The Enforcement Directorate has taken into custody a former director of Lodha Developers over serious allegations of money laundering. The scandal revolves around Rs 85 crore, with investigations uncovering a web of unauthorized transactions and misappropriated company funds. Evidence suggests that fake land possession claims and forged contracts were instrumental in the deceit. Source link...
Maharashtra has permanently abolished the annual non-agricultural (NA) tax, a move expected to accelerate redevelopment of housing societies. The reform eliminates the need for separate collector permissions for NA land use, replacing it with a one-time premium at the building-plan approval stage. This structural correction aims to boost real estate and industrial activities while enhancing...
The Supreme Court has questioned the effectiveness of Real Estate Regulatory Authorities across India. Justices expressed disappointment, stating these bodies primarily aid defaulting builders. The court suggested states reconsider the very existence of these authorities. This observation came as the court allowed Himachal Pradesh to relocate its RERA office. Source link...
Haryana's DTCP has initiated action against Golden Glow Estates for a group housing project in Sector 68, Gurugram, whose development licence lapsed eight years ago. Over Rs 51.8 crore in external development charges remain pending. The developer faces proceedings for violating licence conditions and failing to submit mandatory documents. Source link...
A significant property deal is underway in New Delhi. Maharaja Manujendra Shah of Tehri Garhwal is selling his 3.2-acre Bhagwan Das Road bungalow for around ₹1,000 crore. The buyer is a local entrepreneur from the food and beverage sector. This businessman is also set to acquire Jawaharlal Nehru's former residence for over ₹1,100 crore. Both are high-value assets. Source link...
UBS India has secured an entire commercial building in Pune's Yerwada. The lease agreement with Smartworks Coworking Spaces is valued at over Rs 263 crore. This deal covers a 165,290 sq ft managed office facility. It highlights a growing trend of large companies opting for flexible workspaces. Source link...
Pristine Landmark Spaces LLP has made waves by securing a prime 4.2-acre site in Pune's Vadgaon Sheri for a hefty Rs 250 crore. The land was sold by the Kumar City Co-operative Housing Society Ltd. and Kumar Urban Development Private Ltd., marking a noteworthy trend in Vadgaon Sheri's real estate landscape. Source link...
Over 300 families in Gurgaon's Ansal Heights have appealed to DTCP, Haryana, after living in their homes for nearly a decade without a mandatory occupancy certificate. The developer promised the OC within six months of fit-out possession in 2015, but residents now face legal vulnerability and safety concerns due to the prolonged delay. Source link...
Delhi's court has instructed the local police to investigate allegations against those behind the 32nd Milestone project. Investors are claiming they've been defrauded, citing issues like fund misallocation and financial discrepancies. The complaint not only seeks the registration of a formal FIR but also calls for asset freezes and a forensic investigation into the matter. Source link...
A Gurgaon real estate developer faces insolvency proceedings. The National Company Law Tribunal admitted the case after a default of Rs 274 crore. IDBI Trusteeship Services filed the application on behalf of debenture holders. The developer argued the default claim was premature as the redemption date was extended. The court has appointed an interim resolution professional to manage the...