Realty News Roundup: Maharashtra State Wants Right Of Way Through Private Property; MHUPA To Allow States To Regulate Builders

News Roundup is PropGuide's selection of top stories from the real estate sector

Top News

The Ministry Of Housing And Urban Poverty Alleviation (MHUPA) accepted the parliamentary panel's recommendations on the al Estate Bill that prevent builders from diverting more than 50 per cent of the money they collect from home buyers to other projects of theirs. The ministry wants to empower the Indian states to enforce this rule, and even increase the limit if they wish. ad more.

The Maharashtra government formed a committee to draft the 'Right of way through private property' bill because the government wants subterranean and aerial rights through private property. This is to facilitate many projects like III, which is an underground metro project. The government needs 20,000 sq mt (two hectares) of the land for the project. The underground metro project is expected to de-congest Mumbai's roads and trains. ad more.  

The Union Government authorised the Delhi government to acquire land, and compensate and rehabilitate people for the development projects. Delhi was not able to acquire land under the new Land Acquisition Act which came into existence on January 1, 2014. There are 12 major projects that require the government to acquire land. ad more.

Unauthorised construction is very common in Delhi's Commonwealth Games flats. People are erecting structures on balconies and encroaching upon the common land. The Development Authority (DDA) and the South Corporation have taken no action against the offenders. The residents also complain of poor maintenance of the society. Read more.

Off the front page

The Municipal Corporation (KMC) will punish the city malls, hotels and nursing rooms that have not paid property tax. Such institutions have not being paying property taxes because property tax is collected on a rental basis. The KMC assessment department wants to nail down property tax defaulters and reassess prominent commercial properties. ad more.

Opinion

An editorial in The Economic Times arguing that Employee Provident Fund Organizations should add asset classes like real estate too.