<h2 id="heading_id_1">
 Municipal Corporation Announcement
</h2>
<h3 id="heading_id_2">
 <strong>
  Municipal Corporation of Gurugram (MCG)
 </strong>
 to Confiscate Properties
</h3>
<p>
 The
 <strong>
  Municipal Corporation of Gurugram (MCG)
 </strong>
 announced on Thursday that it would confiscate properties of people who fail to pay property taxes and advertisement costs by March 31, according to an official familiar with the situation. Taking a hard stance against tax defaulters, the MCG has conducted frequent sealing campaigns, identifying approximately 500 properties that would be sealed if property taxes are not paid on time.
</p>
<h3 id="heading_id_3">
 Recovery Procedure Speed Up
</h3>
<p>
 MCG Commissioner
 <strong>
  Narhari Singh Bangar
 </strong>
 said that he has asked the team to speed the recovery procedure. The goal is to recoup funds owing to the city, such as property taxes and advertisement fees.
</p>
<h3 id="heading_id_4">
 Special Campaign Initiated
</h3>
<p>
 "A special campaign has begun, with a deadline of March 31. The goal is to recoup income, such as property taxes and advertisement costs. During the current fiscal year, we recovered a remarkable ₹233 crore from property tax alone. The municipality's attempts to strengthen its finances have been bolstered by an extra ₹54 crore in advertisement income," according to the official.
</p>
<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/the-municipal-corporation-of-gurugram-mcg-to-seal-tax-defaulters-property/" rel="noopener noreferrer nofollow" target="_blank">
     The Municipal Corporation of Gurugram (MCG) to seal tax defaulter's property
    </a>
   </em>
  </li>
 </ul>
</div>
<h3 id="heading_id_5">
 Actions Against Law Violators
</h3>
<p>
 Bangar said that encroachments on municipal property will be removed as soon as possible, and anyone discovered in violation of the law would face penalties. "We have given a strong warning to pay penalties for unauthorised ads or face the implications of property attachment. We've already launched anti-encroachment campaigns around the city. We have also initiated aggressive campaigns against unauthorised structures. The goal is to recapture municipal property from unlawful squatters and secure it with correct paperwork, preventing further encroachments," he said.
</p>
<h3 id="heading_id_6">
 Penalties for Illicit Ads
</h3>
<p>
 Officials engaging in illicit ads will face penalties, and their properties will be sealed, according to MCG officials.
</p>
<h3 id="heading_id_7">
 Urban Environment Transformation
</h3>
<p>
 Bangar said that the MCG's goal was to alter Gurugram's urban environment. "We instructed the Municipal Corporation, HSIIDC, and HVPNL to identify land for the creation of an art and culture centre. Furthermore, a place for an e-library has been identified," he said.
</p>
<h3 id="heading_id_8">
 Sealing of Properties
</h3>
<p>
 According to officials,
 <strong>
  roughly 850 properties in the city have been sealed since 2017
 </strong>
 , with owners being allowed leave following warnings. Though the majority of tax defaulters paid their bills and regained their properties, those who did not face the potential of having their properties auctioned off beginning in June of this year under Section 130 (method of recovering tax or fee) of the Haryana Municipal Act, 1994, according to authorities.
</p>


The Municipal Corporation of Gurugram (MCG) said on Thursday that it would confiscate properties of people who fail to pay property taxes and advertising costs by March 31.

MCG to seal property tax defaulters, nearly 500 identified

<h2 id="heading_id_1">
 Godrej Properties' Expansion in FY24
</h2>
<p>
 Godrej Properties, a real estate developer, has bought multiple land parcels in the fiscal year 2023-24 (FY24), with a potential income of almost
 <strong>
  Rs 20,000 crore
 </strong>
 . Godrej Properties exceeded its FY24 estimate by generating
 <strong>
  Rs 15,000 crore
 </strong>
 in new
 <a href="/articles/tags/business/" rel="noopener noreferrer nofollow" target="_blank">
  business
 </a>
 growth via outright acquisitions and collaborations with landowners.
</p>
<h3 id="heading_id_2">
 Recent Acquisitions and Ventures
</h3>
<p>
 In the current quarter (Q4 FY24), the
 <a href="/articles/tags/business/" rel="noopener noreferrer nofollow" target="_blank">
  business
 </a>
 made two outright land acquisitions in Hyderabad and Noida, as well as launching a joint venture in Bangalore. These three latest purchases are expected to yield a combined revenue of nearly
 <strong>
  Rs 11,500 crore
 </strong>
 , bringing the total to over Rs 20,000 crore so far this fiscal year. In addition, the
 <a href="/articles/tags/business/" rel="noopener noreferrer nofollow" target="_blank">
  business
 </a>
 added new projects totaling
 <strong>
  Rs 8,425 crore
 </strong>
 over the first nine months of the fiscal year.
</p>
<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/trevoc-group-and-ask-property-fund-will-invest-inr-200-crore-in-a-new-luxuy-residential-project-in-gurugram/" rel="noopener noreferrer nofollow" target="_blank">
     Trevoc Group and ASK Property Fund will invest INR 200 crore in a new luxuy residential project in Gurugram
    </a>
   </em>
  </li>
  <li>
   <em>
    <a href="/articles/trinity-infratech-joins-the-booming-gurugram-real-estate-market-and-plans-to-work-on-three-real-estate-projects-in-fy-2425/" rel="noopener noreferrer nofollow" target="_blank">
     Trinity Infratech joins the booming Gurugram real estate market and plans to work on three real estate projects in FY 24–25.
    </a>
   </em>
  </li>
 </ul>
</div>
<h3 id="heading_id_3">
 Specific Land Purchase
</h3>
<p>
 Godrej Properties recently paid
 <strong>
  Rs 506 crore
 </strong>
 for a
 <strong>
  6.46-acre land
 </strong>
 in Noida, with plans to create a home complex with a projected income of
 <strong>
  Rs 3,000 crore
 </strong>
 . Located in Sector 44, Noida, this property lot has a development potential of about
 <strong>
  1.4 million square feet (msf)
 </strong>
 and an estimated income opportunity. Throughout the fiscal year 2022-23, Godrej Properties bought land parcels with a post-development income potential of more over
 <strong>
  Rs 32,000 crore
 </strong>
 .
</p>


After acquiring multiple land tracts in FY24, Godrej Properties might earn Rs 20,000 crore. Godrej Properties exceeded its FY24 estimate by Rs 15,000 crore in new business expansion via landowner alliances and outright acquisitions.

