Mumbai: Waqf boards, India's third-largest owners of real estate, face immense challenges. Beset with litigations, demolitions, and public bias, they struggle to maintain control of their vast properties amid mounting legal battles.
Waqf BoardsReal EstateMaharashtraArif Naseem KhanWaqf ActAmendmentsReal Estate MaharashtraAug 08, 2024
Waqf boards are responsible for managing Waqf properties in India, which are estimated to be worth billions of rupees. They are the third-largest owners of real estate in the country.
The proposed amendments include ensuring representation of non-Muslim individuals and Muslim women in central and state Waqf bodies, renaming the 1995 law, and omitting Section 40, among others.
The government’s approach is being questioned because it is seen as arbitrary and not transparent, with key stakeholders not being consulted.
The omission of Section 40 shifts the authority to classify properties from the Waqf boards to the District Collector, which is seen as a significant change.
The government’s intention is not clear, but it is suspected that they may be trying to introduce these amendments through backdoor legislation.
The Bombay High Court has suggested that the two sons of property magnate and South Mumbai MLA, M P Lodha—Abhishek and Abhinandan—opt for mediation to resolve their legal dispute over the use of the 'Lodha' name for real estate projects.
The recently launched fund by Build Nivesh LLP focuses on identifying and investing in promising real estate projects within the Mumbai Metropolitan Region (MMR). CEO Kuldeep Jain shares insights on the fund's strategy and future prospects.
NBCC India shares are set to turn ex-bonus today, offering a significant opportunity for investors. The PSU has shown robust growth and is poised for further expansion, driven by a strong order book and ongoing real estate monetisation projects.
Discover how Atul Ruia transformed his family's failing textile business into a booming retail and real estate empire, amassing a net worth of Rs 2846 crore.
Maharashtra is facing significant challenges in meeting the housing targets set by the Pradhan Mantri Awas Yojana (PMAY) for urban areas. The state's efforts to provide affordable and quality housing for all are being hampered by various obstacles.
The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a heavy fine of 13.74 lakh on a Hyderabad-based builder for using an improper agreement of sale, violating multiple sections of the Real Estate (Regulation and Development) Act 2016.