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The Department of Town and Country Planning (DTCP) has instructed the developer of Chintels Paradiso, a society located in Sector 109, to arrange for another structural audit of Tower A. This audit is to be conducted by a different agency, preferably the Central Building Research Institute (CBRI), and must be completed within a period of 30 days. Previously, the Indian Institute of Technology Delhi (IIT-Delhi) had conducted an audit of the tower. While the institute's report, which was made public earlier this month, stated that the tower is currently deemed safe, it also highlighted signs of deterioration. As a precautionary measure, the report recommended an annual structural audit to ensure the safety of the residents. ...
According to officials, the Municipal Corporation of Delhi (MCD) has taken the decision to bar 140 architects from granting approval for building plans. This action was prompted by complaints regarding the approval of plans containing incorrect information by architects affiliated with the MCD. In response, the MCD has announced that 20% of the plans will undergo a thorough scrutiny process. Currently, the MCD has approximately 1,300 architects on its panel. ...
The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that owning multiple residential houses in co-ownership does not prevent taxpayers from availing tax exemption on long-term capital gains. This significant decision, which pertains to Section 54F of the Income-tax (I-T) Act, will have advantageous implications for numerous taxpayers. It is particularly relevant in situations where joint investments in real estate are commonly made within large families. ...
The Ahmedabad Urban Development Authority (AUDA) has recently announced an upcoming auction of eight plots, collectively valued at Rs 561.28 crore. These prime plots are situated in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. Notably, these exclusive spaces will be auctioned at a considerable discount compared to their market price. The auction is scheduled to take place on June 30 and July 1. ...
The Maharashtra Real Estate Tribunal (MREAT) has made modifications to a previous 2021 order issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). The original order had denied home buyers the entitlement to receive interest on their payments from the day they were made, as well as refunds for additional payments like stamp duties and registration fees. However, in the latest ruling, MREAT directed a developer based in Andheri to compensate the home buyer with interest, commencing from the day of the initial deposit, and further mandated the refund of all statutory payments. ...
In relation to a money laundering case involving the real estate firm IREO, the owners of M3M Group, Basant Bansal and Pankaj Bansal, have been granted interim protection from arrest until July 5 by the Delhi High Court. A vacation bench presided by Justice Chandra Dhari Singh has specified that if the arrest were to occur, the Gurugram-based realty company owners would be eligible for bail, subject to specific conditions. These conditions include a personal bond of Rs 10 lakh each, along with two sureties of the same amount. ...
According to official sources, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. Their arrest is connected to a case of money laundering linked to a former special court judge from Panchkula, as per an anti-corruption bureau investigation. The agency took the two directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). ...
According to official sources, the Enforcement Directorate has arrested the nephew of a suspended judge, who was previously stationed at a special court in Panchkula. The arrest is part of a money laundering investigation connected to a bribery case involving the said judicial officer. Ajay Parmar, the nephew of suspended special court judge Sudhir Parmar, was apprehended after the federal agency conducted searches at his residence. Following his arrest, he was presented before a special Prevention of Money Laundering Act (PMLA) court in Panchkula, which remanded him to ED custody until June 20. ...
In response to a public interest litigation filed by P Mahalingam, a resident of Dindigul district, the Madras High Court has instructed the Dindigul district collector and the assistant director of the geology and mining department to conduct an investigation and submit a report regarding a plea aimed at preventing illegal sand mining in water bodies within the Dindigul district. This directive was issued by a division bench consisting of Justice R Subramanian and Justice L Victoria Gowri. ...
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. ...
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