This marks a considerable increase compared to previous years, as 190 projects were registered in 2023 and 215 in 2022. This trend highlights the strong growth in real estate developments within Uttar Pradesh.

A key trend observed is the increased registration activity in non-NCR districts and continued development within NCR districts. Of the total new registrations in 2024, approximately 144 projects, representing 65% of the registrations, are in non-NCR districts.

Meanwhile, 76 projects, accounting for 35%, are in NCR districts. Notably, this represents a shift from the 2017-18 period, where registration numbers in NCR and non-NCR areas were nearly balanced.

The non-NCR districts contributing to this surge include Mathura, Ayodhya, Bareilly, Moradabad, Jhansi, Prayagraj, Varanasi, and Lucknow. In NCR, the main districts where projects have been registered are Gautam Buddha Nagar, Ghaziabad, and Meerut.

In total, UP-RERA has recorded 3,756 projects across the state, which include residential, commercial, and mixed-use developments.

Of these, 1,701 projects are situated in NCR districts, while 2,055 are based in non-NCR districts. Among the total registered projects, 1,207 have been completed and have secured the necessary Occupancy Certificate (OC) or Completion Certificate (CC).

Regarding the type of projects, around 1,700 are new projects that were registered after May 1, 2017, whereas 2,056 fall under the category of ongoing or work-in-progress.

In the non-NCR region, of the 2,055 registered projects, 1,068 are new, while 987 are ongoing. Meanwhile, in NCR, of the 1,701 projects, 632 are new, with 1,069 continuing under construction. Gautam Buddha Nagar leads with 1,015 projects, followed by Lucknow with 785, and Ghaziabad with approximately 470.

The post Over 200 New Projects Registered with Uttar Pradesh RERA between January and October 2024 appeared first on .

According to an official statement from the RBI on Friday, it has imposed a penalty of Rs 5 lakh on Godrej Housing Finance Limited, Rs 5 lakh on Aadhar Housing Finance Limited, and Rs 3.5 lakh on Housing and Urban Development Corporation Limited (HUDCO).

The regulator has enforced these penalties under the powers granted to the RBI through Section 52A of the National Housing Bank Act, 1987. The statutory inspection of these companies was conducted by the National Housing Bank (NHB) based on their financial positions as of March 31, 2022.

The RBI, in its statement, mentioned that based on supervisory findings indicating non-compliance with its directives and following related communications, the companies were issued notices. These notices required the companies to explain why penalties should not be imposed on them for failing to adhere to RBI guidelines.

After considering the responses from the companies, oral submissions during personal hearings, and additional documentation provided, the RBI concluded that Godrej Housing Finance Limited did not obtain two independent valuation reports before approving certain loans of Rs 75 lakh and above.

In the case of Aadhar Housing Finance Limited, the RBI noted that the company charged interest on loans for a period before the actual disbursement or issuance of the check to some borrowers, violating RBI directives under the ‘Fair Practices Code.’

As for Housing and Urban Development Corporation Limited (HUDCO), the penalty was imposed for the company’s failure to conduct risk categorization of its customers during the 2021-22 financial year.

Additionally, HUDCO did not implement a system for periodic reviews of risk categorization, failed to create a floating charge on the assets it invested in favor of its depositors in line with Section 29B of the NHB Act, and did not register this with the Registrar of Companies. (ANI)

The post Godrej Housing, HUDCO, and Aadhar Housing Finance face fines from the RBI. appeared first on .

New Delhi: OP Realty, a leading name in the real estate sector, is proud to announce the appointment of Romil Saxena as the new Head of BOP Gold Division, the company’s exclusive division dedicated to High Net Worth Individuals (HNIs). In his new role, Mr. Saxena will spearhead the marketing and business development strategies, focusing on luxury residential and commercial projects aimed at HNI clientele.

With over 15 years of experience in real estate, Mr. Saxena brings a wealth of knowledge in luxury sales, marketing, and business development. His expertise spans various leadership roles, including notable positions at Wave Infratech Ltd. and Supertech Ltd., where he oversaw flagship projects like Wave Mega City Center and SUPERNOVA, respectively.

