UP-RERA mandates separate bank account for IFMS deposits in real estate projects

UP-RERA has notified amendments introducing a framework for collection, management, transfer and utilisation of Interest Free Maintenance Security funds. Promoters will have to transfer the entire IFMS corpus to RWAs or associations of allottees at the time of handing over common areas.

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SC transfers money-laundering case involving Amit Katyal to Delhi

The Supreme Court moved Amit Katyal's money-laundering case to Delhi. This case involves alleged cheating of homebuyers in Gurugram. The Enforcement Directorate arrested Katyal last year in this matter. Investigations revealed fraudulent bookings and fund diversion by his company. This action follows allegations of duping buyers of hundreds of crores.

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CBI files sixteenth chargesheet against Noida builder, bank officials

The CBI filed its sixteenth chargesheet concerning alleged large-scale homebuyers' fraud cases. A Noida-based real estate company and bank officials face accusations of conspiracy. These individuals allegedly cheated buyers and investors through fraudulent and deceptive means. The investigation has unearthed substantial evidence of illegal activities and financial impropriety. The agency continues to probe thirty-three other similar cases across the country.

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Haryana RERA asks Godrej to hand over delayed flats, pay interest

Gurgaon's real estate regulator ordered Godrej Highview to give possession of a flat. The developer must also pay statutory delay possession interest to the buyers. Buyers had booked the apartment in 2018, with possession due in 2023. The regulator rejected the developer's force majeure claims for further extensions. Godrej Highview is now directed to deliver the unit after obtaining the occupation certificate.

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SC freezes bank accounts of Parsvnath Developers, directors; issues warrants against its officials

The Supreme Court froze Parsvnath Developers' bank accounts and issued warrants. This action followed a twenty-year struggle by senior citizens for their homes. The court criticized Haryana authorities for failing to enforce RERA orders. This case highlights concerns about the Real Estate Act's effectiveness. The court expressed grave concern over regulatory authority inaction and potential collusion.

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Mumbai: Politician-developer on the run after court denies bail in ₹7 crore fraud case

Shiv Sena politician Shankar Kumar Jha is now on the run from authorities. His anticipatory bail plea was rejected by the Thane Sessions Court. He faces allegations of cheating homebuyers of Rs 7.24 crore. The investigation has been transferred to the Economic Offences Wing. Jha’s current whereabouts remain unknown to the police.

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Produce approved, advertised drawings of Panchkula flat: Haryana REAT to DLF

The Haryana Real Estate Appellate Tribunal has ordered a realty firm and the DTCP to produce specific project drawings. This direction follows a homebuyer's challenge regarding the apartment's carpet area and pricing calculations. The tribunal also requested the occupation certificate based on the approved drawings for verification. The realty firm has disputed the homebuyer's allegations concerning the sale price calculations.

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