06 Dec 2023

The director of a Mumbai real estate company, accused in a Rs 7.5 crore fraud case involving cheating the public with promises of flats in Juhu, has reportedly been detained in Colombia following a red-corner notice. In 2017, the company allegedly sold promised flats to others during discussions about an alternate project. The accused directors, family members, had left the country before the FIR was filed. The Economic Offences Wing is investigating, and an RCN was issued against the director, her brother, mother, and company officials. Authorities are verifying her identity, signalling international cooperation in addressing financial fraud.Read more

06 Dec 2023

The Odisha Real Estate Regulatory Authority (ORERA) has cancelled a land deal near the city, alleging violations of the Odisha Real Estate (Regulation and Development) Act, 2016. The landowner in Balianta subdivided 20 plots without registering the larger plot with ORERA, breaching the requirement for plots larger than 500 square meters. ORERA responded to a complaint, directing the landowner to obtain layout plans within two months and register them within 45 days. The authority nullified sale deeds of sub-plots until proper registration and urged action against the sub-registrar. ORERA's action reinforces its commitment to regulatory compliance and transparency in real estate activities.Read more

05 Dec 2023

The government is reportedly reconsidering its plan to introduce a specialized framework for the real estate sector, which would limit insolvency proceedings to individual stressed housing projects and exclude their developers, according to a reliable source. This potential revision aims to prevent unscrupulous promoters from exploiting relief measures to abandon projects for higher profits, potentially diverting funds and worsening challenges for homebuyers. The proposed project-wise insolvency is under scrutiny for its potential to allow promoters to evade responsibilities. The government is seeking stakeholder feedback to strike a balance between homebuyers and real estate sector interests.Read more

05 Dec 2023

The Delhi Development Authority (DDA) has initiated registrations for penthouses, super High-Income Group (HIG), and various other flats in its 'Diwali Special Housing Scheme 2023.' Accessible through an e-brochure, the online registration system integrates advanced technology. The scheme offers 14 penthouses, 170 super HIGs, and 946 HIGs in Dwarka's Sector-19 B, along with 316 and 647 Middle-Income Group (MIG) flats in Sector-14 and Lok Nayak Puram. Prospective buyers can register until December 29 for the e-auction, starting on January 5, 2024. The 'first come first serve' (FCFS) registration, open until March 31, has already recorded over 500 applicants, signalling high interest and anticipation.Read more

02 Dec 2023

The state cabinet, in a recent meeting, announced a substantial 50% reduction in the flat transfer fee for slum rehabilitation units, easing the financial burden on buyers. The Slum Rehabilitation Authority (SRA), which provides flats to slum dwellers at no cost, had imposed a Rs 1 lakh transfer fee during flat transactions. This decision aims to facilitate easier access to SRA flats by cutting the transfer fee to Rs 50,000. The move builds on previous reforms, such as reducing the lock-in period for selling slum dwellings from ten to five years in 2020. The initiative aligns with a broader commitment to inclusive housing solutions.Read more

02 Dec 2023

The Patna High Court has issued a directive instructing the state's Economic Offence Unit (EOU) to expedite investigations into 61 criminal cases against the Agrani Group. Flat buyers allege the real estate giant unlawfully misappropriated Rs 100 crore intended for flat bookings. The court's order, part of the resolution of a criminal writ application by victims, mandates a swift investigation and allows victims to file pleas before EOU courts overseeing the 61 FIRs. The allegations centre on fund misappropriation for flat bookings, with victims collectively claiming Rs 100 crore in losses, emphasizing the urgency of investigations and the need for a timely resolution.Read more

02 Dec 2023

The Navi Mumbai police have initiated legal action by filing an FIR against five individuals accused of coercively demanding Rs 1 crore from a builder in Panvel. The primary aggressor forcefully entered the builder's residence, physically assaulted him, and demanded the sum. Four additional individuals joined in, escalating the threat by issuing ominous warnings, including the potential harm to the builder's son if the demanded amount was not promptly paid. The situation presents a serious threat beyond financial extortion, involving the safety of a family member. The ongoing investigation aims to identify and apprehend the perpetrators while exploring the motives behind this alarming incident.Read more

02 Dec 2023

In Noida, the fate of Unitech housing projects hangs in the balance as thousands of anxious homebuyers await a crucial Supreme Court hearing. The projects, delayed for years due to the company's promoter's legal troubles, are now under a government-appointed board. The Supreme Court had earlier directed the submission of revised layout plans, emphasizing the commencement of construction without upfront payment of dues. The recent court order urged collaboration between Unitech and Noida Authority to resolve issues. Noida Authority, however, insists on clearing the realtor's Rs 10,000 crore dues before approving revised maps.Read more

02 Dec 2023

In Mudaliarkuppam, along Chennai's East Coast Road, unauthorized sea-view villas and apartments have sparked environmental concerns. Following a complaint by Thazuthali kuppam villagers, the National Green Tribunal (NGT) is investigating these constructions which allegedly lack mandatory clearances. State officials confirm some buildings violated planning permissions, while environmentalists warn of potential ecological impacts on local fisheries and erosion patterns. The issue, involving private properties, a church, and a school in restricted zones, highlights the need for stringent adherence to environmental regulations in sensitive coastal areas. The NGT is set to revisit the case next month.Read more

01 Dec 2023

The Bombay High Court, in a landmark decision, has assured tenants of the Ismail Baug building in Malad that their tenancy rights will be preserved despite the building's demolition. The court upheld the BMC's demolition notice, citing safety concerns, but emphasized that tenants would be reinstated once the building is reconstructed. The ruling came after a detailed consideration of conflicting structural audit reports and underlines the judiciary's commitment to balancing public safety with the protection of tenants' rights in urban development scenarios.Read more