Godrej Properties acquires plots with a revenue potential of Rs 20,000 crore in FY24

<h2 id="heading_id_1">
 Signature Global's Expansion Plans
</h2>
<p>
 Signature Global's Chairman, Pradeep Aggarwal, has said that the company would spend
 <strong>
  Rs 1,000-1200 crore per year
 </strong>
 in land purchases for house construction in order to capitalise on increasing consumer demand. In an interview with PTI, he said that
 <a href="https://www.onlybrokers.estate/articles/tags/residential" rel="noopener noreferrer nofollow" target="_blank">
  housing demand
 </a>
 has been very robust over the last two years across all sectors, whether inexpensive, mid-income, premium, luxury, or ultra luxurious.
</p>
<h3 id="heading_id_2">
 Investment Strategy
</h3>
<p>
 Aggarwal anticipates that the demand momentum will continue as the economy becomes stronger. "We will be investing
 <strong>
  Rs 1,000-1200 crore every year for outright purchase of land
 </strong>
 to achieve our growth plan," Aggarwal said in a statement.
</p>
<p>
 In addition to outright property purchase, he said that the corporation would be willing to work with landlords to create housing developments. "We will continue to focus on the Gurugram property market for short to medium term," added Mr. Singh.
</p>
<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/signature-global-sold-1000-units-in-gurugram-for-more-than-rs-3600-crore/" rel="noopener noreferrer nofollow" target="_blank">
     Signature Global sold 1000 units in Gurugram for more than Rs 3,600 crore
    </a>
   </em>
  </li>
  <li>
   <em>
    <a href="/articles/four-property-tracts-in-gurugram-attract-rs-500-crore-from-three-developers/" rel="noopener noreferrer nofollow" target="_blank">
     Four property tracts in Gurugram attract Rs 500 crore from three developers.
    </a>
   </em>
  </li>
 </ul>
</div>
<h3 id="heading_id_3">
 Financial Projections
</h3>
<p>
 Aggarwal said that the business expects sales bookings to be around Rs 7,200 crore this fiscal year, up from Rs 3,430 crore the previous year. The business recently inaugurated a new luxury home project in Gurugram, with an investment of Rs 2,200 crore. It has already sold the whole project, which includes 1,008 apartments, for Rs 3,600 crore.
</p>
<h3 id="heading_id_4">
 Current Projects and Growth
</h3>
<p>
 The 16.5-acre 'DE LUXE-DXP' project is situated on the Dwarka Expressway in Gurugram's Sector 37D. During the first nine months of current fiscal year, Signature Global's sale bookings increased by 41% to Rs 3,124.12 crore from Rs 2,209.78 crore the previous year. Sales bookings are expected to surpass Rs 7,200 crore this fiscal year, after sales of Rs 3,600 crore in its new project on the
 <a href="https://www.onlybrokers.estate/articles/tags/expressway" rel="noopener noreferrer nofollow" target="_blank">
  Dwarka Expressway
 </a>
 .
</p>
<p>
 Housing demand has rebounded in major cities after Covid, fueled mostly by end-users, while investors have returned to the market with reasonable price appreciation in the previous two years. Signature Global successfully raised Rs 730 crore with its first public offering in September of last year.
</p>
<h3 id="heading_id_5">
 Market Presence and Performance
</h3>
<p>
 The public offering, which included a new issuance of shares of Rs 603 crore and an Offer For Sale (OFS) of Rs 127 crore, was subscribed 11.88 times.
 <a href="https://www.onlybrokers.estate/articles/tags/signature-global" rel="noopener noreferrer nofollow" target="_blank">
  Signature Global
 </a>
 primarily serves the mid-income and affordable housing markets. Signature Global has supplied a total of 6.7 million square feet till December 2023. It is currently building a 16.9 million square foot area with a projected pipeline of 28.4 million square feet of saleable space.
</p>


Signature Global wants to spend Rs 1,000-1200 crore each year in land acquisitions, with a concentration on the Gurugram property market. They expect high demand to continue and anticipate sales bookings of Rs 7,200 crore this fiscal year.

Signature Global plans to spend Rs 1,000-1,200 crore each year to acquire land for housing developments

<h2 id="heading_id_1">
 <strong>
  The Haryana Shehri Vikas Pradhikaran (HSVP) Reconstruction Project
 </strong>
</h2>
<h3 id="heading_id_2">
 Overview
</h3>
<p>
 The HSVP intends to reconstruct Sector 29 into Gurugram's central business district.
</p>
<h3 id="heading_id_3">
 Project Details
</h3>
<table>
 <tbody>
  <tr>
   <th>
    Component
   </th>
   <th>
    Description
   </th>
  </tr>
  <tr>
   <td>
    Vision and Master Plan
   </td>
   <td>
    Creation of vision, master plan, and comprehensive layout plan
   </td>
  </tr>
  <tr>
   <td>
    Urban Design Guidelines
   </td>
   <td>
    Development of urban design guidelines
   </td>
  </tr>
  
 </tbody>
</table>
<h3 id="heading_id_4">
 Current Status
</h3>
<p>
 The entire land area of
 <strong>
  Sector 29 is 482 acres
 </strong>
 , with 100 acres already developed.
</p>
<h3 id="heading_id_5">
 Challenges
</h3>
<p>
 The projected business district faces several engineering concerns, including infrastructure and transportation planning.
</p>
<h3 id="heading_id_6">
 Infrastructure Development
</h3>
<p>
 Planned developments include new streets, bridges, and advanced pedestrian infrastructure.
</p>
<h3 id="heading_id_7">
 Consultant's Responsibilities
</h3>
<ul>
 <li>
  Assess current site
 </li>
 <li>
  Conduct topographic survey
 </li>
 <li>
  Evaluate existing development works
 </li>
</ul>
<h3 id="heading_id_8">
 Additional Information
</h3>
<p>
 100 acres of Sector 29 in Gurugram have already been developed into housing societies, markets, and hotels. While it is strategically situated in Gurugram and has several commercial and residential buildings, hotels, parks, and other amenities, the projected business district is said to have many engineering concerns. As a result, the HSVP has hired a consultant to explore the problems and concerns affecting plot sales in the region. According to the updated layout plan for this area, the consultant must provide a visionary statement together with a layout plan that optimises infrastructure and transportation planning to suit future demands.
</p>

The Haryana Shehri Vikas Pradhikaran (HSVP) intends to reconstruct Sector 29 into Gurgaon's central business district.

