India’s Real Estate update : Challenges, Developments, and Legal Updates

The real estate sector in the Delhi NCR region has seen a flurry of activity recently, with developments spanning regulatory actions, court cases, infrastructure upgrades, and new project launches. Let’s dive into the key updates:

DTCP Notices for Unapproved 4th Floors

The Department of Town and Country Planning (DTCP) has started issuing notices to property owners who have constructed 4th floors without obtaining necessary approvals.

DTCP has started sending notices to the 4th floor without approval. They have come to the radar, who are not yet approved and are standing on the 4th floor.

Affected owners are advised to take timely action to address the notices and bring their properties into compliance.

BPTP vs Residents in Supreme Court

Leading developer BPTP filed a defamation case in the Supreme Court against 25 residents who had put up protest posters, alleging extremely low construction quality and denial of access to the project’s club. However, the Supreme Court ruled in favor of the residents.

The Supreme Court has made these 25 residents guilty free and has called it their right to protest. They have also warned them that BPTP should use their club for their personal sales and advertisement.

This sets a precedent for homebuyers’ right to peacefully protest against perceived wrongdoings by developers.

Water Woes in DLF Phase 2

Residents of DLF Phase 2, particularly in MNJ block, have been grappling with severe water shortages for the past month.

DLF Phase 2 MNJ block where they have not been getting water for the past month. So the water supply is stopped. And where it is coming, there is very little coming in DLF Phase 2.

This highlights the importance of checking infrastructure and utilities before investing in a property, even in established developments.

PM Awas Yojana Boost

Prime Minister Narendra Modi has announced a major push for affordable housing, with a target of delivering 3 crore new houses under the Pradhan Mantri Awas Yojana (PMAY).

Narendra Modi has come into action and once again he has added infrastructure. Where he is saying that he is going to give 3 crore new houses to Prime Minister Awaaz Yojana.

While most of these are expected to come up in the peripheries of Gurgaon, they present an opportunity for budget-conscious buyers. The quantum of government subsidies on land for these projects will be a key monitorable.

Infrastructure Updates

Several key infrastructure projects are making headway:

• NHAI has opened 2 underpasses on Dwarka Expressway near Shapoorji Pallonji’s project
• Supertech’s Chairman RK Arora has been granted bail in a money laundering case
• GMDA is constructing a new office on NH8 at a cost of Rs 106 crore to facilitate public dealings

NHGII has opened 2 underpasses which are going down from the Dwaraka Expressway along with your Shapurji Bollam. So good news is that the road work is going on very fast.

GMDA ka naya office ban raha hai NH-8 ke upar jaha ab ho 106 crore rupee construction ke upar lagana wali hai.

These developments bode well for real estate activity in the respective micro-markets.

Dispute Resolution and Takeovers

Some positive developments on the dispute resolution and stuck project front:

• Noida authorities have given the go-ahead for construction to resume in M3M’s projects in Sectors 72 and 94, with the matter now resolved
• Suraksha Group is set to take over Jaypee Infratech’s stuck projects, offering relief to 20,000 affected families

The dispute was going on in M3M sector in 72 and 94 in Noida. So now Noida authorities are saying that start the work, everything is set and ready. The matter is clear.

The security group is going to overtake the JP infrastructure where 20,000 families were worried about the JP construction. So, it’s a news of the night for them that if you overtake, you can get a house from time to time.

These offer a glimmer of hope for long-suffering homebuyers in stuck projects.

RERA Updates

On the RERA front, two important updates:

1. NCDRC has ruled that developers cannot charge interest from homebuyers in case of long-delay in construction, providing relief to affected buyers

NCDRC. Where home buyers have been given relief, If a builder is delaying his construction planning, then he cannot charge interest from you.

2. Maharashtra RERA has cancelled the license of 20,000 real estate agents who failed to pass the mandatory competency exam, setting a precedent for other states to follow

Maharashtra RERA had cancelled the license of 20,000 real estate agents. The reason was that they did not give the competency exam. So I think that Haryana Rera should also learn from Maharashtra Rera and here also an exam process should be started.

These measures will help improve transparency and accountability in the sector.

To sum up, the real estate sector in NCR is witnessing a mix of regulatory actions, resolution of long-pending disputes, and progress on key infrastructure and housing initiatives. While challenges remain, there are also green shoots of revival. Homebuyers and investors would do well to stay abreast of these developments to make informed decisions.

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