The Gujarat High Court is set to address whether a company can be a member of a cooperative housing society. The court's attention was drawn to the matter by a petition involving Pratima Cooperative Housing Society Ltd near Vijay Crossroads. The society had denied membership to Atreyi Vincom Pvt Ltd, who purchased a bungalow after an auction. The society's reliance on religious and caste-based restrictions was questioned by Justice Nikhil Kariel, who cited potential legal concerns. The case prompts consideration of evolving societal norms, with the hearing scheduled for March 2024.Read more

In a significant ruling, the Gurugram forum ordered VP Spaces, a real estate developer, to refund a buyer and prohibited the imposition of penalties for alleged default in the purchase agreement. The forum asserted that penalties can only be levied when explicitly permitted, safeguarding buyer interests and promoting fairness. The decision sets a precedent for transparent and consumer-friendly practices in the real estate sector, emphasizing the need for due diligence by buyers before entering into property agreements.Read more

Businessman Bishnu Kumar Agrawal, owner of Nucleus Mall, was arrested by the Enforcement Directorate (ED) after a six-hour interrogation related to alleged land deal irregularities. Agrawal's late arrival led to questioning stretching into the night and hs subsequent arrest at 10.30 pm. Earlier, he postponed appearances due to medical and religious reasons. Investigations revealed Agrawal, in collusion with former deputy commissioner Chhavi Ranjan, obtained non-saleable land and properties through forgery. ED alleges a quid pro quo between Agrawal and Ranjan.Read more

The Noida Authority plans to open escrow accounts for 59 developers who have defaulted on payments. The move aims to recover dues and reduce financial losses caused by developers diverting funds to other projects. Escrow accounts require developers to deposit 50% of the collected funds from homebuyers and other sources, giving the Authority access to withdraw from these accounts when necessary. Four accounts have already been opened for certain projects, and 15-20 more are expected to follow. This decision, backed by UP-RERA, is hoped to recover over Rs 7,000 crore in dues, benefiting both the Authority and property buyers.Read more

The Kolkata Municipal Corporation (KMC) launched a new thika land policy, simplifying ownership transfers and building construction for tenants. Mayor Firhad Hakim announced that legal heirship titles and lessee status would be provided within 15 days of application. The policy also removes previous restrictions on building height on thika land. A specialized thika cell at KMC headquarters will handle applications, offering a single-window counter to expedite the process. The initiative is set to streamline procedures for thousands of tenants and marks a significant step towards efficient public service in the city.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved 290 out of 450 projects after a rigorous verification process, aimed at ensuring transparency and accountability in the real estate sector. This landmark achievement reinforces the regulator's commitment to safeguarding homebuyers' interests and fostering trust in real estate transactions within the state. MahaRERA's multi-tiered approach involved meticulous checks on project compliance with regulations and guidelines set by the Real Estate (Regulation and Development) Act. Industry experts, developers, and homebuyers have applauded the authority's efforts, while its impact extends beyond Maharashtra, inspiring other regions to strengthen their own real estate regulatory frameworks.Read more

SEBI, India's regulatory body, has imposed a ban ranging from one to two years on Excel Realty N Infra and four other entities for alleged market regulation violations and insider trading. The ban prevents these entities from participating in securities-related activities, sending a strong message about SEBI's commitment to market integrity. The action aims to uphold investor confidence, emphasize regulatory compliance, and promote ethical conduct in the financial sector. The impact of this ban on the entities involved and its broader implications on the securities market will be closely monitored by investors and market observers.Read more

The Chief of Bangalore Development Authority (BDA) is instructed to return Rs 2 lakh to a property allottee following a complaint of unauthorized collection. An investigation confirms the irregularities, raising concerns about corruption. The incident prompts discussions on transparency and integrity in property allocation procedures. Authorities vow to implement reforms to prevent future malpractices, emphasizing the importance of ethical conduct in public institutions. Stakeholders hope for a corruption-free environment and increased accountability within BDA. The directive highlights the need for stringent oversight mechanisms and fosters calls for comprehensive training programs to uphold credibility and public trust.Read more

In order to curb illegal construction, the Ludhiana Municipal Corporation swiftly demolished eight unapproved constructions throughout the city. The crackdown was directed at structures lacking the appropriate building plan permissions. The MC seeks to protect the city's architectural legacy while discouraging unauthorized building and fostering responsible urban growth. Before beginning construction projects, citizens have been asked to obtain the necessary approvals. The authorities have also stressed the significance of public knowledge and cooperation in upholding the city's aesthetic standards and safety requirements.Read more

The Atal Apartment scheme by the Ludhiana Improvement Trust (LIT) is facing challenges as banks refuse to sanction loans to allottees due to the absence of construction activity on the project site. This has raised concerns about the project's feasibility and credibility. In response, the LIT chairman has taken proactive steps by requesting a relaxation period for allottees and assuring them of timely action and resolution. Despite the challenges, the project's focus on modern amenities and facilities shows efforts to meet housing needs for different income groups. The LIT must maintain transparency, adhere to timelines, and address staffing shortages to ensure successful completion and timely delivery of the flats to the allottees.Read more