Category: Legal Article

SBI to carry out the largest e-auction on 26 February: more than 1,000 properties will be listed.

February 24, 2020

India’s largest public sector bank, State Bank of India (SBI) on Saturday has declared that it is going to conduct mega e-auction that will consists more than 1,000 commercials, residential and industrial properties across the country. “We at SBI are very clear when putting immovable properties, mortgaged with the Bank/attached by court order to auction, […]

SBI to carry out the largest e-auction on 26 February: more than 1,000 properties will be listed.more

Bengaluru Municipal Corporation elects to fine illegal constructions.

February 21, 2020

The government is set to enforce a law to regulate unauthorized building construction in Bruhat Bengaluru Mahanagara Palike (BBMP) limits by penalizing those who breach the construction norms with a fine. On February 18, the Government tabled in the assembly the Karnataka Municipal Corporations (Amendment) Bill 2020. The bill aims to penalize those who create […]

Bengaluru Municipal Corporation elects to fine illegal constructions.more

Jaiprakash Associates receives a letter from YEIDA with a decision of cancelling the allotment of land.

February 20, 2020

On 18 February, Jaiprakash Associates Ltd (JAL) stated that it has received a letter from the Yamuna Expressway Industrial Development Authority (YEIDA) expressing its decision to cancel Jaypee International Sports’ allotment of land arbitrarily and would contest the case. Jaypee International Sports is a JAL division which entered in October 2015 after its merger. “Jaypee […]

Jaiprakash Associates receives a letter from YEIDA with a decision of cancelling the allotment of land.more

NMC introduces 5% tax rebate on prompt tax payments.

February 18, 2020

The Nashik Municipal Corporation (NMC) chose to introduce an incentive of up to 5% on the prompt payment of property tax bills for the first quarter of the financial year 2020-21 to collect a maximum property tax. When you pay online, you can get another 1% tax rebate. Those who pay their annual tax in […]

NMC introduces 5% tax rebate on prompt tax payments.more

Delhi-NCR real estate market gets the Supreme Court’s revocation on an overnight construction ban.

February 15, 2020

On 14 February, the Supreme Court lifted the ban on night-time construction in Delhi-NCR, making it a relief for the real estate industry. In Delhi-NCR, on 4 November 2019, the court had placed a complete ban on construction activities. It took the dramatic decline in air quality in and around the Delhi-NCR area into account. […]

Delhi-NCR real estate market gets the Supreme Court’s revocation on an overnight construction ban.more

The National Green Tribunal nullifies environmental clearance for the project of Godrej Properties.

The National Green Tribunal has dismissed the environmental clearance (EC) granted to Godrej in Bengaluru to a high-level housing project for the development of the lake buffer zone. A bench of Justice Adarsh Kumar Goel and Justice S P Wangdi, Chairperson of the NGT, said that there could have been no environmental clearance for the […]

The National Green Tribunal nullifies environmental clearance for the project of Godrej Properties.more

Credai appeals to the state government for keeping RR rates to be identical for the buyer interest.

February 14, 2020

The Confederation of Real Estate Development Association of India (Credai) has requested the state government to keep ready reckoner (RR) rates unchanged for the next financial year and the existing high rates in some regions. The appeal comes even as local representative district meetings are on in the state for recommendations on RR rates. The […]

Credai appeals to the state government for keeping RR rates to be identical for the buyer interest.more

Buyers can seek a refund from a real estate firm that is undergoing insolvency.

February 12, 2020

The National Company Law Appellate Tribunal (NCLAT) ruled that insolvency proceedings initiated by a flat buyer or financial institution would be pursued only with respect to the project in dispute and would not impact any other projects of developers. The whole insolvency procedure started at the behest of either a flat buyer or a bank […]

Buyers can seek a refund from a real estate firm that is undergoing insolvency.more

Kolkata local body enforces strict law upon tax delays.

Kolkata Municipal Corporation (KMC) would adopt a two-way strategy to tackle a group of real estate developers who breach municipal laws that eventually hinder apartment owners. First, any tax delays must be paid by the builder and not the buyer. Second, until the KMC provides the developer with a clearance certificate (CC) a buyer cannot […]

Kolkata local body enforces strict law upon tax delays.more

Municipal Commissioner auctions government properties to recover outstanding tax dues.

February 1, 2020

On January 30 Tukaram Mundhe, Municipal Commissioner, ordered the Property Tax Division of Nagpur Municipal Commissioner (NMC) to auction government property in order to recover taxes. After a review of the property tax department, he published the guidance. Currently, 314 properties are owned by the central government and property tax dues of Rs 37.86 crore […]

Municipal Commissioner auctions government properties to recover outstanding tax dues.more