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.

Latest StoriesRegulatory

Ghaziabad Extends Property Tax Rebate Deadline to December 31

GHAZIABAD: The municipal corporation has extended the deadline for the property tax rebate to December 31st from October 31st. Consumers can now benefit from a 20% rebate on property tax until this new deadline. After December, the rebate will decrease by 10%, available for another month. In January and February 2026, a 5% rebate will apply. Following this period, no rebates will be provided, and those paying property tax after March 2026 will incur fines for defaults. This marks the second extension of the deadline by the GMC amidst an ongoing court case in the Allahabad High Court concerning a…

Latest StoriesRegulatory

ED Seizes 500K+ Sq M of Property in North Goa’s Key Areas

PANAJI: On Monday, the Enforcement Directorate (ED) in Panaji provisionally attached 19 properties covering over five lakh square meters in prime locations across Goa, including Anjuna, Assagao, and Ucassaim. The properties, valued at Rs 1,268.6 crore, were seized under the Prevention of Money Laundering Act (PMLA), 2002, amid an ongoing investigation into alleged land grab activities in the state. “The properties were unlawfully obtained by a group led by Shivshankar Mayekar through the use of forged land title documents, such as ‘aforamento’/allotment certificates, final possession certificates, demarcation certificates, historical sale deeds, gift deeds, and other falsified records,” the ED stated.…

Latest StoriesRegulatory

Bombay HC Dismisses WeWork India IPO Challenge, Imposes ₹1 Lakh Fee

MUMBAI: The Bombay High Court has dismissed two writ petitions filed by Vinay Bansal and Hemant Kulshrestha that aimed to prevent WeWork India’s initial public offering (IPO), effectively ending their last-minute legal challenge. A Division Bench consisting of Justice RI Chagla and Justice Farhan Parvez Dubash rejected the petitions and imposed a cost of Rs 1 lakh on Vinay Bansal, instructing him to deposit the amount with the Maharashtra State Legal Services Authority within two weeks. The court reserved its decision on October 8 after the arguments were concluded and delivered the ruling orally today. A detailed written judgment is…

Latest StoriesRegulatory

NCLT Rejects Chronos Properties’ ₹1,080 Cr Bid for IL&FS BKC

MUMBAI: The National Company Law Tribunal (NCLT) has rejected the ₹1,080 crore bid from Brookfield-backed Chronos Properties for the acquisition of Infrastructure Leasing and Financial Services Ltd (IL&FS)’s flagship Bandra Kurla Complex property. On November 28, the NCLT’s Mumbai Bench dismissed Chronos’s application to enforce its bid for the IL&FS Financial Centre located at BKC. The tribunal upheld IL&FS’s right to amend the transaction consideration. It confirmed that the Letter of Intent (LoI) dated March 21, 2022, is a binding contract between the parties, but noted that it includes provisions allowing IL&FS to unilaterally modify the agreement, including financial terms,…

Latest StoriesRegulatory

ED Alleges Experion Developers Misused IBC in Land Deal

NEW DELHI: The Enforcement Directorate (ED) has accused the real estate developer Experion Developers of improperly utilizing the Insolvency and Bankruptcy Code provisions to acquire 9.3 acres of land in Gurugram’s Sector 62. As part of a Prevention of Money Laundering Act (PMLA) investigation involving Religare Finvest, the ED attached assets owned by the corporate debtor, Dignity Buildcon, which was subsequently purchased by Experion. The ED has filed a petition with the National Company Law Tribunal (NCLT) requesting a review of its May 2023 decision that permitted Experion to take over Dignity Buildcon through the insolvency procedure. The ED highlighted…

Latest StoriesRegulatory

Guntur to Cut Water Supply for Tax Evaders’ Properties

GUNTUR: In an effort to achieve 100% tax compliance, the Guntur Municipal Corporation (GMC) is set to disconnect drinking water taps and drainage services for both residential and commercial properties. Commissioner Puli Srinivasulu has instructed officials to cut civic amenities for those who have long-standing dues for property tax, vacant land tax, metered water charges, and tap fees. Furthermore, he plans to hold all senior officials, including deputy commissioners, accountable for revenue generation. He expressed frustration over the ‘zero percent’ daily collection performance from several ward secretariats, especially now that the financial year is well underway. He emphasized that continued…

Latest StoriesRegulatory

Full Interest Waiver for Patna Property Tax Defaulters

PATNA: The Patna Municipal Corporation (PMC) has announced an important relief initiative, offering a 100% waiver on interest and penalties for property tax defaulters. This measure is effective immediately and will remain in place until March 31, 2026. This initiative is part of the newly approved “Bihar Municipal Property Tax Incentive Scheme for Interest and Penalty Waiver – 2025.” It allows property owners to settle their outstanding property tax for the financial year 2025-26, as well as for previous years, by paying just the principal amount in a single lump sum to fully clear their arrears. The scheme has been…

Latest StoriesRegulatory

Ludhiana sets weekly goals to enhance property tax recovery

LUDHIANA: On Thursday, Municipal Corporation (MC) commissioner Aaditya Dachalwal conducted a review of the property tax wing and building branch at the Zone D office in Sarabha Nagar. This initiative aims to accelerate the recovery of overdue payments and prevent illegal constructions. Dachalwal set weekly recovery targets for officials and stated that progress would be closely monitored through regular reviews. He emphasized that strict departmental actions would be taken if these targets were not met. Attendees of the meeting included Additional Commissioner Paramdeep Singh, zonal commissioners Neeraj Jain, Gurpal Singh, and Jasdev Sekhon, SE-cum-MTP Ranjit Singh, along with assistant town…

Latest StoriesRegulatory

Madras HC Sends Notice to Govt on Madurai Metro DPR

Representative AI image MADURAI: The Madras High Court has issued notices to the Centre, state authorities, and Chennai Metro Rail Limited (CMRL) regarding a petition urging the state government to revise and resubmit the detailed project report (DPR) for the Madurai Metro Rail project for reevaluation. A division bench, comprising Justice Anita Sumanth and Justice C Kumarappan, heard the public interest litigation presented by A V Kathir, a first-year law student from Madurai. The petitioner emphasized that over the last two decades, Madurai has evolved into one of the fastest-growing urban centers in Tamil Nadu. The city is now home…

Latest StoriesRegulatory

Nagpur to Auction 113 Properties for ₹1.9 Cr Tax Recovery

NAGPUR: The Nagpur Municipal Corporation (NMC) plans to auction 113 properties valued at Rs 141 crore to recover unpaid dues of Rs 1.9 crore from tax defaulters. Despite multiple notices and public announcements, these defaulters have yet to settle their arrears. According to the property tax department, the largest outstanding amount is Rs 21.78 lakh for 24 properties in Sitabuldi and Lendra Park. Additionally, Rs 1.20 crore is owed across 48 properties in areas such as Zingabai Takli, Gorewada, Indora, Borgaon, and Mankapur. Other notable dues include Rs 14.43 lakh from 12 properties in Ajni, Somalwada, and Khapri; Rs 13.28…