Aadhar was purchased by private equity firm Blackstone in 2019 for roughly $300 million as a result of the group’s wager on the rising demand in India for finance and affordable housing.

The IPO is Aadhar’s second attempt at listing following the cancellation of a $1 billion plan in 2022 due to market turbulence following the conflict between Russia and Ukraine.

According to these sources, Aadhar intends to submit its IPO paperwork to India’s market regulator in the upcoming two weeks.

In the midst of record-high stock markets in India—a rare bright spot for international investors—a deal would be the most recent instance of private equity investors seeking to sell off portions of their businesses.

A rapidly expanding economy and promises of political stability are driving the nation’s record-listing intentions at the moment. Its benchmark index, the Sensex, is trading close to record highs, and its stock market recently surpassed Hong Kong’s to become the fourth largest in the world.

“Blackstone intends to sell a portion of its holding to profit from the current state of the market. Since the IPO plan is still confidential, one of the two sources, who wished to remain anonymous, stated that timing is crucial for a progressive sell-down.

As consultants for its most recent initial public offering (IPO) filing, Aadhar has enlisted investment banks Citi, Nomura, and India’s Kotak and ICICI. The sources stated that a Mumbai listing is anticipated by May.

Citi, Nomura, and Blackstone all declined to comment. Aadhar, ICICI, and Kotak did not reply to requests for comments.

Aadhar provides house loans up to $18,000 to individuals with as low as $75 monthly income in a nation where escalating real estate costs have made major city property ownership more and more challenging.

According to the company, “economically weaker sections and low-income groups” receive the majority of its loans.

Although state-owned and private banks account for the majority of mortgage loans in India, more recent private equity-owned companies are vying for market dominance. In recent years, investors like Morgan Stanley and Warburg Pincus have placed bets on the industry.

Aadhar claims to oversee $2 billion in loans across 20 Indian states and 479 offices. According to its annual report, during 2022–2023 its net profit increased by 22% to $65 million, while its total income increased by 18% to $245 million.

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As per the guidelines released by the BMC on October 25, it is mandatory for project proponents to erect tin metal sheets, at least 35 feet high, around construction projects that surpass a height of 70 meters.

However, Minish Pimple, the deputy municipal commissioner for the environment, stated on Monday that the height of the tin sheets will be lowered to 25 feet, though a formal order in this regard has not yet been issued. We advise using a green cloth above that height instead.

The current on-site challenges, where most buildings have limited space between the basement and plot boundary, were brought to light by PEATA’s former president, architect Shirish Sukhatme. “Significant lateral pressure and a large amount of foundation space are needed to erect a tall sheet.

It is necessary to take into account the wind load, nearby traffic, and worker safety. The durability of the sheet is essential for averting potentially fatal situations. In addition, Suktame stated that although the required green cloth complies with regulations, it causes discomfort for employees due to its increased heat in the cramped workspace.

In the meantime, the BMC suggested that Mhada, SRA, and MMRDA form their own flying squads to monitor construction site violations that were listed by the civic body on October 25 during a meeting with various government authorities on Monday.

“According to SRA officials, construction sites that do not follow air pollution guidelines are already receiving stop-work notices. In order to ensure that the established protocols are consistently followed, we have also asked them to continue routinely monitoring the locations,” a BMC representative stated.

The majority of the 343 stop-work notices that the BMC has issued to projects that have violated air pollution mitigation guidelines thus far are located in the K-East (Andheri East) and H-East (Kalina and Vakola) wards.

According to officials, ward officers were instructed to act strictly during the meeting on Monday and, if necessary, to file a police complaint in the event that a developer does not stop working after receiving a stop-work notice.

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In a plea, Lokhandwala Residency Tower Cooperative Housing Society of Worli “brings to the fore fundamental issues in regard to safety precautions to be implemented in the construction of super highrise buildings,” according to the High Court.

According to the petition’s senior attorney Prateek Seksaria, the deaths of two people as a result of the building being done on the next property for “Four Seasons Private Residences Phase | and II” by a developer, served as the catalyst for the petition. The public was concerned that crane construction could harm other lives.

The HC noted that the incident on February 14, 2023, was “to put it mildly, too tragic.” “We fully feel that the freedom of a person to roam about in locations that are not actually building sites, if threatened by a fear of being killed or injured, would undoubtedly amount to a breach of one’s fundamental right to life,” the bench declared in ruling on the petition.

Sakseria claimed that the petitioner’s goal is to maintain safety while preventing obstruction of current development. Zal Andhyarijuna, the developer’s senior attorney, claimed it was an accident and that his client was deeply saddened by it.

He claimed that in order to accomplish the balance job, the developer tried to apply tight safety standards. For such crane operations, the civic body requires and is willing to prescribe safety measures, according to senior lawyer N V Walawalkar representing the BMC.

Highrises that are still under construction frequently have suspended cranes, according to HC, who also expressed confidence that the municipal commissioner will look into these matters and implement the necessary rules.

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In the case involving the Swami Vivekanandnagar Cooperative Housing Society, 74 (93%) of the 78 unit owners gave their assent to reconstruction because the structures, which were built in 1969, were in a deteriorated state.

