Maharashtra's cooperation department has launched a fully online system on the Aaple Sarkar Portal to digitize cooperative housing society registrations. This reform significantly reduces paperwork and streamlines the process, aiming to clear a backlog of unregistered buildings and empower residents by eliminating middlemen and simplifying procedures. Source link...
The Enforcement Directorate has conducted fresh searches against Raheja Developers in Delhi-NCR as part of a money laundering probe linked to alleged fraud with home buyers. The investigation focuses on the non-delivery of flats in the 'Raheja Revanta' project. The company denies wrongdoing, citing project delays due to a lack of essential government infrastructure. Source link...
A Delhi court has initiated proceedings against the leaders of Three C Shelters Pvt Ltd, in relation to the halted Greenopolis housing project in Gurugram. The directors stand accused of deceiving homebuyers, with allegations pointing towards a preliminary case of fraud, forgery, and conspiracy. Source link...
Homebuyers of Lavasa, India's first privately built hill town, have filed a fresh appeal. They allege serious flaws in the resolution plan approved by creditors. The homebuyers claim discriminatory treatment and a lack of transparency in the insolvency process. They seek intervention from the appellate tribunal to address these concerns and ensure fair treatment. Source link...
Brookfield India REIT has raised around ₹2,600 crore through an institutional placement of units, while 360 ONE Asset has invested ₹1,125 crore to acquire a 13% stake in a REIT-owned Bengaluru office asset, Ecoworld. Source link...
A consumer commission has ordered two real estate developers to refund Rs 7 lakh with interest to a homebuyer for a flat booked in 2008. The developers failed to deliver possession and repeatedly delayed refunds, prompting the buyer to approach the commission. Penalties were also imposed on the Ghaziabad and Delhi-based firms. Source link...
ReaRCo Private Limited has acquired KV Developers, bringing relief to nearly 400 homebuyers in Greater Noida. The company secured Rs 195 crore from the SWAMIH Fund to finish the stalled project. Construction is underway on five towers, with possession expected by year-end. Dues to financial institutions and the development authority have been cleared. Source link...
The Supreme Court has instructed the NCLAT to expedite the process of merging the remaining 14 housing projects of Supertech. This initiative targets the timely completion of these developments, addressing the prolonged grievances of homebuyers. The NCLAT will consider input from diverse stakeholders, including local farmers and land agencies. Source link...
Brookfield India Real Estate Trust is raising Rs 2,600 crore through a Qualified Institutional Placement. Major investors include IFC, Whiteoak Capital, HDFC Life Insurance, Axis Max Life Insurance, and PPFAS Mutual Fund. The funds will support acquisitions and debt repayment. This fundraising follows significant capital raised since 2023. The REIT has expanded its operational assets...
The Income Tax department is investigating 2.5 lakh property deals in North India valued at over Rs 3 lakh crore. This action follows failures by revenue offices in Gurgaon and Faridabad to report transactions accurately. Missing or incorrect PAN details hampered tax verification. Surveys revealed significant tax evasion. Source link...