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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NCLT Declares Ex-DHFL Chairman Bankrupt Over ₹4,546 Crore

Sure! Here’s a rewritten version of the provided content: MUMBAI: The National Company Law Tribunal (NCLT) in Mumbai has declared Kapil Wadhawan, the former chairman of the now-defunct Dewan Housing Finance Corp (DHFL), bankrupt, following a petition filed by Union Bank of India to recover ₹4,546 crore. The bankruptcy order was passed on August 14 after Wadhawan did not submit a repayment plan, despite multiple attempts by resolution professionals. The tribunal appointed Sanjay Kumar Mishra as the bankruptcy trustee to oversee the proceedings. “The bankrupt (Wadhawan) must provide his statement of financial position to the Bankruptcy Trustee within seven days…

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SC Denies Time Extension for DHFL Promoter’s Surrender

The Supreme Court declined to extend the deadline for Dheeraj Wadhawan, former promoter of Dewan Housing Finance Corporation, to surrender in connection with a bank loan fraud case. Previously, on August 5, the apex court dismissed the medical bail granted by the Delhi High Court last September and mandated his surrender within two weeks. Wadhawan is implicated in a substantial bank loan fraud exceeding ₹34,000 crores, reportedly the most significant case of its kind in India. “We are not willing to extend the surrender timeline as requested by Wadhawan. However, acknowledging his potential need for medical care as per reports…

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CAG Criticizes Greater Noida for Farmhouses on Hindon Floodplain

File Photo NOIDA: The Greater Noida Industrial Development Authority (GNIDA) is facing criticism from the Comptroller and Auditor General (CAG) for permitting construction on the Hindon floodplain, which is designated for natural conservation. The CAG audit revealed that rather than protecting these vital green areas, GNIDA has facilitated the development of farmhouse plots in restricted zones, leading to serious environmental and regulatory violations. In 2011, GNIDA initiated the ‘Institutional Farmhouses’ scheme, followed by the ‘Krishi Farmhouses’ scheme in 2015, both contravening established regulations. These initiatives, intended for temporary structures, evolved into permanent homes, businesses, and even polluting workshops. In Haibatpur…

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CSMC Recovers ₹82 Crore in Property Tax via Amnesty Scheme

CHHATRAPATI SAMBHAJINAGAR: The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) has prolonged its amnesty scheme until the end of August. Originally set to end on August 15, the scheme successfully helped recover ₹82.6 crore in property taxes from defaulters. The “Freedom from Penalty” amnesty scheme offers property owners a significant 95% discount on late payment charges for a one-time settlement of their dues. Initially applicable only to residential properties, the program has since expanded to include commercial and industrial properties. “From July 15 to August 15, 37,259 property owners took advantage of this scheme. We encourage remaining defaulters to follow suit and…

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Ghaziabad Development Body to Transfer 76 Supervisors

GHAZIABAD: The Ghaziabad Development Authority (GDA) plans to transfer 76 supervisors following ongoing allegations of collusion with contractors in illegal construction activities. Residents claim that these supervisors, in alliance with private builders, demand substantial bribes to ignore unauthorized floors. The GDA oversees around 200 supervisors across its seven zones, but its regulations do not outline a maximum tenure for postings. Many supervisors on the transfer list have been stationed in the same zone for over five years. GDA officials acknowledged that prolonged postings have led to “unholy alliances” with local realtors. The reshuffling aims to mitigate the rise of illegal…

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Pune Developers Violating Water Affidavits Face Legal Action

Representative image PUNE: Divisional Commissioner Chandrakant Pulkundwar has ordered the Pune Municipal Corporation (PMC), the Pimpri Chinchwad Municipal Corporation (PCMC), and the Pune Metropolitan Region Development Authority (PMRDA) to initiate criminal proceedings against developers who do not fulfill their commitments regarding water affidavits submitted during building permit applications. This directive was given in a meeting that included representatives from about 250 housing societies across Pune, Pimpri Chinchwad, and PMRDA regions, where serious concerns about water scarcity were raised. Pulkundwar instructed local bodies to publish all water affidavits from developers on their websites within a week, ensuring these documents are available…

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Panvel civic body collects ₹167 crore in property tax amnesty

NAVI MUMBAI: The Panvel City Municipal Corporation has recovered ₹167 crore in property tax from 60,082 property owners. With just one day remaining in the amnesty scheme (ending Aug 15), 37,519 owners have taken advantage of a 90% fine exemption, amounting to a total relief of ₹64.8 crore. A protest against the property tax was organized on Wednesday. The amnesty scheme, effective from July 18 to September 20, was divided into four tiers: – 75% rebate for payments made between August 16 and August 31, – 50% discount from September 1 to September 10, – 25% waiver from September 11…

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Punjab Cabinet Approves Denotification of Land Pooling Policy

CHANDIGARH: The Punjab Cabinet approved the denotification of the land pooling policy that the AAP government had recently retracted. This decision was made during a council of ministers meeting led by Chief Minister Bhagwant Mann. The Cabinet announced the retraction of the housing and urban development department’s notification regarding the Land Pooling Policy 2025, originally issued on June 4, along with its subsequent amendments, according to a spokesperson from the chief minister’s office. In light of pressure from farmer organizations and opposition parties, the Punjab government officially withdrew the land pooling policy on August 11, despite initially branding it as…

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NCLAT Approves Insolvency Proceedings for Supertech Realtors

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has authorized the start of insolvency proceedings against Supertech Realtors, the developer behind the Supernova project, which consists of residential apartments, offices, retail spaces, and a luxury hotel. The Insolvency and Bankruptcy Appellate Tribunal upheld a previous order from the Delhi bench of the National Company Law Tribunal (NCLT) that, on June 12, 2024, initiated the Corporate Insolvency Resolution Process (CIRP) in response to a petition from the Bank of Maharashtra, citing defaults. A two-member NCLAT panel noted that the revised settlement proposal from Ram Kishore Arora, the promoter, had not…

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Karnataka: Online Registration for Allotted Land and Mortgages Approved

Representative image BENGALURU: On Wednesday, the assembly approved the Registration (Karnataka Amendment) Bill, 2025, enabling online registration of government-allotted land parcels with the sub-registrar’s digitized signature, eliminating the need for human involvement. The legislation also facilitates online registration for mortgage properties tied to bank loans and their release upon repayment. However, for transactions between private parties, the current requirement for the seller and buyer to be present before a sub-registrar remains unchanged. Revenue Minister Krishna Byre Gowda, who introduced the bill, highlighted that the goal is to streamline the registration process electronically for secure properties, including those allocated by agencies…