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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Krrish Realtech diverted ₹205 crore from homebuyers to Colombo hotel: ED

GURUGRAM | NEW DELHI: A Gurugram realty company allegedly defrauded home buyers by collecting over Rs 500 crore for housing plots and misappropriating approximately Rs 205 crore for a hotel project in Sri Lanka, according to a chargesheet filed by the ED. The federal investigation agency is looking into various homebuyer fraud cases nationwide, particularly in the National Capital Region (NCR), where the real estate market is thriving. This specific inquiry involves Krrish Realtech, led by its promoter Amit Katyal, among others. Katyal was arrested in 2023 in a separate money laundering case linked to an alleged land-for-jobs scam with…

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Court Denies HDIL Promoter Trip to Hyderabad, Allows Other Travel

MUMBAI: A special PMLA court has denied HDIL promoter Sarang Wadhawan’s request to travel to Hyderabad, where he is under investigation for allegedly facilitating threats via another individual. Wadhawan is implicated in a Rs 6,117.9 crore money laundering case. “A complaint has been filed with the ED (Enforcement Directorate) concerning threats involving the accused, and verification of the allegations is ongoing. Given the situation, allowing the applicant to visit Hyderabad is neither just nor appropriate,” stated Special Judge R B Rote. Wadhawan, who was released on bail last year after being arrested four years ago alongside his father, Rakesh Wadhawan,…

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Bombay HC: MLA Must Not Interfere in Redevelopment Efforts

MUMBAI: The Bombay High Court has prohibited the Slum Rehabilitation Authority (SRA) and BMC from responding to complaints and interference from BJP MLA Parag Alavani and a competing developer regarding a slum rehabilitation project in Vile Parle (E), as reported by Rosy Sequeira. The bench, consisting of Justices Girish Kulkarni and Arif Doctor, remarked, “It reflects poorly when any statutory authority abandons its statutory responsibilities due to outside interference, which is evidently what the respondent 2 (SRA) appears to have done,” during their ruling last Friday. In November 2020, the Shree Gurukrupa CHS, a slum-dwellers’ society, appointed Sateri Builders for…

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Nagpur SROs Failed to Report ₹5,500 Crore Real Estate Deals

NAGPUR: The Income Tax Department is probing unreported real estate transactions valued over Rs 5,500 crore, originating from the property registrar’s offices. The investigation began at the Hingna sub-registrar’s office (SRO) and has now expanded to four additional SROs in Nagpur city. According to the Intelligence and Criminal Investigation (IC) wing of the I-T department, it was discovered that a single SRO had reported deals amounting to Rs 2,500 crore that were missing from the Statement of Financial Transactions (SFT). When combined with other SROs under investigation, the total now surpasses Rs 5,500 crore. Sources indicate that this case has…

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Ranchi Civic Body Warns Defaulters: Pay Property Tax in 10 Days

RANCHI: On Friday, the Ranchi Municipal Corporation (RMC) published the list of the city’s top 500 property tax defaulters on its official website [www.ranchimunicipal.com]. The corporation has instructed all listed defaulters to settle their outstanding dues within 10 days of the notice being posted. Officials have warned that failure to make payments within the designated time frame will lead to strict legal action under Section 184 of the Jharkhand Municipal Act, 2011. This may include rigorous recovery measures to ensure compliance. The corporation clarified on Saturday that this notice acts as the final warning for chronic defaulters, who have repeatedly…

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Madras HC Urges Authorities to Maintain Legal Sand Quarrying

Representative Image MADURAI: The Madras High Court has emphasized that authorities must adhere to regulations to prevent illegal activities during sand quarrying operations. This ruling came during the consideration of a public interest litigation filed in 2024 by L Karthick, president of the Salem East District Sand and M-Sand Lorry Owners Welfare Association. The petitioner requested that officials enforce the guidelines established by the government in a 2022 directive by restoring the Tamil Nadu Sand Web Service Portal (TN Sand App) and the ‘Investigator App’ with all previous features intact, facilitating the sale of river sand directly at quarry sites…

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SC Upholds Bombay HC Order on Bandra Church Land Acquisition

MUMBAI: The Supreme Court, emphasizing the “invisible yet pervasive influence of powerful private developers” involved in land acquisitions under the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, has upheld a Bombay High Court ruling that invalidated the acquisition of Church Trust land at Mount Mary in Bandra by the Slum Redevelopment Authority (SRA) on Friday. The SC noted that the Trust has shown interest in redeveloping the land since 2013. In a landmark ruling, the SC bench consisting of Justices Surya Kant and Ujjal Bhuyan stressed the need for practical and actionable safeguards within a legal framework amid competing…

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Bombay HC Urges Strict Safety Adherence for High-Rise Buildings

MUMBAI: The Bombay High Court has mandated that all planning authorities incorporate a specific condition regarding adherence to “special safety control recommendations for working at heights during high-rise construction” when issuing development permissions for high-rise buildings, as per an expert committee’s report. The state informed the court that directives were issued on August 20 to all municipal corporations and councils to ensure these recommendations are followed. This follows the court’s previous orders highlighting significant safety lapses, particularly regarding machinery such as suspended cranes used in high-rise construction projects. The bench comprising Justices Girish Kulkarni and Manjusha Deshpande has established that…

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NIT Report Recommends Retrofitting LIFE Mission Buildings

KOCHI: The National Institute of Technology (NIT) Kozhikode has recommended that structures built under the LIFE Mission housing project in Wadakkancherry, Thrissur, be used for their intended purpose after necessary structural modifications, such as rehabilitation or retrofitting, to rectify identified issues. The report noted that while the buildings have been neglected for the past five years and show signs of poor craftsmanship, demolition is not necessary. This report was submitted by the state government to the Kerala High Court in response to a petition from Congress leader Anil Akkara urging the resumption of halted construction on the project. In the…

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ED Files 22 Cases in Builders-Banks Nexus Investigation

NEW DELHI: The Enforcement Directorate (ED) has initiated 22 cases under the anti-money laundering statutes to probe the alleged “unholy nexus” between builders and banks responsible for defrauding homebuyers in the national capital region (NCR), according to officials. The cases, filed under the Prevention of Money Laundering Act (PMLA), arise from an equal number of FIRs by the CBI issued at the end of July, following directives from the Supreme Court. The ED emphasizes that these cases involve significant public interest, with numerous homebuyers allegedly victimized. Investigations will focus on uncovering fraud, corruption, and money laundering activities by builders, banks,…