His accomplishments include driving successful sales and marketing initiatives for both residential and commercial segments while maintaining strong relationships with corporate and channel partners. Mr. Saxena also has experience working with multinationals such as EXL Services Pvt Ltd and Max New York Life Insurance.

BOP Gold distinguishes itself by offering exclusive investment opportunities for both investors and end-users, partnering with top-tier developers from India and Dubai. Their services are tailored to HNI clients, featuring perks like a 24/7 concierge desk for round-the-clock support.

Ensuring thorough due diligence, BOP Gold provides access to unique pre-launch projects aimed at delivering exceptional capital growth. Clients are guided by an expert Real Estate Portfolio Management team, making the buying process seamless and secure, while guaranteeing prime investment potential from start to finish.

Mr. Gaurav Mavi, Co-founder of BOP Realty, expressed his excitement about the new appointment, stating, “We are delighted to welcome Romil Saxena as the Head of BOP Gold Division. His remarkable track record in the luxury real estate sector, combined with his strategic vision and leadership, will be instrumental in driving the continued growth of BOP Gold.

With Mr. Saxena on board, we are confident that BOP Realty will further solidify its position as a market leader, especially in the HNI space. His expertise and innovative approach will certainly elevate our marketing efforts and ensure we offer unparalleled value to our high-net-worth clientele.”

In discussing his new role, Mr. Romil Saxena shared, “I am excited to be a part of BOP Gold. This is a fantastic opportunity to work with an established team that is deeply committed to delivering high-quality real estate services.

With BOP Realty’s reputation and my experience in luxury real estate, I believe we can achieve significant milestones in catering to the HNI segment and providing exceptional value through strategic marketing initiatives. I look forward to contributing to the company’s growth and continuing to drive innovation within the luxury real estate market.”

In addition to overseeing marketing and business development, Mr. Saxena will collaborate with key stakeholders to drive product innovation and establish BOP Gold as the go-to brand for HNI investors seeking premium real estate solutions. His appointment reflects BOP Realty’s ongoing emphasis on strengthening its leadership team and enhancing its offerings in the luxury sector.

About BOP.in – BOP.in is a leading name in the Indian real estate consultancy sector, dedicated to reshaping the way real estate is approached and managed. With over 18 years of experience, BOP.in has established itself as a trailblazer, offering a wide range of consultancy services to both realty developers and discerning consumers.

With over 2 lac happy customers, the company’s dedication to staying ahead of market trends, harnessing technology, and providing tailored solutions has earned it a reputation as an industry leader.

The post BOP Realty appoints Romil Saxena as Head of BOP Gold Division to Oversee HNI Clientele and Expansion appeared first on .

Among these assets, EMAAR India Ltd’s properties are valued at approximately Rs 501.13 crore, while those of MGF Developments Ltd are valued at around Rs 332.69 crore.

These properties, which consist of land, are located in 20 villages across Haryana’s Gurugram district and in Delhi. The attachment was carried out by the ED’s Delhi-based unit.

The ED’s investigation centers around alleged money laundering activities linked to license no. 97/2010, dated September 18, 2010, which was issued by the Department of Town and Country Planning (DTCP) for a Residential Plotted Colony in sectors 65 and 66 of Gurgaon.

The investigation was initiated based on an FIR filed by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.

This FIR targeted Bhupinder Singh Hooda, the then Chief Minister of Haryana, Trilok Chand Gupta, then Director of DTCP, EMAAR MGF Land Limited, and 14 other colonizer companies.

The case involves allegations of cheating landowners, the public, and the state of Haryana, as well as the Haryana Urban Development Authority (HUDA).

The allegations include issuing notifications under section 4 of the Land Acquisition Act, 1894, and subsequently under section 6 of the same Act, which coerced landowners to sell their land to these colonizer companies at prices lower than the market rate before the notification under section 4.

The ED further alleges that the accused fraudulently and dishonestly obtained Letters of Intent (LOIs) and licenses on the notified land, thereby causing financial losses to the landowners, the public, and the state of Haryana, while unlawfully benefiting themselves.

