UP-RERA has notified amendments introducing a framework for collection, management, transfer and utilisation of Interest Free Maintenance Security funds. Promoters will have to transfer the entire IFMS corpus to RWAs or associations of allottees at the time of handing over common areas. Source link...
The Supreme Court moved Amit Katyal's money-laundering case to Delhi. This case involves alleged cheating of homebuyers in Gurugram. The Enforcement Directorate arrested Katyal last year in this matter. Investigations revealed fraudulent bookings and fund diversion by his company. This action follows allegations of duping buyers of hundreds of crores. Source link...
The CBI filed its sixteenth chargesheet concerning alleged large-scale homebuyers' fraud cases. A Noida-based real estate company and bank officials face accusations of conspiracy. These individuals allegedly cheated buyers and investors through fraudulent and deceptive means. The investigation has unearthed substantial evidence of illegal activities and financial impropriety. The agency...
Gurgaon's real estate regulator ordered Godrej Highview to give possession of a flat. The developer must also pay statutory delay possession interest to the buyers. Buyers had booked the apartment in 2018, with possession due in 2023. The regulator rejected the developer's force majeure claims for further extensions. Godrej Highview is now directed to deliver the unit after obtaining the...
The Supreme Court froze Parsvnath Developers' bank accounts and issued warrants. This action followed a twenty-year struggle by senior citizens for their homes. The court criticized Haryana authorities for failing to enforce RERA orders. This case highlights concerns about the Real Estate Act's effectiveness. The court expressed grave concern over regulatory authority inaction and...
Shiv Sena politician Shankar Kumar Jha is now on the run from authorities. His anticipatory bail plea was rejected by the Thane Sessions Court. He faces allegations of cheating homebuyers of Rs 7.24 crore. The investigation has been transferred to the Economic Offences Wing. Jha’s current whereabouts remain unknown to the police. Source link...
The Haryana Real Estate Appellate Tribunal has ordered a realty firm and the DTCP to produce specific project drawings. This direction follows a homebuyer's challenge regarding the apartment's carpet area and pricing calculations. The tribunal also requested the occupation certificate based on the approved drawings for verification. The realty firm has disputed the homebuyer's allegations...
The Executive Centre India has leased 1.15 lakh sq ft office space at Worldmark 6, Aerocity, Delhi, from Alborz Developers. The company will pay about ₹309 crore rent over the nine-year lease tenure. Source link...
Maharashtra's legislature has amended the MHADA Act to revive Section 79A. This amendment addresses legal ambiguities that previously halted redevelopment efforts. The state expects this change to strengthen its Supreme Court case regarding building safety. Thousands of families reside in dangerous, ageing buildings across Mumbai city. This legislative step moves forward crucial urban renewal...
Family members of Bharat Shah acquired four luxury apartments in Mumbai's Worli area. The total cost for these residences reached approximately Rs 180 crore from the developer. These four apartments are located on the 34th and 35th floors of Wing A. Registration documents show the deal includes sixteen car parking spaces. This transaction highlights continued demand for premium housing in...