A seven-story building collapsed in Thane, killing 74 people. Arrests were made, revealing deep corruption within the real estate sector involving bribery of civic officials.
The housing ministry intends to introduce a real estate regulator to curb sector illegalities. The bill, aimed at safeguarding buyers, defines carpet area and mandates project registration.
Noida and Greater Noida authorities caution defaulting developers to clear dues or face consequences, impacting flat registrations and home buyers due to financial crunch.
Experts warn that proposed VAT increase in Kerala's 2013 budget could lead to higher construction material costs, impacting overall property prices in the real estate sector.
BMC extends property tax deadline by three months in Mumbai. Citizens protested against the new capital value-based system, citing high tax burdens and the inclusion of dues from previous years.
A proposed 1% TDS on homes exceeding Rs. 50 lakh, outlined in Budget 2013, is set to take effect in June, potentially impacting luxury housing sales.
Mumbai residents protest BMC's new property tax policy based on capital value, citing disparities and demanding a return to the old system.
Government panel recommends single-window clearance to expedite real estate projects, aiming to reduce delays and potentially stabilize property prices.
The CMDA has authorized the conversion of industrial land in Guindy to residential use, potentially attracting developers amidst rising property prices.
Maharashtra government introduces e-payment of stamp duty for property transactions exceeding ₹5000, streamlining the process and enhancing security. The initiative begins in Mumbai and Pune.
The all-party meet failed to reach a consensus on the land acquisition bill, impacting farmers awaiting compensation and delaying infrastructure projects. Opposition parties strongly opposed the bill, despite government efforts to expedite its passage for economic boost.
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.
