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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Bombay HC warns on illegal home mods, urges state for guidelines

MUMBAI: The Bombay High Court has directed the Maharashtra government to establish comprehensive guidelines regarding permissible alterations in residential flats, following an observation that it is common for flat owners to modify open terraces or their living spaces. “There cannot be two classes of citizens: those who obey the law and those who disregard it. Law enforcement must not be selective,” noted the High Court’s division bench, consisting of Justices AS Gadkari and Kamal Khata, in a ruling on July 16. The bench added that unauthorized large-scale constructions cannot continue just because others have committed similar violations. It has instructed…

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Bank of Baroda Liable for Missed PMAY Benefit, Rules Court

SURAT: The Navsari Consumer Disputes Redressal Commission (CDRC) has held Bank of Baroda accountable for not processing a home loan borrower’s application for a Pradhan Mantri Awas Yojana (PMAY) subsidy. The bank has been ordered to pay Rs 3.75 lakh to the borrower, Kiran Tandel, along with 9% interest. This compensation includes Rs 2.35 lakh for the PMAY subsidy that was not received and Rs 1.4 lakh for additional interest incurred on the home loan. The commission also awarded Rs 5,000 for harassment and litigation costs. The commission dismissed the bank’s argument that the subsidy was a government matter and…

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EOW Charges ₹104 Crore Housing Loan Scam; Retired Seed Manager Arrested

RAIPUR: On Friday, the Economic Offences Wing (EOW) intensified its efforts in two long-standing corruption cases. They submitted a 15,000-page chargesheet concerning a nearly 30-year-old cooperative housing loan fraud, which has escalated into a Rs 104-crore bad debt. Additionally, they apprehended a retired official from the Chhattisgarh State Seeds and Agricultural Development Corporation in a case involving disproportionate assets. In the housing loan fraud case, charges were filed in a special Prevention of Corruption Act court against Thawardas Madhwani, the former chairman of Adhunik Grih Nirman Cooperative Society in Raipur, Basant Kumar Sahu, the former housing supervisor of the Madhya…

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Telangana Probes Dharani, Bhu Bharati Land Deals

HYDERABAD: On Friday, the state cabinet announced the establishment of a Special Enquiry Team (SET) to investigate alleged irregularities concerning land transactions and record manipulation related to the Dharani portal and its successor, the Bhu Bharati portal. The investigation will focus on nearly six years of transactions, examining claims related to land registrations, record alterations, transfers of government land, and prohibited land listings. As stated by revenue and housing minister Ponguleti Srinivas Reddy, following a cabinet meeting chaired by Chief Minister A Revanth Reddy, the probe will review all transactions deemed suspicious from the launch of the Dharani portal in…

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Builder Charged for Cheating Homebuyers in ₹24 Crore Project

Representative AI image HYDERABAD: The Cyberabad Economic Offences Wing (EOW) has initiated a criminal case against a real estate company and its directors for reportedly collecting significant sums from homebuyers without delivering apartments or securing necessary approvals for a residential project in Puppalaguda. The case was filed against Pranith Koncepts Private Limited and its directors following a complaint from A Harshavardhan Reddy, a worker at a private firm in Champapet. According to the complaint, Harshavardhan discovered the Pranith Ambience project in September 2023 and visited the Puppalaguda site, where the company was working on a residential complex consisting of seven…

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Telangana HC Aids Doolapally Residents in Fox Sagar Dispute

HYDERABAD: On Friday, the Telangana High Court instructed the state government not to take any coercive actions against homeowners in Doolapally regarding claims that their homes are located within the Full Tank Level (FTL) area of Fox Sagar Lake. This directive was issued by Justice B. Vijaysen Reddy while considering a lunch motion petition filed by the affected homeowners contesting two government orders from July 7. Further hearings are scheduled for July 27. The petitioners, who built their homes after securing necessary permissions and occupancy certificates, challenged the government’s revocation of orders from 2019 and 2023 that reclassified the land…

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CBI Files Chargesheet in Ozone Urbana Homebuyers’ Fraud Case

NEW DELHI: The CBI has filed a charge sheet against Ozone Urbana Infra Developers Pvt Ltd and its director in relation to alleged builder-banker nexus scams, where numerous home buyers were reportedly deceived by exaggerated promises made during the purchase of their apartments, officials announced on Friday. The CBI submitted its 17th charge sheet regarding the scam before the Special Court in Bengaluru, targeting the builder for “alleged fraudulent activities” connected to a housing project in the city. A CBI spokesperson stated, “Our investigation has uncovered that the accused builder company and its director engaged in a criminal conspiracy to…

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Civic Body Launches Tax Camps Amid Panchkula Recovery Delays

Representative AI image PANCHKULA: The municipal corporation (MC) of Panchkula has initiated Property Tax Facilitation and Rectification Camps across various wards to assist property owners in clearing their dues before the extended deadline of August 31. This move comes as property tax collections have not met expectations. The camps, which began on Thursday, are located at community centers and MC offices. They offer residents help with self-certifying property details, correcting records, updating ownership information and mobile numbers, verifying outstanding dues, and paying property tax. Property owners must complete self-certification through the Property Tax Dues Payment and No Dues Certificate Management…

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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…