According to the ED, on June 2, 2009, the Haryana government issued a notification under section 4 of the Land Acquisition Act, 1894, covering 1417.07 acres of land, which included sectors 58 to 63 and sectors 65 to 67 of Gurugram.

Subsequently, on May 31, 2010, a notification under section 6 was imposed on approximately 850.10 acres of this land. During the period from June 2, 2009, to May 31, 2010, nearly 600 acres were released from acquisition proceedings by the Haryana government, facilitating the grant of LOIs and licenses.

On April 22, 2009, EMAAR MGF Land Limited, a joint venture between EMAAR Properties PJSC, Dubai, and MGF Developments Limited, submitted an LC-1 application for a license to develop a residential plotted colony on 112.46 acres of land in sectors 65 and 66 of Gurugram.

Land measuring 70.406 acres, which was initially notified under section 4, was subsequently released from acquisition proceedings by the DTCP, and an LOI for 108.006 acres was granted to the company on May 31, 2010, after receiving internal approval from the Haryana government.

The ED states that license no. 97/2010 was eventually granted to EMAAR MGF Land Limited on November 18, 2019.

The ED’s investigation revealed that EMAAR MGF Land Limited executed six backdated development agreements with farmers for 27.306 acres of land. Although these agreements were falsely claimed to have been executed in April 2009, they were signed in March 2010.

The investigation further exposed that these collaboration agreements were backdated and fabricated, and were falsely represented as having been entered into before the notification under section 4 was issued, to avoid complications in obtaining the license from the DTCP.

As a result, EMAAR MGF Land Limited generated proceeds of crime in the form of a license on 25.887 acres of land, which is currently valued at Rs 1229.17 crore.

The investigation also revealed that the actual intent behind the land acquisition was never to benefit HUDA. Instead, it was a scheme designed to coerce farmers into selling their land to developers under the guise of agreements, driven by the looming threat of acquisition proceedings.

Later, EMAAR MGF Land Limited was split into EMAAR India Limited and MGF Developments Limited, holding 60.11 percent and 39.89 percent shares, respectively, in the combined properties.

Consequently, the ED has provisionally attached immovable properties valued at Rs 501.13 crore corresponding to EMAAR India Ltd’s 60.11 percent share of the remaining proceeds of crime (PoC), and Rs 332.69 crore corresponding to MGF Developments Ltd’s 39.89 percent share of the remaining PoC.

The post ED Attaches 401.65 Acres of Land Worth Rs 834.03 Crore Belonging to Emaar India and MGF Developments appeared first on .

On August 19, FPCE President Abhay Upadhyay addressed a letter to Satinder Pal Singh, Additional Secretary of the Union Ministry of Housing and Urban Affairs, expressing objections to MahaRERA’s conciliation forum. The letter calls into question the forum’s legitimacy and raises concerns about its “suspicious functioning.”

FPCE has urged the ministry to conduct a thorough investigation into the constitution and operations of this forum and the rulings it has issued to determine whether it exhibits favoritism towards builders.

“Maharashtra Real Estate Regulatory Authority (MahaRERA) has constituted a Conciliation Forum for the amicable settlement of disputes between real estate project promoters and allottees under Section 32 of the Real Estate (Regulation and Development) Act, 2016 (RERA),” Upadhyay stated. However, he pointed out that Section 32 of RERA merely grants the authority the power to make recommendations, not to establish such a forum independently.

FPCE has suggested that the ministry develop guidelines for establishing and functioning conciliation forums, in consultation with all relevant stakeholders.

“It is essential to ensure that any conciliation forum established is independent, uniform, and composed of impartial individuals of good repute, selected through a clear and fair process,” Upadhyay emphasized.

The FPCE also stressed the importance of keeping RERA authorities separate from these conciliation forums to prevent any potential conflicts of interest. The association further proposed that states with functioning Lok Adalats should prioritize these over the formation of new conciliation forums.

“In light of the serious allegations surrounding the MahaRERA conciliation forum, we respectfully request that your Ministry investigate its constitution, functioning, and the orders it has passed to ascertain whether the forum’s actions favor builders,” the association urged.

