Real Estate News Updates for April 11
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Representatives of The National Real Estate Development Council - Uttar Pradesh (NAREDCO-UP) met the Gautam Buddh Nagar district magistrate here and sought a reprieve from the authorities over the recovery of pending dues from them. NAREDCO-UP also cited reasons like compensation to be paid to farmers, encumbrances and court issues on land parcels for the compounding dues.
However, District Magistrate Manish Kumar Verma said the administration has rejected mediation and asked the realtors' group to take up their cause with competent authorities.
The Forum for People’s Collective Efforts (FPCE), has sought compensation for homebuyers from the Maharashtra Real Estate Regulatory Authority (MahaRERA) while raising concerns over real estate developers’ non-compliance with regards to statutory project updates every quarter.
It has also demanded that promoters of these projects be penalised for this non-compliance under the Section 61 of the Real Estate (Regulation & Development) Act, 2016 that makes the defaulter liable to a penalty of up to 5% of the estimated project cost.
The Maharashtra Housing and Area Development Authority (MHADA) has issued the Occupation Certificate (OC) to the free-sale component buildings of the controversial Patra Chawl redevelopment project in Mumbai’s western suburb of Goregaon.
Last month, the Bombay High Court had directed MHADA to issue OC to free-sale buildings in this project spread over 47-acre property owned by the housing board.
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Godrej Properties on Monday said its sales booking rose 56 per cent last fiscal year to an all-time high of Rs 12,232 crore on strong demand for residential properties.
In a regulatory filing, Godrej Properties informed that the company achieved its highest ever sales bookings in the fourth quarter as well as the entire 2022-23 financial year. In the fourth quarter, the company clocked sales bookings of Rs 4,051 crore. Its sales bookings stood at Rs 7,861 crore in 2021-22.
In a move to streamline irregularities in registration of properties, the state government has made the rules stringent.
Submission of payment receipts of vacant land tax or property tax has been made mandatory for registration of assets while incorporation of the title owner in the adangal copy is important for agriculture land.
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