Real Estate

Delhi and Pune came a close second in average cost of construction at Rs 2,750 per sq ft.

A bench of Justices Arun Mishra and U U Lalit, however, restrained the NCLT from proceeding ahead in the matter without any express direction from the court.

National Buildings Construction Corporation (NBCC) will conduct valuation of the properties belonging to the directors of the Amrapali group, the court ruled on Thursday.

Last month, the committee also sanctioned construction of 2.67 lakh affordable houses for the poor in 10 states.

The top court also allowed RBI to direct banks to initiate separate insolvency proceedings against JIL's holding company Jaiprakash Associate Limited.

PropEquity has cited a variety of reasons such as financial constraints, execution challenges, over ambitious launches by developers and slowing sales behind these project delays.

Indiabulls Housing Finance said the increase in lending rates - or interest rates on home loans - comes "with the growing cost of funds led by the consecutive raise on repo rate by the RBI.

Mumbai's Bandra Kurla Complex (BKC) slipped to 26th position with an annual prime rent of $96.51 per sq ft from 16th rank.

The carpet area - or the area enclosed within the walls excluding wall thickness - has been raised to 160 square metres for MIG -I and 200 square metres for MIG-II, according to the Ministry of Housing and Urban Affairs.

In a big step to protect home-buyers, changes to the Insolvency and Bankruptcy Code (IBC) will come into force with President Ram Nath Kovind signing off on the government's ordinance or special order. The Insolvency and Bankruptcy Code (Amendment) Ordinance aims at saving the buyers when builders declare bankruptcy in the middle of a real estate project. Earlier, this used to leave hundreds of thousands of home buyers without any means to recover the money they invested. With this, the situation like Jaypee Infratech is unlikely to arise where the home buyers had to file a petition In the Supreme Court for restraining the sale of assets. When a company is bankrupt, financial creditors (banks) have the first right over the proceeds of assets. Now, when the buyers are also treated like financial creditors, they would also stake a claim in the assets' sale as well as in the bankruptcy proceedings.

The petitioners said they had personally approached the competent authorities of Unitech Ltd, but they did not pay any heed to the requests.

Banks are also giving different options on home buying schemes where one can save money.

DDA is entrusted with tasks such as housing/infrastructure development and land disposal.

The Supreme Court has agreed to examine a plea challenging an order of the Allahadbad HC by which it quashed criminal proceedings against builders

RERA Act: According to a report by the consultancy firm Knight Frank, eight states have not even installed a regulating authority and the remaining 17 have installed "interim" regulators.