FPCE also recommended that the ministry instruct all state RERA authorities to suspend the operation of any conciliation forums until detailed guidelines are issued by the Union ministry.

FPCE claimed that MahaRERA has overstepped its legal mandate under the Act, creating potential conflicts of interest. “It is clear that this move has been made under the influence of, and to benefit, builders, which is evident from the composition of MahaRERA’s Conciliation Forum,” FPCE stated.

The association noted that the forum’s membership includes only one organization representing consumers, compared to three organizations representing builders.

Furthermore, the forum comprises just two individual consumer representatives, compared to six individual representatives for builders, indicating a bias in favor of builders, FPCE asserted in the letter.

The post Regarding MahaRERA’s decision to establish a forum to resolve builder-buyer disputes, FPCE writes to the center of inquiry. appeared first on .

SEBI imposed a penalty of ₹25 crore on Ambani and prohibited him from any association with the securities market, including serving as a director or Key Managerial Personnel (KMP) in any listed company or as an intermediary registered with SEBI, for the next five years.

In addition, SEBI barred RHFL from the securities market for six months and imposed a fine of ₹6 lakh on the company.

SEBI’s 222-page final order revealed that Anil Ambani, in collaboration with RHFL’s key managerial personnel, orchestrated a fraudulent scheme to siphon off funds from RHFL by disguising them as loans to entities linked to him.

Despite the Board of Directors of RHFL issuing clear directives to halt such lending practices and regularly reviewing corporate loans, the management chose to ignore these instructions. This pointed to a significant governance failure, influenced by certain key managerial personnel under Ambani’s control.

However, SEBI clarified that RHFL as a company should not be held equally responsible as those individuals directly involved in the fraudulent activities. The other restrained entities were either recipients of the misappropriated loans or intermediaries facilitating the illegal diversion of funds from RHFL.

SEBI’s findings confirmed the existence of a “fraudulent scheme” orchestrated by Anil Ambani and administered by RHFL’s key managerial personnel.

The scheme involved structuring loans to credit-unworthy conduit borrowers, who were later identified as entities linked to Ambani. Using his position as chairperson of the ADA Group and his significant indirect shareholding in RHFL’s holding company, Ambani was able to manipulate the company to execute the fraud.

The SEBI order highlighted the reckless approach of RHFL’s management and promoter in approving loans worth hundreds of crores to companies that lacked assets, cash flow, net worth, or revenue, suggesting a hidden motive behind these loans.

The situation was further compounded by the fact that many of these borrowers were closely associated with RHFL’s promoters. As expected, most of these borrowers failed to repay their loans, leading RHFL to default on its debt obligations.

This financial turmoil led to the company’s resolution under the RBI Framework, leaving public shareholders facing significant losses. For instance, RHFL’s share price plummeted from ₹59.60 in March 2018 to just ₹0.75 by March 2020 as the fraud was exposed, devastating the value for over 9 lakh shareholders who remained invested in the company.

The 24 entities restrained by SEBI include former RHFL key officials Amit Bapna, Ravindra Sudhalkar, and Pinkesh R. Shah, all of whom were fined for their roles in the case.

SEBI imposed fines of ₹25 crore on Ambani, ₹27 crore on Bapna, ₹26 crore on Sudhalkar, and ₹21 crore on Shah. Additionally, fines of ₹25 crore each were levied on entities such as Reliance Unicorn Enterprises, Reliance Exchange Next Ltd, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd, and Reliance Big Entertainment Private Ltd, either for receiving the illegally obtained loans or for acting as intermediaries in the illegal diversion of funds from RHFL.

This action follows SEBI’s interim order from February 2022, where Reliance Home Finance Ltd, Anil Ambani, and three other individuals were restrained from the securities market pending further investigation into the alleged siphoning of funds from the company.

The post SEBI Bans Anil Ambani and 24 Other Entities for Five Years in Fund Diversion Case. appeared first on .

The revised guidelines, which include several operational adjustments, introduce three main changes for HFCs involved in public deposit-taking.

