SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Punjab and Haryana HC restrains fresh allotments at Oberoi Realty’s Gurugram project pending DTCP decision

#Law & Policy#Residential#India
Synopsis

The Punjab and Haryana High Court has directed Oberoi Realty not to make any fresh allotments or create third-party rights in its Three Sixty North residential project in Gurugram until the Haryana Department of Town and Country Planning (DTCP) decides a complaint challenging the project's licence. The complaint, filed by Advance India Projects Ltd (AIPL), alleges violations of foreign direct investment (FDI) norms and provisions of the Haryana Development and Regulation of Urban Areas Act, 1975. The court has instructed the DTCP director to dispose of the complaint, currently listed for hearing on July 20, within the prescribed timeframe. Oberoi Realty has clarified that the order does not affect existing sales or construction activity and believes it will not materially impact its business operations

The Punjab and Haryana High Court has restrained Oberoi Realty from making any fresh allotments or creating additional third-party rights in its Three Sixty North residential development on Golf Course Extension Road, Sector 58, Gurugram, until the Haryana Department of Town and Country Planning (DTCP) decides a pending complaint challenging the validity of the project's development licence. The order was passed earlier this week by a Division Bench comprising Justices Jasgurpreet Singh Puri and Sanjiv Berry while hearing a writ petition filed by Advance India Projects Ltd (AIPL). 
The dispute concerns a 14.816-acre land parcel proposed for the development of a residential colony with a commercial component. AIPL has sought cancellation of Licence No. 69 of 2025, issued on May 12, 2025, as well as the subsequent order dated June 17, 2025, approving the transfer of the development licence. The petitioner has also claimed rights over the project and sought cancellation of the sale deed executed in favour of Oberoi Realty. 
According to the court order, the Director, Town and Country Planning has been directed to decide AIPL's complaint, already scheduled for hearing on July 20, after providing all stakeholders with an adequate opportunity to present their submissions. If the matter is not decided on that date, the authority has been instructed to hear it on a day-to-day basis and conclude proceedings within a further two weeks through a reasoned order. 
Pending disposal of the complaint, the court directed that respondents, including Oberoi Realty, shall not make any further allotments to prospective buyers or create additional third-party rights in the project. 
During the proceedings, AIPL alleged that the grant and subsequent transfer of the licence violated provisions of the Haryana Development and Regulation of Urban Areas Act, 1975, and breached applicable foreign direct investment (FDI) conditions. It further argued that FDI regulations permit investments for development and construction activities rather than facilitating an exit through project transfers. The court recorded these as the petitioner's allegations without expressing any opinion on their merits. 
Counsel appearing for AIPL informed the court that the project has an estimated value of around INR 8,000 crore to INR 10,000 crore and is planned to be developed in multiple phases. It was further submitted that nearly 350 units had already been allotted and around INR 750 crore collected from homebuyers. The petitioner argued that permitting additional sales before adjudication of the licence dispute could complicate the interests of prospective purchasers. 
The Haryana government informed the court that the representation seeking cancellation of the licence under Section 8 of the 1975 Act remains pending before the DTCP Director and assured that all concerned parties would be heard before any decision is taken. 
Separately, AIPL informed the bench that it had registered an FIR in 2024 against IREO and Oberoi Realty, alleging collusion and cheating in relation to the same land parcel. Proceedings in that case are currently stayed by the Supreme Court. 
Following media reports on the court proceedings, Oberoi Realty issued a clarification to the stock exchanges stating that the High Court's directions are limited to fresh allotments until the complaint is decided. The company said the order does not affect any existing sales concluded earlier this month, nor does it impose any restriction on construction of the project. Oberoi Realty added that it intends to pursue appropriate legal remedies based on advice from its legal counsel and believes the order will not have any adverse material impact on its business or operations. 
Source - PTI

Discussion

Have something to say? Post your comment