Bombay High Court ruling clears Pune Buildtech of 'wilful defaulter' status
Author : PNT Bureau
The Bombay High Court has invalidated the Bank of India's designation of Pune Buildtech Pvt Ltd as 'fraud' and its related blacklisting, which restricted the firm's credit access. Additionally, the court ordered the bank to remove Pune Buildtech from its 'wilful defaulter' list and retract any reports sent to Credit Information Companies. This decision followed the firm's full settlement of INR 703.35 crore with the bank in June 2024, after which the bank issued a 'No Dues Certificate.' Despite this, the bank maintained the 'fraud' label, prompting the court to emphasize the importance of honoring consent terms, particularly after a one-time settlement (OTS) was reached. This ruling clears Pune Buildtech's path to restore its reputation and reaccess credit, highlighting the critical role of transparency and adherence to agreements in banking....
SC issues notices to authorities over plea on unauthorised river encroachments
Author : PNT Bureau
The Supreme Court has requested responses from the central government and key authorities on a plea challenging unauthorized constructions on riverbeds, floodplains, and catchment areas. Led by Chief Justice D Y Chandrachud, a bench issued notices to various ministries and agencies, with a three-week deadline for replies. Filed by former IPS officer Dr. Ashok Kumar Raghav, the plea calls for demolishing illegal constructions and implementing the 2015 draft River Conservation Zone (RCZ) Regulation to protect river ecosystems. Representing the petitioner, Advocate Akash Vashishtha emphasized the environmental risks of floodplain encroachment. With India facing a water crisis, as highlighted by Niti Aayog, the plea seeks legal protections for rivers to secure water and ecological stability. The court's involvement underscores the urgent need for sustainable water management....
PMAY-U 2.0's single subsidy rule may impact resale market for affordable housing
Author : PNT Bureau
The new Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) has introduced a significant change in the interest subsidy structure for affordable housing, limiting the subsidy to a single claim per property. This restriction could deter potential buyers from purchasing homes that have already availed of the subsidy, leading to a decline in resale activity. Primary lending institutions (PLIs) are mandated to ensure that previous owners do not benefit from the subsidy, creating additional challenges in the resale market....
Goa revamps land rates to boost revenue and attract investment
Author : PNT Bureau
The Goa revenue department has announced plans to revise land rates after a four-year interval, aiming to capitalise on the growing interest from high-net-worth individuals. A committee has been established to analyse and recommend updated base rates for various land categories, while ensuring ease of business in the registration process. Following a significant increase in property rates in coastal talukas, this initiative seeks to enhance government revenue and streamline property transactions....
The Ghaziabad Development Authority (GDA) has announced a plan to develop a land parcel under the long-shelved Indirapuram Extension scheme, allocating INR 5 crore for essential infrastructure like roads, parks, and a sewer network. Covering 30,000 square metres, the project will feature 47 residential and three commercial plots, set to be auctioned within a year. GDA officials project revenue of over INR 285 crore, with residential plots priced at INR 95,000 per square metre and commercial parcels at INR 1.15 lakh. The initiative comes after years of delays caused by farmer protests and legal challenges over land compensation....
BBMP cracks down on illegal PGs amid rising concerns for safety and compliance
Author : PNT Bureau
The BBMP has uncovered 148 new illegal paying guest (PG) accommodations in the past month, raising the total to 2,330. Of these, 658 violate regulatory guidelines, with the east zone reporting the highest number of unauthorized PGs. Recent incidents, including a murder in Koramangala, have heightened concerns about safety. In response, the BBMP and police introduced new guidelines, as residents in east and Mahadevapura zones call for stricter actions. Authorized PGs also face scrutiny, with 595 out of 2,180 registered PGs found non-compliant. Special Commissioner Suralkar Vikas Kishore emphasized the need for intensified inspections and enforcement....
Deadline set for redefining administrative boundaries in Rajasthan
Author : PNT Bureau
The Registrar General and Census Commissioner of India has imposed a December 31 deadline for any changes to the boundaries of administrative units, enabling the Bhajan Lal Sharma government to dissolve new districts formed under the previous Congress administration. The census office has indicated that boundaries will be frozen starting January 1, 2025. Following this announcement, the government is considering merging smaller districts such as Dudu, Khairthal-Tijara, Kekri, Salumber, Sanchore, and Shahpura. A cabinet sub-committee, led by Madan Dilawar, is reviewing the creation of 17 districts established by the Ashok Gehlot government....
Haryana Government struggles to define Aravali Hills amid supreme court directive
Author : PNT Bureau
In response to a Supreme Court directive earlier this year, the Haryana government is grappling with defining the Aravali Hills. The Department of Town and Country Planning has raised concerns over the need for comprehensive mapping before establishing a definition. The forest department highlighted the lack of high-resolution imagery, proposing collaboration with agencies for better satellite data. Compounding the issue, past agreements on the Aravali definition have yet to reach a consensus among the four states involved. As the Supreme Court prepares for a hearing, analysts suggest that political motives may be hindering progress towards adequate environmental protections....
The Enforcement Directorate (ED) recently uncovered properties valued at over INR 200 crore during raids across 15 locations in Delhi and Gurugram, related to an investigation into Vatika Limited. The company is accused of failing to deliver promised commercial units and assured returns to over 400 investors. The ED seized incriminating documents and digital devices during the operation. Vatika Group had taken loans exceeding INR 5,000 crore, with a significant portion waived by Indiabulls. The investigation, based on FIRs filed in 2021, exposes issues in the real estate market and underscores the need for reforms to safeguard investors....
Noida Authority to engage consultant for 200 hectare land acquisition
Author : PNT Bureau
The Noida Authority plans to hire a consultant to oversee land assembly activities, assisting in direct land purchases and legal acquisitions under the Land Acquisition Act. With the city rapidly expanding, around 200 hectares of land are projected for assembly, though this may change as development continues. The consultant will handle all aspects of land acquisition, from identifying parcels to managing legal and administrative processes. This move underscores the Authority's focus on addressing the growing demand for land, ensuring infrastructure projects are executed efficiently to support the city's development....
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