Maharashtra RERA warns builders against missing registration deadline of August 31
August 21, 2017

The state real estate regulator (MahaRERA) has warned Maharashtra developers with strict action if they fail to register their ongoing projects by August 31. Gautam Chatterjee, Chairperson, MahaRERA, stated that a total of 12,700 applications have been received till now, of which 8,000 projects have been registered. MahaRERA has also received about 30 complaints from consumers, most of them being related to possession delays. As per the Real Estate (Regulation and Development) Act (RERA), developers were to register their project by July 31. Those who missed this deadline have been fined by MahaRERA. Officials state that around 2,000 developers are…

Mumbai, Delhi airport authorities to have greater land use flexibility
August 20, 2017

Following an order by the Supreme Court (SC), Mumbai and Delhi airport authorities will have greater flexibility in terms of land usage. The airport authorities may set up commercial complexes, convention centres, hotels, etc. on five percent of the leased land that has been reserved for non-aeronautical purposes. Experts point out that these airports were earlier permitted to utilise the land around airports only for aviation-related businesses. Five percent of the land was open to be used for building tarmacs, hangars, etc. or other passenger-centric services. It should be noted that the National Civil Aviation Policy, 2016, eased the limitations…

Eviction notices issued to 490 illegal structures in Navi Mumbai
August 20, 2017

City and Industrial Development Corporation (CIDCO) has issued eviction notices to 490 illegal structures in Navi Mumbai. These structures are located in the Navi Mumbai Commissionerate area. Prospective buyers and investors have also been warned against getting involved in any dealings in these structures. Any loss incurred by them due to ignoring these notices will not be blamed on CIDCO. Illegal constructions have become a widespread issue in Navi Mumbai Airport Influence Notified Area (NAINA) and Navi Mumbai. CIDCO has asked residents to carry out due diligence while investing in any property in the region and enquiring with the agency…

Restrictions proposed on realty projects along Mumbai Metro III route
August 16, 2017

Redevelopment and construction projects along the underground Mumbai Metro III corridor are likely to witness strict regulations. Those planning to build projects along the underground stretch between Andheri and Cuffe Parade will be required to acquire clearance from the Mumbai Metro Rail Corporation (MMRC). This will be applicable on any project proposed within 160 ft on either side of the 33.5 km long metro route. Restrictions will continue even after the metro route is completed, share officials, but will be reduced to 20 ft on either side of the metro tunnel. Experts add that it is highly probable that height…

Maharashtra government hikes stamp duty on gift deeds
August 15, 2017

Maharashtra legislative assembly has approved an amendment in the Maharashtra Stamp Duty Act to increase the stamp duty on gift deeds in the state. As per the proposal, stamp duty on gift deeds, which currently stands at Rs 500, will be increased to three percent of the property’s market value. The state has also approved a one percent hike in the stamp duty on conveyance deeds in rural and peri-urban areas. This raises the duty on conveyance deeds in gram panchayat areas from the earlier three percent to four percent while peri-urban areas governed by municipal councils will witnesse stamp duty on conveyance rising…

Mumbai buildings in flight path to get redevelopment sops
August 14, 2017

Brihanmumbai Municipal Corporation (BMC) intends to offer sops to old buildings located near airports. This proposal has been included in the draft Development Plan (DP) 2034. According to the proposal, buildings in Mumbai that have height restrictions due to their location in the path of low-flying aeroplanes will be put into a separate category. This category will have special privileges in order to boost financial viability of redevelopment projects. This proposal will benefit 3.6 lakh residents living in around 6,000 buildings in Kurla, Vile Parle, Ghatkopar, and Santacruz. These buildings are located in a funnel zone, which is defined as…

BMC to limit the size of lift lobby area in buildings
August 11, 2017

Brihanmumbai Municipal Corporation (BMC) plans to fix the size of the lobby areas outside lifts and near common staircases in buildings. This will prevent builders from exploiting common areas and selling them along with apartments. The Mumbai civic body has proposed that the size limits will depend on the height of the building. In case of buildings higher than 70 m or with over 22 floors, the lobby outside lifts can be twice the size of the lift’s width and depth for buildings above 70 m. Meanwhile, buildings between 24 m and 70 m cannot have lift lobbies more than…

MahaRERA: Minimum penalty of Rs 1 lakh on registration applications received till August 16
August 11, 2017

MahaRERA has announced a minimum penalty of Rs 1 lakh for registration applications received from ongoing projects between August 3 and 16. The fine has been set at Rs 1 lakh or an amount equal to the project’s registration fee, whichever is higher. It should be noted that project registration fee depends on the size of the project and varies between Rs 50,000 and Rs 10 lakh. MahaRERA officials have stated that the penalty for applications received post August 16 will be decided on a case-by-case basis. Till July 31, Maharashtra witnessed almost 11,000 applications for registration of ongoing projects…

Press Release

LOGOS Group enters into partnership with Assetz Property
August 8, 2017

LOGOS Group enters into partnership with Assetz Property8th August 2017 Bangalore-based real estate developer Assetz Property Group has collaborated with LOGOS Group to create logistics warehouses in India. The group will majorly focus on key logistics hubs of Mumbai, Pune, Chennai, etc., and is on the verge of finalising its first Indian logistics venture with an anticipated equity commitments of US$400 million.

