Real Estate News Updates for May 1
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For the first time, BMC issued credit notes worth about Rs 350 crore to contractors (builders) to build houses for project-affected people (PAP) at Mulund, Bhandup and Prabhadevi. The contracts are awarded to Swaas Construction Co, New World Landmark LL and Classic Promoters & Builders respectively.
Instead of paying money, BMC issues credit notes to contractors undertaking such projects. The contractors or developers can use these credit notes to pay their municipal taxes or premium charges to BMC in future. They can even sell these credit notes to other contractors for money.
Realty firm Chintels group has offered to buyback about 180 flats from homebuyers of three towers of its project in Gurugram as they have been declared unsafe after a partial collapse last year. In February last year, a partial collapse of a residential tower in Chintels Paradiso project led to death of two women.
The CBI has taken over the investigation into the partial collapse of the Chintels Paradiso project, located in Sector 109, Gurugram. The Supreme Court is also hearing the plea of residents seeking compensation and action against developer.
In a letter to Gurugram Deputy Commissioner (DC) and the Director General of Town and Country Planning, Haryana, Chintels India has given two options to affected homebuyers.
Observing that the Mumbai City collector Rajiv Nivatkar "willfully disobeyed'' its order to attach flats belonging to a builder in Mahim, the Bombay high court has issued him a notice to show cause why action should not be taken under Contempt of Courts Act.
The notice comes in a legal battle launched by a flat buyer to recover compensation from the builder for delay in giving possession.
The HC, in the same order on April 24, issued a show cause notice to an authorised representative of the developer, Avarsekar Realty Pvt Ltd, for "willful disobedience" of its March 2023 order.
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A government resolution awarding the Dharavi redevelopment project to Adani Realty has been delayed as the Dharavi Redevelopment Authority (DRA) had not calculated the quantum of slum transfer of development rights (TDR) that would be generated, Mantralaya sources have said.
The query was raised by Adani Realty at a meeting after the release of the Hindenburg report, Mantralaya sources added.
Sources said subsequent to the meeting, the DRA was sent 15-20 queries with regard to the project. These included queries on property tax, GST and survey, among others. The DRA sent two notes to the state urban development department answering the queries. The most recent, a 20-page note, submitted early this month details why it is difficult to estimate the quantum of slum TDR that will be generated from the project.
The Integrated Industrial Township Greater Noida Limited (IITGNL) board has approved the launch of the township's first residential and commercial scheme. Under the group housing scheme, eight plots on 61 acres are available for allotment. Their sizes range from 17,400 sqm to 56,300 sqm, with a reserved price of Rs 43,000 per sqm.
Soon, a scheme of eight commercial mix-use plots will be launched too. Their sizes range from 10,800 to 39,900 sqm, with a reserved price of Rs 74,000 per sqm. The industrial units, allotted land in the township, will also get more build-up area.
After the Greater Noida Authority, the IITGNL board approved a proposal to increase ground coverage on industrial plots from 35% to 55%. The public can soon share suggestions and objections on the proposal. It will then need government approval.
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