Daily interesting real estate news

No regularization of illegal construction in Gujarat government schemes

Illegal extensions such as extra rooms or floors built in Gujarat Housing Board (GHB) accommodations in the city may not be regularized under the new Gujarat Regularization of Unauthorized Development Ordinance (GRUDO), 2022. In its 2011 avatar, the impact fee law did not permit such regularization either unless an NOC was procured from the board. The AMC clarified that there is no provision in the ordinance to regularize illegal constructions in GHB colonies.

Deadline over, not even 20% of Supertech twin towers' rubble lifted in Noida

The deadline to clear the debris from the twin towers’ demolition site in Sector 93A elapsed on November 28, but only 5,000 of the 28,000 tonnes of rubble has, so far, been transported to the construction and demolition (C&D) processing centre in Sector 80. Officials attribute the delay in clearing all the debris to various reasons, including the implementation of the graded response action plan (GRAP) to contain pollution to non-payment of fees for processing the rubble by the developer, Supertech.

TVS Capital's chairman buys Bengaluru residential property for Rs 15 crore

Gopal Srinivasan, Chairman and Managing Director of TVS Capital Fund had bought a residential property for around Rs 15 crore in one of the most significant property transactions in Bangalore in 2022. The property located at Rest House Crescent Road is spread over 6000 sq ft with 2600 sq ft built-up area. It includes a dwelling house, ouhouses, garage and other construction.

Noida yet to collect 50% of stamp dues target this financial year

District administration has now decided to conduct an awareness drive among residents to register their flats before moving in - an attempt to generate more revenue. With four months for the financial year to end, the stamp and registration department has failed to achieve even 50% of its revenue target, collecting Rs 1,887 crore between April and November out of its Rs 4,062 crore target. The district administration has now decided to conduct an awareness drive among residents to register their flats before moving in - an attempt to generate more revenue.

Elan Group raises $60 million from PAG for construction of realty projects, growth

Realty firm Elan Group has raised USD 60 million from global investment firm PAG to fund construction of projects, reduce debt and expand business. The company has secured a second round of funding from PAG. In August this year, it had raised USD 50 million from PAG. The investment will be used towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project -- "The Presidential", located in Sector 106 Gurugram.

UK lenders see 23% slide in mortgages for home-buyers in 2023

British banks and building societies expect to lend 23% less to home-buyers next year, taking mortgage volumes back to their level before the COVID pandemic after a two-year boom that lifted house prices by more than a quarter. Trade body UK Finance forecast that gross mortgage lending for house purchase would fall to 131 billion pounds ($161 billion) in 2023 from 171 billion pounds this year and a peak of 189 billion pounds in 2021, when pandemic-related tax incentives were in force.

Builders request Rajasthan government to remove double taxation in real estate deals

At a meeting with principal secretary (finance) Akhil Arora, state’s real estate developers said they pay stamp duty while purchasing land and on the execution of development agreement. Again, when they sell the housing units, the buyers are required to pay stamp duty. Credai-Rajasthan president Dhirendra Madan said, “The stamp duty and registration fees are charged twice for the same land which creates unnecessary burden on the buyer and investor.”

ED files charge sheet against SRS group, promoters in money laundering case

The Enforcement Directorate has filed a charge sheet against the SRS group and its promoters in a money laundering case linked to alleged cheating of homebuyers and investors. "The accused duped innocent buyers by promising them to deliver flats, plots, commercial spaces etc. however, they failed to deliver the projects. The real estate projects were mortgaged to avail loans from banks and other financial institutions," ED said.

Haryana RERA orders Vatika to refund homebuyers money

The Haryana real estate regulatory authority (HRERA), ordered the Vatika Limited to refund money to 28 buyers with interest at the prescribed rate as it failed to start the construction of the project. The allottees are entitled for the refund of the amount paid by them against the allotment of their units with interest at the prescribed rate of 10.25% per annum.

Indigo Paints' net profit jumps 173.8% to $4.47 million in Q2 FY23

India's Indigo Paints second-quarter profit that more than doubled, as price hikes helped offset increasing costs of raw materials. Net profit jumped 173.8% to 370.9 million Indian rupees ($4.47 million) for the three months ended Sept. 30, from 135.5 million rupees a year earlier.