Tag: Real Estate

RERA

RERA: Issue 1 of 2025

Periodic Roundups | March 10, 2025 | Practice Area:

This Quarterly Roundup pertains to cases related to Real Estate Regulation Act, 2016 (“Act/RERA”) for the period between October and December 2024. Issue 1 sets out a compilation of selected judgements, orders and circulars for the covered period, highlighting recent legal developments influenced by the continuous changes in the real estate sector. These decisions reflect the perspective of the Real Estate Regulatory Authorities, essential for the interpretation of the Act and shaping the legal framework. This compilation of judgments and orders serves as an essential guide to understanding the implications of RERA’s evolving framework.

data centers in Maharashtra

Incentives and Laws for Data Centers in Maharashtra

Insights | March 3, 2025 | Practice Area: ,

The state of Maharashtra has taken initiatives in establishing policies to promote the expansion of data center industry. The Maharashtra Government last year approved the establishment of green integrated data center parks with an expected investment of INR 1,600 billion in order to strengthen the states’ digital infrastructure. As the state rolls out the carpet for multinational companies and conglomerates to set up data centers, it is vital for the prospective investors to be aware of (i) steps/local laws and regulations involved in acquisition of land for setting up data centers and (ii) various incentives introduced by the Maharashtra Government as regards acquiring land for data centers. This note analyzes the policies introduced by the Maharashtra Government with a particular focus on acquisition of land for data centers.

CIRP regulations

CIRP Amendment Regulations 2025: Streamlining Resolution Processes and Protecting Homebuyer Interests

Insights | February 25, 2025 | Practice Area: , ,

As of December 2024, insolvencies in the real estate sector accounted for approximately 22% of admitted cases under the Insolvency and Bankruptcy Code, 2016 (“IBC”), making it second only to the manufacturing sector that accounted for 37% of admitted cases. The high volume of insolvencies in the real estate sector, the imperative to protect homebuyer interests and specific challenges faced by this sector have resulted in several amendments focused specifically on the insolvency process for real estate projects. Recently, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025 (“2025 Amendments”) amending certain provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”), which once again have a special focus on the corporate insolvency resolution process (“CIRP”) of real estate developers. This note discusses the 2025 Amendments and their likely impact on streamlining the resolution process and protecting homebuyer interests.

mortgage lending

Strengthening Diligence for a Secure Mortgage Lending

Insights | February 7, 2025 | Practice Area: , ,

Mortgages on immovable property is a preferred and most common form of collateral for both retail and corporate borrowers. Recognizing inherent property risks, lenders typically conduct a legal due diligence, often through external counsel, who issue a title search report (“TSR”) that scrutinizes the title and identifies potential issues. Scrutinizing the title is essential to ascertain the ownership of the property and to ensure that the title is clear and free from any defects, encumbrances and claims. A recent case before the Hon’ble Supreme Court of India, Central Bank of India & Anr. v. Smt. Prabha Jain & Ors., emphasized that banks must be careful with inadequate TSRs and recommended that the Reserve Bank of India formulate guidelines for preparing TSRs. This note discusses the recommendations of the Supreme Court and outlines the key facets of preparing a TSR.

branded residences

Branded Residences: An Overview of the Legal Framework in India

Insights | December 19, 2024 | Practice Area: ,

The rise of mixed-use development platforms has prompted hospitality brands to diversify their offerings, expanding into residential spaces such as resort villas and luxury apartments to cater to a broader audience. This note provides an overview of the concept of Branded Residences and explores how the Indian market is adapting and evolving with this trend. As the hospitality sector in India is still relatively new to Branded Residences, this note highlights key features, incentives, and regulatory considerations, serving as a guide for both the hospitality and real estate sectors to make informed decisions.

Real Estate Regulation Act

RERA: Issue 1 of 2024

Periodic Roundups | November 13, 2024 | Practice Area:

This Quarterly Roundup relates to cases arising from Real Estate Regulation Act, 2016 (“Act/RERA”) for the period between July and September 2024. Issue 1 sets out a compilation of selected judgements, orders and circulars for the covered period, highlighting recent legal developments influenced by the continuous changes in the real estate sector. These decisions reflect the perspective of the Real Estate Regulatory Authorities, essential for the interpretation of the Act and shaping the legal framework. This compilation of judgments and orders serves as an essential guide to understanding the implications of RERA’s evolving framework.

commencement certificate and completion certificate

Clarification on Exemption from Project Registration and Interpretation of Commencement and Completion Certificate

Legal Updates | November 5, 2024 | Practice Area: , , ,

Maharashtra Real Estate Regulatory Authority (“MahaRERA”) earlier had already issued clarification regarding projects which are exempted from getting registered under the Real Estate (Regulation and Development) Act, 2016 and what denotes a commencement certificate and completion certificate in plotted real estate projects vide circulars and orders. However, there was still some ambiguity regarding interpretation of these issues. Therefore, in order to ensure ease of reference and harmonious construction as well as to cure the anomaly, MahaRERA decided that these issues covered under various circulars/orders be merged and incorporated in a consolidated order and hence issued the present order i.e. Order No.62/2024.

RERA

Forfeiture of Advance Payments by Developers

Insights | October 4, 2024 | Practice Area: ,

Section 19(6) of The Real Estate (Regulation and Development) Act 2016 (“Act/RERA”) casts an obligation on an allottee to make timely payment of instalments as per the payment schedule mentioned in the registered agreement for sale. What happens when an allottee fails to comply with this obligation?
This note scrutinizes the order passed by Maharashtra Real Estate Appellate Tribunal and talks about the remedies available to a developer in case an allottee defaults in making timely payment of the sale consideration. It also analyzes the position pre and post RERA regime and dives into the concept of earnest money and liquidated damages in terms of the agreement for sale.

model concession agreements in india

Model Concession Agreements: Paving the Path to Increased Public-Private Partnership

Insights | June 12, 2024 | Practice Area: ,

The note discusses recent amendments issued by the Ministry of Road, Transport and Highways, Government of India to the model concession agreements for build-operate-toll (BOT) and toll-operate-transfer (TOT) road projects, which are expected to ease certain practical challenges under the BOT and TOT models and increase public-private partnerships in the roads sector in India.

REITs and InvITs

REITs and InvITs: Evolution of the Regulatory Landscape in India

Insights | March 15, 2024 | Practice Area: , , , ,

Business trusts play a significant role in Asian and global capital markets. India introduced real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) in 2014. As the regulatory regime approaches the completion of a decade, this note reflects on the evolution of the regulatory landscape for REITs and InvITs in India.