19 Mar 2025

The Economic Offences Wing (EOW) has registered a case against Edelweiss and 15 associate companies, following Ecstasy Realty Pvt Ltd's complaint of misappropriating INR 750 crore. The dispute involves the Raisakaran project in Andheri (West), where Ecstasy Realty alleges only INR 600 crore of a INR 1,350 crore loan was disbursed, with the rest misused. The complaint also accuses Edelweiss of selling mortgaged flats below market value and raising interest rates without consent. Edelweiss denies wrongdoing, claiming Ecstasy Realty owes INR 480 crore. The case is now under EOW investigation, with legal proceedings ongoing in multiple forums.Read more

19 Mar 2025

The Bombay High Court discharged Adani Enterprises Limited (AEL), its Chairman Gautam Adani, and Managing Director Rajesh Adani from a cheating case filed by the Serious Fraud Investigation Office (SFIO). The case, lodged in 2012, alleged artificial manipulation of AEL's share price, resulting in an unlawful gain of INR 388 crore. However, Justice R N Laddha held that the complaint failed to establish the essential elements of cheating or conspiracy under the Indian Penal Code. The Court also rejected SFIO's plea to delay the discharge order's implementation.Read more

18 Mar 2025

The Allahabad High Court has ruled that state authorities cannot use private land for public projects without legal acquisition and compensation, warning that violators will face personal financial penalties. The case involved Kanyawati, a Bareilly resident, whose land was taken for a road widening project without due process. The court upheld her rights under Article 300A, directing the government to compensate her within four weeks. Similar cases have surfaced in Maharashtra, Tamil Nadu, and Andhra Pradesh, where landowners have challenged unauthorized government takeovers, highlighting the urgent need for strict enforcement of land acquisition laws.Read more

18 Mar 2025

Homebuyers in Karnataka are urging the Karnataka Real Estate Regulatory Authority (K-RERA) to introduce structured project closure guidelines to prevent delays in housing projects. Unlike Odisha, which mandates developers to retain 1% of project costs for five years post-occupancy to cover defects, Karnataka lacks a similar policy, leading to prolonged incomplete projects and ownership disputes. The Karnataka Home Buyers Forum has formally requested K-RERA to adopt Odisha's model, ensuring that developers fulfill commitments and complete projects on time. Advocates argue that such a policy would increase accountability, protect homebuyers, and bring transparency to the real estate sector.Read more

18 Mar 2025

The Gunthewari Act's land regularization process in Nagpur has left over 1.5 lakh homeowners in limbo, facing bureaucratic hurdles and financial burdens. A major concern is the requirement to surrender 10% of land to NMRDA, delaying approvals. NIT has rejected 43,500 applications, citing zoning restrictions, while continuing to collect fees. Amid rising pressure, Deputy CM Shri Eknath Shinde has formed a high-level committee to streamline the process. Calls for NIT's dissolution and merger with NMRDA are gaining traction. Similar issues in Pune and Mumbai highlight nationwide challenges in land regularization, making this committee's recommendations crucial for reform.Read more

18 Mar 2025

Telangana Real Estate Regulatory Authority (TG-RERA) has fined a Hyderabad-based developer INR 10.6 lakh for deviating from the approved project plan in an apartment complex in Nizampet. The residents' society alleged that the builder blocked access to a promised 60,000 sq. ft. clubhouse and attempted to sell parts of it to third parties. TG-RERA ordered the removal of obstructions, reinstatement of access, and compliance with solar energy mandates. This action reinforces the authority's commitment to protecting homebuyers' rights, ensuring adherence to sanctioned plans, and holding developers accountable for violations under the RERA Act.Read more

18 Mar 2025

The Madhya Pradesh High Court has directed the Bhopal District Collector to submit documents verifying whether two real estate companies, facing a INR 23.26 lakh RERA recovery order, are subsidiaries of Unitech Ltd. The Collector cited a Supreme Court stay on Unitech and its subsidiaries as the reason for non-enforcement. However, the petitioner argues these firms are not subsidiaries but have partners linked to Unitech. The High Court has demanded proof within 24 hours, highlighting enforcement challenges in RERA cases and setting a precedent for clearer corporate accountability in real estate disputes.Read more

18 Mar 2025

Goregaon police recently registered a first information report (FIR) against Wadhwa Group, accusing the firm of cheating developer Polycon Realtors out of INR 57 crore. According to the FIR, Wadhwa Group directors, including Navin Makhija, allegedly failed to fulfil financial commitments made under an agreement. Despite receiving additional floor space index (FSI) and funds through a settlement deal, the obligations were reportedly not honoured. The dispute stems from a redevelopment project at Unnat Nagar Akshaya Cooperative Housing Society, originally awarded to Policon Realtors in 2003. The matter has since been transferred to the Economic Offences Wing (EOW) for further investigation.Read more

18 Mar 2025

The Kerala High Court has ruled that no construction activities can take place in Parunthumpara, Idukki, without prior approval from the revenue and Panchayat authorities. The decision follows a special investigation team's (SIT) report on illegal land encroachments. A resort owner had recently installed a crucifix on encroached land, which was later demolished by officials. The court emphasized the need for a no-objection certificate (NOC) from the revenue department and a building permit from the local self-government body for any construction. Authorities, including the district police chief, have been instructed to monitor the area to prevent unauthorized activities.Read more

18 Mar 2025

The Maharashtra Real Estate Regulatory Authority (MahaRERA) plans to resolve all pending recovery warrant cases within three months, as announced by State Revenue Minister Chandrashekhar Bawankule earlier this month. Currently, only 316 out of 1,342 recovery complaints have been executed, with the Mumbai suburban and Pune districts accounting for over 60% of the outstanding amount. The total pending recovery stands at INR 985.23 crore, with only INR 214.21 crore recovered so far. While officials are working with collectors to expedite the process, activists argue that a structured approach, including a tracking system, is necessary to ensure effective implementation.Read more