Residents across Bengaluru are raising alarms about illegal construction and building bylaw violations. Notably, a senior citizen from Nandidurga Road Extension reported over 15 major violations, including illegal utility connections. Despite repeated complaints to BBMP and state officials, the building's owners added extra floors and a generator on an upper floor. Other areas, such as Jeyamahal and Basavangudi, face similar issues, with unauthorised gas cylinder facilities and encroachments on public roads. Residents demand stricter enforcement from authorities, emphasising that these violations pose significant safety risks and undermine community well-being.Read more

The Green View project, developed by NBCC, was deemed unsafe by IIT-Roorkee and CBRI, leading to a directive for residents to vacate their flats by March 2022 due to severe structural issues. On June 25, NBCC sought permission to demolish seven unsafe towers, but this request faced strong opposition from Economically Weaker Section (EWS) residents, who are dissatisfied with unresolved compensation claims. The EWS residents, many economically disadvantaged, have been vocal about their grievances in a grievance redressal meeting and have a pending case in the Delhi High Court. Consequently, the district administration denied NBCC's demolition request, emphasizing compliance with the High Court's final decision and ensuring fair compensation for the affected residents. The decision highlights the need for legal adherence and fair treatment of vulnerable stakeholders.Read more

The Makarba Town Planning (TP) Scheme 204 controversy is nearing resolution as a state-appointed committee - Ahmedabad recommends a 40% reduction in plot sizes for around 50 high-profile landowners. This move aims to address years of alleged irregularities in land use. The scheme, covering 1,100 hectares in sought-after zones like Sarkhej and Vejalpur, faced accusations of favoritism since 2007. A thorough investigation confirmed these claims, and the revised plan now awaits approval from the AMC and state government. The resolution could mark a shift toward greater accountability and transparency in Ahmedabad's urban planning.Read more

The Uttar Pradesh Legislative Assembly passed the Nazul Property (Management and Use for Public Purpose) Bill, but the Legislative Council sent it to a Select Committee for further review. The bill, aimed at regulating government-owned lands for public purposes, was met with concerns from ruling party members. Deputy CM Keshav Prasad Maurya presented the bill, but BJP's state president Bhupendra Singh Chaudhery suggested a deeper examination. The committee will report within two months. Critics urge transparency and efficient land management to benefit the community, with the bill's final shape potentially impacting future land policies in Uttar Pradesh.Read more

The Securities and Exchange Board of India (SEBI) has fined seven individuals and entities, including JM Financial Asset Management Ltd and its former CEO Bhanu Katoch, a total of INR 2 crore for regulatory breaches involving Dewan Housing Finance Corporation Ltd (DHFL) securities. Violations included trading on unpublished information and failing to disclose NAV changes promptly. Fines are due within 45 days, with Katoch facing INR 1.1 crore, his family members INR 17 lakh and INR 8 lakh, and other executives receiving penalties. This case underscores the need for transparency and ethical practices in India's financial sector.Read more

In 2023-24, the National Company Law Tribunal (NCLT) approved 269 resolution plans, a 42% rise from the previous year, according to Crisil Ratings. However, creditors recovered only 27% of admitted claims, down from 36%. Of the approved plans, 88% were backlog cases. Real estate and manufacturing sectors dominated, representing 65% of approvals. Despite appointing more NCLT members, the average resolution timeline increased to 850 days. The Insolvency and Bankruptcy Board of India (IBBI) is considering out-of-court mediation to speed up processes and improve recovery rates. Delays can significantly reduce asset value, underscoring the need for systemic efficiency improvements.Read more

The Telangana government plans to overhaul land record processes with the proposed Dharani draft bill (Telangana Record of Rights Bill, 2024). The bill aims to address issues in the current Dharani Act by reducing the number of modules from 33 to 10, simplifying user access. It introduces a structured appellate system with the Revenue Divisional Officer and Collector to handle grievances, aiming to reduce court disputes. Additionally, the bill requires public objections for succession claims to enhance transparency. The government will consult rural communities over three months to refine the bill, aiming for a more efficient land administration system.Read more

The Yamuna Expressway Industrial Development Authority (YEIDA) has filed an appeal with the Supreme Court to protect its right to contest the NCLAT's order requiring Jaypee Infratech Ltd (JIL) to pay INR 1,335 crore to farmers over four years. YEIDA's move is urgent, given the 45-day window for appeal and the potential objections from the Uttar Pradesh government. The NCLAT's ruling, reducing YEIDA's original claim from INR 1,689 crore, follows a structured payment plan from Suraksha Group. The resolution is critical for over 20,000 buyers awaiting flats and highlights the complex legal and financial landscape impacting both farmers and homebuyers.Read more

The Supreme Court of India has directed the CEOs of Noida and Greater Noida Authorities to appear before it due to their failure to expedite housing projects by the Amrapali Group. Attorney General R. Venkataramani, serving as a receiver for Amrapali, criticised the authorities for obstructing progress and delaying approvals for building plans based on revised Floor Area Ratio (FAR) figures. The court's intervention follows allegations of fraud against Amrapali and ongoing efforts by NBCC to complete 16 projects valued at INR 8,017 crore. The court aims to ensure timely completion and delivery of homes to thousands of awaiting buyers.Read more

The Securities and Exchange Board of India (SEBI) has imposed restrictions on the real estate company Omaxe, its Chairman Rohtas Goel, Managing Director Mohit Goel, and three others, excluding them from accessing the securities market for two years. This action followed a complaint alleging Omaxe's involvement in fraudulent transactions, fund diversion, misrepresentation of financial statements, and inflation of turnover. SEBI conducted a forensic audit covering the period from 2018-19 to 2020-21 and found that Omaxe had misrepresented its financial statements to manipulate its share price and maintain the value of the promoters' collateral against a loan. The regulator has also imposed a fine of INR 47 lakh on 16 entities, including Omaxe and its key personnel.Read more