidelines, we will enforce that all projects' advertisement and marketing mentions carpet area. Builders must inform buyers about the actual size of property they are getting," he said. Kumar further stated that there are several builders who are marketing and advertising real estate projects on super built-up area instead of carpet area. "Under the new guidelines, we will enforce that all projects' advertisement and marketing mentions carpet area. Builders must inform buyers about the actual size of property they are getting," he said. RERA chairman said that he is in favour of extending the exemption from GRAP measures to all registered projects and they can give a representation to CAQM for this. representation to CAQM for this. "We do not give extensions if the GRAP measures have been applied for less than three days, but if they are more than that, we are willing to extend extensions to projects provided all necessary papers have been submitted.” He warned builders who are yet to registered projects with Delhi RERA. "We will take strict measures against builders who are yet to register projects with the authority. I will urge NAREDCO Delhi to ask all its members and other builders to register their projects. We are monitoring projects across Delhi and will be taking actions soon." Kumar said that the authority is willing to listen to grievances of the real estate fraternity and pass the suggestions to the central government for the betterment of the industry. Source : Times of India INDIA

Haryana Government Addresses Concerns Over Illegal Buildings in DLF Areas

1/17/2025 11:37:00 AM

Gurgaon: Haryana govt has told the Punjab and Haryana high court that many illegal buildings identified in DLF phases 1 to 5 could not be sealed because of legal tangles. During a hearing on Wednesday, additional advocate-general Ankur Mittal — representing the town and country planning department — highlighted significant enforcement challenges. According to him, many property owners had moved local courts after getting demolition notices from the govt, affecting enforcement on the whole. He informed the court that DLF areas alone had 227 pending cases in local courts, with stays granted in 167 instances. The case was initiated in 2021 by the DLF City Residents Welfare Association (RWA), which highlighted large-scale unauthorised constructions and misuse of residential properties for commercial purposes. During the last hearing on Jan 10, the govt referred to a recent survey conducted by DTCP, highlighting that 4,183 residential properties in DLF areas had been identified for illegal constructions and carrying out commercial activities. According to the report, 83% of these violations were found in economically weaker section (EWS) category plots, measuring 60 square yards each. The govt had then told the HC that showcause notices and restoration orders would be issued to all these property owners by Jan 31. As part of initial enforcement, occupancy certificates (OCs) of 81 properties in Phase 5 were revoked, and water and sewer connections disconnected, the court was told. On Wednesday, the bench of Justices Sureshwar Thakur and Vikas Suri expressed strong dissatisfaction over the limited progress in addressing these violations. The court emphasised the severity of the situation, particularly noting the widespread regulatory violations and ineffective enforcement mechanisms. The court also sought to know if the surveyed illegal structures could be regularised under existing compounding regulations. It scheduled the next hearing for Jan 23 and asked DTCP to submit a detailed response by then. The verdict in this case could stand as a precedent for owners of other residential buildings running commercial activities from their premises. Source: Times of India INDIA

DTCP Takes Action to Ensure Compliance in Gurugram's DLF 3

1/16/2025 11:31:00 AM

Gurgaon: The enforcement wing of the department of town and country planning (DTCP) has intensified its crackdown on illegal constructions and unauthorised commercial activities in residential properties of DLF 3. In a recent action, 300 additional notices have been issued, bringing the total to 1,438. DTP enforcement officer Amit Madholia said, "The notice issuance process is ongoing and our actions are aligned with the high court's guidelines and the submitted action taken report." "We are committed to restoring compliance in the area and ensuring accountability from all defaulters," Madholia said on Wednesday. Notices are being systematically pasted on the properties, with 1,100 notices already displayed to ensure compliance with zoning regulations. According to officials, the survey conducted across DLF Phases 1 to 5 revealed violations in approximately 4,200 properties. DLF Phase 3 emerged as a major hotspot, particularly the economically weaker section (EWS) housing segment, where over 83% of the units were found in violation of norms. These violations include illegal constructions and the use of residential properties for commercial purposes. The DTCP aims to complete the process of issuing and pasting notices by Jan 31.Following this, restoration orders will be issued, allowing violators a grace period of 7-10 days to comply. Source : Times of India INDIA

