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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SC: NMMC Can Collect Property Tax in Thane-Belapur Belt

NAVI MUMBAI: The Supreme Court ruled on Wednesday that the Navi Mumbai Municipal Corporation (NMMC) has the authority to collect property tax in the Thane Trans Creek-MIDC area, commonly referred to as the Thane-Belapur industrial corridor. This decision, stemming from a case brought forth by the Small Scale Entrepreneurs Association (SSEA) regarding the Thane Trans Creek-MIDC area, allows NMMC to impose property taxes on more than 3,000 industries in the corridor. In 2001, the SSEA petitioned the Bombay High Court against NMMC’s property tax orders, arguing a jurisdictional dispute since MIDC also charged service fees in the area. The High…

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ED Seizes ₹634 Crore Assets in Unitech Money Laundering Case

NEW DELHI: The Enforcement Directorate announced on Friday that it has attached assets valued at ₹634 crore from a significant real estate project by the Unitech Group in Noida. This action pertains to a money laundering investigation related to suspected fraud against homebuyers. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to seize properties linked to the Unitech Golf and Country Club (UGCC) Project, located in Sectors 96, 97, and 98 of Noida, Uttar Pradesh, according to the central agency’s statement. The seizure includes leasehold rights over 347.83 acres of land and equity stakes…

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Mumbai Developer Alleges Ex-Partner Cheated ₹11.51 Crore

MUMBAI: A developer has accused his former business partner of defrauding him of Rs 11.51 crore by allegedly hiding the prior sale of 19 flats in a Bandra East slum rehabilitation project and misappropriating the proceeds. The Economic Offences Wing (EOW) has filed an FIR against Vaman Madye, the owner of Rajhans Rebuilds and Developers, on charges of cheating, forgery, and breach of trust. In his complaint, Basantaraj Sethiya, director of Sethia Infrastructure Pvt Ltd, alleged that Madye fraudulently sold flats in the Vishal Ashiana redevelopment project located in Nirmal Nagar, Bandra East, without informing him of these transactions. According…

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SC asks Centre, ED, RBI about plea on homebuyer fund misuse

NEW DELHI: The Supreme Court has requested responses from the Centre, ED, RBI, and other parties, including certain real estate firms, regarding a plea claiming that significant amounts collected from homebuyers in Noida and Yamuna Expressway projects were misappropriated. A bench consisting of Chief Justice of India Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi acknowledged the submissions by lawyer Prashant Bhushan, representing petitioner Vandana Sabharwal, and issued notices to the respondents due by July 15. The bench also called for responses from the Union ministries of Housing and Urban Affairs, Corporate Affairs, as well as Uttar Pradesh…

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Pune Police File FIR Against Runwal Group MD in Land Dispute

PUNE: On Thursday, Pune City Police filed an FIR against Subodh Runwal, Managing Director of Runwal Group, and six others, following a court directive linked to a land dispute in Viman Nagar, Pune. The FIR is lodged at Vimantal Police Station against Subodh Runwal, Ashutosh N Navare, Lucy Roy Chowdhury, MB Agarwal, and three others under various sections of the Bharatiya Nyaya Sanhita (BNS), as reported by officials. This action stems from a directive issued by Judicial Magistrate First Class Dr. DR Dornalpalle on May 16 under Section 175(3) of the Bharatiya Nagarik Suraksha Sanhita (BNSS), instructing the police to…

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NRI Investor Claims Villa Barter Scam; Builder Denied Bail

GURUGRAM: A local court has denied bail to builder Devendra Pandey, accused of defrauding an NRI investor in a multi-crore commercial property deal associated with a project in Sector 85. The court found that the allegations suggested a “deliberate act of deception” and possibly a criminal conspiracy. In an elaborate ruling, Additional Sessions Judge Dr. Gagan Geet Kaur dismissed Pandey’s regular bail plea related to an FIR filed at Kherki Daula police station under Sections 409, 420, and 120B of the IPC, in addition to the Haryana Protection of Interest of Depositors in Financial Establishments Act. The case was brought…

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Kolkata sets May 27 deadline for illegal building hearings

KOLKATA: The KMC has set a deadline of May 27 for those who received new illegal building notices in the last 24 hours. On Sunday, six under-construction buildings faced demolition, while several structures in Tiljala, Beleghata, and Kasba were declared illegal and received KMC hearing notices. Some of these notices were issued to buildings already occupied by residents. Residents of Elite Primo on G J Khan Road in Tiljala protested, claiming the developer misled them about the properties’ legality. Five buildings, including a restaurant in Beleghata, received similar notices. The Tiljala-Topsia area falls within the ‘Red Zone’ for alleged illegal…

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ED Searches Punjab Properties in Real Estate Fraud Case

CHANDIGARH: On Tuesday, the Enforcement Directorate initiated searches at multiple sites in Punjab and Chandigarh linked to a real estate company and its promoters, as part of a money laundering investigation related to alleged fraud involving the Greater Mohali Area Development Authority (GMADA), according to officials. Locations associated with Chandigarh Royale City Promoters Pvt. Ltd. (CRCPL), Royale Estate Group (located in Zirakpur, Mohali), and other individuals such as Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, and Sumit Bansal were targeted during these searches. This action was taken under the Prevention of Money Laundering Act (PMLA).…

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SC: Aravalli expert committee should consult domain specialists, stakeholders

Sure! Here’s a rephrased version of the provided content: NEW DELHI: The Supreme Court announced on Monday that the expert committee responsible for defining the Aravalli hills and ranges should engage with domain experts and various stakeholders, ensuring the public’s voice is included. The bench, consisting of Chief Justice Surya Kant, Justices Joymalya Bagchi, and Vipul M Pancholi, remarked that the committee’s composition should be limited to avoid becoming unmanageable. “We cannot have a committee with 30 members, as it would be unmanageable. A size of 5-7 members is preferable, along with consultations with experts. We will include this in…

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ITAT: Spouse’s Name on Property Papers Insufficient for Tax Sale Proceeds

MUMBAI: The Income Tax Appellate Tribunal (ITAT) in Mumbai has ruled that if a spouse’s name is included on a property for convenience or security, the income-tax department cannot automatically attribute the entire sale proceeds to that individual without assessing who actually funded and owned the property. This decision comes as a relief to a Mumbai taxpayer who faced a ₹62.5 lakh increase to her income. The tribunal instructed the I-T officer to validate her claim that she was merely a nominal co-owner, with the flat being entirely purchased and sold by her husband using his funds and that these…