MahaREAT directs Mumbai developer to pay 2% penalty, apportion sale proceeds from commercial units, execute conveyance

The Maharashtra Real Estate Appellate Tribunal mandated that the promoters of RA Residences pay a penalty and execute a conveyance deed for the residential building. In addition, they are required to distribute sale proceeds from the commercial units to the allottees, and the remaining guest parking spaces will be transferred to the society. The tribunal highlighted the importance of obtaining prior consent for any plan alterations.

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DLF to open ₹500 crore Goa mall by March 2027, eyes over ₹150 crore annual rental income

DLF is set to develop a lavish seven lakh sq ft shopping mall in Goa by March 2027, with a projected investment of approximately ₹500 crore. The mall is forecasted to earn over ₹150 crore in annual rent and has already secured leases for seventy to seventy-five percent of its space. This undertaking is part of DLF's strategy, which includes three retail projects underway this financial year.

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Bombay HC sets guidelines for land title on layout with multiple buildings

The Bombay High Court has introduced fresh guidelines concerning land division in redevelopment initiatives. Upon formation, each society will gain a proportional land entitlement that is safeguarded against reductions from future plan adjustments. Moreover, builders are required to reveal any risks linked to transferable development rights. This decision seeks to address persistent conflicts surrounding land conveyance issues.

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HC extends interim direction restraining allotments in Oberoi Realty's project in Gurugram till September 25

The Punjab and Haryana High Court has decided to prolong its interim order, which halts any new allotments, particularly impacting the Oberoi 360 North luxury housing project in Gurugram. The decision followed a petition from Advance India Projects Ltd challenging the director of DTCP's directive from August 17, claiming non-alignment with prior decisions. Further proceedings are set to take place on September 25.

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Uttar Pradesh eases land-use rules, cuts conversion fees to speed up clearances

Development authorities are now authorized to modify land usage for plots up to 6,000 sqm, streamlining a process that formerly required tedious state-level approvals. This significant change not only halves the land-use conversion fees but also accelerates the approval of maps and layout plans by the GDA. As a result, construction timelines are reduced, effectively easing the financial pressures on both buyers and developers.

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SC directs ED, Delhi Police to submit details of cases against Unitech directors

The Supreme Court has mandated that trials for Unitech directors proceed without delay, urging investigative bodies to present case particulars swiftly. Agencies are diligently tracing homebuyers' funds to ascertain their status. A dedicated court has been established to address these issues specifically, ensuring that homebuyers are not further inconvenienced and can eventually access their dream homes.

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Lucknow development body to take over stalled Ansal township

The Uttar Pradesh cabinet has greenlit the transfer of a delayed project by Ansal Properties to the Lucknow Development Authority. This strategic decision is designed to assist nearly five thousand distressed homebuyers by providing them with much-needed plots or homes. To facilitate the project's completion, the authority will ensure that all outstanding infrastructure tasks within the township are addressed.

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