HSVP will develop Gurugram's Sector 29 into a central business district

<h2 id="heading_id_1">
 The Ministry of Finance Order
</h2>
<p>
 The ministry of finance has ordered all public sector banks
 <strong>
  to comply with the Real Estate (Regulation and Development) Act, 2016,
 </strong>
 while permitting developers to withdraw cash from Rera accounts.
</p>
<h3 id="heading_id_2">
 Legal Action Threat
</h3>
<p>
 The decision comes a week after H-Rera chairman
 <strong>
  Arun Kumar threatened legal action against banks for enabling developers
 </strong>
 to withdraw monies from regulator accounts without following guidelines.
</p>
<h3 id="heading_id_3">
 Non-Compliance Notice
</h3>
<p>
 Under secretary of ministry of finance Subhashchandra Amin wrote to banks that, as informed by the Haryana Rera chief, developers are not complying with provisions such as submitting certificates of chartered accountants, engineers, and architects before withdrawing funds from Rera accounts, and banks are allowing withdrawals without ensuring compliance, which violates Section 4 (2)(1) (d) of Rera Act.
</p>
<h3 id="heading_id_4">
 Monitoring and Penalties
</h3>
<p>
 Amin said the HRera head has written to the ministry of housing and urban affairs (MoHUA) to ask the department for financial services (DFS) to advise all banks.
</p>
<p>
 Kumar ordered banks to closely monitor cash withdrawals to prevent legal action and warn developers that they might be fined up to 5% of the project cost for misusing homebuyer funds.
</p>
<div style="background-color: #F7F9FD; padding-block: 8px; padding-inline: 12px; text-align: justify ; border-left: 2px solid #1967D2;">
 <p style="font-weight: 400; font-size: large; font-weight: bold; margin-bottom: 5px;">
  See Also :
 </p>
 <ul style="list-style:disc inside">
  <li>
   <i>
    <a href="/articles/hrera-to-establish-a-forum-to-address-builder-buyer-dispute/" rel="noopener noreferrer nofollow" target="_blank">
     HRERA to establish a forum to address builder-buyer dispute.
    </a>
   </i>
  </li>
  <li>
   <i>
    <a href="/articles/gurgaon-rera-fines-developer-for-misleading-ad/" rel="noopener noreferrer nofollow" target="_blank">
     Gurgaon RERA fines developer for 'misleading' ad
    </a>
   </i>
  </li>
 </ul>
</div>
<h2 id="heading_id_5">
 Compliance Requirements
</h2>
<p>
 According to the Act,
 <strong>
  70% of homebuyers' payments for every real estate project must be put in a separate bank account
 </strong>
 and utilised solely for land and construction.
</p>
<p>
 The developer may withdraw funds from this account to pay project costs in accordance to the percentage of completion following engineer, architect, and chartered accountant certification.
</p>
<h3 id="heading_id_6">
 Penalties and Notifications
</h3>
<p>
 Developers were also warned of penalties by the agency. Non-compliance with Section 4 of the Rera Act may result in a penalty of up to 5% of the project cost. You may notify everybody affected and warn them to properly monitor withdrawals to prevent legal action for such failures, the authorities advised banks.
</p>
<h3 id="heading_id_7">
 Rera Requirements
</h3>
<p>
 Rera requires developers to open a project master account (where the entire amount realised from homebuyers is deposited), Rera-compliant account (where 70% of the amount collected from homebuyers is deposited), and promoters' free project account (where the remaining 30% is deposited).
</p>


The ministry of finance has ordered all public sector banks to comply with the Real Estate (Regulation and Development) Act, 2016, while permitting developers to withdraw cash from Rera accounts.

Comply with the requirements for authorising realtors to withdraw monies from the Rera accounts - Fin min to banks

<h2 id="heading_id_1">
 The Haryana Electricity Regulatory Commission's Historic Ruling Benefits Uniworld Gardens 2 Residents
</h2>
<p>
 The Haryana Electricity Regulatory Commission (HERC) has issued a historic ruling that benefits about 900 residents of Uniworld Gardens 2 in Gurgaon, instructing Unitech and the Resident Welfare Association (RWA)
 <strong>
  to refund excess electricity expenses
 </strong>
 and conform to permitted pricing. This decision follows claims of overbilling, with costs much higher than the permitted rates, resulting in a disagreement that reached the regulatory agency.
</p>
<h2 id="heading_id_2">
 Background of the Dispute
</h2>
<p>
 In December 2021, Naresh Jindal, a resident of Uniworld Gardens 2, filed a complaint against Unitech and the RWA, accusing them of providing electricity bills that were much higher than the agreed pricing plan. The complaint said that homeowners were being charged Rs 6.1 to Rs 7.28 per unit of electricity, compared to the permitted cost of Rs 5.25 per unit, as well as extra unwarranted 'standing charges' and 'fixed charges'. The problem generated not just a considerable financial strain on people, but also concerns about the legitimacy of billing procedures under present legislation.
</p>
<h2 id="heading_id_3">
 HERC's Judgment
</h2>
<p>
 Unitech's defence relied on a Supreme Court moratorium imposed in January 2020, which delayed legal proceedings against the corporation. However, the HERC noted that such a moratorium does not preclude the firm from complying with regulatory standards governing electricity billing. The commission's judgement, dated February 29, levied a Rs 50,000 punishment on the RWA for failing to issue accurate bills, and required Unitech and the RWA to repay the extra amount charged to customers and modify future bills in conformity with the Single Point Supply Regulation 2020.
</p>
<h2 id="heading_id_4">
 Implications of the Ruling
</h2>
<p>
 This judgement by the HERC not only demonstrates the regulatory body's commitment to ensuring fair billing practices, but it also sets a precedent for future disputes. It reinforces customers' rights to be invoiced fairly and honestly based on authorised tariffs. Furthermore, it sends a strong message to developers and RWAs about the necessity of following regulatory guidelines and the repercussions of breaking them.
</p>
<h2 id="heading_id_5">
 Conclusion
</h2>
<p>
 The decision is a huge gain for Uniworld Gardens 2 tenants, providing financial relief while also establishing a standard for accountability and openness in electricity billing. As the neighbourhood waits for the refund and amended bills, this case demonstrates the need of regulatory monitoring in preserving consumer rights and maintaining fair trading practices in the real estate industry.
</p>


The Haryana Electricity Regulatory Commission approves a reimbursement to Uniworld Gardens 2 tenants for excess electricity rates, establishing a precedent for fair billing.

