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A curated list of other prominent stories from this day.
The NCLT has approved Aspect Group's resolution plan for Radius & Deserve Land Developers, closing the insolvency process that began in May 2023. Bharadvaja Buildcon LLP will take over the firm, with the secured creditor to be paid via constructed free-sale area from a slum rehabilitation project and construction slated to start within 25 months of approval.
11:57 PMEconomic Times RealtyJohn Abraham bought a 1926-built bungalow in Bandra West for ₹84 crore from the DeVitre family. The purchase follows his ₹75 crore acquisition of a bungalow on Linking Road in Khar last December.
12:12 AMEconomic Times RealtyThe Mumbai ITAT held that registering a redevelopment agreement does not amount to receiving property, so tax cannot be levied on notional or future rights under anti-abuse provisions. It struck down a ₹1.38 crore addition, finding the taxpayer received only contractual rights, not possession or an actual property benefit.
12:05 AMEconomic Times RealtySummary
The NCLT has approved Aspect Group's resolution plan for Radius & Deserve Land Developers, closing the insolvency process that began in May 2023. Bharadvaja Buildcon LLP will take over the firm, with the secured creditor to be paid via constructed free-sale area from a slum rehabilitation project and construction slated to start within 25 months of approval.
Why it matters
This case shows how India’s real estate insolvencies are increasingly being resolved through asset-and-delivery linked payouts, making timelines and execution the real determinants of creditor recovery.
Summary
John Abraham bought a 1926-built bungalow in Bandra West for ₹84 crore from the DeVitre family. The purchase follows his ₹75 crore acquisition of a bungalow on Linking Road in Khar last December.
Why it matters
Ultra-prime deals anchor comparable values and can pull up land expectations across adjacent Mumbai micro-markets.
Summary
The Mumbai ITAT held that registering a redevelopment agreement does not amount to receiving property, so tax cannot be levied on notional or future rights under anti-abuse provisions. It struck down a ₹1.38 crore addition, finding the taxpayer received only contractual rights, not possession or an actual property benefit.
Why it matters
It reduces upfront tax risk in redevelopment transactions and clarifies when tax liability should trigger in long-gestation urban renewal projects.
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