Real Estate
"This month’s Real Estate Updates cover key legislative and regulatory developments impacting apartment ownership, real estate project registrations and cooperative housing societies. The updates include the Karnataka Apartment (Ownership and Management) Bill, 2026, proposed changes to the framework governing apartment ownership and redevelopment, TNRERA’s extension of project registration timelines in view of the prevailing situation in West Asia, and the Maharashtra Government’s decision to lift the ban on allotment of state-owned land to cooperative housing societies."
Karnataka Apartment (Ownership and Management) Bill, 2026: A Proposed New Framework for Apartment Ownership and Redevelopment
The Bill is proposed to apply to projects with more than eight flats, subject to certain exemptions. It also aims to increase transparency about the promoter’s obligations, such as mortgage disclosure and the transfer of funds and data to the unit owners’ association.
Maharashtra Government Lifts Ban on Allotment of State-Owned Land to Cooperative Housing Societies
Allotment will be based on technical and financial evaluation, with the society offering the highest bid being selected. The base price has been prescribed at 2.5% of the prevailing market value for plots situated in Mumbai City and its suburbs, and 5% of the market value for plots situated elsewhere in Maharashtra.
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