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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Hyderabad homebuyers left in limbo as over 60,000 flats miss delivery timeline

Thousands of Hyderabad homebuyers face significant delays, with nearly 63,000 units now expected to be handed over at least a year later than planned. Disruptions from the Middle East conflict, impacting material imports and escalating costs, coupled with labour shortages, are pushing project completion dates back. Many buyers are burdened by dual EMI and rental payments, awaiting their dream homes.

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UP RERA issues notices to promoters of 76 projects over non-filing of annual audit reports

Promoters are required to upload annual audit reports of project accounts on the UP RERA portal within six months from the end of a financial year. Non-filing attracts a late fee of ₹25,000, while violation of relevant RERA provisions can attract penalty of up to 5% of the estimated project cost.

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