Sahara India Commercial Corporation Ltd (SICCL) has sought Supreme Court approval to sell major properties, including Amby Valley, to Adani Properties Private Limited. This crucial step aims to expedite asset liquidation and repay investors, particularly following the death of Sahara chief Subrata Roy. Source link...
The Supreme Court has directed Noida Authority to issue conditional occupancy certificates for six residential towers in Sector 150's Godrej Nest project, offering partial relief to over 450 families. This order, following a developer's petition, is subject to ongoing legal outcomes and the completion of promised facilities, explicitly not setting a precedent for other Sports City projects. Source...
The CBI conducted searches at 12 locations across Kolkata, Bengaluru, and Mumbai, registering six fresh cases against builders and financial institution officials. This action, directed by the Supreme Court, targets alleged cheating and defrauding of homebuyers through 'Subvention Schemes'. Incriminating documents and digital evidence were seized during the ongoing searches. Source link...
However, the Advocate General has clarified that not all large buildings can be exempted; the government has powers to selectively grant relief after verification. Source link...
The Allahabad High Court will re-examine the Rs 295-crore Reddy Veeranna land compensation case following a Supreme Court ruling that deemed the original payout fraudulent. Veeranna allegedly misled courts to secure enhanced compensation for land in Noida's Sector 18, now the site of DLF's Mall of India. The rehearing will determine the rightful compensation share among the original co-owners. Source...
Gentex Merchants Pvt Ltd, linked to Lakshmi Mittal, acquired a 3,540 square yard bungalow on APJ Abdul Kalam Road in Delhi's Lutyens’ Bungalow Zone for Rs 310 crore. The property was previously owned by Yashwant Singh, who recently purchased a bungalow in Golf Links. This transaction highlights the continued demand for high-value properties in India's most prestigious neighborhood. Source link...
The Allahabad High Court has provided a significant boost to the stalled Delhi One project by directing the Noida Authority to approve building plans for Max Estates Limited. This decision comes after Max Estates agreed to deposit 50% of the disputed Rs 67 crore in CIC/CIS charges. Source link...
The Supreme Court has permitted the CBI to file six new cases investigating the alleged collusion between banks and developers, which defrauded homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. Source link...
Keppel is divesting its One Paramount office park in Chennai to Prime Offices Fund for ₹2,750 crore, highlighting strong investor confidence in India's office market. The 2.4 million sq ft tech park, housing major tenants, promises attractive rental yields. This deal follows Prime Offices Fund's other acquisitions, expanding its portfolio across key Indian cities. Source link...
The Centre has directed states and RERAs to curb misleading advertisements by builders using government-style terminology, aiming to protect homebuyers from deception. This action follows discussions at a RERA Central Advisory Council meeting, where concerns were raised about undisclosed publishers and promoters bypassing mandatory disclosure norms. The ministry is urging states to submit reports and...