HERC Refunds Overcharged Electricity Fees to Gurgaon Residents from Unitech and RWA

<h2 id="heading_id_1">
 HRERA Announcement
</h2>
<h3 id="heading_id_2">
 According to HRERA chairman Arun Kumar:
</h3>
<p>
 The Haryana Real Estate Regulatory Authority (HRERA) Gurugram bench will
 <strong>
  soon establish a conciliation forum with developers, independent consultants, and experts
 </strong>
 to resolve disputes between builders and homebuyers.
</p>
<h3 id="heading_id_3">
 The HRERA director met with developers and businesses on Monday.
</h3>
<p>
 Kumar said HRERA would endeavour to resolve allottee-developer disputes amicably as most can be resolved via alternative dispute resolution.
</p>
<h3 id="heading_id_4">
 Chairman Statement
</h3>
<p>
 They want quarterly meetings with developers to hear their views and communicate HRERA, Gurugram's requirements to provide a level playing field for all stakeholders. The HRERA court will address complex or unresolvable issues as usual. The main purpose of RERA is to settle consumer disputes and bring justice. They want to resolve issues so stalled projects can be completed and buyers can close them without losing money.
</p>
<h3 id="heading_id_5">
 Another important finding Kumar reached was:
</h3>
<p>
 Most of the city's delayed and blocked projects were licensed before HRERA was founded in 2016, and the number would decrease in the future.
</p>
<h3 id="heading_id_6">
 Development inquiries included:
</h3>
<p>
 Project completion dates and when to consider a project complete. Project registration fees lowered and penalties decoupled from DTCP NOCs.
</p>
<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/gurgaon-rera-fines-developer-for-misleading-ad/" rel="noopener noreferrer nofollow" target="_blank">
     Gurgaon RERA fines developer for 'misleading' ad
    </a>
   </em>
  </li>
  <li>
   <em>
    <a href="/articles/hrera-instructed-defaulting-developers-on-reports/" rel="noopener noreferrer nofollow" target="_blank">
     HRERA instructed defaulting developers on Reports
    </a>
   </em>
  </li>
 </ul>
</div>
<h3 id="heading_id_7">
 Arun Kumar said:
</h3>
<p>
 RERA legislation will alleviate developer concerns about refunding clients in delayed projects. Further issues raised would be addressed to resolve disagreements. A disgruntled consumer or developer may contact him directly.
</p>
<h3 id="heading_id_8">
 Developers have complained about:
</h3>
<p>
 The non-consideration of the occupancy certificate for compliance closure and project registration. According to NAREDCO Haryana president Pravin Jain: To encourage open communication and collaboration, industry associations were invited to
 <strong>
  meet every 3–4 months.
 </strong>
</p>
<p>
 HRERA Gurugram plans to develop a help desk to speed up stakeholder complaint response.
</p>


HRERA will endeavour to guarantee that disagreements between allottees and developers are settled peacefully, since the majority of them may be handled via alternative dispute resolution.

HRERA to establish a forum to address builder-buyer dispute.

<h2 id="heading_id_1">
 DLF Retail Expansion
</h2>
<p>
 DLF Retail has unveiled six new locations as part of its aggressive growth strategy. This will feature three premium neighbourhood plazas:
 <strong>
  Summit Plaza in DLF 5, Gurugram; Midtown Plaza in Moti Nagar, Delhi; and New Gurgaon Plaza in Sector 91, Gurugram
 </strong>
 ; and two office retail spaces:
 <strong>
  The Hub in Chennai and Cyber Park in Gurgaon.
 </strong>
</p>
<p>
 In addition, DLF Retail will join the
 <strong>
  Goa market with Patto Plaza
 </strong>
 , a premium offering of 0.3 million square feet in one of the city's most desirable locations. The acquisition represents DLF's continuous expansion not just in Delhi NCR, but also across India, including additional locations like as Chennai and Goa.
</p>
<p>
 DLF Retail, known as a real estate development pioneer, will unveil 6.5 million square feet of modern retail spaces with these six new projects. The extension will provide concentrated and tailored shops, unrivalled F&amp;B areas, and intriguing cultural events.
</p>
<h3 id="heading_id_2">
 Pushpa Bector's Statement
</h3>
<p>
 Pushpa Bector, Executive Director at DLF Retail, said, "This is an exciting period in our company's history. We are launching a new path of expansion with the development of premium neighbourhood plazas. These would complement our luxury residential complexes, hence improving the quality of our DLF clients. Goa is an attractive market, and our premium product will enhance the urban Goan resident's living experience. DLF has pioneered the expansion of retail services in office space, and DLF Cyber Park and The Hub will continue this trend."
</p>
<p>
 "We continue to enhance our property portfolio to ensure that we have a solid basis to support our growth strategy across all of our services and markets. We will continue to extend and improve experiences by adding to our current retail mix in the future years. The goal is to continue to innovate in the best interests of our customers and key stakeholders in order to meet their changing demands," she said.
</p>
<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/trevoc-group-and-ask-property-fund-will-invest-inr-200-crore-in-a-new-luxuy-residential-project-in-gurugram/" rel="noopener noreferrer nofollow" target="_blank">
     Trevoc Group and ASK Property Fund will invest INR 200 crore in a new luxuy residential project in Gurugram
    </a>
   </em>
  </li>
  <li>
   <em>
    <a href="/articles/crisil-ratings-limited-has-reaffirmed-its-long-term-and-short-term-ratings-for-dlf-bank-facilities/" rel="noopener noreferrer nofollow" target="_blank">
     CRISIL Ratings Limited has reaffirmed its long-term and short-term ratings for DLF Bank facilities
    </a>
   </em>
  </li>
 </ul>
</div>
<h3 id="heading_id_3">
 DLF Malls
</h3>
<p>
 Today, DLF Malls has 4.2 million square feet of retail space, 673 distinct brands, including over 300 foreign and 168 F&amp;B outlets, and 26 movie screens spread throughout malls. DLF Malls strengthened its leading position during the COVID-19 year by signing 158 prominent brands across categories at its eight premium and luxury properties in Delhi-NCR. While it has been a terrible year for companies throughout the world, the retail sector has remained positive, and organised retail has recovered from the second wave. DLF Malls, with its strategic vision, has been successful in enhancing its brand portfolio by adding a number of new international and domestic names to its existing robust retail offering.
</p>
<p>
 DLF Malls has also implemented an H14 grade HEPA filtration system, prioritising the health and safety of its visitors. This newly launched deployment has been installed across
 <strong>
  all DLF Malls, including DLF Avenue- Saket, DLF Promenade- Vasant Kunj, DLF Mall of India- Noida, DLF Emporio- Vasant Kunj, and The Chanakya- Chanakyapuri
 </strong>
 , with the goal of providing a safe environment for all customers who visit the properties to shop, dine, and entertain themselves with their families and friends.
</p>


