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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NCLAT Halts Mahagun Insolvency, Orders NCLT to Rehear Case

NEW DELHI: In a significant development for the real estate firm Mahagun, the National Company Law Appellate Tribunal (NCLAT) has annulled the insolvency proceedings against it and instructed the NCLT to reconsider the petition in light of a new status report relating to the projects. A two-member bench of the appellate tribunal noted that the NCLT had overlooked crucial guidelines from the Supreme Court’s ruling in the Mansi Brar Fernandes case, which stipulates that insolvency proceedings for real estate should be project-specific. Additionally, the NCLAT acknowledged an intervention request from various homebuyers associated with different Mahagun projects, seeking to overturn…

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SC orders probe into stalled Greater Noida housing project

NEW DELHI: In a pivotal decision, the Supreme Court on Friday established a one-member committee led by former Allahabad High Court judge Pankaj Naqvi to conduct a thorough inquiry and propose a practical roadmap for a stalled housing project in Greater Noida, Uttar Pradesh. The court ordered an independent probe into a long-standing housing dispute involving the Golf Course Sahkari Awas Samiti (formerly JP Greens Employees Sahkari Awas Samiti) and the Greater Noida Industrial Development Authority (GNIDA). This conflict has impacted hundreds of homebuyers who have been waiting for possession of their apartments for almost two decades. “The evidence clearly…

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SC Flags Issues, Urges Law Panel to Explore Blockchain for Property

NEW DELHI: The Supreme Court has raised concerns about systemic weaknesses in colonial-era property laws, advocating for nationwide reform. The court has instructed the Law Commission to create a comprehensive report examining the use of Blockchain technology to modernize property registration processes. Blockchain technology offers a secure, transparent, and immutable digital ledger for property transactions, significantly reducing fraud and improving verification processes for ownership and transactions through smart contracts. This directive followed a landmark ruling from a bench consisting of Justices Pamidighantam Sri Narasimha and Joymalya Bagchi, which invalidated Bihar’s 2019 amendment that allowed registration authorities to deny registration of…

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Ghaziabad HC Sets Land Rates for Indirapuram Farmers, Resolves 20-Year Issue

GHAZIABAD: The Ghaziabad Development Authority (GDA) is mandated to provide higher compensation to 35 farmers from Mohiddinpur Kanavani village in accordance with the Land Acquisition (Rehabilitation & Resettlement) Act, 2013, for land designated for the Indirapuram Extension township. In a ruling on October 17, the Allahabad High Court instructed the GDA to pay up to twice the prevailing circle rate of 2014. The land acquisition dispute dates back to 2004 when the GDA announced plans to acquire 229 acres. Farmers challenged the move, demanding higher compensation than the Rs 1,100 per square meter offered by the GDA. In 2005, 225…

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SC Sets Dec 5 Deadline for Jaypee Infratech Claims

NOIDA: The Supreme Court has given Jaypee Infratech homebuyers a deadline of December 5 to either request refunds or apply for flat allotments. This directive was issued on November 3 by Justices Sanjay Kumar and Alok Aradhe, instructing all outstanding claimants to reach out to Suraksha Realty Limited, the current overseer of the delayed Jaypee projects, with no additional extensions expected. The court also mandated Suraksha Realty to make a public announcement regarding this cut-off date, which it did by Thursday. “Many homebuyers are still presenting claims for refunds or flats. Suraksha Realty Limited is prepared to accept refund claims…

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₹100 Crore Housing Fraud Case Against Mumbai Developer

MUMBAI: A case has been filed against a real estate developer and others for allegedly defrauding homebuyers of Rs 100 crore with false promises of flats in Mumbai’s Wadala area. Funds were allegedly diverted for personal use, according to officials on Thursday. The police’s Economic Offences Wing (EOW) initiated the case on Wednesday following preliminary inquiries sparked by a complaint from 62-year-old Chartered Accountant Anil Dron, a Kandivali resident. The accused—developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, B P Gangar Constructions, and others—are alleged to have collected Rs 100 crore from 102 individuals since 2018 under the pretense of…

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ED, IBBI Set New Standards for Restoring Assets to Cheated Homebuyers

NEW DELHI: The Enforcement Directorate (ED) announced that the assets of bankrupt companies and their promoters, which were previously attached under anti-money laundering laws, will now be returned to affected parties like banks or homebuyers. This follows the establishment of a new standard operating procedure, as stated by the federal probe agency on Wednesday. The Insolvency and Bankruptcy Board of India (IBBI) issued a circular on November 4 after extensive coordination meetings with ED officials. The coordinated efforts resulted in a “standard undertaking” to be submitted by Insolvency Professionals (IPs) to the special PMLA court for releasing ED-attached assets for…

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NCLAT Denies Reliance Realty’s Appeal; Fast-Tracked Liquidation

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal from Reliance Realty, a subsidiary of the financially troubled Reliance Communications, which sought to reclaim rental payments and assets from Independent TV, a company in the DTH sector now undergoing liquidation. The NCLAT reaffirmed an earlier ruling from the Mumbai bench of the National Company Law Tribunal (NCLT) that rejected Reliance Realty’s request, emphasizing that the liquidation of Independent TV (formerly known as Reliance Big TV) must proceed swiftly and efficiently. A two-member panel stated that the liquidation should not be “disrupted and derailed by the Appellant…

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Hyderabad: Firm sued for duping nine flat buyers of ₹4 crore

HYDERABAD: The Cyberabad Economic Offences Wing (EOW) has initiated a cheating case against a construction company based in Jubilee Hills, accused of defrauding nine flat buyers of ₹4.41 crore linked to a stalled project in Tellapur. The complainants, K Mahesh, a 34-year-old employee of a Public Sector Undertaking (PSU), and his friend T Chandra Kiran Kumar began their home search in 2021. They were approached by a marketing executive named Bhargav, who offered an attractive early bird rate of ₹2,800 per square foot with a guaranteed buy-back option. Believing claims that the necessary land would be procured and that HMDA…

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Maharashtra Eases Land Rules Restricted by Fragmentation Act

NAGPUR: The Maharashtra government has taken a significant step in land reform by officially regularizing numerous land parcels previously constrained under the Fragmentation and Consolidation of Holdings Act, 1947. This change is expected to benefit nearly 20 million citizens. Revenue Minister Chandrashekhar Bawankule announced the implementation of this long-awaited amendment following the issuance of a government gazette notification on Tuesday. Describing it as a momentous and citizen-focused reform, Bawankule stated, “Approximately 4.9 million landholders—representing around 20 million family members—will now have their names officially listed on 7/12 land extracts. This decision resolves decades of confusion and challenges posed by antiquated…