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The NCLT has ordered that Mantri Developers, a real estate company with offices in Bangalore, begin bankruptcy proceedings after allowing the claim made by Indiabulls Housing Finance Ltd. A two-member panel has also suspended the Mantri Developers board and named Ahsan Ahmad as the organization's temporary resolution specialist. Mantri Developers, a member of the Mantri Group of Companies operating in the real estate sector in Bengaluru, had been accused of defaulting by Indiabulls Housing Finance Ltd (IHFL), according to a complaint filed with the NCLT's Bengaluru bench by IHFL. As of January 1, 2022. ...
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has sent 261 projects show cause notices because less than 40% of the work has been completed despite the flats' projected possession date of December 2023. There are 45,539 flats altogether in the developments, 26,178 of which have been reserved by house purchasers. As part of its monitoring effort, the regulatory authority has been reviewing projects that have been registered with it. MahaRERA has sent the developers show-cause warnings to find out how they plan to finish these projects in the following nine months. ...
The Greater Chennai Corporation has managed to reduce its income shortfall while maintaining critical infrastructure projects like as storm water drains, roads, bridges, and buildings, thanks to increased revenue from the property tax hike and smart budgeting. The corporation predicted a deficit of '788.5 crore for fiscal year 2022-23, but the actual deficit was 517.6 crore. The revenue shortfall is predicted at '334.5 crore in the budget for 2023-24, which was announced on Monday, and officials believe they can reduce it further. According to Vishu Mahajan, deputy commissioner of revenue and finance, the corporation got a significant increase in revenue from property taxes and state financial handouts. ...
A city-based builder and its directors have been charged with forgery, fraud, and criminal conspiracy. Assotech Limited, a real estate firm based in Noida, claims that Vatika Limited entered into an agreement with it in 2012 to build a group housing society on 10 acres of land in Gurgaon. "Assotech paid Vatika around Rs 133 crore, but they did not honour the agreement," the Noida firm claimed in a police complaint. ...
The MahaRERA allows promoters to de-register their projects if they are unable to begin or finish construction of a project, or complete a component or a phase of a project, for a variety of reasons such as a lack of funding, the project not being economically feasible, litigation, disagreements, and so on. Yet, according to MahaRERA's requirements for de-registration of a project, the project must have zero allottees or no bookings. ...
In connection with the Heera gold scam, the Enforcement Directorate on Saturday provisionally attached 24 movable properties owned by Nowhera Shaik and the Heera Goup of companies, totaling Rs 33 crore, in accordance with the Prevention of Money Laundering Act. Investigations showed that Nowhera Shaik and her Heera Group of companies used some of the profits of crime to buy diverse real estate under their names and the names of their businesses. ...
In the state capital, the effort by civic bodies to collect property and water taxes is in overdrive. The local body authorities are now going door to house standing to collect every penny owing from city residents after weeks of focusing on huge defaulters. Since November, the Bhopal Municipal Corporation (BMC) has published the names of people who have threatened to put their homes up for sale in order to avoid paying taxes. ...
Soon, prospective homeowners will be able to view all pertinent project information by just scanning a QR code located on the project registration certificates. In the whole state of Maharashtra, developers' registration certificates are now being given QR codes by the Maharashtra Real Estate Regulatory Authority (MahaRERA). With a project registered in the Wagholi district of Pune, the procedure has already started. "Smartphone users can scan the QR code to instantly access the basic information about each project. Also, anyone would be able to view any grievances filed against the project, "added the top MahaRERA representative. ...
Sani Francis, the MD of Holy Faith Builders and Developers Pvt Ltd, will have his immovable properties put up for auction for the third time by revenue officials on May 12 at the conference room of the Ernakulam collectorate. There will be 13 properties up for auction, and each plot's value has also been determined. This time, an auction will be conducted plot per plot. Due to Francis' failure to pay the Rs 42 crore he owes to the owners of Holy Faith H2O, one of the four flat complexes razed at Maradu for breaking CRZ regulations, the government has already attached these assets as a result of a Supreme Court order. ...
The Supreme Court ruled on Monday that the remand time will be included in the 60/90-day period for the issuance of default bail in a criminal case, dismissing an appeal from the Enforcement Directorate. An appeal by the ED challenging the Bombay High Court judgement granted bail to former DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan in a Yes Bank money laundering case being investigated by the agency was dismissed by a bench of Justices KM Joseph, Hrishikesh Roy, and BV Nagarathna. ...
Many aggrieved residents staged a protest on Monday outside the Real Estate Regulatory Authority (RERA) office in Dehradun, outraged about the slow-moving investigation into the four-year-old Orchid Park issue. The locals said that despite filing a FIR more than three years prior, a charge sheet was only recently submitted in the case. Residents further stated that they anticipated further action from RERA and cited section 8(a) of the Real Estate (Regulation and Development Act, 2016) which gives RERA the authority to seize a property and transfer ownership to another builder in the event that the original builder is found to be in violation of a provision. ...
Since residents claimed that the area lacked basic facilities for over two decades, the Allahabad high court decided to examine the progress of municipal work at a township constructed by the Noida Authority. The court was hearing a plea filed last year by the RWA of Express View Apartments (Super MIG) in Sector 93, alleging "inaction" by the Authority despite multiple letters and reminders. The Authority built the township in 2002, and it now houses roughly 5,000 people in 1,008 flats. ...
The Bombay High Court on Friday asked the Vasai Virar Municipal Corporation to award occupancy certificates (OC) to 27 buildings completed more than two years ago on a large HDIL plan in four weeks, providing significant relief to over 1,000 unit buyers. Velson Developers and eight others, including flat owners from nine buildings, petitioned the HC last year to overturn an August 2022 municipal judgement rejecting OC, citing the lapse of a green nod. ...
The Greater Chennai Corporation has more than doubled its tax collection from 778 crore in fiscal year 2021-22 to 1,408.9 crore this fiscal year. With a week until the fiscal year ends, the civic body has set a target of Rs. 1,500 crore. The civic authority collected 928 crore in 2019-20, however due to Covid-19, it only collected 471.6 crore in 2020-21. Residents who have not paid their taxes have been advised by the corporation to do so promptly. ...
Following a petition filed by non-banking financial institution Srei Equipment Finance, the Bombay High Court on Thursday set aside the public auction of Jawahar Talkies Complex, a 0.65-acre property in Mumbai's central district of Mulund. Two Srei enterprises, which are part of the Kolkata-based infrastructure financing group, are in administration. ...
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