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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Ranchi I-T Surveys Uncover ₹50 Crore Hidden Income in Realty

RANCHI: The Income Tax (I-T) investigation wing has uncovered undisclosed income amounting to approximately Rs 50 crore during recent surveys at five locations linked to Panache Realtors and the Dayanand Modi Group in Ranchi over the past two days, as reported on Thursday. According to sources, I-T teams are currently reviewing various documents and digital data, including chats mainly pertaining to cash transactions. Experts have been enlisted to recover deleted messages. The partners involved with both real estate firms, such as Narayan Prasad Jalan, Aditya Jhunjhunwala, and Pradeep Modi from Panache Realtors, along with Anurag Modi, Sandip Modi, and Abhimanyu…

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NCDRC Orders Kakade Construction to Refund or Provide Flats

PUNE: The National Consumer Disputes Redressal Commission (NCDRC) has stated that a builder’s inability to complete a project and deliver possession in a timely manner constitutes a clear deficiency in service and an unfair trade practice. According to the NCDRC bench, led by Justice Sudip Ahluwalia and member Sadhna Shanker, “A homebuyer cannot be expected to wait indefinitely for possession. In cases of significant delays, the consumer is entitled to a refund with applicable interest and compensation.” This ruling was based on a Supreme Court judgment from 2020. The bench has mandated that Kakade Construction Company Private Limited, based in…

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Pune Builder, Partner Charged with Duping Retiree of ₹12.58 Crore

PUNE: The Economic Offences Wing (EOW) of the city police has launched an inquiry into a case of fraud against a builder and his associate. They are accused of defrauding an 80-year-old man of ₹12.58 crore over the last decade. A formal complaint was filed at the Koregaon Park police station on Wednesday, leading the EOW to assume responsibility for further investigation. According to Assistant Inspector Kalyani Pandole of the EOW, the complainant was a successful warehouse businessman who is now retired. The police report indicates that the builder initiated a housing project in 2016, prompting the complainant and his…

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HC Permits Bengaluru to Invite Karanth Layout Applications, No Allotments

BENGALURU: The Karnataka High Court has revised its earlier interim order regarding the Dr. K Shivaram Karanth Layout case. The new ruling allows the Bangalore Development Authority (BDA) to invite applications for sites but prohibits any allotments without prior court permission. A special division bench, consisting of Justices M. Nagaprasanna and Venkatesh Naik T, passed this order after reviewing an interlocutory application and an affidavit from BDA that outlined the authority’s financial situation. The Advocate General mentioned that in January 2024, the High Court instructed BDA to maintain the status quo on calling applications for the layout. The authority contended…

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HC urges UP to establish forum for apartment owner-RWA disputes

LUCKNOW: The Allahabad High Court’s Lucknow bench has noted that current laws fail to provide a proper mechanism for resolving disputes between apartment owners and Residents’ Welfare Associations (RWAs). The court directed the Uttar Pradesh government to explore the feasibility of establishing a dedicated grievance redressal forum. The directive came when Justice Alok Mathur and Justice Amitabh Kumar Rai dismissed a petition from four residents of Sarvodaya Sulabh Apartments in Gomti Nagar Extension. The court affirmed that managing a residential society is a collective duty of the RWA, and that discord among a few apartment owners regarding decisions made democratically…

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Chennai Extends Property Tax Collection Camps to July 31

CHENNAI: In a move to boost property tax collections, the Greater Chennai Corporation (GCC) has extended its special tax collection camps until July 31, with nearly half of the city’s property owners yet to settle their dues. Out of 14.23 lakh assessed property owners in Chennai, only 6.98 lakh have paid their property tax to date, leaving around 7.25 lakh still outstanding. The corporation typically collects around ₹1,800 crore annually in property taxes. During the special camps from July 3 to July 15, ₹96 crore was recovered. Though originally set to conclude on July 17, the drive has now been…

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ITAT: Redevelopment Rights Transfer Not Taxable as ‘Other Income’

MUMBAI: The Mumbai Income Tax Appellate Tribunal (ITAT) has made a pivotal ruling affecting property owners engaged in redevelopment projects. It determined that payments received for the transfer of development rights should be classified as ‘capital gains’ rather than ‘income from other sources.’ The tribunal also noted that taxpayers meeting specific legal requirements can claim exemptions under Section 54EC of the Income-Tax (I-T) Act by investing their capital gains in designated bonds. Such reinvestment can help lower the taxable amount of capital gains. This ruling is particularly significant in light of numerous redevelopment projects reshaping Mumbai and its surrounding areas.…

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Uttarakhand HC Cancels DM’s Fire NOC for Dehradun Builder

DEHRADUN: The Uttarakhand High Court has annulled an order from the former Dehradun District Magistrate, Sonika, that required the fire department to issue a no-objection certificate (NOC) for the Pinnacle Residency group housing complex, despite known fire safety deficiencies. Justice Manoj Kumar Tiwari deemed the order “legally unsustainable”. The issue revolves around unauthorized construction by M/s Disha Hospitality Private Limited, which allegedly strayed from the building plan sanctioned by the Mussoorie Dehradun Development Authority (MDDA). Residents raised concerns in court, claiming that the construction, including RCC slabs and other unauthorized structures, obstructed access for fire emergency vehicles, thereby violating the…

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Telangana HC Blocks GHMC Demolition of Somajiguda BLISS Project

HYDERABAD: The Telangana High Court provided temporary relief to Pradeep Constructions on Wednesday, instructing the GHMC to refrain from taking any coercive action against the BLISS residential project in Somajiguda until July 23. Previously, the civic body issued notices on July 7, claiming that the residential project’s multi-storied buildings were constructed within the full tank level (FTL) of Hussainsagar and that permissions were obtained by withholding pertinent information. The GHMC proposed the demolition of the high-rise structures. Justice Pulla Karthik has scheduled the next hearing for July 23 and directed the authorities involved to submit their responses to the case.…

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12-Year Housing Project Stalled: Refund Ordered for Buyers

NOIDA: The District Consumer Disputes Redressal Commission (DCDRC) has ordered the Yamuna Expressway Industrial Development Authority (YEIDA) to refund ₹2.8 lakh to a flat buyer, with an annual interest rate of 6%, due to the Authority’s failure to deliver a flat as promised in its 2014 housing scheme. Buyer Omveer Singh filed a complaint after the Yamunotri Housing Scheme failed to launch, and he never received possession of his assigned flat. Singh claimed he applied to the scheme on November 28, 2014, and was allotted an 880 square foot, 2BHK flat in Greater Noida’s Sector 22A, having paid a registration…