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Other Developments
A curated list of other prominent stories from this day.
11:25 PMEconomic Times Realty
NCLT admits insolvency plea by 176 Raheja Developers’ Revanta buyers over delayed handover
Summary
The NCLT has admitted an insolvency petition against Raheja Developers tied to the Revanta project in Gurugram after 176 homebuyers alleged prolonged possession delays. The buyers said they paid more than Rs 137 crore, and the tribunal found a prima facie default based on unmet commitments and non-compliance with regulatory directions.
Why it matters
NCLT admission turns a stalled handover into an IBC test case that can reset control of the project and the recovery path for hundreds of buyers.
Vingroup-Backed Green SM Taxi Service Partners with Urban Vault to Build Its India Office Network, Opens First 16,000 sq. ft. Office in Gurugram
Summary
Green SM, Vingroup-backed electric ride-hailing operator, has partnered with managed workspace provider Urban Vault to set up offices across India as it starts local operations. The partnership has begun with a 16,000 sq. ft. office opening in Gurugram.
Why it matters
Large new-economy entrants are choosing flex-led office networks, reinforcing managed workspace as an institutional demand channel in top Indian commercial markets.
Flat buyers entitled to interest under RERA for each month’s delay: Bombay HC
Summary
The Bombay High Court held that homebuyers have an unconditional right to monthly interest for every month of delay in handing over possession under RERA. The court said the interest runs until possession is actually delivered, reflecting RERA’s buyer-protection purpose.
Why it matters
It raises the cost of construction delays and strengthens buyer bargaining power across delayed housing projects.