Bombay High Court ruled that homebuyers have an unqualified right to receive monthly interest for delayed possession under Rera. Justice Madhav Jamdar emphasized the law's intent to protect buyers from developer delays, stating they are unconditionally entitled to interest until possession is granted. The court cited buyers' vulnerable position as financiers of projects. Source link...
In a significant crackdown on financial misconduct, the Enforcement Directorate has seized assets worth Rs 100 crore from two real estate firms, including Jaypee Infratech Ltd (JIL). Authorities accuse JIL and its leadership of misappropriating homebuyers' investments. Investigations have unveiled a staggering Rs 33,000 crore was diverted from the Jaypee Wish Town projects for purposes unrelated to...
Uttar Pradesh Chief Minister Yogi Adityanath has directed officials to simplify legal provisions for corporate restructuring, LLPs, and RERA real estate transactions to align with economic needs. He emphasized making the Stamp and Registration Department transparent, technology-driven, and citizen-centric, akin to passport service centers, to enhance ease of doing business and investor...
The CBI has filed a charge sheet against Ninex Developers Ltd and its director for alleged fraudulent activities in a Gurugram housing project. This marks the CBI's 11th report in builder-banker nexus cases, where thousands of homebuyers were reportedly cheated through deceptive promises and misleading representations. Source link...
Managed workspace provider Incuspaze has acquired iKeva in a 100% buyout, adding approximately ₹100 crore to its revenue. This strategic move expands Incuspaze's portfolio by five lakh sq ft across Hyderabad and Bengaluru, with plans for further growth and a potential IPO within three years. Source link...
A recent fire in Noida's Ivy County high-rise has highlighted critical gaps in fire safety systems for tall residential buildings. Residents and experts are calling for stricter enforcement of fire norms, regular audits, and investment in modern rescue technology, as current firefighting equipment struggles to reach upper floors. Source link...
Truhome Finance's proposed IPO comprises a fresh issue of equity shares worth Rs 1,500 crore and an offer-for-sale (OFS) aggregating to Rs 1,500 crore by promoter Mango Crest Investment. Veegaland Developers, a part of the V-Guard Group, plans to raise Rs 250 crore through an entirely fresh issue of shares. There is no OFS component in the proposed issue. Source link...
The Telangana High Court questioned officials regarding approvals for illegal constructions on government land. Residents of Patelguda village had their homes demolished by HYDRAA. A later survey confirmed the lands were private patta lands. Despite this, municipal authorities are refusing building permissions. The court has directed respondents to file counters and will hear the matter again. Source...
UP-RERA has advised homebuyers and investors to make property purchase decisions after verifying project details and assessing their financial capacity. The authority said more than 1.15 lakh residential and commercial units are currently available across Uttar Pradesh, and buyers should not act under pressure created by claims of stock shortage or imminent price hikes. Source link...
Following a fatal fire in Malviya Nagar, Delhi Home Minister Ashish Sood announced that all buildings lacking required fire safety and other permissions will be sealed. An immediate city-wide enforcement drive and a crackdown on illegal hotels have been ordered. The tragedy highlighted serious violations at a B&B establishment, prompting a comprehensive inspection of similar facilities. Source...