Category: Regulatory

Keep up with important regulatory news affecting real estate, including government policies, tax reforms, compliance requirements, and RERA updates. Understand how these regulations impact developers, investors, and buyers.

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Bengaluru’s five corporations collect ₹2,949.56 crore in tax

BENGALURU: The East City Corporation has been recognized as the top performer in property tax collection, while the North City Corporation is at the bottom of the rankings. As of June 9, the Greater Bengaluru Authority (GBA) reported that its five city corporations collectively gathered ₹2,949.56 crore in property tax and additional revenues, which is 44.02% of their annual goal of ₹6,700 crore for the 2026-27 fiscal year. The East City Corporation led the way with collections amounting to ₹792.51 crore, achieving 47.35% of its target of ₹1,673.46 crore. The West City Corporation made a significant recovery from being the…

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Sambhajinagar to Create Cell for Recovering Property Tax Dues

CHHATRAPATI SAMBHAJINAGAR: The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) is establishing a dedicated cell to recover outstanding property taxes from 493 government entities, totaling approximately Rs 30 crore. During a review meeting on Monday evening, Municipal Commissioner Amod Yedge announced that the new cell will facilitate swift recovery actions through rigorous follow-ups with defaulting establishments. While the full list of defaulters has not been released, officials indicated that it could be disclosed if payments are not made. Yedge evaluated tax assessments, progress in recovery campaigns, and other pending dues during the meeting. He cautioned officials from Zones 9 and 4 for…

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ED Probes Jalandhar Businessman’s Properties Further

JALANDHAR: The Enforcement Directorate (ED) continued its search on Wednesday at the offices and home of Amit Bajaj, a local contractor linked to municipal projects and known to have ties with the Aam Aadmi Party (AAP). Bajaj is reportedly involved in various projects for the Jalandhar municipal corporation and other government initiatives. The searches are part of an ongoing money laundering investigation related to Hampton Sky Realty Ltd, a firm allegedly associated with former Punjab minister Sanjeev Arora and his family, with Arora having been arrested by the ED last month. According to ED sources, operations were conducted at six…

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NGT Urges UP to Investigate Noida Realty’s Water Illegality

NOIDA: The National Green Tribunal has instructed the state groundwater department to investigate reports of illegal groundwater extraction by real estate developers in Noida and Greater Noida. The tribunal has also mandated that appropriate remedial and punitive measures be taken if any violations are identified. This directive followed a petition from activist Vikrant Tongad, who claimed that builders are excessively dewatering for deep excavations associated with high-rise constructions. The department has been tasked with completing this investigation within three months. The order was issued on May 27, responding to Tongad’s application filed earlier this year, which highlighted unauthorized groundwater extraction…

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NCLT Admits Insolvency Case from 176 Raheja Revanta Buyers

GURUGRAM: The principal bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition from 176 homebuyers of Raheja Developers’ Revanta project in Sector 78. The tribunal found a prima facie case of default, noting the developer failed to deliver possession despite significant payments made by the allottees. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Surinder Aggarwal and 175 other allottees who collectively hold 99 units in the luxury residential project. They reported that they had paid over Rs 137 crore for their flats, with many having settled up to…

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NGT Flags 20 Bungalows in Pune’s Moi Phata for Demolition

PUNE: Almost a year after the Pimpri Chinchwad Municipal Corporation tore down 36 illegal bungalows in Chikhali for flood-line violations, another 20 residential buildings in the Moi Phata area are now under investigation for their proximity to the Indrayani River’s blue flood line. A joint committee established by the National Green Tribunal (NGT) reported, based on a petition from activist Gopal Kachave in 2023, that all 20 structures are positioned along the Ram Zara nullah, a tributary that connects with the Indrayani. The report indicated that the nullah itself is within both blue and red flood lines, raising alarms about…

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ITAT Cancels ₹14 Lakh ‘On-Money’ Charge for Thane Buyer

MUMBAI: The Income Tax Appellate Tribunal (ITAT) has overturned a Rs 14.25 lakh addition made against a Thane resident concerning an alleged cash payment for a flat purchase. The tribunal concluded that the I-T department was unable to produce evidence directly linking the buyer to any “on-money” transactions. The Mumbai bench of the ITAT ruled in favor of the taxpayer, who had bought a flat in Cosmos Mary Park, Thane, jointly with his wife for Rs 72 lakh in April 2012. Following a search of Cosmos Group, the real-estate developer, I-T investigators claimed to have located records suggesting cash payments…

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Bombay HC: Flat Buyers Get Monthly Interest Under RERA Delay

MUMBAI: On Monday, the Bombay High Court ruled that under the Real Estate (Regulation and Development) Act (Rera), buyers have an unequivocal right to receive interest monthly for possession delays. Justice Madhav Jamdar stated that the law aims to protect buyers from delays and ensure timely construction. Developers cannot postpone possession indefinitely while evading the consequences mandated by Rera. Therefore, buyers who remain invested in a project despite delays are entitled to interest for each month of delay until they receive possession. Ten buyers sought compensation due to a delay in a Mulund project booked between 2005 and 2007. An…

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Two Builders Arrested in Delhi Collapse that Killed Six

NEW DELHI: On May 30, the Delhi Police arrested a builder and a contractor over the collapse of a multi-storey building in Saidulajab, which resulted in six fatalities and eight injuries, officials announced on Tuesday. The suspects, identified as Avinash Gupta and Manish Khatri, were allegedly linked to the building’s construction and were taken into custody in various locations around the city. Investigators are currently questioning them regarding the construction process, permissions obtained, and their roles in the unauthorized addition of extra floors. Previously, the police had apprehended Karamveer, the building’s owner. During questioning, he indicated that construction on the…

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ED Seizes ₹100 Crore in Jaypee Properties, Alleges Gaur Laundering

NEW DELHI: The Enforcement Directorate (ED) has attached assets worth Rs 100 crore belonging to two real estate firms associated with Jaypee Infratech Ltd (JIL). The agency has accused JIL and its promoters of laundering part of the Rs 33,000 crore collected from homebuyers for the construction of flats in Jaypee Wish Town, which spans 1,162 acres in Noida along the Noida Expressway. “The investigation revealed that out of Rs 32,825 crore collected by Jayprakash Associates Ltd (JAL) and JIL from homebuyers, substantial amounts were misappropriated for non-construction purposes and transferred to related companies, such as JC World Hospitality Pvt…