A division bench of the Supreme Court today stayed the Bombay High Court judgment in VAT case and passed an interim order extending the deadline for developers in Maharashtra for paying VAT by two months.
After Track2Realty reported that how real estate developers are blatantly violating the ban on pre-launch schemes as advised by the Supreme Court, the Haryana Government has now decided to crack down against the erring realty companies. Many established realty companies and new players in the fray are illegally offering residential projects before acquiring the required license, and in some cases, even without a land in blatant violation of warnings by the authority.
The market regulator Securities & Exchange Board of India (SEBI) on Tuesday told the Supreme Court that the real estate arm of the Sahara group of companies had no right to mobilise Rs.27,000 crore from 30 million investors through debentures without complying with the regulatory regime.
“Supertech invites you to invest in a pre-launch project at an attractive discount,” this SMS has been sent at least 5 times within a week. The bulk SMS, however, fails to acknowledge that many of these unsolicited messages are being delivered to the wrong recipients, including media, in front of whom most of the developers deny to pre-launch the projects any more. As a matter of fact, ever since Supreme Court came down heavily on the pre-launch offer of the developers, various states including Haryana have banned such offers.
Sahara India Real Estate Corp has blamed the market regulator Securities and Exchange Board of India (SEBI) for taking up the issue of Sahara group of companies mopping up Rs 17,400 crore through debentures and ordered their refund. Sahara has this plea before the Supreme Court on Wednesday. Senior counsel Fali Nariman, appearing for Sahara India Real Estate Corp, told the apex court bench of Justice KS Radhakrishnan and Justice JS Khehar that the SEBI took up the matter even though there was no complaint from any investor.
The Supreme Court today admitted Sahara India Real Estate Corporation Limited (SIRECL’s) plea challenging the Securities Appellate Tribunal order directing it to refund around Rs.17,400 crore to investors who had invested in its OFCDs.
The Sahara group’s appeal against the order of the Securities Appellate Tribunal (SAT) will come up for hearing in the Supreme Court on Monday, Nov 28.
The two Sahara Group companies have moved the Supreme Court challenging the sectoral tribunal’s order asking the Group to refund around Rs.24,000 crore to investors.
Valuation of immovable properties owned under general power of attorney (GPA) might fall by about 20 percent as the Supreme Court has declared the sale of properties through this deed illegal, industry experts said Friday.
The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.