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.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/UFXA9cI
via IFTTT

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.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/jgh42Gx
via IFTTT

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.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/z8JdN4D
via IFTTT

RBI imposes ₹4.8 crore fine on BPTP over FDI diversion

The Reserve Bank of India has announced a hefty fine of ₹4.8 crore against BPTP Ltd due to breaches of FEMA regulations concerning foreign direct investment from the years 2007 and 2008. The company will pay ₹4 crore, and its two directors will each incur a penalty of ₹40.36 lakh.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/OY9Qqcu
via IFTTT

Enforcement directorate search at TDI’s Mohali office ends after 53 hours

Following a thorough 53-hour operation, the Enforcement Directorate has concluded its search at TDI House concerning land acquisition irregularities. During this time, officials examined numerous land documents, records, and digital files while questioning on-site staff. The investigation targets two key areas: excessive compensation and a fraudulent government fund scheme. As of now, the ED has yet to release any official updates on the findings of this significant search.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/n597BgC
via IFTTT

Maharashtra housing redevelopment gets stricter: Three bids, registered rehab agreements and two-year deadline

Maharashtra's revised redevelopment framework emphasizes tracking project progress and providing safeguards for housing societies. Societies are now required to obtain project management reports within two months and must evaluate three developer bids. Members will have the right to inspect records related to redevelopment free of charge, which promotes transparency in the process. Developers must sign agreements within three months, with projects expected to complete in two years.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/yEHwKXl
via IFTTT

ED arrests two promoters of Gurugram-based Vatika Group in homebuyers 'fraud' case

The Enforcement Directorate took action against Anil Bhalla and Gautam Bhalla, the directors of Vatika Group, arresting them on September 28. This move stems from a money laundering investigation linked to fraudulent dealings with homebuyers, prompted by a Delhi Police Economic Offences Wing FIR. Allegations focus on the failure to deliver residential plots, with around Rs 140.73 crore in payments still unfulfilled to buyers.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/Ed73bHC
via IFTTT