Daily Real Estate News Digest (21st January 2019)

Sahara Group's 500-acre plot in Mumbai may open-up for development with diluted CRZ norms

Almost one-third of Sahara's portion near the creek fell under CRZ, where no construction is permitted. However, the new CRZ rules, which have still to be notified by the state government, reduce the construction buffer zone near creeks from 100 meters to 50 meters.

ET Realty

I-T dept to issue notice where cash transaction is above Rs 20,000 in property purchase

I-T Department’s Delhi division is going to start a drive against property purchases where the cash transaction crosses the limit of Rs 20,000.

ET Realty

Dharavi redevelopment: 1 lakh rehabilitation tenements needed

Dharavi will now need one lakh tenements for rehabilitation alone as against the earlier estimate of 58,000 tenements, said S V R Srinivas, principal secretary, Dharavi Redevelopment Project.

ET Realty

Mumbai: Directors of Tyche Realty arrested for duping home buyers of Rs 7.45 crore

The Mumbai police arrested Ronita Dhanu and Gautam Dhanu for allegedly duping home buyers of Rs 7.45 crore by posing as partners of Ruparel Realty and fraudulently selling them flats in a Parel high-rise.

ET Realty

Lenders can move insolvency plea against guarantor without initiating CIRP for defaulting companies: NCLAT

The National Company Law Appellate Tribunal has held that the lenders of defaulting companies can initiate corporate insolvency resolution process against corporate guarantors without invoking CIRP for the principal borrowers.

ET Realty

Pimpri Chinchwad: Dapodi residents oppose slum rehabilitation project

Around 1,000 residents of the slums in Dapodi took out a morcha from Dr Babasaheb Ambedkar Chowk in Pimpri to the Pimpri Chinchwad Municipal Corporation’s main building, to oppose the rehabilitation project of 7 slums in Dapodi under the Pradhan Mantri Awas Yojana

ET Realty

Ghaziabad development body finalises 11-member forum to settle builder-buyer disputes

The Ghaziabad Development Authority has finalised an 11-member conciliation forum as mandated by the Uttar Pradesh Real Estate Regulatory Authority to settle disputes between builders and homebuyers in the city.

ET Realty

Tamil Nadu government clears common building rules

The state cabinet cleared common building rules for the entire state which would now allow commercial buildings to come up along roads with a minimum width of nine metres.

ET Realty

Nitesh Estates to Focus on Rental Yielding Assets and Exit Residential

Nitesh Estates, a leading property developer involved into hotels, homes, office buildings and shopping malls, announced that the company has taken strategic decision to focus on rental yielding assets and exit the residential housing space entirely.

Business Standard

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