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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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…

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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…

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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…

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SC Directs ED to Release V Hotels Assets to Lodha Developers

NEW DELHI: The Supreme Court has ordered the Enforcement Directorate (ED) to unfreeze 12 properties of corporate debtor V Hotels Ltd, which includes land in Maharashtra valued at approximately ₹4,000 crore. This decision marks a significant victory for Lodha Developers, which acquired V Hotels through the insolvency resolution process last year. Among the assets to be released is Mumbai’s prestigious Centaur Hotel located in Juhu. Lodha Developers, previously known as Macrotech Developers, acquired V Hotels via a ₹890-crore resolution plan sanctioned by the National Company Law Tribunal (NCLT) in April of last year. The company had deposited ₹520.80 crore as…

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Gurugram: Ornamental Realtors Hit with FIR Over License Issue

GURUGRAM: The district town planner (enforcement) has requested an FIR against a builder due to alleged violations concerning its commercial colony license in Sector 61. Ornamental Realtors Pvt Ltd’s license, which was valid for eight years, expired on August 26, 2017. The request for an FIR has been shared with high-ranking officials at both district and state levels, indicating the government’s commitment to closely monitoring licensed colony projects. Officials noted that Ornamental Realtors Pvt Ltd repeatedly failed to comply with various statutory obligations, leading the enforcement wing to refer the matter to the Haryana State Enforcement Bureau police. This action…

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Bankruptcy Court Approves Ansal API Affiliate for Insolvency

The National Company Law Tribunal (NCLT) has initiated the corporate insolvency resolution process (CIRP) for Katra Realtors, following a petition filed by IL&FS Financial Services Ltd. Situated in Delhi, Katra Realtors had acted as a corporate guarantor for Ansal Properties and Infrastructure (Ansal API), which is presently undergoing insolvency proceedings. Ansal API has acknowledged liabilities exceeding Rs 571 crore, and IL&FS Financial Services sought recourse against Katra Realtors due to its corporate guarantee of approximately Rs 23 crore towards Ansal API. The NCLT division, comprised of judicial member Manni Sankariah Shanmuga Sundaram and technical member Atul Chaturvedi, ruled that concurrent…

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PUDA Revokes Developer’s CLU Due to Land Ownership Issues

MOHALI: The Punjab Urban Development Authority (PUDA) has revoked the Change of Land Use (CLU) permission for 1.21 acres previously allotted to a private developer for an industrial park project in Mohali. This revoked land is part of a larger 56.53-acre area authorized for industrial development in the villages of Drari and Dhurali, Mohali tehsil. As stated in a public notice from the state directorate of town and country planning, the developer was initially granted CLU approval for 51.4 acres on August 29, 2018, with an additional 5.13 acres approved on January 29, 2019. The complete layout plan for the…

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ED Arrests Arihant Shelters’ Director in ₹18 Crore Scam

CHENNAI: The Enforcement Directorate (ED) has arrested Aashish Jain, the director of Chennai-based real estate company Arihant Shelters, as part of an ongoing investigation into a money laundering case involving government (OSR) land sold to private parties through falsified documentation. These lands were later purchased at inflated prices for the Sipcot and NHAI projects. The arrest occurred following searches conducted on November 19 across 15 locations in Chennai, Kanchipuram, and Chengalpet connected to a Prevention of Money Laundering Act (PMLA) case initiated by the ED. Aashish is scheduled to appear before a magistrate on Tuesday, according to ED sources. Arihant…

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Cuttack housing project faces ₹10 crore unpaid GST liability

BHUBANESWAR: The commissionerate of commercial tax (CT) and GST in Cuttack has identified an outstanding GST liability of approximately Rs 10 crore related to a significant housing project undertaken by a promoter in collaboration with the Cuttack Development Authority (CDA). This amount pertains to unpaid taxes on the transfer of development rights (TDR) for a land parcel designated for private development. Investigators noted that while other dues have been cleared, this liability remains unsettled. As detailed in the tax evasion report, the project operates under a joint development agreement, where the developer has built affordable housing consisting of 550 units…

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NGT Calls Officials, Developer Over Waste Spill Incident

MOHALI: The National Green Tribunal (NGT) issued a stern warning to multiple government bodies and a private developer, summoning senior officials from Gmada, the gram panchayat of Green Enclave Kharar, and the developer group. This comes after their failure to curb the discharge of untreated wastewater that has been pooling for over a year in an open area near Daun Majra village, Kharar. The case arose when Vijay Kumar Pathania submitted a petition on January 11, 2024, alleging the dumping of sewage from Green Enclave on open land, adversely affecting his nearby residence adjacent to the TDI project. Following the…