Real Estate News Update for March 18
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Infrastructure
BENGALURU: The Bangalore Water Supply and Sewerage Board (BWSSB) on Friday cautioned builders not to use drinking water for construction work, warning them that any violation of this stricture will lead to suspension of the no objection certificate (NOC) issued to the project.
Industry
CHENNAI: The Tamil Nadu Apartment Ownership Act, which came into force from March 6, 2024, remains toothless when it comes to redevelopment of apartment complexes. The delay by the government in forming the rules has left buildings that await redevelopment in limbo as there is no clarity on guidelines for the process.
Blog
Fractional ownership of real estate involves multiple individuals or investors collectively owning a property, with each owner holding a share or fraction of the property. This concept allows investors to pool their resources and collectively invest in real estate assets that may otherwise be financially out of reach on an individual basis. Fractional ownership of real estate can offer diversification, accessibility to high-value properties, and potential investment returns, but it also comes with risks and complexities (such as low rental yield during COVID-19).
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Residential
NOIDA: The Greater Noida Industrial Development Authority (GNIDA) executed over 1,000 flat registrations in more than 30 group housing societies between Feb 26 and March 15 under state govt’s rehabilitation package for stalled projects. The Authority plans to execute 10,000 more such registries in the coming months.
Residential
NOIDA: Noida Authority is planning to challenge an Allahabad high court order asking it to register flats in Lotus Boulevard Espacia and Lotus 300. The Authority said it was not in a position to execute registries because of the mounting dues of the builders.
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