05 Sep 2023

The Forum For People's Collective Efforts (FPCE) has raised concerns and put forth recommendations regarding concessions to real estate developers and the revival of stalled housing projects. In a letter addressed to Union Housing and Urban Affairs Minister Hardeep Singh Puri, FPCE President Abhay Upadhyay expressed worries about certain suggestions made by the committee, which proposed changes in insolvency laws and a scheme offering subsidized interest rates to revive stalled housing units. FPCE emphasized the need for safeguards to prevent misuse of concessions, individualized project extensions, blacklisting of builders with prolonged delays, and a RERA Monitoring Committee to ensure regulatory compliance.Read more

05 Sep 2023

Three sites in the M East ward have been approved by the Brihanmumbai Municipal Corporation (BMC) for new cemeteries, while three more have been set aside for prospective revisions to reservations in the development plan (DP). This choice comes after a Bombay High Court hearing that was brought on by a PIL that residents of Govandi filed asking for more burial space. The proposed cemeteries consist of an addition to the Rafi Nagar cemetery in Govandi, a new plot in Anik Village at Vashi Naka, and the Deonar cemetery. The BMC is putting the finishing touches on the procedures for acquiring these lands, and it intends to give landowners Transfer of Development Rights (TDR) and FSI benefits in exchange for their plots.Read more

05 Sep 2023

The collapse of buildings in the Mumbai Metropolitan Region is a growing concern, leading to tragic loss of lives and injuries. Many of these incidents have been attributed to structural weaknesses, water seepage, and buildings being declared unsafe by authorities. Despite warnings and evacuation notices, some residents continue to live in such risky conditions. The local authorities, including the Brihanmumbai Municipal Corporation (BMC), have been actively trying to address this issue, issuing lists of unsafe buildings and urging residents to relocate. However, more coordinated efforts and collaboration between authorities and residents are needed to find sustainable solutions and provide alternative accommodations, especially as the city faces the challenges of the monsoon season.Read more

04 Sep 2023

The Mumbai luxury housing market has seen a remarkable surge of nearly 50% in sales, with figures jumping from ?4,524 crore in H1 2022 to ?8,817 crore in the corresponding period this year. A recent report by India Sotheby's International Realty and CRE Matrix highlights this growth and identifies Worli as a favoured luxury destination. In H1 2023, 533 units were sold, a rise from 419 units in H1 2022. Primary market sales reached 388 units worth ?8,817 crore in H1 2023 compared to 267 units worth ?4,816 crore in H1 2022. Notably, the market witnessed larger luxury apartment sales, with 63 homes sold in 2023 compared to 18 in 2018, and a surge in 2,000-4,000 sq ft apartment sales.Read more

04 Sep 2023

The Ghaziabad civic body is considering taking strict actions against integrated societies that violate waste management norms. They might communicate with the Ghaziabad Development Authority (GDA) to potentially revoke the completion certificates of such societies. This move highlights the seriousness of waste management regulations and the commitment to enforcing them. The potential cancellation of completion certificates serves as a deterrent to encourage integrated societies to adhere to proper waste disposal practices and contribute to a cleaner environment. About 66 Vaishali and Vasundhara societies now manage waste independently.Read more

04 Sep 2023

Seven Mumbai police officials, including a sub-inspector, have been suspended following a TV expose that revealed DHFL promoters, Kapil and Dheeraj Wadhawan, receiving undue privileges during their hospital visits. Currently held at Taloja prison for their involvement in a bank loan scam, the brothers were allegedly granted special treatments under the guise of medical check-ups. This incident has sparked concerns over maintaining integrity in high-profile cases.Read more

04 Sep 2023

The first quarter of FY23 saw a surge in housing prices across 42 of 50 analysed cities, as per the National Housing Bank's Residex report. Major cities like Ahmedabad, Chennai, and Hyderabad experienced notable growth, with a consistent upward trend observed since June 2021. Though some cities, such as Indore, faced a contraction, the prevailing rise indicates a healthy real estate market, providing optimism for homeowners and financiers. The increase, attributed in part to rising construction costs, underscores sustained property demand in India.Read more

02 Sep 2023

Aggrieved homebuyers of the Kharavela Enclave housing project by the Odisha State Housing Board (OSHB) staged a protest outside the OSHB office, demanding the immediate handover of the purchased residences. Despite full payment for their flats, the buyers have faced years of delay in possession, extending far beyond the original completion timeline. Around 100 allottees participated in the demonstration, expressing frustration over the lack of resolution despite attempts to engage with the housing board and even lodging a formal complaint with the Chief Minister. The situation highlights the importance of timely execution in real estate projects to prevent such issues in the future.Read more

02 Sep 2023

Residents of the Omaxe housing society in New Chandigarh held a massive protest, highlighting grievances such as inadequate power backup, subpar facilities, and lack of response from the developer, Omaxe. The residents have taken legal action against both Omaxe and the Punjab State Power Corporation for electricity supply issues. Concerns also extend to non-functional lifts, water scarcity, and property-related complications.Read more

02 Sep 2023

Self-redevelopment is becoming a popular choice among housing societies in Maharashtra, especially in Mumbai, where many old and dilapidated buildings are in need of restoration. Approximately 580 housing societies are moving toward self-redevelopment, where residents take charge of revamping their societies instead of relying on developers. This approach offers greater control, mitigates delays, and ensures proper fund utilization. The Maharashtra government has recognized this trend and introduced policies to streamline the process, including faster approvals within three months and tax benefits. This initiative aims to empower housing societies to improve their infrastructure and provide a better living experience for residents.Read more