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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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…

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ED Raids Punjab, UP in Sanjeev Arora Case

JALANDHAR: The Enforcement Directorate launched new searches on Tuesday as part of a money laundering investigation involving Punjab Minister Sanjeev Arora and others in connection with a suspected ₹100 crore GST fraud linked to mobile phone sales. Authorities revealed that approximately six locations in Jalandhar, Ludhiana (Punjab), Bareilly, and Noida (Uttar Pradesh) are being examined. The searches target both residences and business offices associated with the individuals and entities under scrutiny, including Hampton Sky Realty Ltd., a company linked to Arora. Arora, 62, was arrested by the central agency last month after extensive searches at his official residence in Chandigarh,…

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SC Orders Settlement Execution in Ardee Family Dispute

NEW DELHI: The Supreme Court has instructed the execution of a settlement concerning the family of the late real estate developer Ashok Varma, associated with the Ardee Group and its family assets. A bench led by Justices J K Maheshwari and Atul S Chandurkar acknowledged the mediator’s report and ordered the parties to implement the settlement. The case involves Shefali Varma and Shibani Varma Kapur, the daughters of Ashok Varma, and their dispute over the family’s real estate assets and business endeavors. The court had assigned former Justice Kurian Joseph as a mediator to facilitate an amicable resolution. The bench…