First, HFCs are required to gradually increase the minimum proportion of liquid assets held against public deposits from the current 13% to 14% by January 1, 2025, and further to 15% by July 1, 2025. Additionally, the percentage of unencumbered approved securities held as a proportion of public deposits has also been raised.

Second, the maximum amount of public deposits that deposit-taking HFCs can hold has been reduced from three times to 1.5 times their net owned funds, effective immediately.

Third, the maximum tenure for public deposits raised by HFCs has been shortened from 10 years to 5 years, and this has also had an immediate effect.

Crisil estimates that deposit-taking HFCs currently hold approximately Rs 25,000 crore in public deposits, which accounts for about 5% of their total borrowings.

Subha Sri Narayanan, Director at CRISIL Ratings, noted, “Most deposit-taking HFCs already meet the new requirements.

A few may need to boost their on-book liquidity to comply with the 15% guideline and adjust their new deposits to maintain the required ratio of public deposits to net-owned funds.

While the reduction in maximum deposit tenure may limit the flexibility of HFCs in managing their asset-liability maturity profiles, most HFCs do not have a significant portion of deposits with over 5-year maturities in their borrowing portfolios.”

HFCs have been granted sufficient time to phase in the liquid asset requirements and can let any excess or non-compliant deposits mature naturally.

The revised guidelines represent another step by the RBI to align the regulatory framework for HFCs with that of non-banking financial companies, a sector that has been under RBI’s supervision since 2019.

This move aims to reduce disparities between different regulatory frameworks and ensure a stronger focus on the core business and operational fundamentals.

The post Updated deposit requirements shouldn’t be too burdensome for HFCs: Crisil appeared first on .

Of these, approximately 130 cases have been directed to the adjudicating officer at the Lucknow office, while about 120 cases have been assigned to the Gautam Budh Nagar office.

This action follows a review conducted by Sanjay Bhoosreddy, Chairman of UP-RERA, who assessed the compliance status of orders issued in response to complaints from property allottees.

The review revealed that many promoters were deliberately delaying the delivery of possession to allottees, even though there were explicit orders for them to do so within a specified period.

In response to these delays, UP-RERA has empowered the adjudicating officers to ensure that registered sale deeds and the delivery of possession are carried out following the provisions of Rule 24 of the UP-RERA Rules, 2018.

Under this rule, adjudicating officers hold the authority of the Code of Civil Procedure (C.P.C.), which they will utilize to accelerate the transfer of possession and the execution of sale deeds. Furthermore, these officers can attach properties and appoint receivers to enforce compliance with the orders.

To increase the pace of action, Chairman Bhoosreddy has now established a system whereby any case in which a promoter fails to provide possession as ordered by RERA will be automatically referred to the court of the adjudicating officers by the secretary, with the chairman’s approval. This process aims to ensure that all such cases are promptly addressed without unnecessary delays.

Bhoosreddy strongly disapproved of promoters who fail to deliver possession to allottees despite clear orders from RERA. He emphasized his commitment to regularly monitoring the status of these cases and implementing all necessary measures to protect the interests of the allottees.

He further stated that UP-RERA would take stringent actions against non-compliant promoters to uphold the authority’s decisions.

The adjudicating officers are now responsible for conducting effective and timely proceedings to ensure that sale deeds are executed and possession is delivered without further delay. These officers will play a critical role in upholding the allottees’ rights by ensuring promoters adhere to their commitments.

Moreover, UP-RERA has resolved that in every case referred to the adjudicating officers for ensuring possession delivery, it will impose substantial penalties on defaulting promoters.

UP-RERA will also work in coordination with the district magistrate to ensure the recovery of penalty amounts from the promoters who fail to comply with the orders. This measure aims to deter any future delays and reinforce the importance of adhering to RERA’s directives.

The post UP-RERA Refers 250 Possession-Related Cases to Adjudicating Officers’ Courts. appeared first on .

The LTCG was supposed to drop from 20 to 12.5% in the Budget 2024–25, however the indexation advantages were eliminated. The revised prices became operative on July 23, 2024. Thanks to the indexation advantage, taxpayers were able to calculate gains from the sale of capital assets after accounting for inflation.

According to tax specialists, the LTCG tax burden would increase due to the Budget’s planned adjustments.