By determining that the requirements for redevelopment under section 41A of the Gujarat Ownership Flats Act were met, the sole judge on June 21, 2022, opened the way for the reconstruction of the society. The lone judge overruled the concerns put forward by the minority of dissenting members.

The society’s members made the decision to pursue renovation in 2019 and entered into an agreement with Excel Life Space LLP. The problem reached the HC after the statute was revised to make it clear that 75% of members must agree to redevelopment because of objections from four members.

The HC instructed the AMC to make a decision regarding the society’s request for redevelopment. If the current structure is demolished and new ones are constructed on the plot, the civic body has given the society authorization to develop the land.

The sole judge had agreed with the majority’s position that, if the redevelopment proposal is approved, everyone will receive a larger home within three years without having to pay anything out of pocket. Since there are so few dissenting votes, section 41A’s condition for redevelopment is satisfied.

The single judge rejected the minority group’s protest and also ordered them to leave their apartments so that the structures might be demolished.

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Around 100 one-bedroom flats will be demolished, and the number of flats for the economically disadvantaged (EWS) will be reduced from 80 to 48. According to the revised plan, there will be 192 3 BHK flats, 100 2 BHK flats, and the remaining 48 EWS flats.

A detailed agenda item in this regard will be considered for approval at the CHB’s board meeting on February 2. The meeting will be presided over by UT adviser Dharam Pal, who also serves as the chairman of the CHB.

According to sources, the CHB expects allottees to show increased interest in 2BHK and 3BHK flats due to the current state of the real estate market.

According to CHB sources, the number of applicants for the EWS category in the scheme’s demand survey report was 38, with 12 for one-bedroom flats, 33 for two-bedroom flats, and 95 for three-bedroom flats. There were 178 applications received. The demand survey was based on the saleable cost offered, which included the construction cost, land cost, and departmental charges but not the profit.

The UT administration’s Plan Approval Committee had approved the scheme’s drawings with conditions. During the project’s planning, environmental clearances were obtained, and the Chandigarh Pollution Control Committee’s approval was sought.

The post In Sector 53, the Chandigarh Housing Board will build 340 flats instead of 492. appeared first on .

On March 31, 2011, more than 50 homebuyers decided to book flats at ND Laurel, a housing project at Gunjur, near Varthur in Bengaluru East, according to a complaint filed with the NCDRC against ND Developers Pvt Ltd and five others.

According to the agreement, ND Developers Pvt Ltd was required to provide legal possession of the flats with all did promised amenities and facilities to the home buyers by December 2012, with a four-month grace period, i.e. by March 2013. However, even after the deadline, the company failed to deliver the flats to the home buyers.

According to reports, the builder failed to obtain the occupancy certificate (OC) for the unfinished flats handed over to some of the buyers. According to reports, 24 of the 55 homebuyers received incomplete flats but did not receive occupancy certificates from the builder.

The NCDRC, chaired by presiding member Binoy Kumar and member Sudip Ahluwalia, has directed the opposing parties (ND Developers and land owners) to refund the entire amount deposited by the complainants, as well as delay compensation at 9% per annum on the deposited amount from the respective dates of deposits until realization, within two months.

“Any delay of more than two months will result in a 12% annual interest rate for the same period,” the NCDRC stated.

It has also directed the builder to complete the construction of the flats allotted to the complainants (24 home buyers) in all respects, obtaining the necessary OC at its own cost and responsibility, and offering possession of the flats to the complainants within six months along with delay compensation at 8% per annum from the proposed date of possession as per the respective agreements, which will include the grace period, until the offer of possession or obtaining OC.

“Any delay beyond two months will attract an interest rate of 12% per annum for the same period.”Any pending applications have been disposed of,” the NCDRC stated.

Home buyers have applauded the NCDRC decision and expect the builder to finish all outstanding work for those who have already taken possession of the flats. “I am very pleased with the NCDRC decision. I’ve been waiting for ten years to take possession of the flat. It’s a good decision,” said Santosh Krishnamurthy, one of the home buyers who complained to the NCDRC.

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“Prima facie,” the developer of real estate and a finance company “not only concealed material information and misled this court, but they also acted in such a way as to circumvent/frustrate the order(s) did pass by this court,” the high court stated in an order issued this week.

Ansal Properties’ and RSD Finance’s counsel have been directed to document a list of the companies’ directors within two weeks. The directions were issued in response to a petition filed by Suresh Kumar Kakkar and others on basis of an October 2010 joint collaboration implemented among them and Ansal Properties for the development of approximately 3.575 acres of land in Gurgaon.

Ansal agreed to develop the land by building a residential/group housing/commercial colony after acquiring all necessary permissions from the authorities. The company was allowed to sell “its share” of the project’s built-up area.

The petitioners claimed that because the developer failed to carry out any development on the land, they petitioned the court to prevent the company from creating any third-party rights on the plots.

The high court noted in its order that on the first date of the petitioner’s hearing (on January 14, 2022), the counsel for the developer stated that the status quo regarding title and possession of the properties, including the two plots in dispute, would be maintained.

