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.

Latest StoriesRegulatory

ED Arrests Ex-Vasai-Virar Chief in Money Laundering Case

MUMBAI: On Wednesday, the Enforcement Directorate (ED) arrested former Vasai-Virar Municipal Commissioner Anil Pawar along with three others, including two builders, in a money laundering case concerning illegal buildings, officials reported. Pawar’s involvement was revealed in connection with the construction of 41 illegal buildings in Vasai-Virar, located on the outskirts of Mumbai, which were later demolished by the local authorities, according to an official. The buildings were erected in the Achole area of Vasai on land designated for a dumping ground and a sewage treatment plant. In addition to Pawar, the arrests included a town planner and two builders, identified…

Latest StoriesRegulatory

SC urges UP to transform Noida into a metropolitan council

NEW DELHI: Nearly 50 years after the New Okhla Industrial Development Authority (Noida) was established, the Supreme Court urged the Uttar Pradesh government to contemplate the establishment of a metropolitan council aimed at enhancing citizen-centric governance. This directive stemmed from the findings of a Supreme Court-appointed Special Investigation Team (SIT), which presented a critical report about Noida Authority, identifying that decision-making is overly centralized among a limited number of officials. A bench composed of Justices Surya Kant and Joymalya Bagchi endorsed the SIT’s recommendations, stating: “To promote transparency and fairness in the daily operations of Noida, we instruct the UP…

Latest StoriesRegulatory

CBI Court Denies Clean Chit for Chintal Group CEO

CHANDIGARH: On Wednesday, the special CBI court in Panchkula denied a clean chit to D. Vasudevan, CEO of Chintal Group, and rejected his request to dismiss the charges against him. In his application, Vasudevan’s defense argued that the project was outsourced and executed by various agencies contracted by Chintal Group, thus absolving him of accountability. However, the judge, Rajiv Goyal, ruled that this argument—that Vasudevan’s responsibilities were confined to the administration and management of M/s Chintels India Private Limited—was not persuasive at this stage. Vasudevan maintained that his role as CEO involved overall project management, rather than daily oversight of…

Latest StoriesRegulatory

GNIDA’s Plots to Unqualified Realtors Threaten Buyer Safety: CAG

NOIDA: An audit conducted by the Comptroller & Auditor General (CAG) has uncovered significant irregularities and policy violations by the Greater Noida Industrial Development Authority (GNIDA) in the allotment of group housing and builder plots from 2005-06 to 2017-18. The audit report, released on Wednesday—coinciding with the Supreme Court’s directive to the UP government to consider transforming the Noida Authority into a metropolitan council for improved fairness and transparency—highlights lapses over the years that have contributed to the ongoing real estate crisis in Noida’s twin city. Thousands of flats are considerably delayed, while registries are held up due to skyrocketing…

Latest StoriesRegulatory

SC mandates fresh SIT to investigate Noida officials and builders’ collusion

NEW DELHI: The Supreme Court has instructed the establishment of a new Special Investigation Team (SIT) by the Uttar Pradesh Police to probe allegations of collusion between NOIDA Authority officials and builders regarding inflated land acquisition compensation claims paid to farmers. A bench consisting of Justices Surya Kant and Joymalya Bagchi has ordered the formation of a new SIT comprising three IPS officers to replace the previous team. The Supreme Court has also prohibited project development in Noida without an Environmental Impact Assessment (EIA) and prior court approval of the report by the green bench. The court mandated that the…

Latest StoriesRegulatory

ED Raids Rohtas Projects in ₹248-Crore Fraud Case

NEW DELHI | LUCKNOW: On Wednesday, the Enforcement Directorate initiated searches at various locations linked to a real estate group based in Uttar Pradesh as part of a money laundering investigation. The agency is looking into allegations that the group scammed investors out of Rs 248 crore, according to official sources. As part of this investigation, searches are being conducted at eight sites in Lucknow and two in Delhi, targeting Rohtas Projects Ltd. The operation falls under the Prevention of Money Laundering Act (PMLA), the sources confirmed. The investigation follows 87 FIRs filed since 2021 by buyers of homes and…

Latest StoriesRegulatory

SEBI Bans DHFL’s Wadhawans and Four Others from Markets

NEW DELHI: The securities regulator, Sebi, has imposed a ban on Dewan Housing Finance Ltd’s former CMD, Kapil Wadhawan, ex-director Dheeraj Wadhawan, and four others from participating in securities markets for up to five years due to financial misconduct, including fund diversion and falsifying records. The additional individuals sanctioned by Sebi are Rakesh Wadhawan (non-executive chairman), Sarang Wadhawan (former non-executive director), Harshil Mehta (joint managing director & CEO), and Santosh Sharma (former CFO). Sebi has also levied fines totaling Rs 120 crore on the six individuals involved. Kapil Wadhawan and Dheeraj Wadhawan have each received a five-year ban, while Rakesh…

Latest StoriesRegulatory

Karnataka Targets Illegal Layouts, Officials May Face Action

Representative image created by AI BENGALURU: The Karnataka Revenue Department has initiated a substantial campaign against illegal land developments, targeting unauthorized layouts established through the misuse of land laws. Revenue Minister Krishna Byre Gowda has instructed officials to identify and take strict action against officers involved in these violations. Across the state, valuable agricultural lands are being unlawfully converted into residential plots without the necessary approvals mandated by Section 95 of the Land Revenue Act. Developers are misusing “11E maps,” intended for legitimate partitioning, to subdivide land into smaller parcels, sometimes less than one gunta, and market them as part…

Latest StoriesRegulatory

Consumer Forum Urges Ghaziabad Body to Register Flat from 36 Years Ago

GHAZIABAD: The District Consumer Disputes Redressal Commission (DCDRC) has instructed the Ghaziabad Development Authority (GDA) to formally register a residential property booked 36 years ago. Kunti Yadav booked a four-bedroom deluxe apartment in Kaushambi Phase III on October 27, 1989. However, GDA withheld the registration, citing pending payments. Despite this, Yadav took possession of the flat in Govardhan Apartment in 1994 and has been residing there since. On July 29, DCDRC President Praveen Kumar Jain and members Shailja Sachan and RP Singh ruled that GDA must dismiss all demand notices and register the property in the owner’s name within 45…