Individuals or HuF who purchased homes before July 23, 2024, may calculate their taxes under the new scheme [@13.5 percent without indexation] and the old scheme [@20 percent with indexation] and pay the tax that is lower of the two, according to the Finance Bill, 2024 amendments that were distributed to Lok Sabha members on Tuesday.

Individuals or HuF who purchased homes before July 23, 2024, may calculate their taxes under the new scheme [@13.5 percent without indexation] and the old scheme [@20 percent with indexation] and pay the tax that is lower of the two, according to the Finance Bill, 2024 amendments that were distributed to Lok Sabha members on Tuesday.

The government has kept the indexation benefit for taxpayers on properties purchased or inherited before 2001, as per the adjustments made in the 2024–25 Budget.

According to Yogesh Kale, Executive Director of Nangia Andersen India, the Finance Minister has attempted to allay taxpayer worries by partially resolving them in the proposed changes to the new capital gain tax regime included in Budget 2024.

“While the elimination of indexation benefit keeps going, properties acquired before 23rd July 2024 would like to be grandfathered with the option to the taxpayers to offer a capital gain tax either at 12.5% without indexation or 20% with indexation, whichever is more beneficial,” stated Kale.

In exchange for a lower long-term capital gains tax rate, taxpayers won’t have to worry about losing indexation benefits, according to Gouri Puri, Partner at Shardul Amarchand Mangaldas & Co.

“Taxpayers should not lose out on a change in the law; instead, they should be able to select the more advantageous regime.” Puri continued, “Apprehensions regarding the taxation of inflationary gains about real estate purchased before a legislative change have been addressed.

The post Property owners are permitted by the government to calculate their LTCG tax and make a lower tax payment. appeared first on .

In contrast, SEBI returned the draft IPO documents of Santhan Textiles Ltd on July 31. Additionally, SEBI has lifted the abeyance on the proposed Rs 2,200 crore initial share sale of SK Finance.

The five companies, that submitted their preliminary IPO papers to SEBI between March and June, received observation letters from the regulator between July 30 and August 5. In SEBI’s terms, obtaining an observation letter signifies the regulator’s approval to proceed with the public issue.

According to the draft red herring prospectus (DRHP), Bajaj Housing Finance’s Rs 7,000-crore IPO includes a fresh issue of equity shares worth up to Rs 4,000 crore and an offer for sale (OFS) of equity shares worth Rs 3,000 crore by its parent company, Bajaj Finance.

This share sale is being conducted to comply with the Reserve Bank of India’s (RBI) regulations requiring upper-layer non-banking financial companies to be listed on stock exchanges by September 2025. The proceeds from the fresh issue will be used to strengthen the company’s capital base to meet future capital requirements.

Manba Finance’s proposed IPO consists entirely of a fresh issue of up to 1.26 crore shares, with no OFS component, as indicated in the draft papers. Currently, the promoters hold 100 percent of the Maharashtra-based Manba Finance. The fresh capital raised will be used to bolster the capital base for onward lending and general corporate purposes.

Baazar Style Retail’s IPO includes a fresh issue of equity shares worth Rs 148 crore and an OFS component of up to 1.68 crore shares by promoter group entities and other selling shareholders. The fresh issue size was initially Rs 185 crore but was reduced to Rs 148 crore after Volrado Ventures Partners Fund II raised Rs 37 crore in a pre-IPO round. The proceeds from the fresh issuance will be used for debt repayment and general corporate purposes.

Diffusion Engineers’ IPO will consist entirely of a fresh issuance of 98.5 lakh equity shares, with the proceeds being used to expand its existing manufacturing facility and establish a new one in Maharashtra.

Deepak Builders & Engineers India’s IPO will feature a combination of a 1.2 crore fresh issue of equity shares and an OFS of 24 lakh equity shares by promoters, as per the draft papers. The funds will be used for working capital requirements, debt repayment, and general corporate purposes.

The equity shares of these five firms are proposed to be listed on the BSE and NSE.

The post SEBI Approves Bajaj Housing Finance to Launch Initial Public Offering. appeared first on .