DLF Retail unveiled 6 new properties as part of their aggressive growth. This includes 3 premium neighbourhood plazas, Summit Plaza in DLF 5, Gurugram, Midtown Plaza in Moti Nagar, Delhi, and New Gurgaon Plaza in Sector 91.

DLF plans to add six more properties to its existing portfolio

<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/gurgaon-dlf-apartment-sold-for-95-crore-rupees/" rel="noopener noreferrer nofollow" target="_blank">
     Gurgaon DLF apartment sold for 95 crore rupees
    </a>
   </em>
  </li>
  <li>
   <em>
    <a href="/articles/trevoc-group-and-ask-property-fund-will-invest-inr-200-crore-in-a-new-luxuy-residential-project-in-gurugram/" rel="noopener noreferrer nofollow" target="_blank">
     Trevoc Group and ASK Property Fund will invest INR 200 crore in a new luxuy residential project in Gurugram
    </a>
   </em>
  </li>
 </ul>
</div>
<h2 id="heading_id_1">
 Realty firm Signature Global Update
</h2>
<p>
 Realty firm Signature Global on Sunday said it has
 <strong>
  sold more than 1,000 flats in its luxury housing project in Gurugram
 </strong>
 for over Rs 3,600 crore on strong demand for residential projects.
</p>
<p>
 Housing demand has been very strong in the last two years, especially in the luxury homes segment.
</p>
<h3 id="heading_id_2">
 Details of the Project
</h3>
<table border="1">
 <tbody>
  <tr>
   <th>
    Project Name
   </th>
   <th>
    Location
   </th>
   <th>
    Total Sales
   </th>
   <th>
    Sales Potential
   </th>
  </tr>
  <tr>
   <td>
    DE LUXE-DXP
   </td>
   <td>
    Sector 37D, Gurugram
   </td>
   <td>
    Rs 3,600 crore
   </td>
   <td>
    2.7 million square feet
   </td>
  </tr>
 </tbody>
</table>
<p>
 In a regulatory filing, Signature Global informed that it has achieved "pre-formal launch sales of more than Rs 3,600 crore for its latest premium housing residential development
 <strong>
  project 'DE LUXE-DXP' at Sector 37D in Gurugram.
 </strong>
 The project is spread over 16.5 acres and has a sales potential of 2.7 million square feet."
</p>
<h3 id="heading_id_3">
 Chairman's Statement
</h3>
<p>
 Pradeep Aggarwal, Chairman of Signature Global, said, "With growing affluence in the middle class, a significant population segment has developed better purchasing power and higher aspirations". These factors have led to growing demand in the mid-housing segment, he added. "...modern-day consumers are seeking a mix of features, amenities, space, and affordability to fulfill the demands of the new age lifestyle," Aggarwal said.
</p>
<h3 id="heading_id_4">
 Response and Development
</h3>
<ul>
 <li>
  NRI (non-resident Indians) and big corporate employees have shown immense response.
 </li>
 <li>
  Signature Global is mainly into mid-income and affordable housing segments.
 </li>
</ul>
<p>
 Till December 2023, Signature Global has delivered
 <strong>
  a 6.7 million square feet area.
 </strong>
 It is developing a 16.9 million square feet area and also has a forthcoming pipeline of 28.4 million square feet of saleable area.
</p>


In the previous two years, there has been a surge in housing demand, particularly for premium residences which helped in raising the supply of luxury residential projects from top builders including DLF and multiple others.

Signature Global sold 1000 units in Gurugram for more than Rs 3,600 crore

<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/the-government-authorises-a-15-crore-road-in-sector-70a-of-gurugram/" rel="noopener noreferrer nofollow" target="_blank">
     The government authorises a 15-crore road in Sector 70A of Gurugram
    </a>
   </em>
  </li>
 </ul>
</div>
<h2 id="heading_id_1">
 On March 11
</h2>
<h3 id="heading_id_2">
 Announcement of Inauguration
</h3>
<p>
 Union Minister and MP Rao Inderjit Singh announced that
 <strong>
  PM will officially inaugurate the Dwarka Expressway's city segment
 </strong>
 , beginning with a road show from Delhi. The National Highways Authority of India (NHAI) kept silent on the expressway's opening date, despite Chief Minister Manohar Lal Khattar announcing the inauguration at an event on Saturday.
</p>
<h3 id="heading_id_3">
 Preparation for Inauguration
</h3>
<p>
 However, the roads authorities insisted that final preparations were being made before to the speedway's ceremonial launch. "PM Modi will visit Haryana for the second time in a month to showcase multi-crore development projects. The programme's activities are now being planned," the Gurgaon MP said.
</p>
<h3 id="heading_id_4">
 Importance of Completion
</h3>
<p>
 "Its (expressway's) completion will not only enhance road infrastructure in the city, but will also showcase development in the entire NCR, benefitting residents," the minister went on to say.
</p>
<h3 id="heading_id_5">
 Status Update from NHAI
</h3>
<p>
 NHAI officials said that they have yet to obtain a firm date from the Prime Minister's Office for the expressway's inauguration. "We are prepared with the Gurgaon segment of the Dwarka Motorway, but we are still waiting for the final date. However, efforts are ongoing to finish the beautifying and maintenance tasks. In addition, we are improving visibility and ambiance along the motorway by putting tricolored lights on poles. Painting is also underway, according to a senior NHAI officer.
</p>
<h3 id="heading_id_6">
 Preparation by District Administration
</h3>
<p>
 The district administration is also getting ready for the inauguration. On Thursday, the deputy commissioner and commissioner of police inspected the expressway.
</p>
<h3 id="heading_id_7">
 Completion Status of Motorway
</h3>
<p>
 The 18.7km portion of the motorway near Gurgaon was finished last year, but it was not opened to traffic because the NHAI was conducting a safety check. The final 10km of the motorway in Delhi is expected to take another five to six months to finish.
</p>
<h3 id="heading_id_8">
 Impact of Completion
</h3>
<p>
 Once completed, the motorway would link vital locations including as Harsaru, Pataudi Road, Farrukhnagar, and Sector 88(B), enhancing connectivity and accessibility for city inhabitants. It would connect the
 <strong>
  city's sectors 83, 84, 88, 99, and 113,
 </strong>
 as well as the projected Global City, to Dwarka Sector 21 and the Indira Gandhi International Airport.
</p>
<h3 id="heading_id_9">
 Anticipation from Residents
</h3>
<p>
 Residents stated they are looking forward to the opening. Harish Yadav, a Palm Gardens homeowner in Sector 83, believes the Dwarka Expressway's inauguration is long overdue. "Once operating, it will be advantageous, particularly for new sectors. Not only will travel time between Delhi and Gurgaon be reduced, but with increased connectivity, growth in these sectors would also accelerate."
</p>
<h3 id="heading_id_10">
 Relief from Traffic Congestion
</h3>
<p>
 Once finished, the Dwarka Motorway
 <strong>
  would relieve traffic congestion on NH-8
 </strong>
 and provide an alternate route for commuting between Delhi and Gurugram.
</p>


