The Mumbai branch of the National Company Law Tribunal (NCLT) has endorsed Darwin Platform Infrastructure's revised resolution plan for Lavasa Corp. The approved proposal, valued at Rs 1,814 crore, aims at the equitable distribution of proceeds from Lavasa Corp's sale among its lenders. The plan marked a pivotal step in Lavasa Corp's revival efforts and the execution of the Insolvency and Bankruptcy Code. The resolution comes in the wake of Lavasa's entanglement in environmental and land acquisition issues which led to delayed payments to lenders.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 90 developers a total of INR 18.30 lakh for neglecting to include registration numbers in their advertisements. Of these developers, 34 are from Pune, 52 from Mumbai, and 4 from Nagpur. The regulatory body enforces clear inclusion of registration numbers to ensure prospective homebuyers make informed decisions. Failing to meet the stipulated 15-day fine payment period will result in an additional daily penalty and suspension of MahaRERA services.Read more

Bengaluru's civic body has announced the creation of zonal-level teams tasked with verifying a total of 45,133 recently issued A khatas, with approximately 90% of them suspected to be illegal. The move comes as part of the city's efforts to tackle unauthorized land transactions. Any A khatas found to be invalid will be reverted to B khata status. This comprehensive verification process aims to rectify the prevalence of illegal land holdings and ensure transparency and legality in property ownership.Read more

The Department of Town and Country Planning (DTCP) in Gurugram is taking strict action against illegal buildings and constructions. Recently, a farmhouse colony being illegally developed near Sultanpur National Park was dismantled as part of DTCP's initiative to crack down on illegal constructions. The authorities aim to discourage people from investing in illegal projects and promote legal and authorized developments. Policemen are present at the demolition sites to ensure a smooth operation, and an appeal has been made to raise awareness among the public about the consequences of investing in illegal colonies.Read more

In response to citizen complaints about inadequate facilities, the property registration department in Pune plans to relocate 9 out of the 27 property registration offices in the city. The identified offices will be shifted to new locations, equipped with improved facilities such as washrooms and better hardware infrastructure. The initiative aims to address long-standing concerns raised by citizen activists and provide a more convenient and efficient experience for citizens visiting these offices regularly. The state registration department is coordinating with municipal corporations to find suitable properties for the new offices, emphasizing the need for effective implementation and monitoring to ensure citizens' concerns are addressed.Read more

The Economic Offences Wing (EOW) intensified its investigation into a real estate scam involving the alleged duping of 130 homebuyers, resulting in a loss of nearly Rs 15 crore. The company, which promised an ambitious housing project, failed to deliver on its assurances, leaving buyers stranded. The arrest of a senior functionary highlights the need for vigilance in the real estate market and the importance of strengthening regulations to protect homebuyers from fraudulent practices. The investigation aims to bring justice to the victims and promote transparency and responsibility in the industry.Read more

The Allahabad High Court rejected Jaiprakash Associates Ltd.’s plea for a one-year extension to sell a 150-acre land parcel in Sector 25, Agra, to clear Rs 3,600 crore land dues owed to YEIDA. The court denied interim protection and observed that all efforts to reach a settlement have failed. YEIDA has demanded 10 percent of the total dues for the restoration of allotments. The court's decision also affects homebuyers' interests. The verdict is expected in August. JAL had earlier sought relief and expressed willingness to clear dues while presenting a resolution plan for residential projects.Read more

The recent amendment passed by the Karnataka Assembly to the Registration Act, 1908, addresses the issue of property registration fraud in the state. The amendment defines forged documents, empowers registration authorities to identify and refuse such documents, and allows the cancellation of fraudulent registrations. It also provides an appeal process for aggrieved parties and imposes a jail term for officials involved in fraud. The amendment aims to ensure justice for genuine landowners, deter potential offenders, and create a more transparent and accountable property registration system.Read more

The Bombay High Court's recent directive has drawn attention to the issue of non-payment of transit rent to slum dwellers during the redevelopment process in the city. Emphasizing the role of the Slum Rehabilitation Authority (SRA), the court calls for prompt payment of transit rent and the establishment of a Nodal Officer to handle grievances from cooperative societies of slum dwellers. The court's focus on transparency and accessibility aims to empower vulnerable communities and avoid an overload of court cases. The directive aims to ensure justice for slum dwellers and address the financial hardships they may face during the redevelopment process.Read more

The recent Delhi High Court decision to grant time to the Centre for replying to a plea seeking linking property documents with citizens' Aadhaar numbers has sparked a debate. The petitioner argues that such linkage will curb corruption, black money, and "benami" transactions, leading to economic growth. Some experts and activists have raised concerns about privacy and data security issues associated with such linkage. Striking a balance between curbing corruption and safeguarding citizens' rights through well-thought-out measures is crucial.Read more