Relief for builders in land Act
The SC was hearing an appeal by MCHI against a recent judgment of the Bombay High Court, which held that developers and landowners could not escape liability despite the repeal of Urban Land (Ceiling & Regulation) Act
Nov 12, 2014
Source : The Times of India

 

MUMBAI: In a relief for developers in Mumbai, the SC on Monday issued a notice to the Maharashtra government and restrained the state from cancelling development schemes due to violations by developers to the repealed urban land ceiling law. 

The SC was hearing an appeal by MCHI against a recent judgment of the Bombay High Court, which held that developers and landowners could not escape liability despite the repeal of Urban Land (Ceiling & Regulation) Act in 2007. The HC order came to the aid of the state and empowered it to recover excess land for public housing from private landowners for violations under the defunct Act. 

The HC had, by a majority view, essentially allowed the state to "cancel the schemes" if developers were found to have violated mandatory conditions while the 1976 Act was in existence. 

Under Section 20 of Ulcra, developers could get their lands exempted if they handed over 5% of flats to the government for public housing. An individual could hold land not more than 500 sq mt in size and the remaining had to be surrendered to the government for public housing. 

The claim of real estate developers is that the state cannot take the excess land because the law no longer exists.

Latest Realty News

Guidance value set to rise in Bengaluru, citizens rush to register
Nov 12, 2014
BENGALURU: Long queues were seen at sub-registrar offices in the city ahead of an increase in guidance value for properties by 15-30%
Haryana Urban Development Authority houses 60% cheaper than DDA’s: Experts
Nov 12, 2014
NEW DELHI: Even as more than 10 lakh applicants continue to wait for the lucky draw results for 25,000 housing units Delhi Development Authority (DDA) housing scheme, real estate experts feel there is no need for despair for those who miss the opportunity
BDA Plans Market Complex in Khurda
Nov 12, 2014
BHUBANESWAR: The Bhubaneswar Development Authority (BDA) has proposed to set up a multi-storey market complex and launch a housing scheme in Khurda
S&P, MSCI to make real estate a new index industry sector
Nov 12, 2014
A change in the way publicly traded companies are categorized will result in the creation of a separate real estate sector
Amplus real estate fund invests Rs 37 cr in Bengaluru project
Nov 12, 2014
Ahmedbad: Ahmedabad-based real estate fund Amplus Capital Advisors Pvt. Ltd announced an investment of $ 6 million (Rs 37 crore roughly) in Jain Heights
Ambience to invest Rs 1,950 cr on two new housing projects
Nov 12, 2014
NEW DELHI: Realty firm Ambience today said it will invest about Rs 1,950 crore over the next four years to develop two luxury housing projects in Gurgaon and Noida
Mahindra Group betting big on government’s initiative to build smart cities
Nov 12, 2014
NEW DELHI: The $16.5-billion Mahindra Group is betting big on the government's initiative to build smart cities
Radhakishan Damani buys 5 floors in Nariman Point office for Rs 134.25 crore
Nov 12, 2014
MUMBAI: Radhakishan Damani, a leading stock investor and owner of retail chain D-Mart, has bought 37,000 square feet spread over five floors in an office building in Nariman Point
Mumbai-based realty portal Makaan.com may sell or form JV with MagicBricks or Quikr
Nov 12, 2014
NEW DELHI: People Group, which owns and operates real estate portal Makaan.com, has entered into talks with potential buyers, to sell the venture
As LMC cracks whip, defaulters make beeline to pay dues
Nov 11, 2014
Lucknow: The Lucknow Municipal Corporation had only cracked the whip on big tax defaulters, which includes businessmen, builders, contractors and traders

Latest Realty News Of State

Realty Talk's