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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Clear ₹118 Crore Dues This Month or Project Canceled: YEIDA

NOIDA: The Yamuna Expressway Industrial Development Authority has set a final deadline for Greenbay Infrastructure to pay its outstanding dues of ₹118 crore by the end of July. If the payment is not made, the allotment of land for a 100-acre township in Sector 22D will be canceled. YEIDA officials stated on Friday that this represents the developer’s last opportunity to settle their debts, following a previous deadline of June 30. Last month, Greenbay requested an extension of two months for the payment, citing difficulties in obtaining full land possession. According to YEIDA’s latest notice, “If Greenbay Infrastructure does not…

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Delhi Consumer Commission Finds DLF Gayatri Developers Liable

NEW DELHI: The Delhi State Consumer Disputes Redressal Commission has ruled that DLF Gayatri Developers is responsible for the delays in their housing project and for retaining the complainant’s funds for an extended period. The panel, headed by presiding member Bimla Kumari, ordered a refund of ₹15 lakh along with compensation for mental distress and legal costs totaling ₹1.5 lakh. The commission noted that the company had no right to utilize or withhold the complainant’s money, underscoring that the developer was obligated to secure labor for project completion. The commission observed that the complainant had paid approximately 75% of the…

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Punjab & Haryana HC Chief Justice Steps Down from M3M Case

Punjab and Haryana High Court CHANDIGARH: Chief Justice Sheel Nagu of the Punjab and Haryana High Court has recused himself from a plea aimed at quashing a corruption case against real estate developer Roop Bansal. On April 17, 2023, Bansal, director of M3M real estate, filed a petition against an FIR registered by the Haryana Anti-Corruption Bureau under the Prevention of Corruption Act in Panchkula. During a hearing on July 3, the Chief Justice questioned the petitioner’s counsel regarding any objections to his involvement after the matter was withdrawn from a single judge’s review. The counsel indicated that their client…

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Architects, Officials Colluded for Illegal Construction: ED

NEW DELHI: A significant cartel, comprising architects, chartered accountants, and officials of the Vasai Virar City Municipal Corporation in Maharashtra, has been implicated in extensive illegal construction on land designated for sewage treatment plants. According to the Enforcement Directorate (ED), these individuals sold this land fraudulently to the public. The federal agency confirmed that on July 1, they conducted searches at 16 sites related to a money laundering investigation concerning 41 illegal buildings in the Vasai Virar area. During these raids, the ED froze bank deposits and mutual funds valued at ₹12.71 crore and seized ₹26 lakh in cash, along…

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Delhi HC: Rent Control Act is Outdated Legislation

NEW DELHI: The Delhi High Court has described the Delhi Rent Control Act as an “outdated law,” criticizing its “severe” misuse that has left property owners in distress as affluent tenants “unfairly occupy properties for decades.” Justice Anup Jairam Bhambani was reviewing petitions challenging the 2013 decisions of the Additional Rent Controller (ARC), which had denied eviction petitions from property owners based in the UK and Dubai in Sadar Bazar, siding with the tenants. “This court must note that while managing the Rent Control Roster, it has uncovered numerous instances of wealthy tenants, enjoying financial stability, unjustly residing in properties…

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Bombay HC questions BMC on buildings lacking fire NOC

Bombay High Court MUMBAI: The Bombay High Court has requested the BMC to clarify its plans regarding buildings in Mumbai lacking a fire no-objection certificate (NOC). The court posed a pointed question: “Will you ignore this issue, or will you take action? We expect a detailed affidavit stating the required steps when a fire NOC is not present. If this is omitted, we will interpret it as tacit approval, suggesting that it is the municipal corporation’s policy to allow occupancy without a fire NOC, thereby endangering lives,” remarked Justices Girish Kulkarni and Arif Doctor. This discussion arose during a hearing…

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ED Suspends HMDA Official; ₹250 Crore Assets and Realtor Links Under Investigation

HYDERABAD: On Wednesday, the Enforcement Directorate (ED) in Hyderabad carried out searches at several locations associated with suspended HMDA official Shiva Balakrishna. This action is part of an ongoing investigation into alleged disproportionate assets identified by the Anti-Corruption Bureau (ACB). Shiva Balakrishna, previously a planning officer at Hyderabad Metro Rail Limited (HMRL) and in-charge Secretary of the Telangana Real Estate Regulatory Authority (RERA), was arrested by the ACB on January 25 for possessing assets disproportionate to his known income sources. The ACB also took his brother, Naveen Kumar, into custody in connection with the case. The ED has initiated an…

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Probe Launched into TDR Scam on Deolali Reserved Land

NASHIK: On Thursday, Ram Shinde, chairman of the Maharashtra Legislative Council, ordered the civic and district administration to investigate a purported Transfer of Development Rights (TDR) scam concerning land acquisition for public amenities in Deolali, Nashik. He requested a report be submitted within 15 days. The directive followed a meeting with relevant officials after a complaint surfaced that the Nashik Municipal Corporation granted TDR certificates to a landowner at rates surpassing the government’s market value in return for land at Survey No. 295 in Deolali, which is earmarked for a garden, school, and an 18m DP Road. This meeting occurred…

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ED seizes ₹557 crore assets of Mahira Group in money laundering

NEW DELHI: The Enforcement Directorate (ED) has provisionally attached assets worth around Rs 557.43 crore as part of a money laundering investigation concerning Mahira Infratech Pvt Ltd (previously known as M/s Sai Aina Farms Pvt Ltd), M/s Mahira Buildtech Pvt Ltd, and M/s Czar Buildwell Pvt Ltd. According to an official statement, the ED utilized the Prevention of Money Laundering Act (PMLA) of 2002 to attach several assets, including seven immovable properties that total about 35 acres of residential and commercial land in Gurugram’s Sectors 68, 63A, 103, 104, 92, 88B, and 95. Additionally, Fixed Deposit Receipts (FDRs) amounting to…