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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Accused in Shine City Fraud Case Arrested in Lucknow

LUCKNOW: On Monday, the Economic Offences Wing (EOW) arrested a key suspect in the multi-crore Shine City Infra Project Private Limited fraud case. The suspect, Nekpal Singh, also known as Nikki, was detained by the EOW team in the Krishna Nagar area of Lucknow. According to the EOW, Shine City Infra Project Private Limited allegedly defrauded investors across multiple districts in Uttar Pradesh by promoting low-cost residential plots and other attractive offers. The firm collected significant sums from the public without delivering the promised plots or refunding the investments. After the alleged scheme came to light, the company’s directors and…

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Mumbai civic body issues attachment notices for tax defaults

MUMBAI: The BMC has issued notices for property attachment to some of the largest property tax defaulters in Mumbai. These warnings indicate that assets may be seized and auctioned if outstanding payments are not made immediately. Notably, Raghuvanshi Mills Limited from G South ward is among the top defaulters, with arrears exceeding Rs 140 crore. Other significant defaulters include Rajhans Associates, Ashapadara Developers, Sumer Buildcorp Pvt. Ltd., DBS Realty, SD Corporation, and Galaxy Corporation, each with dues in the tens of crores, according to the civic agency. As stated by the BMC, notices have been served under Section 203 of…

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NCLT Approves Hotel Horizon Resolution, NCLAT Halts Equity Creation

Here’s a rewritten version of the provided content: The National Company Law Tribunal has sanctioned Hotel Horizon’s acquisition by a consortium consisting of Oberoi Realty, Shree Naman Developers, and JM Financial Properties and Holdings. The company has acknowledged liabilities amounting to ₹1,293 crore, while the successful bidder’s proposal entails a payment of ₹919 crore, leading to approximately 74% recovery for creditors of the financially strained firm. Prior to the tribunal’s sanction, the resolution plan had received unanimous approval from the company’s secured creditors. Hotel Horizon’s main asset is a coveted 1.85-acre land parcel located in Mumbai’s upscale Juhu area, with…

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NGT Alerts MCD Over ‘Unauthorized’ Yamuna Floodplain Construction

NEW DELHI: The National Green Tribunal (NGT) has requested responses from the Municipal Corporation of Delhi (MCD), Delhi Development Authority (DDA), and others regarding a petition that claims unauthorized construction on the floodplain of the Yamuna River. The tribunal was addressing a letter petition from a Wazirabad village resident, who alleges that a multi-storeyed building is being constructed in the Majnu ka Tila area on the floodplain. A bench led by NGT Chairperson Justice Prakash Shrivastava and expert member A Senthil Vel stated in an order dated February 5 that the petition raises “significant issues” concerning adherence to environmental regulations.…

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Gurugram: 32nd Milestone Director Arrested for Fraudulent Sales

GURUGRAM: Gurugram police have arrested a man accused of defrauding around Rs 500 crore by selling the same floor of a building to over 25 individuals. The suspect, Dhruv Dutt Sharma, director of 32nd Milestone (32nd Avenue), was taken into custody, according to police reports. Sharma was presented in court and has been remanded into police custody for six days. Investigations suggest he deceived multiple victims, resulting in a hefty financial loss. In January, a complaint was lodged by a representative from Tram Ventures Private Limited against Apra Motels, now operating as 32 Milestone Vistas Private Limited. In 2021, the…

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Hyderabad: ₹270 Crore Fraud Case Against White Waters Constructions

HYDERABAD: The Economic Offences Wing (EOW) of the Cyberabad police has initiated a cheating case against White Waters Constructions and its directors. A woman has accused the company of defrauding her and numerous other flat buyers by collecting around ₹270 crore without delivering the promised projects. This complaint was lodged with the police on January 30 by Bhogadi Sujatha, a resident of Power Nagar Colony in Moosapet. According to her complaint, Sujatha became aware of White Waters@Y project near Kukatpally Y-Junction in 2018, and reserved a flat by paying ₹11 lakh. Over the next four years, she transferred ₹68.94 lakh…

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Mysuru Civic Body Hits Record 88.4% Property Tax Collection in 2025

MYSURU: The Mysuru City Corporation (MCC) achieved a record property tax collection rate of 88.4% by the end of December 2025, marking its highest performance to date. In prior years, tax collection had never surpassed 80% by year-end. Officials credit this year’s success to new strategies, including the public disclosure of major defaulters—comprising individuals, commercial entities, and government bodies—on the corporation’s official website. This measure, launched for the first time, has significantly increased compliance compared to previous years. The published list featured top defaulters across both commercial and large residential sectors. After multiple notices and reminders, MCC implemented this public-disclosure…

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RMC’s Tax Sweep Uncovers Extensive Property Fraud in Ranchi

Representative AI image RANCHI: The Ranchi Municipal Corporation (RMC) is accelerating its revenue collection efforts across all wards, focusing on holding tax payments to meet the target of Rs 100 crore for the current financial year. This intensified initiative has started to yield results, as field inspections have uncovered significant under-assessment and misreporting of property details in various city wards. RMC revenue teams conducted thorough checks on commercial and residential properties, evaluating declared areas, usage types, road widths, basement usage, and rainwater harvesting setups. Inspections revealed that many properties were paying taxes based on significantly lower areas or incorrect classifications.…

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Delhi Court Requests Police Report on ’32nd Milestone’ Promoters

NEW DELHI: A local court has requested an action-taken report from the police regarding a plea for the registration of an FIR against the promoters of the Gurugram-based “32nd Milestone” commercial project. The complaint alleges cheating, fund diversion, and significant financial irregularities. Judicial Magistrate Devanshi Janmeja issued this notice on February 5, instructing the police to provide a report, with the next hearing scheduled for March 13. The application was lodged by senior citizen Arvind Gupta, who accuses the promoters and associated entities of cheating, forgery, criminal conspiracy, and intimidation. The implicated parties include 32nd Vistas Private Limited, Growth Hospitality…

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Bankruptcy Court Initiates Insolvency Proceedings for Vatika

NEW DELHI: A bankruptcy court has approved the admission of a real estate developer from Gurgaon into the corporate insolvency resolution process (CIRP) following an application by IDBI Trusteeship Services. This action was prompted after the firm defaulted on dues totaling approximately Rs 274 crore. The Chandigarh bench of the National Company Law Tribunal (NCLT) has designated Jayant Prakash as the interim resolution professional (IRP) to oversee the company’s proceedings. IDBI Trusteeship, acting on behalf of non-convertible debenture (NCD) holders, submitted the case to the tribunal. Senior counsel Gopal Jain and advocate Meghna Mishra represented the trustee company, arguing that…