The Union Budget 2013-14 provided minimal direct support to the real estate sector, addressing affordable housing slightly and impacting the luxury segment negatively.
Budget 2013-14, announced by Finance Minister P. Chidambaram, introduces mixed measures impacting both high earners and common taxpayers, with changes in tax structures, luxury items becoming costlier, and benefits for first-time home buyers.
Budget 2013 offered limited benefits to the real estate sector, primarily aiding first-time homebuyers with tax deductions on home loans up to ₹25 lakh.
GHMC plans to implement a new penalty for illegal building owners, doubling property taxes to combat unauthorized constructions and aiming to raise significant revenue.
A Delhi-based investor has petitioned the Supreme Court to direct Sahara Group to refund his investments, marking the first such individual action amidst an ongoing dispute with SEBI over repayment of dues to nearly 3 crore investors.
SEBI warns public against dealings with two Sahara Group firms due to property attachments. Movable and immovable properties of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd, including those of three promoters, are attached. Investors cautioned against business relations.
Delhi High Court directs DDA to investigate illegal residential plot dealings in the city. A PIL filed by a Delhi resident prompted the order, alleging illegal sale and purchase of plots allotted under DDA schemes.
The NCDRC has provided a crucial stay on the cancellation of over 100 flats in Noida Extension, relieving distressed homebuyers who faced issues from a developer.
SEBI has frozen the assets and bank accounts of Sahara group firms, affecting key real estate projects including Aamby Valley due to compliance failures with a Supreme Court order.
The real estate bill is expected to pass in the upcoming parliament session, protecting buyers from unethical builders.
Union Housing Minister Ajay Maken advocated for a review of the FSI policy in Mumbai and other major Indian cities to boost affordable housing development, suggesting increased FSI rates.
Ahmedabad Urban Development Authority (AUDA) has frozen agricultural land conversion, affecting investors planning farmhouses. Only 5% conversion is allowed, impacting land sharks.
NAREDCO urges the government to grant infrastructure status to the entire housing sector to gain tax benefits and stimulate housing demand.
Developers express mixed views on the real estate regulatory bill, citing concerns about one-sided punishment and the need for a more balanced approach.
The Supreme Court dismissed Sahara's appeal to review the order to refund ₹25,000 Cr to investors. The court found no valid reasons to reconsider its verdict.
Noida Authority reveals 50 developers haven't paid dues, causing a Rs. 3,000 crore loss. The authority plans to amend the 2008 scheme that allowed 10% upfront payment for land, intending to recover the substantial losses.
The Prime Minister's Office has intervened to expedite the long-pending Real Estate Regulatory Authority Bill, addressing inter-ministerial concerns and seeking to protect buyers' interests.
The Income Tax department raided Surat's real estate developers, seizing Rs.8 lakh in cash and Rs.45 lakh in jewelry, aiming to recover around Rs.100 crore.
NGT's groundwater ban for construction halts Noida, Greater Noida projects. Builders await clarification, while homebuyers worry about rising costs and project delays.
Land scam allegations in Faridabad involve top politicians, including local MP Avtar Singh Bhadana, amid claims of illegal land encroachments and corruption.
CREDAI expresses reservations regarding the potential success of MIDC's updated SEZ policy, which allocates additional land for housing development. They insist concessions must be offered.
CCI Frames New Buyer-Developer Agreement for Fair Real Estate Sales
The AP State Wakf Board plans to sue a real estate firm for allegedly encroaching on Wakf property in Lakdi-ka-pul and damaging graves during construction.
The Competition Commission of India (CCI) is probing five real estate firms, including DLF, for alleged anti-competitive practices, with DLF already facing a hefty fine.
CREDAI urges Parliament for consumer-friendly real estate reforms, citing stalled projects and the need for "Home for All." They criticize the one-sided regulatory bill and suggest a single-window clearance system.
