Category: Latest Stories

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Latest StoriesRegulatory

NCLAT Denies UCO Bank’s Claim in Bulland Buildtech Case

NOIDA: The National Company Law Appellate Tribunal (NCLAT) has determined that home loans issued by a bank to buyers do not constitute a financial debt owed by a project’s developer. This ruling came as it rejected UCO Bank’s request to be recognized as a financial creditor in the insolvency case of Bulland Buildtech Pvt Ltd, the firm behind the Bulland Elevates project in Greater Noida. A bench consisting of chairperson Justice Ashok Bhushan and technical member Arun Baroka upheld decisions from the National Company Law Tribunal (NCLT) that denied the bank’s Rs 19 crore claim and approved a resolution plan…

Latest StoriesRegulatory

Ahmedabad Builder Owner Sentenced to Four Years in Jail

AHMEDABAD: A JMFC court in Sanand sentenced Raman Patel, owner of Popular Builders, to four years in prison for a fraudulent land transaction in Chekhla village near Ahmedabad dating back to 1996. Patel was convicted of forgery and criminal conspiracy. The court also imposed a fine of Rs 1.40 lakh, directing that Rs 1 lakh be paid to the descendants of the landowner deceived by Patel and eight accomplices, including his brother Dashrath Patel, according to district government pleader Pravin Trivedi. Both Raman and Dashrath were witnesses for the CBI in the 2005 Sohrabuddin Sheikh encounter case. In August 2020,…

Latest StoriesRegulatory

DM Files FIR Against Ghaziabad Highrise Owners for Fraud

GHAZIABAD: District Magistrate Ravindra Mandar has directed the filing of an FIR against the officials of a Rajnagar Extension apartment owners’ association (AOA) due to alleged financial misconduct. The decision comes after a complaint from Satyajeet Kumar, a resident of Savy Ville De Society, who accused the AOA members of fraud and mismanagement of funds. As of this report, the FIR had not yet been registered. In response, Hemant, the AOA president, informed TOI that they have requested the DM to conduct a re-audit of the society’s finances. An audit by the Deputy Registrar’s office for the years 2022-2023 and…

Latest StoriesRegulatory

Gurugram Seals Multi-Storey Building for Unpaid Taxes

Representative image GURUGRAM: On Thursday, the MCG sealed a multi-storey residential building in Jharsa due to unpaid property taxes amounting to ₹67 lakh. Officials indicated that further actions against significant defaulters are in the works under the ongoing recovery initiative. According to zonal taxation officer Rajesh Yadav, the property’s owner had been repeatedly notified about the outstanding tax, but failed to comply, prompting MCG to take this action. MCG Commissioner Pradeep Dahiya stated, “Our municipal corporation is actively pursuing tax defaulters. It is crucial for all property owners to pay their taxes punctually to enhance municipal revenues and civic amenities.…

Latest StoriesRegulatory

ED Seizes ₹110 Crore in Assets from Rohtas Group

LUCKNOW: The Enforcement Directorate (ED), Lucknow Zonal Office, has provisionally attached properties worth Rs 110.05 crore, with a current market value surpassing Rs 300 crore, under the Prevention of Money Laundering Act. This action, taken on October 28, pertains to a money laundering investigation involving Rohtas Project Limited and other entities. As per the agency, the attached assets are held under the names of associated companies and limited liability partnerships (LLPs) of the Rohtas Group—Amalya Constructions LLP and Amyra Infrastructure LLP—both operated by the LJK Group. All properties are situated in Lucknow. The ED’s investigation was prompted by 83 FIRs…

Latest StoriesResidential

West Bengal CM: Redevelopment Won’t Threaten Residence Rights

KOLKATA: Chief Minister Mamata Banerjee reassured residents of central Kolkata on Wednesday that their rights would be preserved following the redevelopment of dilapidated buildings. She emphasized that every legitimate resident would be documented and granted occupancy certificates, but urged caution regarding safety. During the inauguration of Jagaddhatri Puja by the Posta Bazar Merchant Association, Banerjee acknowledged the past accidents in the area. “Through collective efforts, we’ve successfully reduced such incidents,” she stated. “There are several crumbling buildings here. The KMC has issued notices, but residents are concerned about their living arrangements post-demolition. They must realize that staying in these structures…

Latest StoriesRegulatory

SC Halts GST Demand on Real Estate Joint Development Deals

MUMBAI: The Supreme Court has put a hold on a goods and services tax (GST) demand linked to a joint development agreement (JDA) for a real estate project, a ruling that could significantly affect real estate developers and landowners nationwide. JDAs are commonly used as they permit developers to access land without making an upfront payment. Authorities are attempting to categorize the transfer of land development rights under JDAs as a taxable ‘supply of service’ according to GST regulations. Developers contest this classification, asserting that the agreement fundamentally involves a ‘transfer of land’, which falls outside the GST framework. A…

IndustryLatest Stories

Promoter unveils ₹18,000 crore plan for Jaiprakash Associates

MUMBAI: The promoter of Jaiprakash Associates (JAL) has re-entered the competition to reacquire control of the heavily indebted infrastructure company with a new ₹18,000 crore resolution plan, although lenders are skeptical about the previous owner’s capacity to raise the necessary funds. The latest proposal from the Gaur family, the promoters of Jaypee, surpasses offers made by Vedanta and the Adani Group for JAL, which holds significant land assets around Greater Noida and the Noida Expressway. “The promoter has submitted a new plan valuing the business at ₹18,000 crore, exceeding Vedanta’s offer,” said a source with knowledge of the situation. Vedanta…

IndustryLatest Stories

Bengaluru agency recovers ₹12 crore in encroached BTM Layout land

BENGALURU: On Monday, the Bangalore Development Authority (BDA) successfully reclaimed a valuable land parcel in BTM 1st Stage, valued at approximately Rs 12.3 crore. Officials reported that unauthorized compounds and sheds were illegally built on BDA property situated in Survey No. 50 of Tavarekere village, Begur Hobli, Bengaluru South taluk. The BDA task force, under the guidance of the executive engineer from the south division and with police assistance, moved to demolish the encroachments. The BDA recovered 6,629 sqft of land. This action is a part of a broader initiative aimed at identifying and reclaiming government and BDA lands that…

IndustryLatest Stories

Housing Minister Demands Action on Builders Delaying Projects

File Photo NEW DELHI: Housing and Urban Affairs Minister Manohar Lal Khattar has requested information on the number of real estate projects that have had their deadlines extended, as well as actions taken against developers with incomplete projects despite receiving three extensions. This request arises amid increasing concerns regarding builders’ failure to meet project completion commitments under RERA. According to the minutes from the latest Central Advisory Council (CAC) meeting—which included representatives from state RERAs, state governments, consumer bodies, and builders—Khattar’s request followed comments from Haryana RERA Chairperson Arun Kumar. Kumar noted that the project completion timeline is established by…