The Supreme Court proposed significant reforms to the Insolvency and Bankruptcy Code to restore faith in the regulatory framework. It urged the government to establish a revival fund for stressed real estate projects and emphasized that housing is a fundamental right. Source link...
Gurugram authorities cracked down on illegal construction in Anamika Enclave, Sector 14, demolishing and sealing 32 unauthorized flats. The buildings lacked mandatory map approval from MCG and fire safety NOCs, including essential fire escape doors. MCG officials emphasized their commitment to preventing illegal construction, highlighting the strain it places on city infrastructure and...
The Bombay High Court's Goa bench has ruled that GST is not applicable to construction services under a JDA once the developer gains property ownership through conveyance. This decision resolves a dispute over the timing of GST taxation in JDAs, offering clarity for developers in land-constrained markets. The ruling is expected to influence similar pending disputes across India. Source link...
Noida Authority initiated a demolition drive in Salarpur Khadar village, targeting approximately 60 illegally constructed buildings erected by 39 developers on 24 plots. While some demolitions were halted due to court stay orders, authorities razed structures on three plots and are preparing actions against developers under land mafia law. Source link...
Amazon Development Centre India has leased 220,000 sq ft from WeWork in Chennai, marking the largest office transaction in the city this year. The 40-month lease will accommodate over 3,500 work units, highlighting Amazon's expansion in southern India and the growing demand for flexible workspaces. This deal positions Chennai as a key real estate market alongside Bengaluru and Hyderabad. Source link...
MMRDA is set to auction plots in Wadala, Mumbai's third CBD, within the next two months, following the successful sale of its BKC land bank. This development, included in the MMR's economic master plan, aims to capitalize on Wadala's strategic location and connectivity via Eastern Freeway, Atal Setu, and various transit lines. Source link...
India's listed REITs have surpassed ₹1.5 lakh crore in market capitalization, distributing over ₹24,300 crore to unitholders since inception. Policy reforms are enhancing market accessibility, while the industry anticipates further measures to unlock passive flows. Despite global uncertainties, the sector remains optimistic, driven by GCCs and domestic enterprises, with a balanced supply-demand...
UP-RERA has emerged as a frontrunner in resolving real estate disputes, addressing nearly 40% of the nation's grievances. The authority has resolved 50,812 consumer complaints out of 58,545 received, showcasing an impressive 85.2% disposal rate. This reflects UP-RERA's commitment to timely justice and promoter accountability, particularly in high-activity districts. Source link...
The Competition Commission of India (CCI) has dismissed a complaint against Emaar India Ltd. regarding its "Marbella" villa project in Gurugram. The complaint alleged abuse of dominance and anti-competitive practices due to the construction of builder floors, which the complainant claimed violated commitments of an exclusive villa community. Source link...
The unified RERA portal was launched by the Union Minister of Housing & Urban Affairs, aiming to enhance transparency and facilitate best practice sharing among States/UTs. The council emphasized building a unified nationwide database for real estate projects and urged states to adopt recommendations for stalled projects. They also recommended SoPs to strengthen RERA's functioning and ensure order...