Real Estate News Update for July 18
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Residential
Indian cricketer KL Rahul and his wife Bollywood actor Athiya Shetty have purchased a luxury apartment on Nargis Dutt Road in Bandra’s plush Pali Hill locality for over Rs 20 crore.
Regulatory
HYDERABAD: Hyderabad central crime station sleuths booked FIRs against two real estate firms for allegedly cheating villa buyers to the tune of Rs 15 crore. Two seperate cases were booked against the accused builders.
Regulatory
MUMBAI: The Mumbai police have booked two directors of Shriji developers, Kirti Mehta and Mona Kiran Mehta, along with estate agent Sunil Bafna, for criminal breach of trust and cheating.
Regulatory
LUCKNOW: The Lucknow zonal office of the enforcement directorate (ED) has registered a case under the prevention of money laundering Act (PMLA), 2002, against ATS Group of Companies. The case was registered after homebuyers in Noida faced delays and issues with projects developed by the group, including the developer’s land dealings worth over Rs 3,400 crore.
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Regulatory
NEW DELHI: In a relief to many homebuyers who booked flats under the subvention plan and have not received possession of their flats in various projects across the NCR due to inordinate delays by developers, the Supreme Court has directed that no coercive action be taken against them by banks or builders regarding payment of EMI, and no complaints shall be entertained against them in cheque bounce cases.
Infrastructure
MUMBAI: The blueprint for the city’s most ambitious redevelopment is ready, but planners are still grappling with the practical difficulties of finding space to relocate an estimated one lakh-plus households based in Dharavi as tenants in slum settlements.
Residential
NEW DELHI: In the next phase of PM Awas Yojna (PMAY) in urban areas, govt is looking to slash the income threshold for middle-income group beneficiaries from Rs 18 lakh to Rs 10 lakh to target it better, while also spreading the disbursement of the subsidy over five years, instead of one-shot payment, to ensure better monitoring.
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