The Securities and Exchange Board of India (SEBI) recently announced its upcoming plans to auction 27 properties belonging to the Rose Valley Group. The properties in question include flats, buildings, land parcels, and hotels, located in West Bengal and Bihar. SEBI has issued a notice confirming the auction, which is scheduled for November 25. The auction aims to recover funds for the investors impacted by the Rose Valley Group's fraudulent activities. The total estimated value of the properties is around INR 63.26 crore. This move is part of SEBI's ongoing efforts to resolve financial irregularities and return funds to the affected investors.Read more

The housing industry in Noida faces significant challenges, particularly with unfinished projects and unregistered flats, exemplified by the GH-1 group housing plot in Sector 120. Initially allocated in 2009 to develop 1,530 flats, 290 remain unregistered. This issue extends to 16 other projects, with developers depositing only INR 57.03 crore of the INR 740.87 crore owed, resulting in 6,152 unregistered flats. The Noida Authority has issued final notices to seven non-compliant developers, threatening referral to the Economic Offences Wing (EOW) for recovery. Proactive measures, including a two-year zero-interest period for financial relief, aim to expedite registrations and restore homebuyer confidence.Read more

The land records department has started integrating civil court case data related to land parcels in urban and rural areas onto its website, providing prospective buyers with easy access to the legal status of plots. This ongoing project, which began earlier this year, allows users to check for litigation by entering survey numbers or 7/12 extract details. The National Informatics Centre (NIC) has already linked 2024 cases, with efforts underway to include older cases and improve the system's search functionality. This initiative aims to enhance transparency in property transactions, reduce fraud, and improve the efficiency of the land registration process in India.Read more

The Maharashtra Real Estate Appellate Tribunal (MREAT) ruled against the City and Industrial Development Corporation (CIDCO) in a case filed by the Maharashtra Chamber of Housing Industry (MCHI), Raigad, concerning CIDCO's land sale practices. The Tribunal determined that CIDCO's land allotment schemes constitute real estate projects under the Real Estate (Regulation and Development) Act of 2016, requiring it to register as a promoter. The ruling reinforces the importance of compliance and transparency in land development practices, mandating that CIDCO adhere to the Act's provisions for current and future projects, ensuring protection for stakeholders and prospective buyers.Read more

The Forum for People's Collective Efforts (FPCE) has appealed to the Consumer Affairs Ministry for the implementation of specific guidelines to combat unfair practices in the Indian real estate sector and safeguard consumer rights. FPCE President Abhay Upadhyay highlighted the ongoing issues such as misleading advertisements and one-sided contracts that breach the Consumer Protection Act of 2019. He urged that homebuyers receive draft agreements at the time of booking and suggested the inclusion of an exit clause for cancellations. The FPCE noted that current regulations are inadequate, as RERA has failed to fulfil its intended goals, and they requested a meeting with the consumer affairs secretary for further clarification.Read more

Property transactions in Pimpri Chinchwad are set for a transformation as the civic administration finalises the integration of data between the property tax department and the Inspector General of Registration (IGR) office. This automation will eliminate the need for separate registration applications, expediting property transfers. Once the data is updated, owners will receive notifications to pay transfer fees online, which will be included in property tax bills if unpaid. Deputy Municipal Commissioner Avinash Shinde highlighted that this integration aims to rectify issues with outdated ownership information, ensuring accurate billing and reducing penalties for delayed payments.Read more

The Allahabad High Court has granted residents of Maharajganj village in Bahraich district, Uttar Pradesh, a 15-day period to respond to demolition notices issued by the Public Works Department (PWD) in the aftermath of recent communal violence. This interim order was made during a hearing of a petition that claimed the notices were illegal. The bench raised concerns regarding the lack of clarity in the notices about construction approvals and provided extra time for the chief standing counsel to collect necessary information.Read more

The Maharashtra Real Estate Appellate Tribunal (MREAT) recently overturned a MahaRERA decision, directing ITMC Developers to pay interest on INR 94 lakh paid by homebuyers for the Sai Sapphire project. Interest is set at 2% above SBI's highest MCLR from April 2019 until possession is handed over. The MREAT criticized MahaRERA's grace period for interest payments and clarified that the promoter could not claim Covid-related moratorium benefits, as possession was promised before the pandemic. The tribunal highlighted that an allottee's right to claim interest under Section 18 of RERA for delays in possession is absolute and cannot be undermined.Read more

The rising demand for paying guest (PG) accommodations in urban areas has led to regulatory challenges, especially after a tragic incident in Koramangala, which prompted the Bruhat Bengaluru Mahanagara Palike (BBMP) to introduce stricter safety guidelines. PG owners are now struggling to comply, citing high costs and operational difficulties. Key concerns include the extended 90-day CCTV footage requirement, increased space per occupant, and the cost of hiring security personnel. Many owners, already operating on thin margins, are seeking regulatory relaxations and a grace period to register their PGs, emphasising the need for a balanced approach between safety and financial sustainability.Read more

A DTPE team, led by Manish Yadav, sealed seven houses in DLF-1 due to illegal constructions, including unauthorized modifications despite occupancy certificates. The action followed multiple complaints from residents regarding aesthetic and safety concerns. Prior show-cause notices had been issued, but property owners failed to comply, prompting enforcement on October 21. The operation was supervised by duty magistrate ATP Anish Grover and other officials, focusing on ensuring adherence to town planning guidelines and enhancing the neighbourhood's safety and aesthetics.Read more