REAL ESTATE REGULATORY COMPLIANCE
India's 26 major listed realty firms sell Rs 35,000 crore worth properties in Q2; Godrej Properties at top
India's top 26 listed real estate companies recorded nearly Rs 35,000 crore in property sales during the September quarter, fueled largely by residential sales. Godrej Properties led the pack with Rs 5,198 crore in sales bookings, followed by Macrotech Developers and Max Estates.
Builder cannot forfeit advance money without signing sale agreement; TG RERA orders refund of Rs 12.1 lakh to homebuyer
RERA: Telangana Real Estate Regulatory Authority (RERA) recently passed a judgement ordering a builder to refund the advance money fully. This is because the RERA authority found that the builder drafted a one-sided agreement and also did not sign the sale agreeement despite taking about 20% of the money in advance.
Have undisclosed foreign income or assets? You must act before December 31 as government gets more data from these new countries
Income tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets and incomes. ?According to Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP, many foreign countries now exchange more granular and updated financial information, enabling Indian tax authorities to better identify undisclosed foreign income and assets.
TDI Group gets show cause notices for illegal land sales by Haryana
Haryana's town planning authorities have issued show cause notices to TDI Group, a real estate developer, for alleged land use violations in their Panipat township project. The violations, brought to light by activist Jogender Swami, include illegal sales of undetermined lands and green areas. TDI claims to be investigating employees potentially involved and has filed police complaints.
Nippon Life India buys office in Mumbai¡¯s Lower Parel for Rs 486 cr
Nippon Life India Asset Management is set to acquire a two-floor office space in Mumbai's Lower Parel from Lodha for Rs 486 crore. The asset management firm plans to relocate its headquarters to this new 52,162 sq ft space. The deal was finalized on Thursday, with a significant portion of the payment already made.
Equity investments in real estate sector to hit a new record surpassing USD 10 billion
Equity investments in India's real estate sector are on track to exceed $10 billion in 2024, fueled by strong developer activity and a surge in Tier-II city investments. Domestic investors, primarily developers, have dominated capital inflows, while foreign investment remains robust, particularly from North America and Singapore.
Equity investments in Indian real estate may rise 49% to record USD 11 billion this year: CII-CBRE
Equity investments in Indian real estate are expected to reach record highs in 2024, projected between USD 10-11 billion, driven by strong demand and a resurgence in office and residential sectors, according to a joint report by CII and CBRE.
National Association of Realtors to set up National Multiple Listing Service in India
The National Association of Realtors (NAR) India has joined forces with Universal Consulting Opportunities (UCO) to establish a National Multiple Listing Service (MLS) in India. This collaboration aims to bring transparency and efficiency to the Indian real estate market by creating a centralized property listing system, similar to the successful model used in Florida, USA.
Godrej buys 53-acre land in Kolkata to develop Rs 500 crore residential project
Godrej Properties has purchased a 53-acre plot in Kolkata's Joka neighborhood with plans to create a residential development. The project is anticipated to bring in about Rs 500 crore in revenue and span an estimated 1.3 million square feet of saleable space.
Cost of construction rises up to 11% annually in 2024 across real estate segments
Construction costs have surged by 11% in 2024 across Reale state asset classes, driven primarily by a 25% jump in labor costs and increased demand for high-quality residential projects. While material prices have remained relatively stable, developers are grappling with rising operational expenses.
Mid-sized developers construct a comeback amid real estate boom
India's real estate sector is experiencing a surge in sales. Mid-sized firms are making a comeback. These firms are focusing on niche developments and catering to changing consumer preferences. The revival follows a period of consolidation after regulatory reforms in 2017. Mid-sized firms are capitalising on the increased demand for residential properties in major cities.
RERA: Real estate agent's fee included MahaRERA's model property sale agreement; How will it impact home buyers and sellers
MahaRERA: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced clause 15A in the model agreement for sale. This clause recognises the right of real estate agents (brokers) into getting paid their commission. Jayesh Rathod from The Guardians Real Estate Advisory said: "All things considered, it is a step in the direction of a more controlled and structured real estate transaction process."
Realtors in Noida & Greater Noida strongly oppose local body¡¯s new mandate of registration
Real estate developers in Noida and Greater Noida are protesting a new rule requiring homebuyers to pay a 6% stamp duty after paying just 10% of the property price. Developers argue this places an unfair financial burden on buyers and creates uncertainty around cancellations. They warn the policy could harm the real estate sector's recovery and discourage homeownership.
RERA: Mumbai couple wins Rs 20.65 lakh against builder who forfeited booking amount for cancellation of the deal
RERA: The Maharashtra Appellate Tribunal (MahaREAT) has ruled that a promoter cannot arbitrarily forfeit advance money paid for a flat. The promoter must show a just and reasonable cause or show that due to the booking cancellation the promoter faced loss. MahaREAT said that the promoter violated both section 13 and 18 of RERA Act.
2024 witnesses record-breaking real estate IPOs; raised Rs 13,500 crore
This significant uptick can be attributed to several factors including increased housing demand, a surge in office leasing activities, strategic growth moves by co-working space providers and residential development companies.
No RERA registration unless a property meets this eligibility in Maharashtra, clarifies MahaRERA
RERA: Maharashtra Real Estate Regulatory Authority (RERA) has laid out new clarifications about which projects are to be eligible for RERA registration. Akshat Pande of Alpha Partners explaining the impact says, "Consumers seeking to buy any unit in the exempted projects will be that such projects will be outside the ambit of the provisions of RERA and hence, the checks and balances, protections and other provisions prescribed under the RERA Act will not be applicable to such consumers."
Noida makes registering flat with govt mandatory during purchase
Noida will enforce a new rule for property transactions, requiring a tripartite sale agreement signed by buyers, builders, and the Noida Authority. This rule aims to improve transparency and protect homebuyers. The agreement aligns with RERA regulations and aims to close loopholes in the real estate market that have led to fraudulent sales and disputes.
UP RERA directs developers to sign agreement for sale with buyer
UP RERA has mandated that developers must sign an agreement for sale with buyers once they collect more than 10% of the unit's cost. This aims to protect buyers' interests and ensure compliance with Section-13 of the RERA Act. Promoters using formats different from the model agreement must provide explanations to the authority.
Investors home in on early-stage housing projects to diversify play
Institutional investors in Mumbai's residential real estate sector are now focusing on early-stage projects, reflecting confidence in long-term growth. This shift is driven by a favorable regulatory environment and strong market performance, leading to diversified investments and risk mitigation strategies.
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