No tax on value of new property under redevelopment agreement: ITAT

A tax tribunal has sided with property owners involved in redevelopment disagreements, annulling a significant Rs 1.3 crore tax increment on a newly developed property. The tribunal emphasized that taxation under Section 56(2)(x) applies only when the property is actualized, meaning it cannot be taxed while still under construction. This ruling provides crucial tax relief for homeowners navigating complex redevelopment contracts.

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CBI report flags deviations from DLF Primus brochure plan in Gurugram: SC

The Supreme Court pointed out significant variances from the original concept of DLF Primus, with a critical 24-meter corridor largely absent from the project. Much of the area is dedicated to landscaped spaces and resident parking. Consequently, the court has urged the CBI to promptly advance its preliminary inquiry and requires the Haryana government to ensure that future constructions meet legal requirements.

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DTCP to take over OSB The Venetian land in Gurugram after project licence cancellation

Gurgaon authorities are officially seizing control of land due to the cancellation of a housing project licence. To prevent any unauthorized sale or leasing arrangements pertaining to the halted project, the department will issue public notices informing potential buyers of the current status. Updated revenue records will confirm the licence cancellation and subsequent land ownership. Allottees are strongly cautioned against making any further payments to the coloniser.

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Civil aviation ministry looks at simplifying approvals for buildings near airports

The Civil Aviation Ministry is actively seeking to streamline building approval processes in proximity to airports. Urban local authorities might soon begin issuing no-objection certificates for construction ventures. To support effective planning, clear guidelines on permissible building heights will be made available promptly. This initiative aims to create a seamless, automated, and efficient NOC system, benefiting both the general public and the construction sector while prioritizing aviation safety.

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ITAT rules tax officer cannot pin entire stamp-value gap on one co-owner

The Mumbai ITAT stated that one co-owner cannot be held accountable for the total tax discrepancy. The tribunal highlighted that the ownership shares had been explicitly recorded. The lack of action from tax authorities does not validate the taxation of just one owner’s share. Tax officers must conduct a proper review when disputing stamp-duty valuations. This ruling brings much-needed clarity to property buyers navigating valuation disputes.

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Construction of 16 stalled Supertech projects lagging, NCLAT seeks status report from NBCC

The NCLAT has called for a status report regarding the delayed projects of Supertech. Within a tight deadline of two weeks, both NBCC and the Apex Court Committee are expected to provide updates on their progress. Homebuyers have voiced their worries about the ongoing delays in the project timelines. NBCC was appointed to execute sixteen Supertech developments, yet construction has stalled for nearly twenty-one months.

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Orris Infrastructure, Godrej Properties settle Godrej Air dispute; Bombay HC orders Amit Gupta’s release

Orris Infrastructure and Godrej Properties have reached a settlement in the dispute concerning the Godrej Air project in Gurugram. The Bombay High Court has directed the unconditional release of Orris Infrastructure managing director Amit Gupta, while keeping the petition for quashing of the FIR for further consideration.

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