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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Allahabad HC Requests Records on Demolition Stay Order

LUCKNOW: The Lucknow bench of the Allahabad High Court, comprising a two-judge panel, has raised serious concerns regarding a single bench’s ruling that temporarily halted the demolition of a building in the Khurram Nagar area. The ruling also allows the builder to approach the LDA to seek compounding under the new bye-laws. The division bench summoned the records of the case previously heard by the single bench, questioning the urgency surrounding a matter that had seen a demolition order issued a while ago. They noted, “It raises the question of how maintainable the petition is before the Single Judge, particularly…

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SC Orders Builder to Refund Over ₹43 Lakh with 18% Interest

Supreme Court of India NEW DELHI: On Wednesday, the Supreme Court instructed a real estate firm to refund over Rs 43 lakh to a plot buyer, along with 18 percent interest. The apex court increased the compensation rate ordered by the National Consumer Disputes Redressal Commission (NCDRC) which was set at 9 percent on the same amount payable by M/s Business Park Town Planners Ltd. A bench consisting of Justices Dipankar Datta and Augustine George Masih partially granted the appeal made by Rajnish Sharma against the firm. Sharma claimed delays, unfair charges, and harassment related to a plot booking made…

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HC Approves Noida Layouts, Resumes Delhi One Work After 10 Years

NOIDA: After nearly ten years of halted construction and growing concerns among numerous homebuyers, the Allahabad High Court has removed a significant barrier to reviving the Delhi One project in Sector 16B. A division bench comprising Justices Mahesh Chandra Tripathi and Anish Kumar Gupta instructed the Noida Authority on September 15 to approve the building plans for Max Estates Limited, contingent upon the company depositing 50% of the disputed ₹67 crore in change in constitution and shareholding charges (CIC/CIS) within a week. The court also directed the Authority against taking any coercive actions during this timeframe. This ruling represents a…

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Lodha Developers’ Ex-Director Sold Land to Son’s Firm Illegally: Police

MUMBAI: Rajendra Lodha, former director of Lodha Developers, was arrested for alleged fraud. Authorities claim he received large sums of cash from land transactions and sold a plot to his son’s company without proper authorization. During a court hearing on Tuesday, police requested his further remand as they seek to delve deeper into the complexities of the financial transactions involved. The Additional Chief Metropolitan Magistrate V R Patil extended Lodha’s custody until September 29. The 59-year-old suspect was taken into custody on September 17 by the Mumbai police’s crime branch. He has been accused of colluding with others to sell…

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Fraud Claims Arise in ₹600 Crore Bandra Marina Manor Case

MUMBAI: A legal battle over the ownership of the prized Marina Manor estate on Bandra’s Bullock Road, estimated to be worth Rs 600 crore, has escalated into a web of accusations involving fraud, forgery, and intimidation. Marina Manuel Fernandes, who faces accusations of fabricating a will to assert her claim on the estate, has filed a police complaint and sought to retract a Power of Attorney given to a notable builder and a political figure. According to Marina, she has been a victim of systematic fraud. Her claim to the estate is also contested, following a Bombay High Court ruling…

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SC Lets CBI Open Six More Cases in Builder-Bank Nexus

NEW DELHI: On Tuesday, the Supreme Court permitted the CBI to initiate six additional regular cases concerning the fraudulent connections between banks and developers, which have deceived homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. A bench consisting of Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh granted the CBI the authority to proceed legally after Additional Solicitor General Aishwarya Bhati, representing the agency, indicated that the preliminary inquiry into various builders, excluding Supertech Ltd, has been completed. The court acknowledged the CBI’s assertion that a cognizable offense has emerged from the preliminary inquiry and…

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Bombay HC Demands Report from SRA CEO on Half-Sold Flats

MUMBAI: The Bombay High Court has taken a serious stance regarding illegal transfers of flats built under the slum rehabilitation scheme in Sion-Koliwada. The court has called for a report from the CEO of the Slum Rehabilitation Authority (SRA). It was reported that although a part-occupation certificate was issued to Nirmal Nagar SRA CHS on January 7 to house 804 slum-dwellers, 410 of them have sold their flats. “If the petitioner’s claims hold true, we have significant doubts about the legality of the Slum Rehabilitation Authority’s control over the slum schemes,” remarked Justices Girish Kulkarni and Aarti Sathe on September…

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SC: Borrowers Lose Property Redemption Post Auction Notice Under SARFAESI

NEW DELHI: On Monday, the Supreme Court ruled that borrowers cannot reclaim property post-publication of an auction notice, as purchasers gain indefeasible rights once a sale certificate is granted by creditor banks and financial institutions under the SARFAESI Act. A bench comprised of Justices J B Pardiwala and R Mahadevan expressed concern about ambiguities in Section 13(8) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), which was enacted in 2002 for the protection of banks and financial institutions, noting that these ambiguities have led to prolonged litigations. The Court clarified that the…

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Karnataka HC отменяет штрафы Регулятора недвижимости

BENGALURU: The High Court has annulled a circular issued by the Real Estate Regulatory Authority (RERA) of Karnataka on September 3, 2020, due to lack of legislative authority. The circular aimed to retrospectively impose a “delay fee” for late submissions of quarterly updates and annual audit statements. This circular required builders, developers, and promoters to submit quarterly updates and annual audit statements as per Section 7 of the Real Estate (Regulation and Development) Act, 2016. The petitioners contended that while the Act mandates obligations for promoters, it does not empower the authority to enforce delay fees. They argued that delays…

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Court summons Prathamesh Developers in Patra Chawl scam

MUMBAI: A special court in Mumbai has summoned Prathamesh Developers through its partner businessman Pravin Raut in connection to a money laundering case tied to the Patra Chawl scam, noting their involvement in siphoning off the proceeds of crime. Sanjay Raut, a Rajya Sabha MP from Shiv Sena (UBT), is also implicated in the case, which is being heard by a special court for lawmakers. On September 20, special judge for criminal cases involving MPs/MLAs, Satyanarayan Navander, asserted that there is clear prima facie evidence of money laundering. The court issued summonses to Prathamesh Developers via its partner Pravin Raut—a…