Real Estate

The Department of Commerce, Ministry of Commerce and Industry (MCI), by a recent notification dated 6 December 2023 (Amendment), has amended Special Economic Zone Rules, 2006 to insert rule 11B, which allows demarcation of a portion of built-up area in an Information Technology (IT) or an Information Technology Enabled Services (ITES) Special Economic Zones as a non-processing area subject to permission of Board of Approval (Board) post underlying compliances and at request of the developer.

The Karnataka Real Estate Regulatory Authority (Authority) on 19 July 2023 issued a notification (Notification) which has inter alia added to the scrutiny of funds (borrowed from lenders) raised in connection with real estate projects.

The Hon’ble Supreme Court (SC) has, by a recent order, settled a long standing dispute between property owners and developers in Mumbai and Municipal Corporation of Greater Mumbai (MCGM), in relation to the power and entitlement of MCGM to levy property tax based on capital value (CV) system as against the prevalent rateable value (RV) system.

In a bid to breathe life back into the stalled Slum Rehabilitation projects (SRA Projects) in the state of Maharashtra, the state government recently passed a resolution to frame a policy for effective implementation and completion of these projects in the state, several of which seem to have lost steam in the past years.