Maharashtra cabinet approves privatisation of Nagpur airport
August 8, 2017

The Maharashtra cabinet has approved the proposal to invite bids for the privatisation of Nagpur airport. The information was communicated by the Chief Minister (CM) Devendra Fadnavis while inaugurating two cold storage units at the airport. The CM has also stated that higher investment in the aviation sector is expected in the coming months as the government is in talks with corporate giants like Boeing, Tatas, and Reliance. After the approval, Mihan India Ltd (MIL) has decided to invite requests for proposals (RFPs) from private players including Essel infrastructure, IRB, GVK, GMR, Tata Realty, and PNC Infrastructure. A security clearance…

CREDAI to hold RERA workshops in Maharashtra
August 8, 2017

Shantilal Kataria, President, Confederation of Real Estate Developers Association of India (CREDAI), Maharashtra, has stated that they will organise workshops from August 15 aimed at clarifying the registration process under the Real Estate (Regulation and Development) Act. The workshops will focus on those registering with the regulatory authority post the deadline of July 31. It should be noted that over 11,000 applications had been received by Maharashtra RERA till July 31 while almost 800 applications were submitted after the deadline. Of all late applications, around 10 projects belong to CREDAI members, added Kataria. It has been noticed that several builders…

MahaRERA: 800 new applications registered post Jul 31 deadline
August 8, 2017

After the deadline for registration of projects under Real Estate (Regulation and Development) Act, 2016 (RERA) has passed, around 800 more projects have been applied to attain the registration number from the Maharashtra regulatory authority. Now the total number of applications received has touched 11,620. Maharashtra Real Estate Regulatory Authority (MahaRERA) mandated a penalty of Rs 50,000 each on 480 applications submitted on August 1 and August 2. The decision on the applications received till August 4 would be decided by the committee soon. MahaRERA officials have informed that they will be open for all applications, but a penalty will…

MahaRERA extended to include Dadra and Nagar Haveli, Daman and Diu
August 4, 2017

As per the latest announcement by the state government, Daman and Diu along with Dadra and Nagar Haveli have been brought under the ambit of Maharashtra real estate regulatory authority (MahaRERA). Since the two Union Territories (UT) are too small, it did not make sense for them to have their own regulators. With this move, the responsibilities of MahaRERA has increased as it will have to deal with realty issues of the UTs as well. This is likely to burden the state regulator, comment experts, as MahaRERA is already short-staffed. Further, the regulator also has to work on its reach…

MahaRERA to fine 480 projects for late registration
August 3, 2017

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to impose a penalty of Rs 50,000 each on the 480 real estate projects that were registered post the July 31 deadline. Vasant Prabhu, Secretary, MahaRERA, stated that the window for project registration with the regulator is still open, but with penalty. Officials have stated that penalty for those who register with MahaRERA on and after August 3 would be decided soon by the authority. Experts have demanded to issue a circular or notice to stop project registration with MahaRERA without any penalty imposed. As per Section 3 of the Real…

MahaRERA: Nearly 11,000 applications received from builders in Maharashtra
August 2, 2017

As the deadline for registering under the Real Estate (Regulation and Development) Act (RERA) closed, Maharashtra regulatory authority (MahaRERA) had received almost 11,000 applications for registration of projects. Chief Minister Devendra Fadnavis confirmed in a tweet that approximately 2,100 developers and 4,682 projects have enrolled so far on MahaRERA, while the regulator has received 6,748 applications for projects. It will take at least a month to process all the applications received.  Another 268 applications for projects came in after the expiry of the deadline, shared Vasant Prabhu, Secretary, MahaRERA. However, it has not been decided yet whether to penalise the…

Press Release

Nirmal Lifestyle collaborates with L&T for Integrated Residential Development
August 1, 2017

Nirmal Lifestyle collaborates with L&T for Integrated Residential Development1st Aug 2017 Mumbai based developer Nirmal Lifestyle has joined hands with L&T Group for constructing an Integrated Residential Development in India, for which  L&T Finance Ltd. will fund Rs 570 crore. Under the upcoming project, 32 million sq ft of area will be available for sale through which the group plans to generate a turnover of around Rs 5,500 crore. 

MahaRERA to take action against builders missing registration deadline
August 1, 2017

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is planning to take suo motu action against developers with unregistered ongoing projects under the Real Estate (Regulation and Development) Act (RERA). As per RERA, all ongoing projects in the state were to be registered with the regulator by July 31, 2017. Failure to register in time prohibits the projects from being sold or advertised. Out of 22 states and Union Territories (UTs) who have notified RERA rules, MahaRERA has recorded the maximum number of registrations. So far, 9,687 real estate projects and around 7,200 real estate agents have applied for registration in…

RERA deadline ends; Maharashtra tops registrations
August 1, 2017

The registration deadline (July 31) under the Real Estate (Regulation and Development) Act (RERA) has passed. However, Goa, Himachal Pradesh, Telangana, West Bengal, Kerala, and Sikkim are yet to notify the RERA rules along with the seven north-eastern states which face land law hurdles. In addition, the Kerala government recently repealed the Kerala Real Estate (Regulation and Development) Act (KRERA) with an ordinance. The new bill on real estate regulation would be tabled in the upcoming assembly session. Meanwhile, the Uttar Pradesh government is going to notify the updated RERA rules soon.  Experts point out that 22 states and Union…

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