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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Goa Land Grab Scam Valuation May Surpass ₹1,200 Crore: ED

PANAJI: According to the Enforcement Directorate (ED), the market value of land parcels allegedly illegally acquired by Yeshwant Sawant and others is expected to surpass Rs 1,200 crore, as reported by Murari Shetye. The ED conducted searches on Monday and Tuesday at 13 residential and commercial locations across Goa and Hyderabad in this alleged land grab case, seizing Rs 72 lakh and seven luxury vehicles. The investigations were initiated under the Prevention of Money Laundering Act (PMLA) due to illegal grabs of comunidade lands in Goa. This action followed an FIR filed by the Goa police pertaining to the unlawful…

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Prayagraj to Implement Fixed Fees for Property Name Transfers

PRAYAGRAJ: In a notable decision made during the Prayagraj Municipal Corporation (PMC) meeting on Thursday, a new sub-rule for property name transfer was approved, aimed at benefiting numerous citizens in the city. This new state government sub-rule aims to simplify the process of property name transfer, modification, and alteration within municipal limits, making it considerably more affordable. Currently, property owners in Prayagraj face name transfer fees ranging from 0.5% to 1% of their property’s value. This can impose a heavy financial burden, particularly on middle-class families. However, with the new sub-rule, fixed fees based on property value slabs will replace…

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Amicus Urges SC for Court-Monitored Resolution in Supertech Supernova

NEW DELHI: On Friday, the Supreme Court was recommended to consider a court-monitored hybrid resolution framework, similar to that used in the Amrapali and Unitech cases, led by former judge Navin Sinha to complete the Supertech Realtors’ ambitious ‘Supernova project’ in Noida. Supertech Realtors is a fully owned subsidiary of Supertech Ltd, which is currently undergoing insolvency proceedings. The ‘Supernova’ project encompasses a mixed-use development featuring residential, commercial spaces, studio apartments, service apartments, and shopping malls in Sector 94 of Noida. The structure is expected to rise to 80 floors, making it the tallest in the Delhi-NCR at a height…

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SC Urges IBC Reform, Seeks Revival Fund for Real Estate

The Supreme Court, on Friday, called for significant reforms in the Insolvency and Bankruptcy Code to regain trust in the regulatory framework. The Court also urged the government to create a revival fund to finance distressed real estate projects that are undergoing insolvency proceedings. The bench, composed of Justice J.B. Pardiwala and Justice R. Mahadevan, emphasized that the Right to Housing transcends mere contractual obligations, forming a core aspect of the Right to Life under Article 21 of the Indian Constitution. The government cannot adopt a “mute spectator” stance and must protect the interests of homebuyers and the economy. Insanity…

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BMC to Auction Five Properties Over ₹27 Crore Tax Dues

MUMBAI: The municipal corporation has issued a notice that five properties belonging to property tax defaulters, including the Hotel Oakwood at Juhu, will be auctioned due to unpaid property tax dues amounting to over Rs 27 crore. As per the announcement from the BMC, these properties will be put up for auction if the outstanding property tax arrears are not settled within 21 days from the notice date. The properties earmarked for auction consist of a hotel, a land plot, land of a housing society, and a residential building with shops, among others. “This is an ongoing initiative. We will…

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Bombay HC Provides Tax Relief for Builders in Joint Developments

In a significant development for real estate developers, the Bombay High Court’s Goa bench has determined that no goods and services tax (GST) is due on construction services under a joint development agreement (JDA) once the developer takes ownership of the property through conveyance. This ruling resolves a longstanding controversy regarding the point of taxation in JDAs, where the revenue department argued for GST applicability at the time of signing the agreements, while developers contended that liability should only arise upon the transfer of the completed property. This judgment is poised to bring much-needed clarity to developers involved in JDA-based…

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Vasai-Virar suspends assistant commissioner for inaction on illegal buildings

VIRAR: The Vasai-Virar City Municipal Corporation (VVCMC) suspended Ganesh Patil, an Assistant Municipal Commissioner (AMC), for failing to take action against illegal constructions in his area. The corporation emphasized that ongoing illegal structures will no longer be tolerated. Following the Virar building collapse last month that resulted in 17 deaths and nine injuries, VVCMC pledged to initiate a significant demolition campaign starting September 8. A special team consisting of ten squads, each with five VVCMC members, was created for this purpose. Patil received a show cause notice on September 9, yet he and his team allegedly took no action on…

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Hyderabad Builder Ordered to Refund Buyer for Undelivered Plot

HYDERABAD: The Ranga Reddy District Consumer Disputes Redressal Commission has mandated a real estate company to refund ₹42.04 lakh, along with interest, to a homebuyer after the firm failed to deliver a promised residential plot in a pre-launch project. The complainant, Gaurav Khandelwal, 43, from Gachibowli, reported that he paid ₹32.34 lakh in 2022 for a 308-square-yard plot in a proposed layout. Per the agreement, the company was required to obtain HMDA approval, develop the site within a year, and register the plot in his name. They also provided a buy-back option with a 30% return if the project didn’t…

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MDDA Targets Illegal Plotting on 150+ Bighas in Dehradun

DEHRADUN: The Mussoorie Dehradun Development Authority (MDDA) reported on Wednesday that over 150 bighas of illegally plotted land have been cleared in the past month. This initiative also involved sealing more than a dozen unauthorized multi-storey buildings, particularly in regions such as Bhaniyawala, Haridwar Bypass Road, and Doiwala. MDDA Vice Chairman Bansidhar Tiwari stated that the increase in unauthorized plots and encroachments led the body to initiate an extensive demolition and sealing campaign. “In the past month, we’ve demolished around 150 bighas of illegal plots and sealed numerous constructions, including multi-storey buildings, in places like Rishikesh,” he said. In the…

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Nashik issues notices to 300,000 property tax defaulters

NASHIK: The municipal authority has issued notices to over 300,000 property tax defaulters, providing a 15-day deadline to settle their tax obligations. These defaulters owe a total of ₹400 crore in property taxes, which have remained unpaid for periods ranging from one year to as long as six years. The Nashik Municipal Corporation (NMC) oversees approximately 600,000 property tax accounts across its six divisions. NMC officials indicated that the tax collection target for the current fiscal year is ₹275 crore, of which ₹125 crore has been collected so far, leaving about ₹150 crore to be collected in the next six…