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March 12, 2021
Pro-rata Registry of Apartments Expected as UP Government Assures Homebuyers

There is a sigh of relief among home seekers as top officials of the Uttar Pradesh State government and the Honourable Chief Secretary promised that they would work on drafting a plan of executing registries in a week. To provide temporary relief to investors the administrators have requested Noida and Greater Noida authorities to chart a payment procedure synced with SBI MCLR to calculate the outstanding dues of the builders.

This affirmation came when a contempt application was filed by four builders regarding the computation of outstanding dues and an audit request submitted by Noida Authority. The issue is currently being examined in the Honourable Supreme Court. Arvind Kumar, Additional Chief Secretary(industries) said that” the following registries shall be implemented along with a rider according to the final cost calculated as per the verdict given by the Supreme Court. In the meantime, the registration process is required to be accelerated on a pro-rata system”.

The Chief Executive Officers of the Noida, Greater Noida, and Yamuna Expressway authorities and Chief Secretary Mr. Tiwary along with Additional Chief Secretary Mr. Kumar met an association of home seekers and builders at Indira Gandhi Kala Kendra. The session saw consistent appeals from citizens of Noida and Greater Noida who were not happy as there was a significant delay in execution of registries due to the unavailability of completion certificates from the builder’s end. Many builders have not received their completion certificates due to the issue of outstanding dues.

The authorities said that around 20,000 investors are waiting for their flat registries in the Noida region. Only 43 out of 116 Group Housing Society (GHS) projects have been issued a completion certificate, the rest of the projects have only got approvals for their maps. The authorities noted that the specifications of the apartments that were provided to the investor without implementing registries are yet to be confirmed.

Real Estate Developers Urges Maharashtra State Government On Seeking Review To Ease Lockdown Regulations

Real estate developers based in Maharashtra have urged the state government to reconsider the regulations for the partial lockdown imposed, prohibiting the real estate sector to carry out infrastructural development effectively. As per the recent notification issued in public interests last week on April 4 meant for the imposition of lockdown, the state government announced that construction developments would only be granted for the property projects where the building workers/labourers are

Realty In Mumbai Witnesses Record Registrations In First Quarter Of FY 2021

In March, Quarter 1 of FY 2021-2022, the financial capital, Mumbai recorded a surge by 365% in property registrations with toll standings of 17,681 closed deals, as per the datasheets released from the office of the IG, Registration Office, Maharashtra. In addition, stamp duty collection also witnessed a 174% hike compared to yesteryear to Rs 837 crore in March ending. Financial transactions while registration of property in Mumbai is, the country’s biggest and costliest realty market, whic

5 Trends Decoding Real Estate In India In The Post-Pandemic Era

The real estate sector in India in the Post-Pandemic era is expected to do much better with the investments largely driven into the mid and luxury segment housing sector, including 2/3 BHK flats available at much-lowered prices. Better days are expected in this year 2021 from the perspective of the investment in the real estate sector. Amidst the growing inclination of buyers and investors towards homeownership, It can be certainly said that the demand f