The response came after a Division Bench of Justices R I Chagla and Farhan P Dubash recorded SEBI's statement that it was examining representations submitted by petitioner Chayan Upadhyay regarding whether Respondent including Embassy Property Developments Pvt Ltd, its Directors satisfy the "fit and proper person" criteria under the SEBI (Real Estate Investment Trusts) Regulations, 2014,...
An NGO has petitioned the state government to cancel approvals for a residential project in Perumbakkam. Arappor Iyakkam alleges the site is within the protected Pallikaranai marshland. The NGO states construction violates wetland rules and a Supreme Court order. They demand immediate stoppage of work and action against officials who granted permissions. Source link...
Casagrand Premier Builder has received approval from Sebi to launch its initial public offering. The company plans to raise Rs 1,220 crore through this IPO. Funds will be used for debt repayment and general corporate purposes. The real estate firm is a prominent developer in Chennai and other cities. The shares will be listed on BSE and NSE. Source link...
MMR, Pune and Bengaluru together account for about 70% of the homes scheduled for completion in 2026. Anarock said a prolonged Middle East conflict could add pressure on delivery timelines through higher logistics costs and construction material inflation. Source link...
Maharashtra will introduce separate Ready Reckoner (RR) rates for high-rises and slum clusters within the same locality following a statewide micro-zoning exercise. This move aims to make property valuations more realistic and equitable, providing relief to middle-class homebuyers and slumdwellers. The revised RR framework is expected to be implemented from the next financial year. Source link...
A Reliance-led consortium has secured the bid for the massive Juhu Galli slum redevelopment in Mumbai. This project will build over 28,000 homes for residents. The Maharashtra government's cluster redevelopment policy guides this initiative. The developer must provide significant financial support for resident transit accommodation. This marks a major step in large-scale slum redevelopment in the...
Real estate technology firm Opendoor is shutting down its India operations, laying off all 250 employees. The company is relocating operational roles closer to its US customer base to align with its unified systems and AI-native teams. This move aims to enhance impact despite a reduced headcount. Source link...
The National Company Law Tribunal (NCLT) has admitted an insolvency petition against Raheja Developers' Revanta project in Gurugram. 176 homebuyers, who collectively paid over Rs 137 crore, filed the petition citing significant delays in possession beyond promised timelines. The tribunal found a prima facie case of default, noting unhonored commitments and non-compliance with regulatory...
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...