The Indian Supreme Court's decision to allow Authum Investments and Infrastructure to implement its INR 2,887-crore ($385m) resolution plan for the takeover of Anil Ambani's Reliance Home Finance has brought relief to those associated with the company. The court's ruling is expected to benefit small investors, who have up to INR 5 lakh ($6,700) exposure, as they will receive 100% of their principal amount. In contrast, debenture holders with exposure exceeding INR 5 lakh will receive 23.24% of their principal amount.Read more

The Rajasthan Housing Board is planning to launch residential projects in smaller towns such as Bhindar, Salumbar, and Nimbahera in the coming year. The upcoming projects will be implemented in 17 cities across 14 districts of the state. Additionally, a shopping complex with 132 showrooms will be built at Pratap Nagar in Jaipur. While the 4,500 residential units have been evenly distributed across different categories, from Economically Weaker Section (EWS) to High-Income Group (HIG), the board is also set to build upmarket dwellings such as independent villas and complexes with 3BHK and 4BHK flats in Jaipur.Read more

The Goa government has recently introduced the Goa Town and Country Planning (Amendment) Act, 2023, which grants the chief town planner (planning) authority to modify or change zones and attributes in a regional plan. The new legislation allows the chief town planner to correct any unintentional errors in a notified regional plan. The government can direct the chief town planner to carry out such alterations or modifications if they believe it is necessary to rectify any inadvertent errors or inconsistencies in the zoning proposals.Read more

After a hiatus of 13 years, the Kolkata Metropolitan Development Authority (KMDA) has announced that it will allot 11 individual residential plots in the Kasba and Rajdanga areas of the city. These plots will range from two to four cottahs in size and will be given on a freehold basis through e-auction, as per the government's latest policy. The decision to allot these plots comes as KMDA hopes to capitalize on the burgeoning realty growth in areas off the Eastern Metropolitan (EM) Bypass.Read more

The Delhi Development Authority (DDA) recently approved the draft Master Plan 2041 for the development of India's national capital. The plan aims to facilitate the development of Delhi by assessing the present condition and guiding how to achieve the desired development. The Master Plan 2041 has been divided into two volumes and ten chapters, encapsulating the vision to foster a sustainable, liveable, and vibrant Delhi.Read more

The Central Bureau of Investigation (CBI) has closed its case against Pune Buildtech Private Limited (PBPL) and its directors regarding an alleged bank fraud of Rs 30 crore in Punjab National Bank. After nearly seven months of investigation, the final report was submitted to a special CBI court. According to the central investigation agency, there was "no malafide purpose of the borrower to cheat/defraud the bank or to cause unlawful loss to the bank and so no criminal case was established against the accused.”Read more

The Department of Town and Country Planning (DTCP) of Haryana has announced that no occupancy certificates (OCs) will be issued to four-floor residential buildings without prior approval of the building plan. Several developers have been constructing four-floor buildings without obtaining the necessary approvals from the authorities. This has resulted in a proliferation of unauthorised structures that are not safe or compliant with building regulations. The new rule is intended to discourage such practices and ensure that all buildings in the state are constructed according to the approved plans.Read more

The Ghaziabad Development Authority (GDA) in India has taken a stern step to curb illegal construction activities by threatening to slap the stringent Gangsters Act against those who indulge in such activities. The GDA has asked the police department to identify the illegal construction activities and act against them in necessary fashion. The move comes after the GDA observed a rise in illegal construction activities in the city, leading to an increase in encroachment and unauthorized occupation of land.Read more

The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) is under investigation after allegedly transferring Rs 100 crore from a secret account to a group of builders based in Punjab. The account was initially created to hold unclaimed money from allottees, but it was then reportedly used to fund a private trust. The builders in question were allegedly involved in a land scam in Manesar, Haryana, and the funds were believed to have been transferred to them as part of a deal.Read more

More than twenty tenants of a building in Bengaluru were forced to vacate their homes after Canara Bank acted against the owner of the building, they reside in. The bank has taken possession of the property due to the owner's failure to repay the loan taken against it. According to representative of Canara Bank, the owner Mr SM Shivanna, businessman from Tumakuru, availed a loan of Rs 6 crores from the bank in 2016 by giving the building as collateral for the same.Read more