Real Estate News Updates for May 8
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In the 1990s, when most of the city’s licensed colonies were being developed, the basic infrastructure — road, electricity, water and sewerage — was built keeping in mind the construction of two and a half floors on each residential plot.
Over three decades later, the population has doubled, and the number of floors allowed on a residential plot was four till February this year, when the state government put approval of fourth floors on hold after wide-scale protests by residents’ groups.
The infrastructure, however, has remained unchanged.
Since 2017, when the Haryana government allowed construction of stilt plus four floors, more than 20,000 floors have been constructed across residential colonies in the city — according to a rough estimate, around 5,000 buildings with four floors were granted occupation certificates (OCs) in DLF areas, Sushant Lok 1, Vipul World and other licensed colonies in last five years.
Observing that a housing society cannot shirk its responsibility of necessary maintenance only because the owners have given the house on rent, the state consumer commission has ordered a housing society in Deonar to pay Rs 55,000 as compensation and carry out repairs and water-proofing of two row houses.
"It is hereby declared that the opponent (society) has committed deficiency in service as well as unfair trade practice,"
Maharashtra State Consumer Disputes Redressal Commission said. It also refuted the society's claim that the leakage persisted as the tenants had kept plants on the terrace and were watering them. "Admittedly, complainants were the members of the society....it was the duty of the society to carry out repairs and also to take care of proper maintenance of the row houses owned by the complainants," it said.
Real estate developers remained active on land acquisition for future development and they closed at least 87 land deals totalling 1,862 acres during the last fiscal year, according to Anarock. During the previous year 2021-22, real estate consultant Anarock noted that 44 land deals accounting for about 1,649 acres were closed across various cities.
Anarock Chairman Anuj Puri noted that size of the deals were smaller in the 2022-23 fiscal as compared to the previous year.
Of all deals closed in FY23, at least 76 accounting for about 1,059 acres were in seven major cities, and the remaining 11 deals accounting for 803 acres took place in Tier 2 and 3 cities including Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Panipat, Raigad and Surat.
South actor Samantha Ruth Prabhu has bought a duplex apartment in Hyderabad for about ?7.8 crore. The property, bought from Nalla Preetham Reddy, is in Jayabheri Orange County of Ranga Reddy district of Telangana.
It comes with six car parking slots. "The property has a super built-up area of 7,944 sq ft, with 3,920 sq ft on the 13th floor and 4,024 sq ft on the 14th floor," as per CRE Matrix ,a real estate data analytics firm.
Samantha Ruth Prabhu works in Telugu and Tamil films. She is also headlining the Indian version of Citadel.
The demand for luxurious residences that offer a unique living experience has grown in the Indian market over the last few years.
ASK Property Fund, the real estate private equity arm of the ASK Group, raised more than Rs 1,500 crore with the close of its sixth fund, Real Estate Special Opportunities Fund IV including co-investments from investors.
The fund will focus on property markets in the top five cities of the country and primarily invest in mid-income and affordable residential development projects.
The private equity firm is looking to deploy the fund in the established residential markets of Mumbai, Pune, National Capital Region, Bengaluru, and Chennai.
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