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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Builder nabbed in ₹23 crore fraud case in Nashik

NASHIK: A well-known builder in Nashik was apprehended by officials from the crime branch unit 1 late Tuesday in connection with a fraud case involving ₹23 crore. The builder constructed five buildings in Sansari, near Deolali Camp, in 2019. Although customers fully paid for their flats and took possession, he failed to prepare or provide the sale deeds, retaining ownership of the properties. Meanwhile, he colluded with officials from a private finance company to secure a loan of ₹23 crore by using the flats as collateral. The financial firm’s officers did not verify the documents presented by the builder and…

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NCLAT: Creditors Can Appoint Liquidator, Not NCLT

NEW DELHI: The authority to appoint a liquidator for a company in debt undergoing insolvency procedures lies solely with the Committee of Creditors (CoC), not the National Company Law Tribunal (NCLT), in instances where a Resolution Professional has not provided written consent, as per the National Company Law Appellate Tribunal (NCLAT). In a ruling concerning two similar cases where the NCLT had appointed liquidators for two struggling companies, the NCLAT overturned those decisions, emphasizing that “only the CoC has the authority to select a candidate to replace the RP.” The NCLAT clarified that while the NCLT serves as the designated…

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Jaipur Seals Walled City Building for 3 Months

JAIPUR: The Jaipur Municipal Corporation (JMC) has issued a notice and sealed an old building located on Chaura Rasta near New Gate in the Walled City for a duration of three months. This action was taken due to the owner’s failure to comply with a notice under Section 194 of the JMC Act 2009, specifically for not obtaining necessary permissions for ongoing renovation work. Recent decisions by the civic body indicate a move towards stricter enforcement against property owners in the Walled City who attempt unauthorized modifications to heritage structures. An official from the JMC’s vigilance wing stated, “Since we…

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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…

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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.…

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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…

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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,…

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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…

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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…

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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…