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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NCLAT Rejects Stay on Adani’s ₹14,535-Cr Jaiprakash Bid

NEW DELHI: On Tuesday, the Insolvency Appellate Tribunal rejected an interim stay on Vedanta Group’s plea against the National Company Law Tribunal’s (NCLT) approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The two-member bench of the NCLAT requested a response from JAL’s Committee of Creditors (CoC) within a week and scheduled the case for hearing on April 10. Vedanta Group had been competing to acquire JAL through the insolvency process but faced a setback when lenders approved Adani Enterprises’ resolution plan last November. The NCLT approved Adani’s bid last week. In challenging the NCLT’s decision, Vedanta…

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Punjab & Haryana HC paves way for FIR vs Emaar India in dispute

CHANDIGARH: The Punjab and Haryana High Court has dealt a setback to Emaar India Ltd, denying its request to quash an FIR that includes allegations of cheating, fraud, and criminal conspiracy against the firm. Justice Mandeep Pannu issued the ruling while rejecting a petition from Emaar India, which sought to dismiss an order from a Gurgaon additional chief judicial magistrate that authorized the FIR against the company and its officials. The case arises from a complaint by Synergy Finhub LLP, which alleges that Emaar India and certain officials were involved in a “well-coordinated” scheme of deception. Central to the allegations…

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Telangana HC reprimands HYDRAA for seizing Hayathnagar plot

HYDERABAD: The High Court has reprimanded the Hyderabad Disaster Response and Asset Protection Agency (HYDRAA) for allegedly seizing a 650 square yard plot in Sahebnagar Kalan, Hayathnagar, located on the outskirts of the city. During a hearing of a petition from the landowner contesting HYDRAA’s actions, Justice NV Shravan Kumar expressed astonishment, stating that interfering in ongoing property disputes is hardly a model of good governance. It is reported that HYDRAA has taken over the property under the pretext of encroachment into a park. Addressing the proceedings, the judge remarked that the courts are equipped to handle encroachments and related…

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Pune’s PCMC collects ₹80 crore in property tax, may miss targets

PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) reports a robust response to its amnesty scheme for property tax defaulters, yet the overall tax collections appear to be underwhelming, as the organization is unlikely to achieve its set targets or match last year’s figures. For this fiscal year, PCMC has aimed to generate Rs 1,000 crore from property tax. According to municipal officials, the PCMC has accumulated nearly Rs 80 crore in property tax revenue following the launch of the amnesty scheme on March 1. This initiative provides a 90% penalty waiver for defaulters, applicable only to those who settle their…

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BMC Urges MMRDA & MHADA to Resolve ₹2,287 Crore Tax Dues

MUMBAI: The BMC has reached out to two major state agencies—the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra Housing and Area Development Authority (Mhada)—regarding pending property tax dues exceeding Rs 2,287 crore, urging immediate payment. In correspondence dated March 16, just prior to the financial year-end, the BMC emphasized that property tax is its main source of revenue, essential for urban services and infrastructure development across Mumbai. According to BMC records from January 31, MMRDA owes Rs 1,685.6 crore across 128 properties, which includes Rs 946.2 crore in unpaid taxes and Rs 739.4 crore in penalties. Mhada, on…

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Telangana High Court Halts Acquisition of Jubilee Hills Properties

HYDERABAD: The Telangana High Court has recently stayed the acquisition and dispossession proceedings concerning four properties, totaling 5,186.14 square yards, owned by private individuals on Road No. 45, Jubilee Hills. The Greater Hyderabad Municipal Corporation (GHMC) had issued notices to the property owners under Section 21 of the GHMC Act, initiating the acquisition process for a proposed 120-ft road extending from Road No. 45 T-Junction to Durgam Cheruvu. Justice NV Shravan Kumar, in an order dated March 17, stated: “A stay is in effect for all further proceedings regarding the issuance of notice under Section 21 of the Act, particularly…

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Pune: PMC Acts on 4,000 Bounced Cheque Cases for Property Tax

PUNE: The Property Tax Department of Pune Municipal Corporation (PMC) has issued a warning to property owners regarding strict legal consequences for dishonoured tax payment cheques, as the number of such cases has been rising. Civic officials reported that over 4,200 cheque bounce instances have been recorded this financial year. Following persistent follow-ups, about 3,600 owners have settled their payments. Now, the civic body plans to take legal action against the remaining 600 defaulters under the Negotiable Instruments Act, 1881, which governs cheque dishonour offences. Ravi Pawar, head of the PMC’s Property Tax Department, stated that despite numerous reminders, some…

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Goa Commission Tells Dimension Builders to Create Flat Owners’ Society

PANAJI: The North Goa District Consumer Dispute Redressal Commission has directed a builder to establish a society or association of flat owners within three months for managing the property. Should the builder fail to meet this deadline, flat owners may independently create the society. This ruling followed a complaint from A M Ashwinkumar, a Carambolim resident who purchased two single-bedroom flats on the first floor of Dimension Residency from Dimension Builders in 2010 for his elderly parents. Ashwinkumar reported that upon moving in during June 2012, he discovered issues with the bathroom tiles, which were not properly fitted or aligned.…

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Bombay HC Overturns DRT Stay on Bank-Auctioned Flat Sale

MUMBAI: The Bombay High Court recently overturned a Debt Recovery Tribunal (DRT) order that halted further post-sale actions regarding a bank’s auction of a flat in South Mumbai. The Court noted a “disturbing trend” where borrowers and “chronic defaulters” often act passively while banks pursue recovery. These defaulters typically invoke “collusive proceedings” under insolvency laws only when it’s time for auction purchasers to take physical possession of the property. In a ruling dated March 18, Justices Manish Pitale and Shreeram Shirsat expressed concern over the misuse of the Insolvency and Bankruptcy Code (IBC). They pointed out that borrowers often claim…

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350+ government offices owe Nagpur civic body ₹145 crore in tax

NAGPUR: While the civic authority is contemplating a 10% increase in property tax to enhance revenue, the Nagpur Municipal Corporation faces significant challenges in collecting dues from central and state government departments, which collectively owe over Rs145 crore in unpaid property tax. Out of the revised target of Rs325 crore for the current fiscal year, the municipality has thus far collected Rs215 crore, leaving approximately Rs110 crore outstanding. Despite enforcing strict penalties and initiating attachment actions against individual taxpayers, several government offices have continued to delay payments for years. This poor recovery has necessitated additional resources for the civic body…