PNT Reporter

26 Apr 2023

An estimated 150 unauthorized buildings are constructed annually within Jaipur's Walled City, threatening the integrity of the UNESCO Heritage site. Officials from IMC-Heritage reveal that the actual number of illegal constructions could be higher. Despite strict guidelines, unauthorized construction continues to proliferate, exploiting loopholes and evading oversight. Authorities must enhance enforcement efforts, increase transparency in the permit application process, and promote public awareness to preserve this historic area for future generations.Read more

PNT Reporter

26 Apr 2023

The Noida Authority has earmarked Rs 1,000 crore for land acquisition in 'New Noida' and Rs 500 crore for land acquisition in existing Noida. A budget of Rs 6,920 crore has been approved for the financial year 2023-24, with Rs 1,906 crore designated for infrastructure and development work. A total of Rs 141 crore has been allocated for village development. The Authority has expressed dissatisfaction with the progress of land acquisition in the previous year and directed the Revenue Department to speed up efforts.Read more

PNT Reporter

26 Apr 2023

The Enforcement Directorate (ED) faces challenges in disposing of three high-end flats in South Mumbai confiscated from fugitive diamantaire Nirav Modi. Legal hurdles and long-term vacancy may result in lower-than-expected auction proceeds. The flats contain valuable household items and artworks, complicating their use as guesthouses. With no clear solution, the ED must carefully navigate the disposal of these assets to maximize auction proceeds and avoid controversies surrounding the valuable items inside. This situation highlights the need for a well-defined strategy to manage confiscated assets efficiently and prevent the loss of value over time.Read more

PNT Reporter

25 Apr 2023

The state's principal accountant general (AG) has urged the Noida Authority to ensure that allocated land plots are free of disputes, citing the additional Rs 295 crore pay-out for the land where the DLF Mall of India stands. The AG stressed the importance of proper land acquisition and transparency in preventing construction delays and protecting financial interests. In response, Noida Authority officials stated that the land records department would provide a report on the factual situation, emphasizing the need for efficient land management and dispute resolution to foster a stable development environment.Read more

PNT Reporter

25 Apr 2023

Kiran Patel, a conman who recently made headlines for posing as a top official in the Prime Minister's Office (PMO) and being arrested in Jammu and Kashmir, has now been slapped with a fresh FIR for allegedly duping a builder of Rs 80 lakh in Ahmedabad by posing as an official from the PMO. This is the seventh FIR registered against Patel in the state, and he is currently in police custody. The FIR accuses him of cheating, breach of trust, and personating a public servant.Read more

PNT Reporter

25 Apr 2023

Private equity investment in Indian real estate plunged 95% to $45 million in Q1 2023, down from $1 billion in the same period last year, reveals a Savills India report. The decline is attributed to global recession fears, capital cost increases, and valuation mismatches between sellers and investors. Despite the downturn, demand remains strong for core office, core retail, warehousing, data centres, and life sciences investments, signalling potential for future growth and strategic investments in the market.Read more

PNT Reporter

25 Apr 2023

Mumbai residents seek lower premiums for collector land redevelopment as over 8 lakh families face weak building structures. They are urging the Maharashtra government to reduce the current 15-25% premiums to 5%—similar to Nagpur—arguing it would generate up to Rs 10,000 crore in revenue and attract more real estate investments. The high premiums, combined with recent changes in land conversion conditions, have raised concerns among residents. While the government maintains that redevelopment is possible without converting to freehold land, residents continue to demand lower premiums and a reconsideration of the new conditions.Read more

PNT Reporter

24 Apr 2023

The government plans to establish a committee focused on creating a standardized builder-buyer agreement to streamline the homebuying process and protect consumers from potential malpractices. Comprising judges, consumer commission members, consumer bodies, lawyers, and Ministry of Consumer Affairs representatives, the committee will develop a comprehensive agreement in collaboration with stakeholders, including homebuyers, developers, financial institutions, and regulatory bodies. The initiative aims to enhance transparency, improve legal protection, and simplify processes in the real estate sector, while addressing key challenges such as delayed possessions, unfair agreements, and misleading advertisements.Read more

PNT Reporter

24 Apr 2023

The Ludhiana municipal corporation is set to install unique identity number (UID) plates with QR codes on properties across the city, following a two-year delay. The UID tags will allow officials to quickly verify property details, ownership, and tax payment status by scanning the QR codes. The project, funded under the Smart City Mission, aims to improve administrative efficiency, transparency, and accountability in property transactions, ultimately benefiting property owners, potential buyers, tenants, and municipal authorities.Read more

PNT Reporter

24 Apr 2023

The Delhi Development Authority (DDA) is set to issue conditional notices to landowners in four additional sectors, which have now met the eligibility criteria for forming consortiums under the land pooling policy (LPP). These sectors include 7A, 7B, and 7C in Zone P-II and Sector 11 in Zone N. The move aims to promote planned urban growth and infrastructure development, as consortiums of landowners will take the lead in planning and engaging developers for residential and commercial properties. The DDA will primarily sanction layout plans and provide support throughout the process.Read more