Prime Minister Narendra Modi will open the Dwarka Expressway's city segment on March 11. The expressway's completion would improve road infrastructure in Gurgaon and highlight progress in the NCR. The remaining part in Delhi would take another five to six months to finish, providing better connection for citizens.

PM Narendra Modi slated to launch the Dwarka Motorway on March 11 and host a roadshow

<h2 id="heading_id_1">
 Trinity Infratech Collaboration with Seetu Kohli Home
</h2>
<p>
 Trinity Infratech, an aspiring and famous real estate developer gaining momentum for its unique and forward-thinking vision, has just announced a revolutionary
 <strong>
  cooperation with Seetu Kohli Home
 </strong>
 to deliver exclusive
 <strong>
  Versace-furnished houses in Gurgaon
 </strong>
 , India's Millennium City. This cooperation represents a key milestone in the region's premium real estate scene, delivering unprecedented richness and elegance.
</p>
<h3 id="heading_id_2">
 Seetu Kohli's Contribution
</h3>
<p>
 Seetu Kohli, a well-known figure in India's design community, contributes her excellent taste and vision to this project, ensuring that every facet of the home oozes elegance and luxury.
 <strong>
  Seetu Kohli's ability in crafting unique interiors that meld modern aesthetics with timeless charm
 </strong>
 will enrich the living experience of these Versace Home-furnished properties.
</p>
<h3 id="heading_id_3">
 Statement from Seetu Kohli
</h3>
<p>
 When questioned about their new cooperation, Seetu Kohli said: "I have represented the most wonderful furniture companies in India for the previous 20 years. It has been a tremendous endeavour to find the proper project for my businesses. I am thrilled to report that I have complete synergy with the Trinity team in terms of both concept and vision for bringing to reality an extraordinary project that will elevate the standard for interiors and real estate in India. I partnered with them on both the design and furnishing of the space with my lovely brand Versace Home, which I will be introducing to India in the coming months. The project will include avant-garde Italian cuisine as well as fashion and luxury, providing customers with a truly worldwide experience. India is positioned to be the top destination for establishing the highest international standards, and this initiative will get the ball rolling in that direction. It is an effort to carry forward the revered Prime Minister's vision for our country."
</p>
<h3 id="heading_id_4">
 Versace Home's Luxury
</h3>
<p>
 Versace Home, known for its unique design and exceptional workmanship, embodies luxury and status. E
 <strong>
  ach item of furniture and décor embodies the brand's signature design aesthetic
 </strong>
 , which is defined by striking patterns, luxurious materials, and rigorous attention to detail. Trinity Infratech and Seetu Kohli Home want to reinvent luxury living in Gurgaon by incorporating Versace Home furniture into these properties, providing discriminating customers with an unparalleled lifestyle.
</p>
<div style="background-color:#f7f9fd; border-left:2px solid #1967d2; padding-block:8px; padding-inline:12px; text-align:justify">
 <p>
  See Also :
 </p>
 <ul>
  <li>
   <em>
    <a href="/articles/gurgaon-dlf-apartment-sold-for-95-crore-rupees/" rel="noopener noreferrer nofollow" target="_blank">
     Gurgaon DLF apartment sold for 95 crore rupees
    </a>
   </em>
  </li>
  <li>
   <em>
    <a href="/articles/trevoc-group-and-ask-property-fund-will-invest-inr-200-crore-in-a-new-luxuy-residential-project-in-gurugram/" rel="noopener noreferrer nofollow" target="_blank">
     Trevoc Group and ASK Property Fund will invest INR 200 crore in a new luxuy residential project in Gurugram
    </a>
   </em>
  </li>
 </ul>
</div>
<h3 id="heading_id_5">
 Collaboration Goals
</h3>
<p>
 The collaboration between Trinity Infratech and Seetu Kohli Home to provide houses outfitted with Versace Home aims to establish new benchmarks in luxury real estate development, combining creative design, excellent workmanship, and unrivalled attention to detail. From extravagant living rooms to opulent bedrooms and stylish dining areas, each aspect of these houses will represent the pinnacle of luxury living, providing homeowners with an unrivalled lifestyle experience.
</p>
<h3 id="heading_id_6">
 Statement from Adil Altaf
</h3>
<p>
 Trinity Infratech's Managing Director, Adil Altaf, said: "Our showpiece project, set to premiere this summer, will be one of the very few branded projects in our nation, underlining our commitment to bringing one-of-a-kind, incredibly distinctive projects to market. The Trinity team and I are delighted to collaborate with Seetu Kohli on this exciting new adventure, and we can't wait to usher in a new age of luxury on the Dwarka Motorway."
</p>
<p>
 Adil Altaf, Managing Director of Trinity Infratech, said that Dwarka Motorway is developing as Gurgaon's Sheikh Zayed Road, adding that this development would pave the way for ultra-luxury buildings along the Dwarka Motorway length.
</p>


Trinity Infratech, a rising real estate developer known for its inventive and forward-thinking approach, has partnered with Seetu Kohli Home to build unique Versace-furnished houses in Gurgaon, India's millennium city. This partnership promises unmatched elegance and refinement in the region's premium real estate market.

