Mumbai court frames charges against builder, firm in ₹28-crore flat fraud case

In a significant development, a special MPID court in Mumbai has laid down charges against developer Vijay Machhindar and his spouse for allegedly defrauding homebuyers of Rs 28 crore by failing to deliver promised residential flats. The couple faces accusations of document forgery to obtain a loan from PNB Housing Finance Ltd.

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Ambuja Neotia Group to restructure businesses for external funding; IPO a long-term possibility

Ambuja Neotia Group is consolidating and restructuring entities within the group to create a structure capable of receiving institutional capital, chairman Harshavardhan Neotia said. The exercise is expected to take six-nine months, while the group continues to invest around ₹2,000 crore annually and plans three project launches in the current financial year.

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National Housing Bank set to conduct forensic audit of SRG Housing Finance

Amid growing concerns over dubious lending practices, the National Housing Bank has initiated a forensic audit of SRG Housing Finance. This scrutiny will investigate allegations of fictitious loans, including unsupported accounts and discrepancies in repayment records. Auditors will delve into consumer data and loan origination processes to uncover any fraudulent activity, building on earlier findings that flagged possible fictitious loans ranging from ₹300 to ₹400 crore.

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Delhi HC directs DDA to process property conversion applications within two months

The Delhi High Court has mandated the Delhi Development Authority to swiftly process the 1,373 pending property conversion applications that residents have submitted after paying the required charges. Expressing frustration over the ongoing delays and the lack of a defined timeline for policy finalization, the court has directed the Ministry of Housing and Urban Affairs to draft a future policy.

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ED arrests Ozone Urbana Infra Developer's CMD in ₹927.22 crore homebuyer alleged fraud case

Vasudevan was arrested on September 30 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the money laundering investigation being conducted against Ozone Urbana Infra Developers Pvt Ltd and Others.

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NCLT admits insolvency plea by Kotak Mahindra Bank against Unity Realty

Kotak Mahindra Bank's insolvency petition against Unity Realty and Developers has been admitted by the NCLT. The petition was filed due to a claimed default of ₹68.49 crore, which dates back to September 2023. Unity Realty is a corporate guarantor for financial facilities availed by Unity Infraprojects, which faced financial difficulties leading to the current situation.

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Infrastructure must precede real estate development in Indian cities: CREDAI

CREDAI has called for an infrastructure-first approach to urban development, arguing that roads, drainage, transport and civic services should be planned ahead of large-scale real estate expansion. Industry leaders at NATCON 2026 also highlighted the need for redevelopment frameworks as Indian cities absorb a larger urban population.

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