Category: Latest Stories

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Latest StoriesRegulatory

Bombay HC directs Maharashtra to refund ₹3 lakh stamp duty

MUMBAI: The Bombay High Court has ordered the state government to refund Rs 3 lakh in stamp duty to a homebuyer who accidentally paid the amount under an incorrect stamp duty category. The petitioner, represented by advocate Charanjeet Singh Chandrapal, had purchased electronic stamps in March 2018 for registering a flat purchase agreement. However, due to an error, he selected the wrong option instead of “Non-Judicial Stamps.” When he sought a refund, his application was denied by the Collector of Stamps in Borivli, citing a delay of two months and eight days beyond the six-month statutory limit. Both the Collector…

Latest StoriesRegulatory

2,000 Notices Issued for Stilt Area Violations in Gurugram

CHANDIGARH: On Monday, the Haryana government informed the Punjab and Haryana High Court that authorities in Gurugram had issued nearly 2,000 notices to property owners for illegally enclosing stilt areas in violation of municipal regulations. Additionally, around 500 restoration orders have been issued, directing violators to remove unauthorized constructions. This information was presented before a division bench led by Chief Justice Sheel Nagu and Justice Sanjiv Berry during the continued hearing of a case where the court previously prohibited the Haryana government from enforcing the disputed ‘stilt plus four floor policy’ for residential plots in Gurugram, as stated in a…

Latest StoriesRegulatory

NCLAT Abolishes Insolvency for Embassy Development

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has overturned an NCLT decision allowing insolvency proceedings against Embassy Development, a real estate firm. In December 2025, the Delhi bench of the National Company Law Tribunal (NCLT) ordered the initiation of insolvency against Embassy Development following a petition by Canara Bank. The bank claimed that Embassy Development owed ₹200 crore as a corporate guarantor for a loan given to Indiabulls Realtech (now Simar Thermal Power). This NCLT decision was appealed by Rajesh Kaimal, a member of the suspended board of Embassy Development. The NCLAT ruled that the default claimed by…

Latest StoriesRegulatory

SC directs DDA to refund ₹165 crore plus 18 years’ interest

NEW DELHI: The Delhi Development Authority (DDA) continues to struggle with its operations, facing repeated reprimands from the courts over the years. The most recent case involved a Supreme Court directive for the DDA to reimburse Rs 165 crore, along with interest (7.5% per annum for 18 years), potentially amounting to Rs 400 crore. This follows a 2007 auction in which a commercial plot in Jasola, southeast Delhi, was sold to a company. In 2017, the Supreme Court ruled that the land was improperly acquired by the DDA and granted the authority six months to rectify the acquisition. Reliance Eminent…

IndustryLatest Stories

Sobha Announces FY26 Net Profit of ₹193.40 Crore

NEW DELHI: Sobha has announced a remarkable net consolidated profit growth of 104.27% for the financial year 2025-26. The profit after tax reached ₹193.40 crore in FY26, compared to ₹94.68 crore in FY25, according to a filing with the BSE. The company’s net consolidated total income for FY26 was ₹5,383.76 crore, representing a 29.33% increase from ₹4,162.75 crore in FY25. In Q4 FY26, net consolidated total income surged by 59.74% to ₹2,029.92 crore, up from ₹1,270.73 crore in the same quarter of the previous year. Profit after tax in this quarter rose by 124.80% to ₹91.83 crore, compared to ₹40.85…

Latest StoriesRera

MahaRERA targets errant builders, issues notices on 8,212 projects

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers of 8,212 housing projects due to their failure to submit mandatory quarterly progress reports (QPRs) by the deadline. This move aims to enhance compliance oversight in the state’s real estate sector. Among these, 4,644 projects are located in the Mumbai Metropolitan Region, with 1,465 in Thane and 1,263 in Mumbai Suburban. Of the total 33,029 registered housing projects across Maharashtra, these developers missed the April 20 deadline to update their January-March quarter disclosures on MahaRERA’s portal, as mandated by the Real Estate (Regulation and Development) Act, 2016.…

Latest StoriesRegulatory

Bombay HC Upholds Valor Estate Subsidiary’s 205-Acre Title

NEW DELHI: On April 30, the Bombay High Court dismissed an appeal from the Union of India through its Salt Department, rejecting the government’s claim of ownership over around 205 acres of land in Bhayandar village, within the Mira Bhayandar Municipal Corporation area of Thane district. The land is currently owned by Miraland Developers, a subsidiary of Valor Estate (formerly DB Realty). This dispute stems from an 1870 indenture, wherein the Secretary of State for India in Council granted a 999-year lease of about 3,688 acres encompassing Bhayandar, Ghodbunder, and Mira to a private entity. The lawsuit involves approximately 220-227…

Latest StoriesRegulatory

NCLAT Rejects Vedanta’s Appeal on Adani’s Jaiprakash Bid

NEW DELHI: On Monday, a company law appellate court dismissed mining tycoon Anil Agarwal’s Vedanta Ltd’s appeal against Gautam Adani’s group’s successful bid for the bankrupt Jaiprakash Associates Ltd (JAL), which owns India’s sole Formula One circuit. The National Company Law Appellate Tribunal (NCLAT) found no merit in Vedanta’s claims and rejected both of its petitions. A bench consisting of Chairperson Justice (retired) Ashok Bhushan and Technical Member Barun Mitra ruled that the Committee of Creditors (CoC) made the correct decision in favoring Adani Group’s Rs 14,535 crore bid over Vedanta’s resolution plan for JAL. This decision was previously endorsed…

Latest StoriesResidential

38 Landlords in Pimpri Chinchwad Booked for Concealing Tenants

Representative AI image PUNE: The Pimpri Chinchwad police have filed cases against 38 property owners for not providing necessary tenant information. The cases, registered under Section 223 (disobedience to order duly promulgated by public servant) of the Bharatiya Nyaya Sanhita (BNS), were reported across various police stations in Pimpri-Chinchwad. The anti-terrorism division of the Pimpri Chinchwad police has initiated a special operation to locate illegal tenants, particularly those of Bangladeshi nationality. “Last month, we discovered 38 landlords who failed to disclose their tenants’ details. Legal actions have been taken against them,” stated an officer from the special branch. The police…

IndustryLatest Stories

Almost half of Bhubaneswar’s building violation cases pending

BHUBANESWAR: Approximately 50% of the 9,500 building plan violation cases under the Odisha Development Authority Act of 1982 are still unresolved across the city’s three zones. Bhubaneswar Municipal Corporation (BMC) officials indicated that these violations primarily involve construction without obtaining the necessary plan approval, not adhering to sanctioned building plans, encroachments, unauthorized extensions, and other structural deviations. Authorities noted that ODA cases are initiated either based on public complaints, during enforcement drives, or through random inspections conducted by the corporation. To expedite case resolutions, the pending cases are now allocated to the three zonal offices according to the location of…