Jaiprakash Associates Receives ₹12,000 Crore Acquisition Offer from NARCL

1/16/2025 11:29:00 AM

The National Asset Reconstruction Company Ltd (NARCL) on Tuesday (January 14) has emerged as the sole bidder to acquire Jaiprakash Associates Ltd's (JAL) loans, valued at ₹12,000 crore, from its lenders, sources privy to the developments told CNBC-TV18. Sources close to the development said that no other bidders participated in the Swiss Challenge auction conducted on January 14, 2025, by IDBI Capital on behalf of an SBI-led consortium. NARCL's offer, which served as the reserve price for the auction, includes a payment structure of 15% upfront cash and 85% in security receipts, sources in the know told CNBC- TV18. With no competing bids, lenders will now consider NARCL's offer and proceed with seeking approvals from their respective boards or committees for the loan sale, said people familiar with the matter. Jaiprakash Associates has admitted claims totalling ₹52,073.79 crore under the Insolvency and Bankruptcy Code (IBC). The resolution of Jaiprakash Associates has been stuck for over seven years since RBI first identified it as one of the large stressed accounts to be sent to the NCLT for resolution under the insolvency and bankruptcy proceedings in 2017. JAL was finally admitted into the NCLT last year in June and is facing claims of ₹52,073.79 crore from 22 lenders. While that process runs in parallel and is already facing litigation- related delays, lenders are losing patience and therefore looking to offload the asset to an ARC for faster recovery. Source : Times of India INDIA

Delhi LG Reviews Progress of Noida International Airport: A Boost for Connectivity

1/15/2025 12:03:00 PM

Noida: Delhi's Lieutenant Governor (LG) Vinai Kumar Saxena visited the Noida Airport site in Jewar on Monday to review its progress and understand the large-scale land acquisition process for the airport and other development projects in the region. He also praised the Uttar Pradesh govt for the rapid development of the airport within a short timeframe. Accompanied by his team, including secretary Surendra Singh and other officials, Saxena, who also serves as DDA chairman, arrived at the airport site around 11:45am. He was welcomed by Jewar MLA Dhirendra Singh and other officials. Yamuna International Airport Limited (YIAPL) CEO Christoph Schnellmann provided an update on the airport's progress, while Noida International Airport Limited's (NIAL) nodal officer Shailendra Bhatia briefed him on various connectivity plans to the site. The focus of the visit was on the dispute-free land acquisition process for the airport, with officials explaining the measures taken under the Land Acquisition Act to ensure smooth transactions. They also highlighted the benefits provided to farmers and the approach of securing their consent before acquisition. LG's secretary described the visit as a knowledge-sharing exercise aimed at understanding the best practices implemented in the land acquisition and development of the greenfield airport project. He emphasized the importance of such insights for urban development in the NCR, given the LG's role as chairman of the DDA. Officials noted that coordination among NCR govt bodies is crucial for effective urban planning, and such visits can positively impact decision-making processes. "During the visit, the LG also toured the Medical Device Park in Sector 28 and was briefed on other key projects, including the proposed International Film City, Raya Heritage City, New Agra Urban Center, Apparel Park, Toy Park, and Semiconductor Park. Yamuna Authority officials delivered presentations on these developments," said Bhatia. Source : Times of India INDIA

Haryana CM’s Big Announcement: 100 Sq Yard Plots for Eligible Families Soon

1/15/2025 12:02:00 PM

Chandigarh: Haryana chief minister Nayab Singh Saini on Tuesday said that the state govt would provide housing facilities to all underprivileged families under the Mukhyamantri Gramin Awas Yojana and Pradhan Mantri Gramin Awas Yojana. The allotment of 100-square-yard plots to eligible individuals would be carried out in phases, said Saini while chairing a review meeting of the housing for all department held at the secretariat here. Under the scheme, plots will be given in developed colonies with all essential amenities, similar to urban areas. An allocation of Rs 100 crore has been made. The CM directed the officers to ensure that eligible families were provided the option of financing the amount for flat or plot allotment through banks. This will ensure that no eligible family is deprived of the scheme's benefits, even if they are unable to make a lump sum payment. Under the schemes, all eligible families in the state who do not own a house, land to build a house, or a flat, and whose annual income is less than Rs 1.80 lakh, have been identified. Under the Mukhyamantri Gramin Awas Yojana, over 5 lakh people applied for 100-square-yard plots, and all eligible beneficiaries would soon receive their plots in phases. Similarly, under the other scheme, 50-square-yard plots would be allotted in mahagram panchayats. Under the Mukhyamantri Shahri Awas Yojana, more than 2.89 lakh families living in cities who do not own a house and have an annual income of less than Rs 1.80 lakh, have applied, with 1.51 lakh individuals for plots, and 1.38 lakh for flats. Last year, provisional allotment letters were issued to 15,256 applicants. Source : Times of India INDIA

