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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ITAT Upholds Tax Benefit for Reinvestment During Reassessment

Representative Image MUMBAI: In a ruling favoring taxpayers, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has determined that a claim for capital gains exemption under Section 54 of the Income Tax (I-T) Act cannot be rejected solely due to the absence of an initial I-T return. The tribunal stated that such claims should be considered if made during reassessment proceedings. The case centered around M Sheikh, a taxpayer who initially did not file an ‘original’ I-T return as required under Section 139(1) but later submitted it in response to a notice for reassessment under Section 148. This…

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Delhi court places ex-Reliance Group execs in ED custody for five days

NEW DELHI: A Delhi court has placed former senior executives of the Reliance Anil Ambani Group (RAAG), Amitabh Jhunjhunwala and Amit Bapna, in the custody of the Enforcement Directorate (ED) for five days as part of an investigation into a money laundering case linked to alleged bank loan fraud. The 24-page ruling noted that the ED uncovered allegations that loan funds were misappropriated and funneled to shell companies controlled by the group. The ruling also mentioned that emails recovered during the inquiry have “crystalized” the involvement of both individuals in the diversion of substantial loan amounts. The pair were arrested…

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Lucknow Police Seizes ₹5.78 Crore in Real Estate Fraud Assets

LUCKNOW: The Lucknow Police have secured movable and immovable assets valued over Rs 5.78 crore under the Gangsters Act linked to a fraudulent real estate scheme that deceived individuals by selling nonexistent or disputed land, officials announced on Thursday. This operation was conducted in the Mohanlalganj region, led by Police Commissioner Amrendra Singh Sengar, as part of an ongoing crackdown against organized crime. The assets seized belong to alleged gang leader Pramod Kumar Upadhyay and his accomplice, Vinod Kumar Upadhyay, according to police statements. According to authorities, “The accused ran a sophisticated syndicate that attracted unsuspecting buyers with enticing offers…

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Bombay HC: Higher FAR Approvals Await Case Outcome

Sure, here’s a rewritten version of the content: PANAJI: On Wednesday, the Bombay High Court indicated that all approvals for additional Floor Area Ratio (FAR) and height granted by the Town and Country Planning (TCP) would hinge on the resolutions of ongoing petitions before the court. The court instructed that the TCP board must include a clause in these approvals, emphasizing that the applications would be contingent upon the outcomes of the petitions. Final hearings for these petitions, which challenge the amendments to the Goa Land Development and Building Construction Regulations from August 2023, have been scheduled for June 15.…

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CBI Examines Ozone Projects, Bankers in Homebuyer Scam

CHENNAI: The Metrozone project in Koyambedu is now under investigation by the Central Bureau of Investigation (CBI) for alleged misconduct involving the subvention scheme and fraudulent actions toward homebuyers through a bank-developer collusion. The CBI’s economic offences wing in Delhi has filed a case against Ozone Projects Pvt Ltd, which is behind the Metrozone project, along with its promoters, directors, and unnamed officials from Axis Bank Ltd and Axis Finance Ltd, interpreting the situation as fraud and corruption as directed by the Supreme Court. The FIR indicates that Ozone Projects’ directors, currently undergoing the Corporate Insolvency Resolution Process (CIRP), allegedly…

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3.76 Lakh Owners Skip Property Tax, Nagpur’s Finances Suffer

NAGPUR: The property tax revenue of the Nagpur Municipal Corporation (NMC) has seen a decline in 2025-26, despite a continuous increase in the number of properties, highlighting serious compliance and recovery issues. To date, the NMC has collected Rs252.66 crore, a marked decrease from Rs306 crore gathered in 2024-25, where they achieved 94% of their Rs325 crore target. This reduction comes even with the total property count rising to 836,842, indicating that revenue growth is lagging behind property expansion. Alarmingly, only 460,094 property owners have settled their taxes, leaving 376,000 properties either in default or outside the tax system. Property…

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CBI Raids Eight States in Builders-Financial Institutions Case

NEW DELHI: On Tuesday, the CBI executed searches at 77 locations across eight states linked to a builders-financial institutions nexus case, officials reported. The searches included areas in Delhi, Chennai, Puducherry, and Bengaluru, among others. This case was assigned to the CBI by the Supreme Court, which on April 29, 2025, instructed the agency to initiate seven preliminary inquiries against builders in the NCR, notably Supertech Limited. Later that year, the court ordered the registration of 22 cases involving homebuyers in the National Capital Region (NCR) who were misled through the subvention scheme. On September 23 of last year, the…

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NCLAT Delays Hearing on Vedanta’s Adani Bid Challenge

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has postponed its hearing regarding Vedanta Group’s challenges against the selection of Adani Enterprises’ bid for the financially troubled Jaiprakash Associates Ltd (JAL) until April 16. The case will be reviewed on Thursday, following a change in the bench composition due to one member’s unavailability. The tribunal was expected to conclude arguments from Vedanta’s legal team, after which lenders and the resolution professional would present their cases. However, the NCLAT decided to defer proceedings after discussions with the involved parties. Last Friday, Vedanta raised concerns about the evaluation criteria used by…

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ED raids Gurugram’s 32nd Avenue over ₹500 crore scam

NEW DELHI: On Monday, the Enforcement Directorate executed raids targeting a real estate group based in Gurugram as part of an investigation into an alleged ₹500 crore fraud involving investors, officials reported. Authorities searched seven locations associated with the entity known as 32nd Avenue, which operates in Delhi-NCR and Goa. The company or its promoter has not yet responded to requests for comment. According to ED officials, the case arises from multiple FIRs filed by Haryana Police, prompted by complaints from investors who claim to have been defrauded by the group. The promoter-directors of the group are currently either evading…

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SIT to Investigate MHADA Quota Irregularities in Nashik

MUMBAI: Maharashtra Minister Chandrashekhar Bawankule announced on Monday that a special investigation team (SIT) will be formed to investigate alleged irregularities in the implementation of the MHADA quota in Nashik, warning that those who deny the less fortunate their rightful homes will face consequences. This decision follows reports of misconduct concerning the allocation of the 20% MHADA quota designated for economically weaker sections (EWS) and low-income groups (LIG) in Nashik. Under the direction of Chief Minister Devendra Fadnavis, the SIT will be overseen by the Nashik divisional commissioner and will include senior state officials. Bawankule stated, “Those who obstruct the…