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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Bombay HC Orders 11 to Vacate Dilapidated Vasai Buildings

MUMBAI: The Bombay High Court, noting that an obstructive attitude can hinder redevelopment, has directed the minority residents of four deteriorating buildings in Vasai West to vacate their apartments for demolition. An extension of 15 days was granted to 11 members due to the Ganpati festival. Justices Girish Kulkarni and Manjusha Deshpande emphasized on August 21, “These members must cooperate by vacating their units for the demolition.” Petitions were submitted by Pushpanjali CHSL and Deepanjali CHSL regarding their buildings located at Diwan and Sons Housing Enclave on Ambadi Road, which were declared dangerous by the Vasai Virar Municipal Corporation (VVMC)…

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Nagpur: I-T Dept Discovers Selective Realty Deal Under-Reporting

NAGPUR: The income tax department has identified a distinct pattern of underreported transactions by the property sub-registrar offices (SRO) in the area during its ongoing investigation. It has been specifically observed that transactions involving a select group of builders in the city were not completely reported in the Statement of Financial Transactions (SFT). Sources indicate this trend has been recurring. The SFT is designed to ensure that every SRO reports property deeds registered for amounts of Rs30 lakh and above to the Income Tax department. This allows them to cross-reference these with the tax returns filed by buyers and sellers.…

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HC Urges Govt to Adopt Madurai’s Property Tax Assessment Model

MADURAI: The Madurai corporation commissioner has submitted a detailed action plan to verify property tax assessments for all buildings within the city limits. In response, the Madras High Court directed the state to issue a circular to all corporations, municipalities, and town panchayats, advising them to adopt the Madurai corporation model. Following a previous order, Commissioner Chitra Vijayan reported to the court that 100 teams have been formed for property tax assessments across the city’s wards. Each team consists of a tax collector, a technical assistant, and a sanitary supervisor. The officials have undergone training in the new assessment procedures,…

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Telangana High Court Orders Protection for Petitioner’s Land

HYDERABAD: The Telangana High Court directed the Hyderabad Disaster Response and Asset Protection Agency (HYDRAA) and other authorities regarding two housing plots spanning nearly 2,000 sq. yds. in surveys 66 and 67 of Madhapur village, Serilingampally mandal. Justice B. Vijaysen Reddy presided over the petitions by Jagal Reddy and Y. Venkat Reddy, ordering HYDRAA to remove signboards installed on the disputed lands. Jagal Reddy requested protection for his plot measuring 1,190 sq. yds., which he purchased in 1998 and later regularized under GO 456 of 2008. He alleged that HYDRAA attempted a “symbolic possession” of the land at 3 a.m.…

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Welspun Takes NCLT Action Against Lavasa’s Bidder Valor

Representative image. MUMBAI: The Welspun Group has submitted a petition to the Mumbai bench of the National Company Law Tribunal (NCLT), pointing to past defaults in an effort to disqualify top bidder Valor Estates from the debt resolution process for Lavasa Corp, known for its ambition to establish India’s first planned hill city. This interlocutory application, filed through a Welspun subsidiary, emphasizes connections between Valor’s promoters and another delinquent, debt-ridden jeweler, which could lead to automatic disqualification under the law. The submitted plea alleges that Valor’s ineligibility stems from Section 29A of the bankruptcy code, which precludes individuals with a…

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Adani Group’s Bid for Troubled Jaiprakash Associates Approved

NEW DELHI: The Competition Commission of India (CCI) has in principle approved Adani Group’s acquisition of the financially troubled Jaiprakash Associates, contingent on a successful bid in the ongoing insolvency proceedings. The proposed transaction involves Adani Enterprises Ltd (AEL) and Adani Infrastructure and Developers Pvt Ltd (AIDPL) seeking to acquire up to 100% of Jaiprakash Associates Ltd (JAL), as outlined in a statement from the regulator on Tuesday. The CCI noted that an approval is essential for the concerned entity to submit a resolution plan following a recent Supreme Court ruling regarding the Insolvency and Bankruptcy Code (IBC). The approval…

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ED Arrests Ex-Director of Sahiti Infratech in ₹800 Crore Case

HYDERABAD: The Enforcement Directorate’s Hyderabad unit has arrested Sandu Purnachandra Rao, the former director of Sahiti Infratec Ventures India Pvt Ltd (SIVIPL), under the Prevention of Money Laundering Act (PMLA) for allegedly defrauding homebuyers of crores of rupees. Rao was taken into custody on Monday and presented before a special PMLA court in Nampally on Tuesday, where he was remanded to 15 days of judicial custody. Sahiti Infra is charged with defrauding homebuyers of approximately ₹360 crore. The ED initiated its investigation following an FIR filed by Telangana Police against SIVIPL, its managing director B. Lakshminarayan, and others, highlighting a…

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SC Tightens Rules for Sand-Mining Leases

NEW DELHI: The Supreme Court has delivered a pivotal ruling linking the amount of sand mining to a river’s capacity for replenishment. This judgment aims to curb the degradation of riverbeds, making it more complex to obtain leases for extracting essential construction materials from riverbanks. A bench comprising Justices P S Narasimha and A S Chandurkar advanced the regulatory framework for sand mining, stating that extraction activities must align with the river’s ability to replenish itself—similar to the regulation of timber felling in forests based on their regeneration capacity. The bench remarked, “Just as forest conservation necessitates evaluating tree growth…

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ED Conducts Searches on BPTP in Delhi-NCR

NEW DELHI: On Tuesday, the Enforcement Directorate conducted searches at locations linked to real estate firm BPTP across Delhi-NCR as part of an investigation into a foreign exchange violation case involving approximately Rs 500 crore, according to official sources. The searches were carried out at BPTP’s premises in Delhi, Noida, and Faridabad under the Foreign Exchange Management Act (FEMA). A probe revealed that BPTP received over Rs 500 crore in foreign investments pursuant to the “automatic route” from companies based in Mauritius during the 2007-2008 period, allegedly violating existing FEMA regulations, as per ED sources. A spokesperson for BPTP stated…

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ED Arrests Galaxy Constructions Director in Bank Fraud Case

MUMBAI: The ED has taken into custody the director of a Pune-based real estate firm from a five-star hotel in Mumbai, along with Rs 9.5 lakh in cash and gold and diamond jewelry valued at Rs 2.3 crore in connection with a bank loan fraud investigation. Amit Ashok Thepade was arrested on Sunday at the luxury hotel in south Mumbai, where he had been residing for the past two months. According to the federal agency, a special Prevention of Money Laundering Act (PMLA) court has remanded him to ED custody for five days. The ED reported that Thepade, who had…