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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ED Seizes ₹762 Crore in PACL Assets

NEW DELHI: The Enforcement Directorate (ED) announced on Saturday that it has attached assets valued at over Rs 762 crore belonging to PACL (Pearls Group) and its promoters under the anti-money laundering law. This action relates to an alleged Ponzi scheme that swindled investors out of approximately Rs 48,000 crore. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to seize 68 immovable properties located across Punjab, Haryana, Delhi, Maharashtra, and Australia. This money-laundering investigation dates back to 2015 and originated from a Central Bureau of Investigation (CBI) FIR against Pearl Agrotech Corporation Limited (PACL),…

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ED Arrests Two in Sahara Group Money-Laundering Case

NEW DELHI: On Sunday, the Enforcement Directorate (ED) reported the arrest of two individuals, including an executive director from the Sahara Group chairman’s core management team and a property broker closely associated with the group, as part of a money-laundering investigation concerning the Sahara Group and its affiliates. The arrested individuals have been identified as Vailaparampil Abraham and Jitendra Prasad Verma. According to the ED, Abraham had a crucial role in facilitating the sale of Sahara Group properties, many of which allegedly involved significant unaccounted cash transactions. Verma was actively engaged in executing several of these property deals and aided…

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ED Seizes ₹681 Crore Assets from Ramprastha Group

Representative image created by AI NEW DELHI: The Enforcement Directorate (ED) has attached colonies and plots spanning over 1,900 acres, valued at over Rs 680 crore, related to the Ramprastha real estate group in Gurugram due to an alleged fraud involving homebuyers. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) against Ramprastha Promoters and Developers Pvt Ltd (RDDPL) and its affiliates, the agency announced in a statement. The properties attached include various plotted colonies within Ramprastha City covering 226 acres in Sectors 37D, 92, and 95, as well as land parcels totaling 1,700 acres…

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PCMC Forms Squad to Tackle Staff Negligence in Illegal Builds

PUNE: The Pimpri Chinchwad Municipal Corporation (PCMC) has set up a dedicated vigilance squad to oversee its staff for any lapses related to illegal building activities. This initiative aims to curb unauthorized development in its early stages, according to a senior civic official. On Wednesday, PCMC’s municipal commissioner, Shekhar Singh, led a review meeting with zonal officers and beat inspectors to address various issues, including illegal constructions, encroachments on footpaths and drainage systems, unregulated vegetable markets, and unauthorized religious structures. Singh emphasized the need for immediate action to stop unauthorized development early on and warned that negligence in enforcement would…

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Bombay HC Rejects PIL on Salt Pan Land for Dharavi Rehab

File Photo MUMBAI: On Thursday, the Bombay High Court dismissed a Public Interest Litigation (PIL) that contested the allocation of 250 acres of salt pan land for the rehabilitation of individuals affected by the Dharavi redevelopment project. Chief Justice Alok Aradhe and Justice Sandeep Marne stated, “It goes without saying that the state government must consider environmental issues while executing the project.” Advocate and activist Sagar Devre questioned the state’s decisions from August 7 and September 30 regarding the transfer of 255.6 acres of salt pan land in Mulund, Bhandup, and Vikhroli for housing projects for Dharavi’s affected individuals. He…

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FIR Filed Against Hiranandani Builders for Unauthorized Excavation

Represenational image MUMBAI: Powai police have filed a case against Hiranandani Builders & Developers for alleged unauthorized excavation in a hilly area, causing soil erosion near the helipad in Powai following a complaint from BMC. “Unauthorized soil excavation occurred over a 300m long, 4-5m wide, and 1-2m deep area near Hiranandani Helipad,” stated Sanjay Dudhbate, assistant engineer of the buildings and factories department, L ward. On July 7, a notice was issued to Hiranandani Builders regarding the unauthorized excavation, along with a copy affixed at the site. The case was registered under sections 52 (unauthorized development) and 43 (restrictions on…

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Unitech Group Promoters Misused ₹8,000 Crore in Buyer Funds: ED

NEW DELHI: The Enforcement Directorate (ED) has accused the Unitech Group and its promoters of misappropriating nearly half of the over Rs 16,000 crore obtained from homebuyers and financial institutions for personal use and through various “benami” entities. This allegation was made in a recent chargesheet filed against them. The third prosecution complaint (chargesheet) was submitted to a special Prevention of Money Laundering Act (PMLA) court in Delhi on July 10. Unitech promoter Ramesh Chandra, along with linked companies like Shivalik Ventures Private Limited, Auram Asset Management Private Limited, Unitech Build Tech Limited, Unitech Golf Resorts Limited, and Ranchero Services…

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AP HC Orders Release of Builder Detained by Consumer Body

VIJAYAWADA: The Andhra Pradesh High Court recently stated that the consumer redressal commission must adhere to procedural safeguards protecting a citizen’s liberty before incarcerating any defaulter. In a ruling that led to the immediate release of a realtor who had spent three years in jail, the court reaffirmed that human liberty is a fundamental right that must be protected diligently. It asserted that a violation of orders from the consumer redressal commission does not inherently warrant imprisonment. This case emerged from complaints against Vijaya Saradhi Housing Pvt Ltd, a real estate firm based in Guntur, which had taken advances for…

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CBI Rescinds Earlier Directive on India Cements

The CBI has urged the High Court to set aside its earlier ruling that acquitted India Cements in the quid pro quo case linked to YS Jaganmohan Reddy, as the agency has filed an appeal with the Supreme Court, which is still pending. This request was made during proceedings regarding Dalmia Cements’ petition to dismiss the case against them.

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Madras HC fines GCC commissioner ₹1 lakh for inaction on illegal builds

CHENNAI: The Madras High Court has levied a fine of ₹1 lakh on Greater Chennai Corporation (GCC) Commissioner J Kumaragurubaran, expressing dissatisfaction over his lack of action regarding unauthorized constructions in the Royapuram zone. The first bench, comprising Chief Justice K R Shriram and Justice Sundar Mohan, has instructed the state government to deduct this amount from the commissioner’s salary and deposit it into the Adyar Cancer Institute’s account. The order was issued in response to a contempt petition filed by advocate N Rukmanganthan, who indicated that the corporation had failed to execute a court order dated April 8, 2022,…