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Flat buyers must check if builder has right to construct & sell flats

Flat buyers must check if builder has right to construct & sell flats

The law mandates that certain documents must be registered, yet even without registration, permits these documents to be admissible in evidence. Would this be construed to dispense with the requirement to execute the agreement, whether registered or otherwise? Case Study: Raj Developers had constructed Savitri Sadan building at Bhayander on a plot of land jointly owned by eight members […]

Bombay high court to rule on validity of RERA Act today

Bombay high court to rule on validity of RERA Act today

The Bombay high court will on Wednesday pronounce its judgment on the validity of the Real Estate (Regulation and Development) Act. The judgment is much awaited by all stakeholders in the real estate industry, especially builders. Last month, the HC had concluded hearing of arguments in a clutch of petitions filed by builders that challenged the constitutional validity of various key […]

More homebuyers approach cops over delay in handing over flats

More homebuyers approach cops over delay in handing over flats

The economic offences wing (EOW) of city police has taken over probe into complaints against directors of JVPD Properties Ltd for allegedly cheating 96 homebuyers. The complainants told police the builder failed to hand over flats for which they have so far paid Rs 28 crore. Till now, four FIRs have been lodged against the builder over delay […]

FLAT BUYERS TAKE BATTLE FOR RIGHTS TO SUPREME COURT

FLAT BUYERS TAKE BATTLE FOR RIGHTS TO SUPREME COURT

Petition challenges constitutional validity of some sections of bankruptcy law, saying they deprive buyers of a mechanism to recover their money. Flat buyers fighting to save a stalled project of Orbit Corporation in Lower Parel have challenged the constitutional validity of certain provisions of the bankruptcy law, which they say leaves them without any means […]

Fire-resistant evacuation lifts to be a must for new buildings

Fire-resistant evacuation lifts to be a must for new buildings

BMC has prepared a policy to make fire-resistant firemen evacuation lifts compulsory for buildings above 70 metres (22 floors) for fire-fighting and rescue operations during an emergency. The lifts will have additional power backup, fire-resistant cabins and glass, which will help firemen reach to affected floors and rescue victims. Residents can use the lifts on a regular basis, […]

PM Awaas Yojna subsidy scheme to cover more homebuyers

PM Awaas Yojna subsidy scheme to cover more homebuyers

The government will soon increase the coverage of interest subsidy scheme for home buyers under PM Awaas Yojna (PMAY) in urban areas. Sources said the guidelines will be modified to bring properties falling under any part of all development authorities including villages, industrial belts and even special development authorities to be eligible for interest subsidy The guideline […]

DLF promoters to put 11k cr, board OKs QIP

DLF promoters to put 11k cr, board OKs QIP

DLF’s board on Friday approved issue of debentures and warrants to promoters in lieu of Rs 11,250-crore equity infusion into the company, as part of its objective to reduce net debt. The board also gave its nod to selling shares through public issue or private placement to institutional investors. The company is estimated to raise […]

EOW arrests realty agent in housing fraud case

EOW arrests realty agent in housing fraud case

The economic offences wing (EOW), probing four housing fraud cases involving developer Uday Surve, arrested a 45-year-old realty agent who had allegedly promised people help to buy flats and duped them. The EOW has taken over four cases registered at D N Nagar and MIDC police stations. Surve is alleged to have duped over 2,000 […]