Satinder Singh Bhasin, promoter of a Noida realty firm, has been arrested by the Enforcement Directorate. The arrest is in connection with a money laundering case. This case involves allegations of duping home buyers. Bhasin was taken into custody on Friday. He was sent to ED custody until June 6. The Supreme Court had directed the ED to arrest him. Source link...
The Enforcement Directorate has attached assets worth Rs 634 crore belonging to Unitech Group's Noida project. This action is part of a money laundering investigation. The probe is linked to alleged fraud involving homebuyers' funds. The attached properties include land and equity. This development follows earlier attachments and chargesheets filed by the agency. Source link...
Hyderabad's Raidurg witnessed a record-breaking land auction as one acre fetched Rs 237 crore, significantly surpassing previous benchmarks. Gowra Ventures Pvt Ltd secured the 6.29-acre parcel for IT and mixed development. This phenomenal price, 70% over the reserve, underscores investor confidence in Telangana's burgeoning economic landscape and Hyderabad's prime real estate...
A Mumbai developer has accused his former partner of cheating him out of Rs 11.51 crore by allegedly concealing the prior sale of 19 flats in a Bandra East slum rehabilitation project. The Economic Offences Wing has registered an FIR for cheating, forgery, and breach of trust against the accused, who is alleged to have diverted sale proceeds. Source link...
LIC is actively reviewing its vast real estate portfolio, estimated at over Rs 60,000 crore, to improve returns for policyholders and shareholders. The insurer is exploring options like a separate subsidiary for greater efficiency in managing these assets. Additionally, LIC is prepared for further stake dilution by the government, awaiting the right market conditions for subsequent public...
The Supreme Court has issued notices to the Centre, ED, RBI, and several real estate firms regarding allegations of siphoning off thousands of crores collected from homebuyers in Noida and Yamuna Expressway projects. The plea highlights a systemic issue of developers diverting funds, leading to project insolvency and buyers being left stranded. Source link...
Pune Police have registered a case against Runwal Group MD Subodh Runwal and six others following a court order concerning a land dispute in Viman Nagar. The FIR alleges forged documents and illegal transfer of rights over a 3.93-hectare land parcel, stemming from a joint venture agreement. Source link...
The Municipal Corporation of Delhi has eased building regularisation for residential properties up to 105 square metres. Owners now submit an architect-certified undertaking online instead of requiring a physical inspection. This aims to streamline approvals, cut delays, and boost civic revenue, making services more accessible for citizens. Source link...
Construction costs have surged over 25 percent due to global conflicts. Supply chain issues, labor shortages, and rising material prices are impacting builders. Executives note challenges in material availability, stressing project timelines. The organized sector is better equipped to handle these pressures. Developers are seeking RERA timeline relief. Technology adoption is being explored to mitigate...
The Income Tax Appellate Tribunal ruled that adding a spouse's name to property for convenience doesn't automatically make them liable for entire sale proceeds. The tribunal directed tax officers to verify if the husband was the sole funder and owner, and if capital gains were already taxed in his return, offering relief to a Mumbai taxpayer. Source link...