Nisus Finance invests ₹70 crore in three residential projects in Bengaluru

Nisus Finance has invested ₹70 crore through its ₹1,700 crore Real Estate Special Opportunities Fund I in three residential projects being developed by Sumukha Housing in Bengaluru. The projects have a total gross development value of about ₹300 crore.

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Maharashtra: New co-op housing society rules include online AGMs, 12% interest cap on maintenance arrears

Maharashtra housing societies can now hold annual meetings online, and interest on maintenance arrears is capped at 12% annually. New rules, notified Tuesday, provide a dedicated legal framework for societies, covering registration, membership, redevelopment, and financial management. These reforms aim to streamline operations and enhance governance, with model bylaws expected soon to ensure uniformity across the state.

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Godrej Properties acquires 4.95-acre land parcel in Noida for ₹331.75 crore

Godrej Properties has emerged as the highest bidder for a 4.95-acre residential land parcel in Sector 151, Noida, for ₹331.75 crore. The proposed residential project is expected to have revenue potential of over ₹2,000 crore.

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IBBI seeks to streamline real estate insolvency regulations with focus on homebuyers

India's bankruptcy watchdog is proposing significant reforms to expedite real estate insolvency. Key changes include excluding completed or unaffected housing projects with creditor approval and mandating project-wise cash flow management. The aim is to prioritize project completion, enhance transparency for homebuyers, and ensure accountability, with stakeholders invited to provide feedback by July 21.

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Builder ‘abandons’ commercial project after keeping buyers waiting for decades

A builder has informed Delhi RERA that it has abandoned a commercial project at Central Square Complex after over 30 years, citing a lack of sanctioned building plans. Purearth Infrastructure Ltd, a joint venture, is now offering refunds with interest to buyers who have been waiting for their promised units. This comes after years of delays and ongoing litigation, leaving customers in shock.

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Maharashtra deputy CM sets three-year deadline for housing projects

Maharashtra Deputy Chief Minister Eknath Shinde announced a three-year deadline for developers to complete housing and redevelopment projects. Builders adhering to timelines and quality will receive priority for future government contracts. Shinde emphasized the government's commitment to clearing administrative hurdles and accelerating cluster redevelopment, aiming to make Mumbai and Thane slum-free with quality housing for citizens.

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West Bengal government sends three-page SOP form to builders for construction audit

Kolkata's state government has issued a new Standard Operating Procedure (SOP) requiring builders to submit detailed project information to borough offices, a move welcomed by major developers for its decentralised approach. This initiative aims to prevent future incidents like the Taratala warehouse collapse. Developers are cooperating fully, ensuring key personnel are available for site inspections to expedite project clearances and resume construction work promptly.

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