Trinity Infratech Joins Seetu Kohli to Bring Gurgaon Unique Versace-Furnished Residences

<h2 id="heading_id_1">
 Emaar India Leadership and Financial Updates
</h2>
<h3 id="heading_id_2">
 Resignation of Mr. Mohamed Ali Rashed Alabbar
</h3>
<p>
 Emaar India, in accordance with the legal criteria established in Regulation 51(2) of the SEBI (Listing Obligations and Disclosure Criteria) Regulations, as well as Part B of Schedule III, has recently made substantial changes to its leadership and financial reporting.
</p>
<p>
 Mr. Mohamed Ali Rashed Alabbar has publicly resigned from his position as Director of Emaar India, effective January 31, 2024. This departure, in accordance with legal requirements, represents a significant change in the company's board composition.
</p>
<h3 id="heading_id_3">
 Board Meeting for Financial Approval
</h3>
<p>
 Furthermore, in accordance with Regulation 50(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, Emaar India has scheduled a critical meeting of its Board of Directors for Monday, February 12, 2024. Among the important agenda topics is the discussion and approval of the unaudited financial figures for the quarter ending December 31, 2023.
</p>
<h3 id="heading_id_4">
 Appointment of Dr. Ahmed Abdulrahman Abdulrahman Albanna
</h3>
<p>
 Emaar India announces the appointment of Dr. Ahmed Abdulrahman Abdulrahman Albanna as a Director of the firm, in accordance with Regulation 51(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations and Part B of Schedule III. On February 12, 2024, the Board of Directors confirmed this appointment, as recommended by the Nomination and Remuneration Committee, with immediate effect.
</p>
<h3 id="heading_id_5">
 Financial Results Approval
</h3>
<p>
 Furthermore, expanding on earlier statements published on February 5, 2024, Emaar India's Board of Directors officially accepted the Un-audited Standalone Financial Results for the quarter ending December 31, 2023, at a meeting held today. In compliance with Regulations 52 and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Listing Regulations'), copies of these results, together with the Limited assessment Report, have been attached for full assessment.
</p>
<h3 id="heading_id_6">
 Commitment to Excellence
</h3>
<p>
 These recent leadership changes and financial updates demonstrate Emaar India's commitment to openness and regulatory compliance. As the firm navigates these developments, it is committed to providing value to stakeholders while maintaining the highest levels of corporate governance.
</p>
<p>
 Emaar India hopes to use these strategic moves to further its objective of excellence in the real estate business.
</p>


Emaar India has changed leadership and financial reporting to comply with SEBI. A director resigned to comply with regulations. A crucial Board of Directors meeting on February 12, 2024, discussed unaudited financial statements for the quarter ending December 31, 2023, demonstrating Emaar India's transparency and regulatory compliance.

Emaar India Witnesses Leadership Transition

Gurugram

View all and latest news and articles of Gurugram/Gurgaon Real Estate

Gurugram/Gurgaon Real Estate News

Municipal Corporation Announcement   Municipal Corporation of Gurugram (MCG)  to Confiscate Properties The   Municipal Corporation of Gurugram (MCG)  announced on Thursday that it would confiscate properties of people who fail to pay property taxes and advertisement costs by March 31, according to an official familiar with the situation. Taking a hard stance against tax defaulters, the MCG has conducted frequent sealing campaigns, identifying approximately 500 properties that would be sealed if property taxes are not paid on time. Recovery Procedure Speed Up MCG Commissioner   Narhari Singh Bangar  said that he has asked the team to speed the recovery procedure. The goal is to recoup funds owing to the city, such as property taxes and advertisement fees. Special Campaign Initiated "A special campaign has begun, with a deadline of March 31. The goal is to recoup income, such as property taxes and advertisement costs. During the current fiscal year, we recovered a remarkable ₹233 crore from property tax alone. The municipality's attempts to strengthen its finances have been bolstered by an extra ₹54 crore in advertisement income," according to the official.   See Also :                The Municipal Corporation of Gurugram (MCG) to seal tax defaulter's property           Actions Against Law Violators Bangar said that encroachments on municipal property will be removed as soon as possible, and anyone discovered in violation of the law would face penalties. "We have given a strong warning to pay penalties for unauthorised ads or face the implications of property attachment. We've already launched anti-encroachment campaigns around the city. We have also initiated aggressive campaigns against unauthorised structures. The goal is to recapture municipal property from unlawful squatters and secure it with correct paperwork, preventing further encroachments," he said. Penalties for Illicit Ads Officials engaging in illicit ads will face penalties, and their properties will be sealed, according to MCG officials. Urban Environment Transformation Bangar said that the MCG's goal was to alter Gurugram's urban environment. "We instructed the Municipal Corporation, HSIIDC, and HVPNL to identify land for the creation of an art and culture centre. Furthermore, a place for an e-library has been identified," he said. Sealing of Properties According to officials,   roughly 850 properties in the city have been sealed since 2017  , with owners being allowed leave following warnings. Though the majority of tax defaulters paid their bills and regained their properties, those who did not face the potential of having their properties auctioned off beginning in June of this year under Section 130 (method of recovering tax or fee) of the Haryana Municipal Act, 1994, according to authorities.

