26 Dec 2024

Earlier this week, Maharashtra's Chief Minister, Devendra Fadnavis, expressed his gratitude to the Central Government for approving 6.5 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) and disclosed plans to further increase this allocation by 13 lakh. The approval will provide homes to around 20 lakh out of the 26 lakh people who have registered for the scheme. Union Agriculture Minister Shivraj Singh Chouhan also congratulated the state for the initiative, underscoring the government's ongoing commitment to the "Housing for All" mission. This continued effort is aimed at addressing the increasing demand for housing in rural areas.Read more

25 Dec 2024

Infosys, India's second-largest IT services company, recently inaugurated a cutting-edge development centre in New Town, Kolkata. Built at a cost exceeding INR 426 crore, the 320,000 sq ft facility accommodates over 4,000 employees under a hybrid working model. The centre focuses on innovative technologies such as cloud, artificial intelligence, and digital transformation, serving sectors like logistics, manufacturing, and energy. Aligned with Infosys' ESG goals, the facility boasts green building features and flexible workspaces. West Bengal Chief Minister Mamata Banerjee highlighted its significance in boosting employment and IT growth, alongside other ambitious projects in the state.Read more

25 Dec 2024

Noida Authority has taken strict action against Skytech Construction Pvt Ltd for defaulting on payments related to its Skytech Matrott group housing project in Sector 76. Despite several notices, the builder failed to clear over INR 30 crore in outstanding dues. The Authority sealed 27 unsold flats at the project under the direction of its CEO, Lokesh M. The developer failed to utilise the state government's rehabilitation policy for stalled projects, resulting in non-compliance. Similar actions were also taken against Docile Buildtech Pvt Ltd and other developers for outstanding dues in recent months.Read more

PNT Reporter

24 Dec 2024

The Enforcement Directorate (ED) has accused Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) and its associated entities of misappropriating homebuyers' funds, resulting in wrongful gains of INR 842 crore. In its recent complaint to the PMLA court, the ED revealed that funds collected directly from buyers or through loans were diverted via complex financial transactions, with significant amounts benefiting promoter Boodati Lakshminarayana and his family. Allegations include criminal conspiracy, breach of trust, and money laundering. ED also identified funds siphoned abroad and attached several properties linked to the group as part of its investigation.Read more

24 Dec 2024

To accelerate development under the "Kalaignarin Kanavu Illam" housing plan, the Tamil Nadu government has authorized an additional INR 400 crore, which will be directly transferred to beneficiaries' accounts. This brings the total money disbursed to INR 1,451 crore depending on current construction status. The plan supplies 360-square-foot dwellings, including kitchens, using subsidized materials such as cement and steel. The monies are released in four installments using the Direct Benefit Transfer (DBT) method. Orders worth INR 3,500 crore have been made for the construction of one lakh dwellings in 2024-25. The state plans to replace 8 lakh rural huts with concrete dwellings by 2030.Read more

24 Dec 2024

GIFT City, India's premier smart city and International Financial Services Centre (IFSC), has received the prestigious ISO 27001 certification, affirming its robust data security measures and commitment to global standards. This milestone enhances its reputation as a secure, innovative, and sustainable hub for multinational corporations, startups, and financial institutions. Property prices and rental values in GIFT City have shown remarkable growth, with a 74% increase in residential capital values over the past five years. Its state-of-the-art infrastructure, strategic offerings, and regulatory frameworks continue to attract global players across industries, solidifying its position in India's financial and technological landscape.Read more

24 Dec 2024

The Allahabad High Court has quashed an Enforcement Case Information Report (ECIR) and two related FIRs against M3M India, marking the end of legal proceedings against the real estate firm. The FIRs, filed in 2023, alleged financial misconduct and undervaluation of property assets involving M3M India, Indiabulls Housing Finance, and other parties. However, the court ruled the allegations were commercial disputes, not criminal offences, and noted a lack of evidence and procedural delays. This decision offers relief to M3M India and highlights the importance of distinguishing civil disputes from criminal cases.Read more

PNT Reporter

23 Dec 2024

West Bengal Chief Minister Mamata Banerjee has launched the 'Banglar Bari' scheme to provide financial aid for housing to over 28 lakh beneficiaries identified through state surveys. With a budget of INR 14,773 crore, the scheme will transfer INR 1.2 lakh per household by December 2025. On the launch day, 12 lakh beneficiaries received their first instalment of INR 60,000 directly in their bank accounts. Eight lakh families will be covered by mid-2025, with the remainder by year-end. The initiative reflects West Bengal's commitment to addressing housing needs and promoting social welfare and economic development across the state.Read more

PNT Reporter

23 Dec 2024

In Sector 79, Noida, 44 residents of Gaursons Sportswood have filed a writ petition under Article 226 in the Allahabad High Court, seeking the registration of flats handed over five years ago. The delay stems from unresolved issues within the Sports City initiative, launched in 2010, requiring 70% of the land for sports infrastructure. A 2019 CAG audit revealed irregularities, leading the Noida Authority to freeze approvals for occupancy certificates and registries in 2021. Despite Gaursons receiving a temporary completion certificate and a no dues certificate, the freeze persists, leaving buyers unable to sell or transfer properties. Petitioners argue this infringes on their fundamental rights and cite UP-RERA guidelines supporting their claims. The next hearing is set for January 10, 2025. This case could impact thousands of other homebuyers facing similar registration hurdles in Noida's Sports City projects.Read more

PNT Reporter

20 Dec 2024

Odisha's Housing and Urban Development Department has initiated PMAY-U 2.0 to provide quality housing for urban residents over five years. Applications are now open through a unified web portal, with outreach campaigns boosting awareness. A mobile app is collecting data on vulnerable groups, ensuring targeted beneficiary selection. The state plans to finalize the beneficiary list post-survey within two months. At the national level, PMAY-U 2.0 focuses on affordable homes and rental housing for migrants, workers, and women. With strategic planning and surveys, Odisha's model aims to alleviate the urban housing crisis and advance the goal of "Housing for All."Read more