PNT Reporter

10 Apr 2023

The gunthewari regularization scheme in Pune, aimed at legalizing illegal homes on small plots, has struggled to attract property owners due to high charges and complex processes. In the last financial year, the Pune Municipal Corporation received only 600 applications and approved a mere 10. With approximately 50,000 potential beneficiaries, efforts to streamline the process and address the concerns of property owners are essential for the success of the scheme.Read more

PNT Reporter

10 Apr 2023

The Noida Authority has recently published data on its website that reveals the extent of the city’s problem with the flat registry stalemate. This problem arises because homebuyers are unable to obtain deeds for their properties due to a disagreement between builders and the government regarding outstanding dues. The data shows that out of the 1.3 lakh flats that were approved in 115 projects in the city until 2016-17, only 56,790 (around 40%) have been registered. Moreover, of these 115 projects, 77% have defaulters who owe money to the government.Read more

PNT Reporter

10 Apr 2023

The Maharashtra government is set to purchase the iconic Air India building at Nariman Point for INR 1,600 crore. The state government has expressed interest in acquiring the property in the past, and it has been reported that the AI Assets Holding Ltd., which owns the building, has given an in-principle agreement to the sale. However, the government has clarified that they will only proceed with the deal if they receive vacant possession of the building, as several state offices are housed in private spaces across south Mumbai, costing the government a significant sum of money every month.Read more

PNT Reporter

10 Apr 2023

The Lucknow Development Authority (LDA) will require private developers to specify project lifespans for structures with four or more floors in their building plans. This move aims to improve structural safety and protect property buyers following a building collapse incident earlier this year. The LDA will also form a panel of experts to regularly certify the structural safety of buildings nearing the end of their declared lifespans. The new policy will promote transparency and help ensure safer living and working conditions in Lucknow's real estate sector.Read more

PNT Reporter

10 Apr 2023

The Urban Development Department has requested details from the Delhi Urban Shelter Improvement Board (DUSIB) on 82 new slum clusters identified for rehabilitation, but DUSIB has yet to locate the related file. The list was briefly published on DUSIB's website before being removed, raising concerns about transparency and accountability. The inquiry highlights the need for better communication and coordination between government agencies to ensure proper rehabilitation and support for vulnerable communities living in slum clusters.Read more

PNT Reporter

06 Apr 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has initiated the use of QR codes on developers' registration certificates, enabling homebuyers to quickly access vital project information. By scanning the QR code, potential buyers can review construction progress, financial status, and any lodged complaints. The move aims to improve transparency, streamline taxation processes, and bolster consumer trust in Maharashtra's real estate industry. Industry leaders have praised the initiative, urging promoters to adopt QR codes in promotional materials and encouraging MahaRERA to address stalled projects proactively.Read more

PNT Reporter

06 Apr 2023

The Greater Noida Authority is cracking down on real estate developers who have defaulted on their land cost payments, with a plan to issue recovery certificates, stop-work notices, and cancel plot allotments to recover dues. Officials say the crackdown is likely to begin within a week. A total of 107 realtors owe Rs 5,650 crore in unpaid land costs. So far, 10 developers have applied to clear dues under the GNIDA’s rescheduling policy, and five others have cleared their dues.Read more

PNT Reporter

05 Apr 2023

Rajasthan's real estate market is experiencing a surge in housing plot sales, driven by factors such as homeownership desires and a more favourable stamp duty structure compared to flats. In Jaipur, land prices have risen by an estimated 70% in some areas over the past two years. The stamp duty, fees, and taxes on flats amount to about 23% of the cost, while for a plot, it is only about 3%. Experts caution that unchecked plotting could lead to chaotic urban growth and call for balanced market policies to ensure sustainable development.Read more

PNT Reporter

04 Apr 2023

In a recent Mohalla Committee meeting, residents of Aundh, Baner, Balewadi, and Pashan in Pune demanded that their civic body address various issues such as water scarcity in the area, the need to remove unnecessary overhead cables, clean up nullahs and stormwater drains before the monsoons, and other matters. They have requested the Pune Municipal Corporation (PMC) not permit the construction of new buildings until these issues are addressed.Read more

PNT Reporter

04 Apr 2023

The JP Taparia family, founders of the pharmaceutical company Famy Care, has reportedly purchased India's most expensive triplex apartment in Malabar Hill, south Mumbai, for over Rs 369 crore. The apartment is situated on the 26th, 27th, and 28th floors of the Lodha Malabar, a super-luxury residential tower on Walkeshwar Road. The transaction sets a new record for the most expensive apartment deal in India, surpassing the recent sale of a penthouse in the same tower to Bajaj Auto chairman Niraj Bajaj for over Rs 252.50 crore.Read more