New Delhi
New land acquisition law has been cleared by Union Cabinet on Monday.The bill, which seeks to replace colonial era legislation and hopes to draw a line under a hugely sensitive issue, offers generous compensation for land owners in the form of subsistence allowances, annuity payments, employment and a share in any future appreciation of the [...] Continue Reading »
Lawyers for the owners’ associations for Belaire and Park Place, the two DLF properties at the centre of the DLF case, are preparing a claim for more compensation, which could go as high as Rs.2,000 crore. DLF will likely contest the order on the grounds that CCI has wrongly interpreted the relevant market and thereby [...] Continue Reading »
With the Durga Puja less than a month away the Residents’ welfare associations (RWAs) of Delhi’s Chittaranjan Park are caught in a tussle with the puja samitis over environmental hazards arising from the celebrations. The RWA of K Block, where the “Milan Samiti” organised pujas in the last nine years, declared a ban on the [...] Continue Reading »
Demand for property in major cities across the country have dipped and sharp increase in borrowing costs had kept buyers on the sidelines. Banks have raised their lending rates sharply in the past few months after Reserve Bank of India (RBI) raised interest rates 11 times since March 2010. Bhopal leads the pack in rise [...] Continue Reading »
Various projects of large and well-known developers stretching from Greater Noida to Gurgaon are under the scanner of Belaire Owners’ Association after Competition Commission of India (CCI) slapped a penalty of Rs 630 crore on DLF for “unfair trade practices” and “abuse of market dominance”. According to the builder-buyer agreement in the Belaire case: “The [...] Continue Reading »
Interest rates levied by housing finance companies (HFCs) have risen to 11-11.25% from 8.5% in the past year, raising monthly instalments. With interest rates moving up, most of the lenders are going to be impacted as almost 85% of the loans are on floating (interest) rate. National Housing Bank (NHB) asked lenders to keep a [...] Continue Reading »
An average household that consumes 50 kilolitres of water (around 5,000 buckets) every two months and is charged R1,800, is paying R1,960 since January 2011. Till 2014, every year, the bill will go up by 10% of the amount paid in December. Delhi Jal Board (DJB), the city’s sole water utility, increased the water charges [...] Continue Reading »
Prices of new residential property could fall 10-15% by Diwali. But leading builders say supply has to increase for prices to come down. The RBI’s rate tightening has resulted in developers not having funds to complete projects, and hence the supply will remain in check while demand is still intact. A 10% price correction is [...] Continue Reading »
A number of properties in New Delhi will now benefit from floor-wise sanctioning as a number of property owners, who have bought individual floors but are unable to make any alterations unless other owners give them no objection certificates (NOCs). After this policy comes into effect, each house will be an independent unit. Currently, ground [...] Continue Reading »
Delhi will be mapped using remote sensing and GIS (Global Information System) tools. This would be updated from time to have real-time data of the ground situation. Inputs would be taken from here to detect and prevent unauthorized development and encroachment on public land and facilitate the protection of green belts. According to DDA, Delhi [...] Continue Reading »
