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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Sebi, stock exchanges drop fines on Unitech

The Securities and Exchange Board of India (Sebi), along with the NSE and BSE, has decided to waive fines and penalties previously imposed on Unitech due to non-compliance issues linked to its former management, according to the government-appointed board of the embattled real estate firm. The leading stock exchanges have also lifted trading restrictions on Unitech securities. Starting October 7, Unitech Ltd’s securities will be transitioned from the restricted Z category to the actively traded B category on the BSE, while the NSE will move the company from the restricted BZ series to the default EQ series. “Shareholders have long…

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DTCP Launches Sealing Drive in Gurugram’s Sushant Lok 2 & 3

GURUGRAM: This week, the district town planner (enforcement) will initiate a significant sealing drive in Sushant Lok-2 and Sushant Lok-3, targeting unauthorized commercial activities and illegal constructions. Over 60 properties have received restoration orders, as many owners did not comply within the 10-day deadline. The sealing will occur in phases. Notices had already been issued to 24 properties running businesses like salons, guesthouses, and coaching centers, along with 36 properties found to have structural violations in stilt and setback areas. The enforcement effort in Sushant Lok-2 and 3 forms part of the DTCP’s broader plan to tackle encroachment in licensed…

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Gujarat HC Penalizes Flat Owners for Redevelopment Delay

AHMEDABAD: The Gujarat High Court has levied a fine of ₹1 lakh on dissenting members of Surya Apartments-2 for attempting to obstruct its redevelopment via litigation, which led the court to label their actions as creating an “artificial emergency” for an expedited hearing. Surya Apartments-2, constructed in 1987 by the Gujarat Housing Board on Sola Road, Ahmedabad, has 132 flat owners, of which 110 consented to the redevelopment, meeting the necessary legal requirements. The GHB, a co-lease owner, also supported the project in 2022. However, 34 dissenting members contested this decision in civil court, which on September 2 declined to…

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Bombay HC Dismisses MIDC’s Petition on Nashik SEZ Land

The Bombay High Court has dismissed a petition from the Maharashtra Industrial Development Corporation (MIDC) aimed at evicting Indiabulls Industrial Infrastructure from a special economic zone (SEZ) project in Sinnar, Nashik. The ruling upheld prior interim relief granted by the Nashik district judge, which had suspended MIDC’s eviction order from February 29, 2024. Indiabulls Industrial Infrastructure (IIIL) is now part of Embassy Developments. The dispute traces back to 2007 when MIDC and Indiabulls signed an agreement to develop nearly 2,500 acres into an SEZ. MIDC held an 11% equity stake, while Indiabulls retained 89%. Lease agreements were executed from 2007…

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SC calls Bhubaneswar development body on certificate issuance

BHUBANESWAR: The Supreme Court has summoned the Bhubaneswar Development Authority (BDA) to explain the controversial occupancy certificate (OC) issued for Odisha’s first public-private partnership (PPP) real estate project. The project, initiated by the Odisha State Housing Board (OSHB), is currently facing legal and regulatory issues that raise serious questions about compliance and governance in the state’s real estate landscape. As per the case details, the project has been embroiled in a lengthy legal battle due to alleged fraudulent activities and regulatory failures. A timeline of events shows numerous missteps and disputes. In 2018, the builder started handing over possession without…

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Tenants Could Face ₹50,000 Fine for Illegal Subletting

BENGALURU: The Karnataka state government has announced major changes to the Rent Control Act of 1999, decriminalizing rental disputes while significantly increasing penalties, which may rise from 900% to 2,500%. The cabinet approved these amendments last week, and they will be presented during the winter session of the legislature in Belagavi. The amendments aim to align the state legislation with the central government’s Jan Vishwas Act, 2025, which decriminalizes minor offences while implementing penalties and warnings. Imprisonment clauses of up to one month related to rental disputes between tenants and landlords will be eliminated. Under the new amendments, penalties for…

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Ex-Lodha Developers Director in 14-Day Fraud Custody

MUMBAI: On Monday, a court here placed former Lodha Developers director, Rajendra Lodha, under 14-day judicial custody following his arrest in an alleged fraud case, denying the police requests for additional remand. Lodha appeared before Additional Chief Metropolitan Magistrate V R Patil at the conclusion of his previous remand period. The police sought an extension of his custody, citing ongoing verification of documents related to Lodha’s financial sources gathered during their investigation. The law enforcement agency highlighted that a forensic audit is being conducted, necessitating further interrogation of the accused based on findings from this audit. The crime branch apprehended…

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Chennai collects ₹910 crore in property tax, eyes ₹1,100 crore goal

CHENNAI: During the first half of the 2025–26 financial year, the Greater Chennai Corporation collected ₹910 crore in property tax, aiming for a target of ₹1,100 crore from April to September. Civic officials announced plans to ramp up collection efforts to meet the financial goal. To enhance compliance, the Corporation is providing various online and offline payment solutions, as well as sending reminders to defaulters. In past years, the civic body organized special camps specifically for property tax collection; however, this year saw no such events, as more taxpayers opted for online payments. Officials noted that digital reminders and simplified…

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Bombay HC Orders Action on Illegal Slum Tenement Deprivation

MUMBAI: The Bombay High Court recently took significant action to support eligible slum residents wrongfully denied their rehabilitation tenements. The court has instructed the principal secretary of the State Urban Development Department to formulate a system, in collaboration with the CEO of the Slum Redevelopment Authority (SRA), to identify illegal occupants within various schemes. A two-judge bench, consisting of Justices Girish Kulkarni and Aarati Sathe, emphasized that adherence to the court’s directives would provide justice to those rightfully entitled to tenements but currently deprived, not only due to illegal actions by builders but also because of SRA officials who operate…

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ED Seizes ₹153 Crore in Universal Buildwell PMLA Case

CHANDIGARH: The Gurugram zonal office of the Directorate of Enforcement (ED) has provisionally attached properties valued at Rs 153.16 crore, belonging to the former promoters of M/s Universal Buildwell Private Limited and its affiliated entities, alongside their key associates. The attached assets encompass 29.45 acres in Behror, Rajasthan, several units at Universal Trade Tower, Sector 49, Gurugram, and a fixed deposit of Rs 3.16 crore, as per provisional attachment orders issued by adjudicating authorities last week. The ED also filed a chargesheet against the accused during this timeframe. The investigation was prompted by over 30 FIRs filed under various Indian…