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Ahmedabad: Nod from all society members needed to apply for regularization

Monday 12th June 2023

In order to legalize any unauthorized construction within a multi-storied complex, whether it's in a residential apartment or commercial complex, it is necessary to obtain consent from all members before applying to the Ahmedabad Municipal Corporation (AMC) for regularization. This requirement is one of the contributing factors to the limited number of impact fee applications received by the civic body. The officials have conducted site visits for a total of 15,506 applications. Among the approved applications, nearly 90% were related to residential construction, while only 10% pertained to commercial construction. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Monday 12th June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that individuals who co-own multiple residential houses can still claim tax exemption on long-term capital gains. This decision, which pertains to Section 54F of the Income-tax Act, will be advantageous for many taxpayers, especially in larger families where investments are often made jointly. Under Section 54F, if a taxpayer sells capital assets such as jewelry or shares and reinvests the entire net sale consideration in the purchase or construction of a house property within the specified timeframe, no tax liability will arise on the resulting long-term capital gains. In cases where only a portion of the sale consideration is invested in a house property, the tax exemption will be allowed proportionately. ...

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Customised insolvency & bankruptcy code resolutions for real estate on the cards

Friday 9th June 2023

According to sources familiar with the matter, the government is expected to modify the insolvency law in order to facilitate tailored solutions for insolvent residential real estate projects. The aim is to ensure the prompt provision of flats to homebuyers in distressed housing projects. The proposed amendments to the Insolvency and Bankruptcy Code (IBC) would enable project-specific resolutions, rather than imposing a rigid framework applicable to the entire real estate sector. ...

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Now, stamp duty as per circle rate for power of attorney in Uttar Pradesh

Friday 9th June 2023

The UP Cabinet has approved a new rule aimed at combating stamp duty evasion cases that have surfaced recently. Under this rule, if a power of attorney grants the authority to sell a property to someone other than a family member, the registration of that property will be subject to stamp duty based on the circle rate. This measure was implemented due to builders exploiting a loophole and persuading farmers to sell their lands under the pretext of a power of attorney, thereby circumventing the payment of stamp duty. ...

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Panchkula civic body to organise two day property tax camp

Friday 9th June 2023

The Panchkula Municipal Corporation (MC) is preparing to host a property tax data correction camp, catering to both urban and rural property owners in Panchkula. These camps will span two days and will be set up in various wards across Panchkula. Sachin Gupta, the Commissioner of the Municipal Corporation, shared that the camp will be conducted on both Saturday and Sunday. ...

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Delink registries from land dues, UPRERA suggests to state government

Thursday 8th June 2023

The Uttar Pradesh Real Estate Regulatory Authority has put forth a recommendation to the state government, suggesting that the registration process for finished real estate projects should be dissociated from the outstanding debts owed by builders to the Noida and Greater Noida authorities. This proposal aims to provide much-needed respite to homebuyers. However, an impasse between the development authorities and builders, regarding land dues amounting to Rs 39,000 crore, has left approximately 40,000 homebuyers in both cities in a prolonged state of anticipation for the registration of their flats. ...

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Jaiprakash Associates defaults on Rs 3,961-crore loans on May 31

Thursday 8th June 2023

Jaypee Group's prominent company, Jaiprakash Associates, which is currently facing a crisis, has encountered a default situation on loans totaling Rs 3,961 crore, encompassing both the principal amount and accrued interest. As per a regulatory disclosure made by Jaiprakash Associates Ltd (JAL), on May 31, the company failed to fulfill its repayment obligations of Rs 1,600 crore as principal and Rs 2,361 crore as interest. These loans were obtained from various banks and comprised fund-based working capital, non-fund-based working capital, term loans, and FCCB (foreign currency convertible bonds). ...

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Realty projects on three-cottah plot now underWest Bengal RERA watch

Thursday 8th June 2023

Moving forward, all future advancements pertaining to a 3-cottah plot that encompasses six or more flats will be subject to the regulations outlined in the Real Estate (Regulation and Development) Act of 2016. The primary objective behind encompassing these projects within the scope of the real estate regulatory authority is to ensure strict adherence to compliance standards, particularly in approximately 90% of small-scale developments. This proactive measure aims to address the concerns of customers who previously had limited avenues for seeking resolution, often resorting to legal action when developers failed to fulfill their commitments. ...

