16 Mar 2023

Last week, the Securities and Exchange Board of India (SEBI) lifted the securities market ban that had been imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL). The ban had been imposed in relation to a case concerning alleged fraudulent financial transactions. The regulator also announced that its investigation into the matter had been completed and quasi-judicial proceedings had been initiated against four other former promoters of DHFL: Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan (now known as Piramal Finance).Read more

16 Mar 2023

Earlier this week, The Mumbai Police announced that it would begin collecting details of properties rented out by people in the city. The aim of this activity it to create and maintain a record of all tenants who occupy rented properties. The move comes in the wake of rising concerns over the safety of women and children in rented properties. The injunction went into force last week for a period of 60 days, and anyone who violates it will be liable to be charged under the appropriate Indian Penal Code (IPC) provision.Read more

16 Mar 2023

Around 750 houses and shops located around the Velachery Lake in Chennai are facing eviction due to an ongoing clean-up drive in the area. The drive, initiated by the Chennai Corporation and the Water Resources Department, aims to remove illegal encroachments around the lake and restore its original capacity. The eviction drive is being carried out in phases, with the first phase covering areas around the lake's southern side. The eviction drive has faced criticism from some quarters, who argue that it is being carried out without providing adequate compensation or rehabilitation to the affected people.Read more

16 Mar 2023

The Maharashtra Virtual Incubation Centre (MVIC) is being established by the Maharashtra government in collaboration with 91Springboard Business Hub Pvt. Ltd., a leading co-working space provider that offers amenities like office infrastructure, administrative support, mentoring, access to networks, and community. Startups in Maharashtra would be given preferred access to MVIC's incubation-related goods and services, such as legal, finance, intellectual property, cloud, and mentoring.Read more

15 Mar 2023

In the latest development of the MahaRERA scam involving sixty five developers in Kalyan-Dombivli, the Enforcement Directorate (ED) has found that the two architects responsible for certifying the plan layouts for most of the illegally constructed buildings have provided false details about their firms. The ED team was unable to locate the offices of both architects during their visit to Dombivli last month and the mobile numbers provided belonged to other individuals. The ED is now seeking the assistance of bodies such as the Indian Institute of Architects (IIA) and the Council of Architects (COA).Read more

15 Mar 2023

The appointment of two consultants by the City and Industrial Development Corporation of Maharashtra (CIDCO) at a cost of Rs 699 crore has been called into question by Ambadas Danve, a Shiv Sena leader in the legislative council. CIDCO had awarded the contract to Heliosmedium Bazaar Pvt Ltd and Thoughtrains Designs Pvt Ltd to provide marketing, branding, sales, and post-sales services for 67,000 residential and commercial units developed under the Pradhan Mantri Awas Yojna (PMAY) project. However, activists have criticized the move as wasteful, arguing that CIDCO flats are always in high demand among the masses.Read more

13 Mar 2023

Former Railway Minister Lalu Prasad was questioned by the Central Bureau of Investigation (CBI) last week for nearly two hours in connection with the land-for-jobs scam case. The CBI is investigating allegations that people were given employment in the railways in exchange for land parcels gifted or sold at cheap rates to the Yadav family and its associates. Prasad’s examination comes a day after his wife and former Bihar chief minister, Rabri Devi, was quizzed by the agency for nearly five hours at her Patna residence.Read more

10 Mar 2023

The Kolhapur Municipal Corporation (KMC) in India recently launched a new initiative to clear pending building proposals. On the first day of the initiative, the KMC earned a whopping Rs 1.5 crore from the registration fees alone. The KMC had set up 27 counters to facilitate the submission of proposals and the payment of fees as well as online setups to help those who could not attend the camp physcially. The initiative is part of the civic body's effort to improve the ease of doing business and attract investment to the city.Read more

10 Mar 2023

The Department of Town and Country Planning (DTCP) has reversed a decision it made to revoke the project licence for an affordable housing development in Sector 106 by MRG Skyline. The license was revoked due to a lack of clarity about ownership and inconsistencies in the conversion of KN Infracon's group housing licence into an affordable housing scheme. The developer was also accused of selling its licenced property to another developer as agricultural land. KN Infracon Pvt Ltd has now cleared all dues, upon which the license was reinstated.Read more

10 Mar 2023

The Indore district administration has taken action against three private colonies - Kalindi Gold, Phoenix Township, and Satellite Hills - where developers have been accused of cheating plot owners through various means. The district administration has served a final notice to the developers, including Ritesh alias Champu Ajmera, Chirag Shah, Mohan Chug, Kailash Garg, and Happy Dhawan, demanding that they settle their accounts with the plot owners. According to sources, only a handful of buyers have obtained possession and other rights related to the property they had paid for after the developers were granted bail by the Supreme Court in November 2021.Read more