Credai Ahmedabad has requested a six-month extension for housing projects from GujRERA, citing rising construction costs and supply disruptions due to the West Asia conflict. Developers are facing a 10-20% increase in project expenses and material shortages, impacting their ability to meet deadlines. The association seeks relief under force majeure provisions, similar to the Covid-19 period. Source...
India's home interior sector is turning to AI to combat high customer acquisition costs and operational expenses. Companies like Homelane and Livspace are leveraging AI to boost designer productivity and streamline operations, aiming for profitability amidst stiff competition from the unorganized sector. Source link...
Government has replaced the National Building Code with National Building Construction Standards. These new standards are now voluntary guidelines. A significant change is in fire and life safety rules. Previously mandatory, these provisions are now advisory. The height threshold for these rules has also increased. This shift aims for more flexibility and innovation in construction. Source link...
In a significant crackdown, the Enforcement Directorate has frozen assets worth over Rs 1,100 crore belonging to Raheja Developers. This move is part of an ongoing investigation into allegations of fraud aimed at homebuyers. During recent raids, the agency recovered substantial amounts in gold and foreign currency. Source link...
The Delhi Development Authority (DDA) is boosting revenue by e-auctioning over 140 diverse land sites and plots for residential, industrial, commercial, and institutional uses. This initiative aims to monetize vacant land and assets, with registrations open until May 22 for properties across prime Delhi locations. Source link...
Dubai has removed the minimum property value for its two-year residency visa for individual buyers. This move aims to boost realty demand. For jointly owned properties, the minimum stake per investor is now AED 400,000. This change is expected to attract mid-tier professionals. The decision follows a significant slump in real estate sales volumes in Dubai. Source link...
Mumbai's BMC is easing building height restrictions, allowing skyscrapers on narrow roads. An amendment to DCPR 2034 introduces graded height permissions based on road width, potentially unlocking redevelopment for thousands of old buildings. While boosting urban renewal, concerns remain about infrastructure strain and emergency access. Source link...
Businesses using co-working spaces in Gujarat are facing increased GST registration scrutiny, with tax authorities questioning the validity of shared premises. Applicants are being asked for proof of exclusive possession, leading to rejections due to multiple firms at one address. Experts advise clearer guidelines and robust documentation for flexible workspaces. Source link...
The Supreme Court has taken decisive action to resolve the plight of 22,000 Unitech homebuyers by appointing a new board to oversee the troubled real estate firm. Seeking collaborative solutions, the court has asked for input from the board, financial institutions, and banks. The ultimate aim is to facilitate the delivery of homes to buyers who have been left waiting. Source link...
After a two-decade legal battle, Larsen & Toubro has been ordered by the Supreme Court to vacate a prime Pali Hill bungalow worth over Rs 1,000 crore. The company's attempt to claim co-ownership by purchasing shares during eviction proceedings was rejected by courts as a strategy to block possession. The final ruling upholds the owners' right to reclaim the property. Source link...