Daily interesting real estate news

Cuddalore: Four builders directed to pay Rs 1.55 lakh to consumer

The Cuddalore district consumer disputes redressal commission has ordered four real estate promoters to pay Rs 1 lakh to consumer for failing to provide civic, religious, spiritual and other amenities as promised by them while promoting a project and for involving in unfair trade practices. Commission president D Gopinath and members T Kalaiyarasi and V N Parthiban directed the developer to pay Rs 50,000 as compensation for causing mental agony, pain and suffering to the complainant and Rs 5,000 as litigation cost.

Bombay HC slams BMC for occupation certificate to buildings with no water

Suspending the part occupation certificate (OC) of a building that has no municipal water connection in Ghatkopar (W), the Bombay high court directed the BMC to explain how it was issued. "We fail to understand how an 'occupancy' certificate can ever be issued to a structure that is totally unfit for human habitation...It is indeed alarming that the MCGM can take it for granted that a building without a regular water supply can be considered habitable and eligible for an 'occupancy' certificate," said Justices Gautam Patel and Gauri Godse in the August 17 order.

Government may order mandatory redevelopment of Delhi areas

Any area that qualifies as "extremely vulnerable to disasters" or "lacks minimum standards of quality of built environment" due to a majority of the building stock being substandard or aged could be taken up for redevelopment, upgradation and renewal. Other areas that may also qualify are "unauthorised constructions and settlements on untenable sites" and inaccessible habitations and land sites.’.

American Balanced Fund offloads 2.9 crore shares of Embassy Office Parks REIT worth Rs 1,046 crore

According to the bulk deal data available with BSE, American Balanced Fund sold 2,92,62,468 shares of the company. The shares were disposed of at an average price of Rs 357.61 apiece, taking the transaction size to Rs 1,046.45 crore. Meanwhile, ICICI Prudential Mutual Fund picked up the shares of the company. Shares of Embassy Office Parks REIT closed 3.56 per cent lower at Rs 360.94 on BSE.’.

Ahmedabad civic body yet to take action on Rs 1.17 lakh illegal constructions

While the civic body continues to ruthlessly seal buildings that do not have ‘Building Use’(BU) permission or demolish illegal constructions, there are 1.17 lakh property owners whose pleas to regularize illegal construction under the impact fee law, were rejected and categorized as illegal by the Ahmedabad Municipal Corporation (AMC). These are awaiting action for a decade now. In 2012, just ahead of the state assembly elections, the AMC had begun the process of regularizing buildings under the Gujarat Regularization of Unauthorized Development Act, 2011, (GRUD Act) after charging an ‘impact fee’.

Eight lakh property registrations in Maharashtra in four months.

Developers expect the trend to continue during the festive period till November. "The real estate sector is back to the pre-pandemic levels - both in terms of registrations and revenue," a registration department official said. Maharashtra recorded registration of eight lakh documents from April and July. Nearly one lakh property documents have been registered till mid-August. "The registration department, which had a revenue target of Rs32,000 crore for this financial year, has already achieved 40% of it," the official said.

Ahmedabad: Sheetal Infrastructure buys SG Road plot for Rs 118 crore.

SG Road has been a site of a number of deals after it was widened. Corporates have focused on this area as have those developing residential projects. The latest deal is expected to result in the construction of about 15 lakh square feet of high-end residential development. Sheetal Infrastructure CMD Paras Pandit said: "We have initiated the deal to buy about 17,500 sq yard plot near Vaishnodevi Circle and it will be complete soon."

Housing starts drop 9.6%, building permits fall 1.3% in US in July 2022.

U.S. homebuilding fell to the lowest level in nearly 1-1/2 years in July, weighed down by higher mortgage rates and prices for construction materials. Housing starts plunged 9.6% to a seasonally adjusted annual rate of 1.446 million units last month, the lowest level since February 2021. The Fed, which is struggling to bring inflation back to the U.S. central bank's 2% target, has hiked its policy rate by 225 basis points since March. Mortgage rates, which move in tandem with U.S. Treasury yields, have soared even higher.

Nashik: Builders to be fined if mud from their sites makes roads slushy.

The solid waste management department of Nashik Municipal Corporation (NMC) has started penalising builders and developers if the mud from construction site gets onto the roads, causing inconvenience to motorists. Solid waste management (SWM) director Dr Avesh Palod said the NMC was forced to take such an action against the builders and developers as the situation often turned grim near the construction sites leading to accidents.

MahaREAT orders Satyam Developers to pay buyers Rs 25,000 for delaying possession.

Observing that flat-purchasers were not responsible for delayed possession, Maharashtra Real Estate Appellate Authority (MahaREAT) refused to extend time to the developer of a project at Vakola, Santacruz (E) to hand over possession to them. It also directed the developer to pay Rs25,000 cost to the flat purchasers. The direction was passed on an appeal by Satyam Developers against a February 2020 order of Maharashtra Real Estate Regulatory Authority (MahaRERA) to pay the allottee interest from January 1, 2018, till actual date of possession.