Category: Latest Stories

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IndustryLatest Stories

SEBI Reclassifies REITs as Equity, Expands Investor Access

NEW DELHI: To enhance participation in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), the Securities and Exchange Board of India (SEBI) has approved amendments to the SEBI (Mutual Funds) Regulations, 1996, reclassifying REITs as “equity” while maintaining InvITs under the “hybrid” category for mutual fund and specialized investment fund investments. The decision, made during SEBI’s board meeting, is expected to facilitate greater mutual fund investment in REITs by including them in equity indices. The regulator noted that these changes followed public consultations in April 2025 and extensive discussions with industry stakeholders. This adjustment aligns domestic regulations with…

Latest StoriesRegulatory

Amicus Urges SC for Court-Monitored Resolution in Supertech Supernova

NEW DELHI: On Friday, the Supreme Court was recommended to consider a court-monitored hybrid resolution framework, similar to that used in the Amrapali and Unitech cases, led by former judge Navin Sinha to complete the Supertech Realtors’ ambitious ‘Supernova project’ in Noida. Supertech Realtors is a fully owned subsidiary of Supertech Ltd, which is currently undergoing insolvency proceedings. The ‘Supernova’ project encompasses a mixed-use development featuring residential, commercial spaces, studio apartments, service apartments, and shopping malls in Sector 94 of Noida. The structure is expected to rise to 80 floors, making it the tallest in the Delhi-NCR at a height…

IndustryLatest Stories

Chandigarh to Hire Third-Party Agencies for Fire Safety Audits

Certainly! Here’s a revised version of the content: — CHANDIGARH: The Chandigarh Municipal Corporation is launching a significant reform to enhance fire safety in the city. This initiative involves empaneling certified third-party agencies to conduct fire safety audits for over 25,000 commercial and institutional buildings, including schools, hospitals, offices, factories, shopping malls, and high-rises. This effort comes in response to increasing concerns regarding substandard firefighting equipment and inadequate preparedness among building occupants. Currently, there are no regulations governing the suppliers or installers of fire safety systems, often resulting in inferior installations that fail during emergencies. Certified agencies will carry out…

Latest StoriesResidential

No New Rooftop Construction on Residential Buildings: WB Government

Representative AI image KOLKATA: The state’s urban development and municipal affairs department announced on Friday a ban on new rooftop constructions on residential buildings throughout the state. Existing rooftop setups in residential structures must be dismantled, and the rooftops restored for communal use by the residents, according to a Standard Operating Procedure (SOP) released by the department. Current commercial rooftop establishments in non-residential buildings may continue operations, provided they occupy no more than half of the rooftop area, with the remaining space reserved as an emergency refuge. Additionally, buildings featuring rooftop establishments must maintain two unobstructed access points. This SOP…

Latest StoriesRegulatory

SC Urges IBC Reform, Seeks Revival Fund for Real Estate

The Supreme Court, on Friday, called for significant reforms in the Insolvency and Bankruptcy Code to regain trust in the regulatory framework. The Court also urged the government to create a revival fund to finance distressed real estate projects that are undergoing insolvency proceedings. The bench, composed of Justice J.B. Pardiwala and Justice R. Mahadevan, emphasized that the Right to Housing transcends mere contractual obligations, forming a core aspect of the Right to Life under Article 21 of the Indian Constitution. The government cannot adopt a “mute spectator” stance and must protect the interests of homebuyers and the economy. Insanity…

Latest StoriesRegulatory

BMC to Auction Five Properties Over ₹27 Crore Tax Dues

MUMBAI: The municipal corporation has issued a notice that five properties belonging to property tax defaulters, including the Hotel Oakwood at Juhu, will be auctioned due to unpaid property tax dues amounting to over Rs 27 crore. As per the announcement from the BMC, these properties will be put up for auction if the outstanding property tax arrears are not settled within 21 days from the notice date. The properties earmarked for auction consist of a hotel, a land plot, land of a housing society, and a residential building with shops, among others. “This is an ongoing initiative. We will…

Latest StoriesRegulatory

Bombay HC Provides Tax Relief for Builders in Joint Developments

In a significant development for real estate developers, the Bombay High Court’s Goa bench has determined that no goods and services tax (GST) is due on construction services under a joint development agreement (JDA) once the developer takes ownership of the property through conveyance. This ruling resolves a longstanding controversy regarding the point of taxation in JDAs, where the revenue department argued for GST applicability at the time of signing the agreements, while developers contended that liability should only arise upon the transfer of the completed property. This judgment is poised to bring much-needed clarity to developers involved in JDA-based…

Latest StoriesResidential

Mohali Development Body to Issue Clearance Certificates Soon

MOHALI: The Greater Mohali Area Development Authority (GMADA) is set to host a one-day camp at PUDA Bhawan on Saturday, September 13, aimed at distributing various clearance certificates to allottees, promoters, and developers. The event will take place in the meeting hall on the second floor starting at 9 AM. Chief Administrator Vishesh Sarangal stated that GMADA is committed to providing a wide range of services to the public in a timely and efficient manner. These services include the issuance of conveyance deeds, no dues certificates, and permissions for property transfers and building plan approvals. Clearances for projects will also…

Latest StoriesRegulatory

Vasai-Virar suspends assistant commissioner for inaction on illegal buildings

VIRAR: The Vasai-Virar City Municipal Corporation (VVCMC) suspended Ganesh Patil, an Assistant Municipal Commissioner (AMC), for failing to take action against illegal constructions in his area. The corporation emphasized that ongoing illegal structures will no longer be tolerated. Following the Virar building collapse last month that resulted in 17 deaths and nine injuries, VVCMC pledged to initiate a significant demolition campaign starting September 8. A special team consisting of ten squads, each with five VVCMC members, was created for this purpose. Patil received a show cause notice on September 9, yet he and his team allegedly took no action on…