Godrej Properties' Expansion in FY24 Godrej Properties, a real estate developer, has bought multiple land parcels in the fiscal year 2023-24 (FY24), with a potential income of almost   Rs 20,000 crore  . Godrej Properties exceeded its FY24 estimate by generating   Rs 15,000 crore  in new   business  growth via outright acquisitions and collaborations with landowners. Recent Acquisitions and Ventures In the current quarter (Q4 FY24), the   business  made two outright land acquisitions in Hyderabad and Noida, as well as launching a joint venture in Bangalore. These three latest purchases are expected to yield a combined revenue of nearly   Rs 11,500 crore  , bringing the total to over Rs 20,000 crore so far this fiscal year. In addition, the   business  added new projects totaling   Rs 8,425 crore  over the first nine months of the fiscal year.   See Also :                Trevoc Group and ASK Property Fund will invest INR 200 crore in a new luxuy residential project in Gurugram                       Trinity Infratech joins the booming Gurugram real estate market and plans to work on three real estate projects in FY 24–25.           Specific Land Purchase Godrej Properties recently paid   Rs 506 crore  for a   6.46-acre land  in Noida, with plans to create a home complex with a projected income of   Rs 3,000 crore  . Located in Sector 44, Noida, this property lot has a development potential of about   1.4 million square feet (msf)  and an estimated income opportunity. Throughout the fiscal year 2022-23, Godrej Properties bought land parcels with a post-development income potential of more over   Rs 32,000 crore  .

Signature Global's Expansion Plans Signature Global's Chairman, Pradeep Aggarwal, has said that the company would spend   Rs 1,000-1200 crore per year  in land purchases for house construction in order to capitalise on increasing consumer demand. In an interview with PTI, he said that   housing demand  has been very robust over the last two years across all sectors, whether inexpensive, mid-income, premium, luxury, or ultra luxurious. Investment Strategy Aggarwal anticipates that the demand momentum will continue as the economy becomes stronger. "We will be investing   Rs 1,000-1200 crore every year for outright purchase of land  to achieve our growth plan," Aggarwal said in a statement. In addition to outright property purchase, he said that the corporation would be willing to work with landlords to create housing developments. "We will continue to focus on the Gurugram property market for short to medium term," added Mr. Singh.   See Also :                Signature Global sold 1000 units in Gurugram for more than Rs 3,600 crore                       Four property tracts in Gurugram attract Rs 500 crore from three developers.           Financial Projections Aggarwal said that the business expects sales bookings to be around Rs 7,200 crore this fiscal year, up from Rs 3,430 crore the previous year. The business recently inaugurated a new luxury home project in Gurugram, with an investment of Rs 2,200 crore. It has already sold the whole project, which includes 1,008 apartments, for Rs 3,600 crore. Current Projects and Growth The 16.5-acre 'DE LUXE-DXP' project is situated on the Dwarka Expressway in Gurugram's Sector 37D. During the first nine months of current fiscal year, Signature Global's sale bookings increased by 41% to Rs 3,124.12 crore from Rs 2,209.78 crore the previous year. Sales bookings are expected to surpass Rs 7,200 crore this fiscal year, after sales of Rs 3,600 crore in its new project on the   Dwarka Expressway  . Housing demand has rebounded in major cities after Covid, fueled mostly by end-users, while investors have returned to the market with reasonable price appreciation in the previous two years. Signature Global successfully raised Rs 730 crore with its first public offering in September of last year. Market Presence and Performance The public offering, which included a new issuance of shares of Rs 603 crore and an Offer For Sale (OFS) of Rs 127 crore, was subscribed 11.88 times.   Signature Global  primarily serves the mid-income and affordable housing markets. Signature Global has supplied a total of 6.7 million square feet till December 2023. It is currently building a 16.9 million square foot area with a projected pipeline of 28.4 million square feet of saleable space.

The Haryana Shehri Vikas Pradhikaran (HSVP) Reconstruction Project  Overview The HSVP intends to reconstruct Sector 29 into Gurugram's central business district. Project Details          Component          Description              Vision and Master Plan          Creation of vision, master plan, and comprehensive layout plan              Urban Design Guidelines          Development of urban design guidelines         Current Status The entire land area of   Sector 29 is 482 acres  , with 100 acres already developed. Challenges The projected business district faces several engineering concerns, including infrastructure and transportation planning. Infrastructure Development Planned developments include new streets, bridges, and advanced pedestrian infrastructure. Consultant's Responsibilities   Assess current site    Conduct topographic survey    Evaluate existing development works  Additional Information 100 acres of Sector 29 in Gurugram have already been developed into housing societies, markets, and hotels. While it is strategically situated in Gurugram and has several commercial and residential buildings, hotels, parks, and other amenities, the projected business district is said to have many engineering concerns. As a result, the HSVP has hired a consultant to explore the problems and concerns affecting plot sales in the region. According to the updated layout plan for this area, the consultant must provide a visionary statement together with a layout plan that optimises infrastructure and transportation planning to suit future demands.

The Ministry of Finance Order The ministry of finance has ordered all public sector banks   to comply with the Real Estate (Regulation and Development) Act, 2016,  while permitting developers to withdraw cash from Rera accounts. Legal Action Threat The decision comes a week after H-Rera chairman   Arun Kumar threatened legal action against banks for enabling developers  to withdraw monies from regulator accounts without following guidelines. Non-Compliance Notice Under secretary of ministry of finance Subhashchandra Amin wrote to banks that, as informed by the Haryana Rera chief, developers are not complying with provisions such as submitting certificates of chartered accountants, engineers, and architects before withdrawing funds from Rera accounts, and banks are allowing withdrawals without ensuring compliance, which violates Section 4 (2)(1) (d) of Rera Act. Monitoring and Penalties Amin said the HRera head has written to the ministry of housing and urban affairs (MoHUA) to ask the department for financial services (DFS) to advise all banks. Kumar ordered banks to closely monitor cash withdrawals to prevent legal action and warn developers that they might be fined up to 5% of the project cost for misusing homebuyer funds.   See Also :                HRERA to establish a forum to address builder-buyer dispute.                       Gurgaon RERA fines developer for 'misleading' ad           Compliance Requirements According to the Act,   70% of homebuyers' payments for every real estate project must be put in a separate bank account  and utilised solely for land and construction. The developer may withdraw funds from this account to pay project costs in accordance to the percentage of completion following engineer, architect, and chartered accountant certification. Penalties and Notifications Developers were also warned of penalties by the agency. Non-compliance with Section 4 of the Rera Act may result in a penalty of up to 5% of the project cost. You may notify everybody affected and warn them to properly monitor withdrawals to prevent legal action for such failures, the authorities advised banks. Rera Requirements Rera requires developers to open a project master account (where the entire amount realised from homebuyers is deposited), Rera-compliant account (where 70% of the amount collected from homebuyers is deposited), and promoters' free project account (where the remaining 30% is deposited).

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