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About 39 realty projects in Pune apply for deregistration

Thursday 8th June 2023

On Monday, a representative from MahaRERA disclosed that a group of developers involved in 39 real estate ventures located in Pune have submitted applications for deregistration. The state regulatory authority, MahaRERA, has received a cumulative count of 88 applications originating from various regions within the state. These applications were submitted by developers who find themselves unable to proceed with their projects due to an assortment of challenges, including insufficient financial resources, ongoing legal disputes, alterations in government planning regulations, and other related factors. Notably, Pune accounted for the highest number of applications, with 39 submissions, followed by Raigad with 16, Thane with 8, and Mumbai city with 4 applications. ...

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Shareholder seeking to sell property can’t buy shares of other shareholders: Karnataka HC

Thursday 8th June 2023

In a recent ruling, the Karnataka High Court has established that a shareholder who advocates for the sale of a property under Section 2 of the Partition Act is prohibited from purchasing the shares owned by other shareholders. Justice Sreenivas Harish Kumar, while dismissing the petition presented by Mukunda Rao and Venkatesh Rao, emphasized that the petitioners, who expressed their preference for a sale, are not entitled to exercise their rights under Section 3 of the Act if the respondents are willing to acquire their shares at the valuation determined by the court. ...

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Government to take over stalled city redevelopment projects: Maharashtra CM

Thursday 8th June 2023

According to insiders, Adani Cement, the parent company of Ambuja Cement and ACC, has withdrawn from the Cement Manufacturers' Association (CMA), an industry lobby group representing major cement players in the country. The decision was reportedly prompted by disagreements between the Adani Group company and the CMA on various matters, although specific details were not provided by the sources. Additionally, both Ambuja Cements and ACC had ceased sharing their production and sales data with the CMA several years ago and had not actively participated as members of the association. An analyst from a domestic brokerage, who preferred to remain anonymous, confirmed this information. ...

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Ghaziabad: GDA to recover costs from builders if HC upholds land compensation hike

Tuesday 6th June 2023

The Ghaziabad Development Authority (GDA) is potentially facing a significant financial obligation as it may be required to pay an enhanced land compensation amount ranging from Rs 1,000 to 1,200 crore to farmers. This compensation pertains to the acquisition of 1,748 acres of land between 1986 and 1989 for the development of the Indirapuram and Vaishali housing schemes. On July 12, the Allahabad High Court is scheduled to hear the GDA's review petition challenging the court's previous decision in 2017, which set the higher land compensation rate at Rs 297 per square yard. ...

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Embassy REIT raises non-convertible debentures of Rs 1,050 crore at 7.77% coupon

Tuesday 6th June 2023

Embassy Office Parks REIT (Embassy REIT) has announced the successful completion of its Rs 1,050 crore fundraising through coupon-bearing non-convertible debentures (NCDs), as stated in the regulatory filing. The NCDs have a tenure of 24 months, commencing from the deemed date of their allotment, and offer a coupon rate of 7.77% per annum. The interest payments on the NCDs will be made on a quarterly basis to the esteemed debenture holders. ...

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ED raids IREO, M3M, seizes luxury cars worth Rs 60 crore

Tuesday 6th June 2023

The Enforcement Directorate (ED) announced on Monday that it has confiscated luxury cars with an estimated value of Rs 60 crore, encompassing renowned brands such as Ferrari, Lamborghini, and Bentley. Additionally, high-value jewelry worth Rs 5.75 crore was seized during the meticulous raids conducted as part of a money laundering inquiry into the real estate firms IREO and M3M. The esteemed federal agency divulged in an official statement that these extensive searches were executed on the 1st of June at seven distinct locations situated in Delhi and Gurugram. ...

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Mumbai: Now, SRA to acquire slum plots reserved for amenities

Monday 5th June 2023

In accordance with the Development Control and Promotion Regulations 2034 (DCPR-2034), the Slum Redevelopment Authority (SRA) has announced its decision to acquire privately owned plots that have been earmarked for public amenities but are currently burdened by slum encroachments. This move aims to address the issue of slums and ensure the effective utilization of such designated spaces. Notably, three years ago, the Brihanmumbai Municipal Corporation (BMC) acquired a plot in Dahisar for a significant sum of Rs 349 crore, despite its original value being assessed at Rs 54 crore due to the presence of encroachments. This transaction has drawn the attention of BJP leader Kirit Somaiya, who has filed a police complaint against the BMC, raising concerns about the purchase of a plot that had already been designated as a slum. ...

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