The economic offences wing of the CBI, Delhi, has registered a case against Ozone Projects Pvt Ltd, the developer of Metrozone, its promoters, directors, as well as unknown officials of Axis Bank Ltd and Axis Finance Ltd, on charges of fraud and corruption as per the directions of the Supreme Court. Source link...
Over 3,000 homebuyers of Ansal Properties' Sushant Taj City in Agra are seeking possession of plots booked nearly two decades ago. Despite paying in full, buyers are frustrated by the lack of progress and clarity from the Uttar Pradesh government and the Agra Development Authority, which has a stake in the project. Source link...
The acquisition will add ₹241 crore to net operating income (NOI) on a proforma basis (of which 51% is attributable to Mindspace REIT), while loan-to-value (LTV) ratio will increase from 28.0% to 30.3%. Source link...
The CBI conducted searches at 77 locations across eight states in a builders-financial institutions nexus case. This investigation, handed over by the Supreme Court, targets builders accused of duping homebuyers through subvention schemes and an alleged nexus with banks. The searches are part of ongoing efforts to address widespread fraud in real estate projects. Source link...
The Income Tax Appellate Tribunal ruled that no capital gains tax applies when a property's sale price equals its purchase cost. The tribunal allowed a taxpayer's appeal, deleting a Rs 42.5 lakh addition by the tax department. This decision was based on the identical purchase and sale values and a similar ruling in the co-owner's case. Source link...
The National Company Law Appellate Tribunal has made a pivotal assertion regarding homebuyers’ rights in insolvency cases, stipulating that disputes must be confined to the specific project where defaults have occurred. This ruling effectively shields unrelated real estate ventures from being implicated in insolvency actions. Source link...
Maharashtra residents will soon access digitally signed online property valuation reports via a new portal linked to the IGR website. This initiative, based on prevailing Annual Statement of Rates (ASR), aims to provide indicative market values, enabling buyers and sellers to understand property costs and registration fees in advance, promoting transparency and convenience in property...
The Enforcement Directorate seized Rs 6.3 crore in cash and Rs 7.5 crore worth of jewellery from a Delhi-based real estate company, Earth Infrastructures Ltd., accused of defrauding homebuyers. The action follows multiple FIRs and a complaint from the SFIO, with funds allegedly diverted for land acquisition and routed to shell companies. Source link...
Maharashtra's Chief Minister Devendra Fadnavis has unveiled an innovative plan aimed at easing the rental market in Mumbai by introducing a system for affordable housing. A specialized digital platform will create seamless access for residents, aligning available properties with their needs. The initiative ensures that all processes are guided by strict agreements and oversight. Source link...
AstraZeneca's Indian unit is planning to sell its 64-acre manufacturing facility in North Bengaluru for an estimated ₹3,400 crore. The move is part of a global review of its manufacturing network and a broader land monetization strategy. Developers like Sattva Group, Aurobindo Pharma, and RMZ have shown interest in the prime land parcel. Source link...