NOIDA: The Yamuna Authority has introduced a beneficial one-time settlement (OTS) scheme aimed at assisting beneficiaries of EWS, LIG, MIG, residential plots, and 7% of Abadi plots in clearing their outstanding dues. The OTS initiative is expected to benefit approximately 10,000 individuals, collectively owing around Rs 4,439 crore to the Authority.

This scheme received approval during a board meeting on June 26 and is scheduled to be implemented from August 1 to August 31, providing a one-month window for eligible allottees to avail themselves of its benefits.

As per the scheme’s provisions, defaulting allottees will be charged simple interest, equivalent to the interest rate applicable at the time of property allotment, and the prevailing interest rates at the Authority. However, no penal interest will be imposed on the allottees’ installments, while other liabilities will remain unchanged.

Eligible allottees who have filed complaints with UP-Rera or any court will be able to participate in the scheme only after withdrawing their cases. The application process for the OTS scheme will be conducted online through the Authority’s portal, which will offer a dedicated link for this purpose.

To ensure a seamless experience for applicants, a joint help desk and call center will be established by the system and property department. The calculation of dues will involve adding the default amount to the original premium dues, with only penal interest being waived.

The OTS scheme is expected to provide significant relief to the beneficiaries, allowing them to settle their dues and regularize their property ownership without the burden of additional penal interest.

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Recent data from the National Association of Realtors (NAR) has led a top real estate economist to declare that the housing recession in the US is officially over. According to NAR’s chief economist, Lawrence Yun, the recovery is yet to take place, but the housing sector’s downturn has come to an end. The increase in pending home sales for June, rising by 0.3%, suggests a positive shift in the market.

Yun explained that the presence of multiple offers on properties indicates strong housing demand, which is currently being hindered by a lack of supply. However, he also pointed out that homebuilders are responding to the rising demand by increasing production and hiring workers.

The Pending Home Sales Index, which is based on contract signings, saw a slight boost to 76.8, though it remains 15.6% lower compared to the same period last year. For reference, a rating of 100 corresponds to the contract activity seen in 2001.

As the year progresses, the NAR anticipates that the 30-year fixed-rate mortgage will climb to 6.4%, and then slightly drop to 6.0% in 2024. The current near-7% mortgage rates have discouraged some existing homeowners from moving, and they have also deterred potential homebuyers.

Experts from Moody’s echoed this sentiment, stating in a separate July note that higher rates will continue to impact homebuyers for the foreseeable future, as central banks are likely to maintain tight monetary policies.

Looking ahead, Yun predicts that unemployment will rise to 3.7% by the end of 2023 and then further increase to 4.1% next year.

Nevertheless, Yun also expressed hope that with consumer price inflation stabilizing and mortgage rates reaching their peak, a meaningful decline in rates could trigger a surge in homebuyer activity later this year and into the next.

However, despite some fluctuations in home prices, the tight housing inventory has limited improvements in affordability. While data from Case-Shiller indicates that home prices in June experienced their most significant annual drop since 2012, they have still seen steady climbs for four consecutive months. All 20 major metro markets reported monthly price gains for the third consecutive month.

The new housing data was released a day after the Federal Reserve announced a 25 basis-point rate hike, bringing the federal funds rate to a range of 5.25%-5.5%. The market largely expects this to be the final rate adjustment for the year before the Federal Reserve potentially eases its monetary policy in 2024.

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In response to recent security concerns, the Kondhwa police station in Pune has taken a strict stance on tenant registration, notifying property owners and real estate agents that it is now mandatory to furnish tenant information to the police. Failure to comply with this requirement will result in legal action.

This decision comes after an incident involving two suspects, Imran Khan and Mohammed Yunus Saki, who were arrested on July 18 for stealing a two-wheeler. The subsequent investigation revealed that the duo had been on the National Investigation Agency’s ‘most wanted’ list and had connections to Sufa, an ISIS-inspired outfit in Ratlam, Madhya Pradesh.

The owner of the Kondhwa apartment where the suspects resided failed to complete the necessary formalities of providing tenant information on the police portal and to the local police station, prompting authorities to take action.

Officials from the Kondhwa police station held a meeting with real estate agents and property owners to emphasize the rule mandating the submission of tenant details on the tenant registration portal of the Pune police, along with physical copies to the police station. The required documents include photocopies of the tenants’ identity and address proofs, along with the rent agreement.

To ensure widespread awareness, banners have been displayed in residential societies, reminding members to comply with these formalities when renting their spaces to new tenants. The Pune police commissioner’s executive orders clearly state that providing details of tenants, including their permanent address, photos, and address proof, is essential. Non-compliance may lead to action under Indian Penal Code Section 188, which addresses disobedience to orders promulgated by a public servant.

Residential cooperative societies’ office bearers have also been notified to ensure these formalities are fulfilled for new tenants. Additionally, citizens are encouraged to approach the police station if they encounter real estate agents or landlords charging exorbitant safety deposits.

This new measure seeks to enhance security and ensure a safer living environment for residents by facilitating better tracking and monitoring of tenants in the region.

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New Delhi: In a recent development, the Patiala House Court in Delhi rejected the bail plea of Supertech Chairman R K Arora. The decision was made after he had been sent to 14 days of judicial custody on July 10, 2023, following his arrest by the Enforcement Directorate (ED) in connection with a money laundering case.

The dismissal of the bail plea was carried out by Special Judge Shailender Malik, who carefully considered the submissions made by both the accused and the prosecuting agency before reaching a verdict.

Arora had sought bail on the grounds that the actions of the Enforcement Directorate were beyond its jurisdiction and in violation of the law, rendering them illegal and void abinitio. He argued that since there was no “proceed of crime” in the instant case due to the absence of a final report in the “scheduled offense,” there could not be any money laundering. Therefore, he maintained that his arrest was unlawful and arbitrary.

The defense contended that the alleged diversion of funds for the purchase of land parcels by M/S Supertech Limited was within the company’s intended purpose and not an act of siphoning or diversion.

Furthermore, it was argued that Arora had appeared before authorities on twelve previous occasions since 2021, and with the investigation complete, the arresting officer had no right to make an arrest based on pretended investigations, which are prohibited by law. The defense claimed that there was no substantial evidence to establish the applicant’s guilt in the violations of Section 3 of the Prevention of Money Laundering Act (PMLA), and the chances of a conviction were remote.

Additionally, it was pointed out that the respondent ED had not provided Arora with a copy of the grounds for his arrest, further substantiating the claim that the arrest and detention were illegal and void abinitio.

The ED had previously apprised the court that 26 FIRs were registered against Supertech Limited and its group companies, alleging criminal conspiracy, breach of trust, cheating, and other offenses. The agency claimed that these companies had cheated around 670 home buyers for a sum of Rs. 164 crores, diverting the collected amount to other group companies for the purchase of properties of significantly lower value.

The agency further alleged that the accused had acquired properties and made illegal gains arising from the proceeds of crime through involvement in criminal activities related to scheduled offenses. The court found a prima facie case for offenses punishable under Section 3 and Section 4 of the PML Act.

Arora’s defense lawyer, RK Handoo, had opposed the bail plea, arguing that his client’s arrest was illegal and no grounds for arrest had been provided. Handoo also highlighted that the investigation had already been completed, making the arrest unnecessary.

Moreover, the defense lawyer asserted that the Enforcement Directorate did not have the authority to take custody of the applicant/accused since they were not police officers under the law.

In light of these arguments, the court decided to dismiss the bail plea, paving the way for further legal proceedings in the case.

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