DTCP Issues Notices for Building Code Violations in DLF Areas of Gurugram

1/13/2025 12:08:00 PM

Gurgaon: Owners of properties across DLF 1-5 have been issued notices after a survey found illegal construction and commercial activities being carried out at 4,183 houses in the area, the department of town and country planning (DTCP) has told the Punjab and Haryana high court. The department said it has already issued 1,138 notices to property owners in DLF-3, and more notices will be sent. Homeowners will get time till Jan 31 to restore the sanctioned property designs and shut down all illegal commercial activity by then. If they don't, the next step would be demolition and sealing drives, the department said. This action comes after a survey found rampant illegal construction and commercial activities across DLF. A majority – 83% - of the violations were seen in EWS category plots of 540sqft. District town planner (enforcement) Amit Madholia told TOI on Sunday that the most violations were seen in DLF-3 and DLF-5. "In phase 3, unauthorised construction extends up to seven or eight storeys, with properties being illegally used as PG accommodations and guesthouses. Similarly, phase 5 has witnessed a surge in commercial activities within residential spaces," he said. DTCP submitted this information to the high court on Jan 10. The single-judge bench of Justice Sureshwar Thakur is hearing a plea filed by the DLF City RWA in 2020. The petition sought action against large-scale unauthorised construction and misuse of residential properties for commercial purposes. Officials said the department, in its latest submission to the HC, outlined its progress and planned steps to tackle illegal construction and assured the court that all necessary action is being taken. Till now, the department has revoked occupancy certificates (OCs) that were granted to 81 properties in DLF-5. The management, DLF, also disconnected water and sewer connections to these properties. Still, such measures have not deterred property owners from illegal construction. Officials said that between 2010 and 2024, the department carried out 44 demolition and sealing drives across the five phases of DLF. "A major challenge has been legal hurdles. After sealing or demolition, property owners often approach the district court for relief. Currently, 227 cases related to DLF 1 to 5 are pending in various courts, with 167 cases under court-ordered stay. This legal gridlock has slowed down enforcement measures, allowing violators to continue their activities unabated," said a senior town and country planning official. DTP Madholia said the enforcement wing of the department will complete the process to issue show-cause notices and restoration orders this month. "Progress reports have been submitted to the high court. The next hearing is scheduled for Jan 15," he said. Source : Times of India INDIA

Property Allottees Bear Significant Costs Due To Glitch at Chandigarh Estate Office

1/13/2025 12:08:00 PM

Chandigarh: A critical error by the UT estate office has resulted in significant consequences for property owners. Numerous allottees are facing difficulties in removing their properties from the ‘resumed' category. The incorrect tagging of properties during the digitalisation of records has created substantial challenges, with owners spending years attempting to correct these errors. A Sector 35 resident, who wished to remain unnamed, said, "After the death of my father, when we decided to transfer the property from my father's name to the children, we discovered that the property was being shown as resumed in the online records of the estate office." This occurred in early 2023. "After we contacted the estate office, it took them nearly four months to acknowledge that the property was mistakenly shown as resumed. The data of a resumed property in a different sector was uploaded in the name of my father. Now it is January 2024, but the information is yet to be rectified as our file is still being processed. We can pursue the process of property transfer only after the information is corrected." A Sector 22 property owner dealing with similar record corrections noted, "People are not aware of the process to get information corrected. They are at the mercy of the officials for getting this job done. The digitisation process, which was to bring relief to allottees in dealing with the estate office, has in fact created more problems for the residents." Kamal Gupta, president, Property Consultant Association Chandigarh, said, "This ‘glitch' in the digital records of the estate office is a major source of harassment for the city residents. It takes a year or even more for the record to be rectified. There are multiple levels through which an allottee file has to pass, including a committee of officials, before it reaches the desk of the estate officer, and only then does the record get corrected." Gupta says a bigger concern is that many allottees are oblivious to the fact that their properties are ‘resumed' in the estate office records. "Only a few check the online estate office records, generally when they want to pursue the transfer of property. What happens, say several years down the line, if the hard copies of the records are not available? What will the estate office and allottees do then? The estate office must address the problem." Genesis Of The Problem An official explained, "Around a decade ago, when the work on computerisation started in the estate office, mistakes were made in making online entries in the new software about property records. Instead of a single entry, double entries were made. In many instances, even though a property was not resumed, it was shown as a resumed property. The tagging occurred in hundreds of commercial and residential properties." The situation's severity became apparent when over 250 cases emerged during grievance camps held in December 2023. Despite instructions for developing standard operating procedure (SOP) for resolving the issue promptly, corrections remain time-consuming. Gupta says, "Only the 200 odd cases that were highlighted during the camp were promptly resolved, but for most others, it is still a long-drawn process." Official Response Nishant Kumar Yadav, deputy commissioner-cum-estate officer, said, "We will hold special camps for speeding up the process of rectifying such data. We will also examine the process to rectify the data at our own end so that the allottees don't face any delay or harassment." Source : Times of India INDIA