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In an effort to curb the unauthorized extraction of groundwater for construction purposes in Noida and Greater Noida, the district administration took action on Wednesday by imposing a fine of Rs 5 lakh on each of the 13 developers involved. The decision came after a comprehensive survey conducted at the behest of District Magistrate Manish Kumar Verma, carried out by a collaborative team comprising representatives from the Noida and Greater Noida authorities, the pollution board, and the groundwater department. This step signifies the administration's commitment to safeguarding the region's precious water resources and ensuring sustainable development practices. ...
In connection with a corruption case involving a former special court judge from Panchkula, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. The official sources revealed on Thursday that the ED took both directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). This move stems from an ongoing money laundering investigation conducted by the agency. ...
According to officials, the highest decision-making body of the Delhi Development Authority (DDA) has granted approval to commence Phase IV of DDA's online housing scheme on June 30. Under this scheme, individuals will have the opportunity to book a flat of their choice in their preferred location by paying a token booking amount. The decision was made during a meeting of the authority, chaired by Delhi Lieutenant Governor V K Saxena, who also serves as the Chairman of DDA. Additionally, the authority has approved two options, namely buyback and re-development, for the owners or allottees of Signature View Apartments located in Mukherjee Nagar. ...
The Income-Tax Department's Investigation Wing in Panaji has initiated an extensive search and survey operation on two prominent luxury real estate developers, namely Vianaar Group and Isprava Group, as part of an alleged tax evasion investigation. This operation, which is being conducted across multiple states, aims to reveal any instances of tax evasion and undisclosed assets associated with high-end luxury villa projects. ...
Gofrej Properties (GPL) has announced that it will acquire a land parcel of approximately 7.44 acres in New Alipore, Kolkata from the West Bengal Housing Infrastructure Development Corporation. This acquisition was secured by GPL as the highest bidder in an e-auction, as mentioned in a filing submitted to the Bombay Stock Exchange (BSE). GPL intends to utilize this land for the development of a luxury group housing project. The projected size of the project is estimated to be around 9.8 lakh square feet, with an anticipated revenue potential of approximately Rs 1,200 crore. ...
A notification has been issued by the stamp and registry department, targeting a total of 66 developers who have granted possession of flats to buyers without completing the necessary registration process. These developers have now received official notices, cautioning them about potential legal consequences if the registration of these flats is not completed within a month. According to officials, a significant number of completion and occupancy certificates, totaling over 23,000 flats, have been issued to these developers. However, it is important to note that none of these flats have been registered as of yet. ...
WeWork India, a renowned provider of flexible workspace solutions, has recently inked an agreement for a brand-new workspace located at Raheja Mindspace in Madhapur, Hyderabad. Encompassing an impressive area of 100,000 square feet, this workspace is designed to accommodate over 1,500 desks. It is anticipated to be operational by August 2023, offering professionals and businesses a convenient and dynamic environment to work and thrive in. ...
Several residents of Chintels Paradiso, who have chosen not to settle after discovering defects in the buildings they reside in, have voiced concerns over the possibility of facing eviction. These homeowners claim that the developer has issued a notice instructing them to vacate their temporary accommodations within a strict timeframe of seven days. According to the affected individuals, at least 10 flat owners residing in towers D, E, and F of the society located in Sector 109, received email communication from the developer on June 11. The emails explicitly state that their rental contracts are being terminated and the families must evacuate the premises within one week. ...
As part of its commitment to assisting distressed homebuyers and facilitating the timely completion of housing projects, the government has initiated the process of identifying stalled projects across the nation. The Ministry of Housing & Urban Affairs (MoHUA) has issued instructions to the chief secretaries of all states and Union Territories, urging them to furnish necessary details regarding the stalled projects within their jurisdictions. This proactive step by the government aims to address the concerns of homebuyers and ensure the successful delivery of these projects in a timely manner. ...
In a positive development for residents of the Patna Municipal Corporation (PMC) area, they now have the convenience of filing their property taxes or other municipal taxes throughout the week. The tax filing counter will be operational from 7 am to 7 pm, allowing individuals to avail of these services for extended hours. Additionally, the PMC website offers an online platform for tax filing, making the process even more accessible. Mayor Sita Sahu inaugurated the 7-to-7 tax collection counter on Sunday, with the presence of the deputy mayor and other members of the empowered standing committee. ...
Amid a global financial slowdown, EY Global Delivery Services India has taken a significant step by renewing its lease for office space in Bengaluru. The multinational firm, headquartered in London, has secured 420,000 square feet of office space in WTC Coral, Bengaluru, spanning across 11 floors. The lease agreement, which spans a duration of 60 months, was confirmed through a lease register document provided by Propstack, a data analytics firm. Notably, the lease renewal includes a rental escalation of 13.5% after 12 months, followed by subsequent increments every 36 months. ...
The Delhi High Court has provided temporary protection against arrest until July 5 to Basant Bansal and Pankaj Bansal, who are the owners of the M3M Group. This action comes in relation to a money laundering case connected to the real estate company IREO. Justice Chandra Dhari Singh, presiding over a vacation bench, stated that if the need for arrest arises, the owners of the realty company based in Gurugram would be granted bail under specific conditions. The conditions include a personal bond of Rs 10 lakh for each individual, along with two sureties of the same amount. These orders were issued by the court in response to separate anticipatory bail applications filed by Basant Bansal and Pankaj Bansal. The case is currently being investigated by the Enforcement Directorate (ED). ...
Experts have noted that despite the complexities involved, the resolution of insolvency and bankruptcy cases in the real estate sector has shown consistent progress. One of the key factors contributing to this progress is the potential for the government to introduce amendments to the existing code, allowing for tailored resolutions based on the specific nature of individual projects, rather than applying a rigid framework to the entire property sector. This flexibility is expected to enhance the performance of the sector and address the challenges faced by numerous homebuyers. ...
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. ...
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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