Daily interesting real estate news

Register projects with RERA and protect buyers' interests: UP Chairman of RERA to promoters

On Tuesday, Uttar Pradesh RERA chairman Sanjay Bhoosreddy urged real estate promoters in the state to register their projects with the authority and fulfill their role of protecting the interests of stakeholders, particularly homebuyers. He also emphasized to promoters the importance of contributing to the development of a strong and evolving real estate sector by complying with the regulations. The UP RERA has so far registered 3,467 projects. According to a formal announcement, of these, 1,598 are registered in the National Capital Region (NCR), and 1,869 are in portions of the state outside the NCR.

A Mumbai apartment sells for Rs. 96 crore.

According to records discovered by IndexTap.com, Sumir Chadha, Co-Founder and Managing Director (MD) of investment firm West Bridge Capital, paid Rs 96 crore for an apartment in Mumbai's Oberoi 360 West with a total area of 6,779 square feet (sq ft). According to records discovered by IndexTap.com, Sumir Chadha, Co-Founder and Managing Director (MD) of investment firm West Bridge Capital, paid Rs 96 crore for an apartment in Mumbai's Oberoi 360 West with a total area of 6,779 square feet (sq ft).

Mumbai to experience the largest changes in premium home values in 2024, according to a report.

According to a survey by Knight Frank, prices in Mumbai's premium residential districts increased by 5.2 percent in the second quarter of the calendar year 2023 (Q2 CY2023) compared to the prior year, ranking as the sixth-highest yearly gain in prices. Bengaluru placed 20th with a growth of 3.6 percent year-over-year (YoY) in Q2 2023, and New Delhi ranked 26th with an increase of 0.2 percent YoY, as per the Prime Global Cities Index Q2 2023 report.

The Karnataka High Court revokes the stay on the cooperative housing association's registration.

An interim order by the Deputy Registrar of Cooperative Societies (DRCS) staying the registration certificate of the residents' association registered under the Cooperative Societies Act in Bengaluru was overturned by the Karnataka High Court, providing relief to more than 200 homebuyers of the Klassik Landmark apartment. The DRCS had previously granted an interim stay on the Residents Welfare Association (RWA) of Klassik Landmark flats' registration certificate under the Karnataka Cooperative Societies Act (KCSA), 1959. The court has now given the Deputy Registrar of Cooperative Societies two months to consider the appeal and dispose of the case.

Shriram Properties and ASK Property Fund invested 206 crore rupees in stressed assets in Chennai.

Developers of real estate Shriram Properties Limited (SPL) and ASK Property Fund (ASK) have disclosed a joint investment of Rs 206 crore to acquire 100 percent development rights in a stressed project that is currently under construction in Chennai. The project is being introduced as Shriram 122 West and will be bought through Shrivision Elevations Private Limited, a wholly-owned subsidiary of SPL.

Delay in possession: MahaRERA delays the completion date for seven real estate projects.

The wait just got longer for hundreds of prospective homeowners. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has extended the deadline for developers of seven projects in Maharashtra. In their request for an extension, the developers listed a number of justifications, such as financial difficulties, legal issues, Covid-19 lockdowns, and so on. Six of the seven projects granted extensions are in the Mumbai Metropolitan Region, with one nearing completion in Pune. Four of the seven projects are residential, and three are in the business sector.

Redevelopment: MHADA to issue notifications to 68 decaying LIC buildings in South Mumbai.

In order to begin the renovation of 68 outdated and dilapidated buildings held by the Life Insurance Corporation of India (LIC) in South Mumbai, the Maharashtra Housing and Area Development Authority (MHADA) intends to send LIC warnings. According to MHADA, it will now issue notices for redevelopment proposals of these buildings to LIC, and in a stipulated time frame of six months, LIC will be required to submit its redevelopment proposal.

DMRC submits the DPR of the Bhubaneswar Metro Project.

The Detailed Project Report (DPR) for the Metro train project connecting the Bhubaneswar Airport and Trishulia, Cuttack, was delivered on Wednesday to the Odisha government. Delhi Metro Rail Corporation (DMRC) was given the assignment of developing the DPR. According to official sources, the DMRC created the DPR and delivered it to Chief Secretary P K Jena in Bhubaneswar after conducting traffic studies, geotechnical analyses, topographical surveys, and environmental and social impact analyses.

Omkara ARC acquires Joyous Housing's outstanding loan from PNB Housing for Rs 784 crore.

Joyous Housing Limited's outstanding loan from PNB Housing Finance has been bought by Omkara ARC for 784 crore rupees. The deal was made at par and assisted the mortgage lender in getting rid of a sizable non-performing asset. In a stock exchange release, PNB Housing Finance stated that it had successfully resolved a significant corporate non-performing account (NPA) worth 784 crore rupees, or roughly 1.3% of the loan asset as of June 30, 2023.

The holiday season will see a record number of house launches in Delhi-NCR.

Due to the recent land acquisitions made by numerous developers, it is projected that there will be a major increase in the number of housing unit launches in Delhi-NCR throughout the next holiday season. They did this with the intention of satisfying the rising demand for residences. Developers like DLF, Godrej, L&T, TARC, Signature Global, and County Group have all formulated plans for launches in the latter half of the year. According to Cushman & Wakefield, residential debuts during the first half of this year have already more than doubled in number compared to the same period last year.