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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NCLT Approves Aspect JV’s Rescue Plan for Radius & Deserve

MUMBAI: The National Company Law Tribunal (NCLT) has approved the resolution plan from the Aspect Group’s joint venture, Bharadvaja Buildcon LLP, for the bankrupt real estate firm Radius & Deserve Land Developers, facilitating the resolution process that began in May 2023. The corporate insolvency resolution process (CIRP) was triggered after an insolvency petition filed by IDBI Trusteeship Services. Claims exceeding Rs 3,255.82 crore were accepted, with IDBI Trusteeship Services holding the entire voting share in the committee of creditors (CoC). The resolution plan received unanimous approval from the sole CoC, represented by IDBI Trusteeship Services, with a total resolution value…

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FIR Filed Against Ansal Group and Four in ₹43 Lakh Plot Scam

LUCKNOW: The police have filed an FIR against Ansal Group and four other individuals, accused of cheating two buyers out of ₹43 lakh under the pretense of selling residential plots in Lucknow. The case was registered at the Sushant Golf City police station based on a complaint from Bhupendra Veer Singh, a resident of Sidhari in Azamgarh district. Singh claims that he and his relative, Nitin Narasaria from West Bengal, were defrauded after purchasing two plots through Ansal. As per the complaint, Bhupendra paid ₹25 lakh for a plot from Dr. Narayan Prasad and his wife, Renu, while his relative…

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ITAT: Redevelopment Deal Isn’t Taxable as Property Receipt

Representative image MUMBAI: The mere execution and registration of a redevelopment agreement does not constitute the receipt of immovable property, and thus, cannot trigger taxation under the anti-abuse clause of the Income Tax Act, according to a ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). This decision regarding tax implications for redevelopment transactions comes amidst a significant surge in redevelopment projects in Mumbai. The tribunal, consisting of judicial member Siddhartha Nautiyal and accountant member Vikram Singh Yadav, ruled last week in favor of taxpayer Manoj Devshichhadva, who contested an addition of ₹1.38 crore labeled as “income…

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Gurugram: Orris Infra Directors Charged with Land Fraud

GURUGRAM: The Gurugram police have launched a cheating and criminal conspiracy investigation against a real estate firm and its executives, accused of fraud concerning an agreement related to agricultural land near Manesar. The FIR was filed against Orris Infrastructure Private Limited, its directors Vijay Gupta and Amit Gupta, along with authorized signatory Jitender Singh, at Kherki Daula police station on July 7, citing Sections 420 (cheating) and 120-B (criminal conspiracy) of the IPC. The complainants—Ashwani Kumar, Rajpal, and Krishan Kumar, heirs of the late Anand Prakash—allege that the builder illicitly transferred some of their allocated plots to third parties, despite…

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ED seizes 389 properties worth ₹240 crore in Grand Venezia case

ED provisionally attaches assets worth ₹158.37 crore in Rockland Hospitals PMLA case NEW DELHI: The Enforcement Directorate’s Lucknow Zonal Office has provisionally attached 389 immovable properties valued at ₹240.03 crore under the Prevention of Money Laundering Act, 2002, concerning a money laundering case involving Bhasin Infotech and Infrastructure, Grand Venezia Commercial Towers, Satinder Singh Bhasin, and others. The agency noted that the current market value of the attached properties exceeds ₹700 crore. The assets seized include five properties in Goa, valued at ₹37 crore, owned by India Oceanworld and Goa Connect Properties. Additionally, 384 commercial units and shops in Grand…

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Bombay HC Cancels Auction of 4-Acre Shikrapur Housing Land

PUNE: The Bombay High Court has overturned the auction held on April 29 for a 4.42-acre plot, part of the Aura City housing project at Shikrapur in Shirur taluka, due to a recovery warrant issued by MahaRERA in 2021. On July 15, a bench comprising Justice AS Gadkari and Justice Kamal Khata instructed the developer, Bhagvati Infra (formerly M/s Jalan Maple Shelters), to reimburse 13 flat purchasers from 2012, including interest, within a fortnight. According to advocate Vikramsinh Patil, who represented the buyers, the total amount, including interest, stands at Rs 3.15 crore. The court mandated that once the payment…

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SC Gives Parsvnath a Week to Pay Homebuyer Dues or Face Jail

NEW DELHI: On Monday, the Supreme Court provided Parsvnath Developers with one final week to comply with orders favoring homebuyers in Gurugram. They must deposit the full amount along with 12% interest with the court registry. The bench, including Chief Justice Surya Kant and Justices Joymalya Bagchi and V Mohana, issued strong warnings to the real estate firm and its directors, stating that failure to comply could lead to imprisonment. “The entire country has been misled,” the Chief Justice remarked, threatening jail time if they do not adhere to the orders within a week. He emphasized that they are treating…

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Chennai collects ₹103 crore in property tax in 14 days

CHENNAI: The Greater Chennai Corporation has successfully collected ₹103.03 crore in property tax dues over the span of 14 days, thanks to a focused collection initiative across the city. This amount was gathered between July 3 and 16, during which many property owners proactively settled their tax dues. The efficiency of collections has surged by 145% compared to the same time last year, as reported by officials. “The special property tax collection camp has been ongoing since July 3 and will continue until July 31. We will also organize additional intensive collection activities aimed at recovering long-standing dues. Out of…

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HC Orders Haryana to Submit DLF City Demolition Records

GURUGRAM: The Punjab and Haryana High Court has ordered the state government to provide details regarding demolition and restoration actions on properties accused of unauthorized construction in DLF City. During the hearing of multiple petitions, including one from the DLF City Residents Welfare Association, the court granted the Haryana government a deadline of ten days to respond and scheduled the next hearing for July 28. The court emphasized that lawful structures should remain protected during enforcement actions and requested copies of the building bylaws relevant to the area to determine compliance with planning regulations. The case revolves around alleged unauthorized…

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Chhattisgarh EOW Chargesheet: Loan Case Loss Soars to ₹104 Crore

RAIPUR: The Chhattisgarh Economic Offences Wing (EOW) has submitted a chargesheet against three individuals in a 26-year-old case linked to fraudulent loans totaling Rs 1.86 crore. With interest, this has escalated into a bad debt of approximately Rs 104 crore, officials reported on Saturday. The extensive 15,000-page chargesheet was presented on Friday to a special court under the Prevention of Corruption Act in Raipur against Thawardas Madhwani, the former president of Adhunik Grih Nirman Cooperative Society Ltd, Pradeep Kumar Nikhra, the former manager of the Madhya Pradesh State Cooperative Housing Federation Ltd (MPSCHFL), and Basant Kumar Sahu, the former housing…