Real Estate News Update for March 16

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International

US: National Association of Realtors to pay $418 million to settle lawsuits

NEW YORK | WASHINGTON DC: The National Association of Realtors agreed on Friday to resolve antitrust litigation accusing brokerages of inflating sales commissions, a settlement likely to bring major changes and lower costs when Americans buy and sell homes.

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Regulatory

Set up special cell to hear complaints of senior citizens on delays in redevelopment: Bombay HC

MUMBAI: The state govt has told Bombay HC that it has come out with a policy to deal with delays in redevelopment of buildings that affect senior citizens.

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RERA

HC stays RERA takeover by Punjab government

CHANDIGARH: The Punjab and Haryana high court has stayed the Punjab govt’s decision to take over the Real Estate Regulation Authority (Rera) considering its “very sensitive functions in the state” that include building permissions and dealing with complaints against the builders.

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Industry

Developed India by 2047 will need highly matured, developed real estate sector: Housing minister

NEW DELHI: Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said a highly matured and developed real estate sector with an estimated market size of USD 1 trillion by 2030 is needed to achieve the vision of a developed India by 2047.

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Regulatory

Delhi HC asks Unitech's founder to surrender, refuses to extend interim bail in ED case

NEW DELHI: The Delhi High Court on Friday refused to further extend the interim medical bail granted to realty firm Unitech's founder Ramesh Chandra in a money laundering case and asked him to surrender before the jail superintendent on Saturday.

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