The petitioners claimed that, notwithstanding the undertaking given to the court, the developer created third-party rights in favor of the finance company.

Ordering the status quo with regard to the “title, possession, and construction” of the two plots and noticing that the property developer and the finance company were “prima facie guilty of concealment of material facts,” the court concluded that “there is also merit in the petitioners’ contention” that even if certain transactions were decided to enter into between the developer as well as the finance company, “the identical cannot result in dilutions or extinction of the rights of the applicant.”

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RERA-Raj decided that developers who completed their real estate projects and obtained a completion certificate from any relevant authority, such as development authority, municipal corporation, and urban improvement trust (UIT), prior to making any sale, marketing, or booking in that project, would be exempt from RERA registration.

Developers who fall into this category can now approach Raj-RERA for an exemption, and the authority will issue deductible certificates after paying a standard fee.

“The move will the goal of managing of the property project out of the builder’s funds and reduce the dependency on customers for funds,” said Mitesh Rathore, an advocate familiar with the development. It will also shorten the project’s completion time.”

Previously, in July, the RERA approved a show-cause notice to three developers under Section 59 provided in Section 3 of the RERA Act, 2016 for advertising their real estate projects without prior registration.

However, it was contended that the promoters did not violate Section 3 or any other requirement of the Act because they did not market or sell any units in the contested project before they were finished.

“The authority was formed to carry out the mandate of the Act and enforce the responsibilities of promoters towards beneficiaries, primarily of accomplishing the project within the given promised, but when a project is completed, it is no longer under the authority” and booking and sale is made only thereafter, there is nothing for the authority to regulate,” Rathore added. Following the decision, the authority will put in place an online registration module.

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On November 23, the Supreme Court refused to stay a Bombay High Court order to demolish the structures. According to the ареx court, if the residents do not vacate the buildings within six months, the NMMC can take appropriate steps for forced eviction with the assistance of the police.

“When these two properties were being built on a reserved garden area in Nerul, Cidco issued mentions to the builders and copied the Navi Mumbai Municipal Corporation (NMMC) that these construction projects were illegal,” RTI activist Rajiv Mishra clarified. “These corruption towers arose as a result of corrupt political influence.”

Cidco had given the NMMC plot numbers 148 and 149, where the buildings stand because they were designated for a garden. By 2011, both illegal structures had been constructed, and the flats were ready for sale. Nilesh Patel, Nilesh Bhagat, and Ganesh Bhagat were the builders.

After being charged, the builders petitioned the Bombay High Court for a stay of demolition by the NMMC. After the high court denied relief, some affected flat buyers individually petitioned the Supreme Court to protect their interests, but the ареx court denied them as well.

Mishra stated that under Section 56 of the Maharashtra Regional Town Planning Act, 1966, civic and police officials who overlooked illegalities during construction must be charged and FIRs filed against them.

Municipal commissioner Rajesh Narvekar said he would read the Supreme Court order carefully and take appropriate action. Sharmila Jain of Krishna Complex, one of the affected flat buyers, stated that her family purchased the property in 2012.

Residents in the area said they were always aware that the two structures were illegal. According to RTI activist Anarjit Chauhan, there are more illegal structures being built in the area.

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Officials promised that random inspections of building plans and actual constructions would occur and that if violations occurred, the architect in question would be held accountable and even blacklisted. However, at any given time, the checks would be limited to only 10% of the sites.

The current procedure for obtaining an оc is time-consuming and tedious.
Architects must now submit DTCP applications for the buildings they intend to design. A team visits the house and inspects whether the construction complies with the Haryana Building Code, 2017 after the documents have been scrutinized at multiple levels. The оc is only granted after the DTCP team has approved it. The process might take weeks or months to finish.

Allowing architects to grant OCs, according to TL Satyaprakash, director-general of DTCP, will expedite the entire process. In the signed order, he wrote, “It has been made the decision that the architect will be the authority responsible for issuance of occupation certificate in conformity with Haryana Building Code 2017 under self-certification policy.”

It also established the standard procedure that architects must follow prior to receiving the certificate. “First, the building owner must make a request to the architect in accordance with HBC 2017.” “The architect should document all such applications.” Second, the architect must notify the department in writing that he has not received a show cause notice and is not on any government agency’s blacklist.”

According to the order, the architects must thoroughly examine all documents, including the approved building plan, any deviations noted on it, photos of the front and back areas, internal finishing, and the structural ability certificate. Under the self-certification policy, the architect may grant the OC if the building is “complete in all respects.”

After receiving all of the required documents, the architects will have eight days to grant the OC. They will have three days after receiving the OCs to submit copies of the certificate and all other records to the DTCP.

Satyaprakash’s order acknowledged that architects might violate their “professional ethics” by granting the certificates. “As a result, each district’s DTP (district town planner) will be required to examine 10% of the OCs obtained from architects.”

Architects may lose their licenses and be blacklisted if violations are discovered after the OCs have been granted. “The department may also suggest to the registrar’s office that such architects’ floors/buildings not be enrolled.”

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