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.

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

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  .

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

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.

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

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 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

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).

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.

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