The judgment was delivered by Justice Sandeep V. Marne on 17 July 2026 in Writ Petition No. 890 of 2018 titled Saili Durgadas Acharya v. Nandan Co-operative Housing Society Ltd. & Ors.

Background of the Dispute

The case revolved around Flat No. A/4 (650 sq.ft carpet) in Nandan Co-operative Housing Society at Veer Savarkar Marg, Shivaji Park, Mumbai.

The original sole member was Balmukund Acharya, who received the share certificate in his exclusive name in 1978. In 1981, the society added the name of his brother Dattakumar Acharya as a joint/nominal member. Balmukund consistently maintained that Dattakumar was only a gratuitous licensee and never acquired any ownership rights. He even filed an eviction suit in the Small Causes Court and later dropped the prayer for deletion of Dattakumar’s name solely because that court lacked jurisdiction over membership matters.

After the deaths of Balmukund (2011) and his son Durgadas (2012), the petitioner Saili Durgadas Acharya (granddaughter of Balmukund) applied for and was granted sole membership. The society issued a fresh share certificate in her name on 21 October 2012 and also cancelled Dattakumar’s car parking.

Dattakumar then approached the Deputy Registrar, Co-operative Societies (G/N Ward). By order dated 16 May 2016, the Deputy Registrar directed the society under Section 79(2) of the MCS Act to:

1. Cancel Saili’s membership and share certificate,
2. Restore water supply to the flat, and
3. Return the car parking space to Dattakumar.

Saili challenged this order directly before the High Court.

What the High Court Held

Justice Marne meticulously examined the scope of Section 79(2). The Court held that this provision is purely supervisory and enforcement-oriented. It empowers the Registrar only to ensure that a society performs duties mandated under the Act, Rules, Bye-laws, or earlier orders of the Registrar. It does not confer adjudicatory powers to decide title or cancel membership.

The Court observed: “Power conferred under Section 79(2) of the MCS Act is merely supervisory in nature… It cannot be confused with the adjudicatory power under which the Registrar can decide the disputes relating to the title or possession of a flat/unit in society’s building.”

Key findings of the Court:

• There was a serious, long-standing title dispute between the parties dating back to 1981.
• No prior order of the Registrar existed directing cancellation of Saili’s membership.
• Cancellation of membership is not an action that a society is required to take under the Act, Rules or Bye-laws in the absence of proper adjudication.
• The Deputy Registrar himself acknowledged the existence of a title dispute yet proceeded to order cancellation — thereby exceeding his jurisdiction.
• The belief that cancelling Saili’s name would automatically revive Dattakumar’s joint membership was “fallacious”.

The Court relied on its recent decision in Sadashiv Nagappa Kadam v. State of Maharashtra (WP 2595 of 2026, decided 4 May 2026), which had already clarified that the Registrar under Section 79 (or Section 154B-27) cannot decide questions of ownership or entitlement to immovable property.

On Maintainability

The Court rejected the objection of alternate remedy under Section 152 MCS Act, holding that when an order is wholly without jurisdiction, the availability of statutory appeal does not bar a writ petition (relying on the Supreme Court’s Whirlpool Corporation principle). It also rejected allegations of suppression of facts and parallel remedies, noting that both the intervention in the society’s appeal and the later-withdrawn Co-operative Court dispute had been fully disclosed.

Final Directions

The High Court partly allowed the petition:

• Direction No. 1 of the 16 May 2016 order (cancellation of Saili’s membership and share certificate) was set aside.
• Directions No. 2 and 3 (restoration of water supply and return of car parking) were maintained, as these fall within the legitimate supervisory powers of the Registrar.
• The Court clarified that nothing in the judgment decides the actual title or possession. Both parties remain free to pursue their claims before the competent Civil Court or Co-operative Court.
• Respondent No. 2A (Nandita Acharya, daughter of late Dattakumar) is at liberty to seek cancellation of Saili’s membership through proper legal proceedings.

Why This Judgment Matters

This ruling draws a clear red line for Deputy Registrars across Maharashtra. In an era of rising family disputes over flats in old housing societies, the judgment prevents administrative officers from short-circuiting the judicial process and deciding ownership claims under the guise of “directives” under Section 79(2).

For housing societies, the message is equally important: membership transfer and cancellation must follow the due process laid down in the MCS Act and Bye-laws. Registrar’s office cannot be used as a parallel forum for title battles.

The judgment reinforces that questions of who owns a flat — especially in multi-generational family disputes — must be decided by courts of competent jurisdiction, not by administrative directives.

Also Read: Housing Society is the Boss: Bombay HC Strikes Down Registrar’s Role in Redevelopment NOCs

The post Bombay HC: Dy Registrar Cannot Cancel Society Membership or Decide Flat Ownership in Title Disputes appeared first on Square Feat India.

The report shows that home sales across the country’s top seven cities reached 138,382 units during January-June 2026, making it the second-highest first-half sales performance after H1 2024. While sales in the second quarter (April-June) moderated by 4% compared to the first quarter, JLL said the slowdown reflects a short-term market recalibration rather than weakening demand.

According to the report, 67,751 apartments were sold during Q2 2026 compared with 70,631 units in Q1 2026. However, the overall H1 performance remained positive, supported by sustained urbanisation, infrastructure development, improving connectivity and evolving homebuyer preferences.

Bengaluru emerged as the strongest-performing residential market during the first half of the year, recording 35,017 apartment sales, a 16% year-on-year increase. Chennai posted the highest growth rate among the seven cities, with sales surging 27% to 8,587 units.

Delhi-NCR also recorded healthy growth of 7%, with 20,761 apartments sold during H1 2026.

In contrast, Hyderabad witnessed a marginal 3% decline in sales, while Kolkata recorded a 1% dip. Mumbai remained largely stable with 28,518 apartment sales, down just 1% year-on-year, whereas Pune experienced the sharpest correction among the major markets, with sales declining 14% to 22,782 units.

Despite varying performances across cities, Bengaluru, Mumbai and Pune continued to dominate India’s housing market, together accounting for nearly 62% of total residential sales during the first half of 2026. When Delhi-NCR is included, the four largest residential markets contributed around 76% of total apartment sales.

JLL attributed the temporary moderation in second-quarter sales to seasonal factors, property price recalibration and buyers taking more time to evaluate purchase decisions amid rising housing prices.

The report notes that India’s homebuyers are increasingly prioritising quality construction, better amenities, superior locations and reputed developers over lower prices. This trend is becoming particularly evident in the premium housing segment.

The ₹1.5 crore to ₹3 crore price bracket recorded the strongest growth, with sales increasing 58% year-on-year to 51,231 units. This segment alone accounted for 37% of all apartment sales during H1 2026, up significantly from 24% a year earlier.

Overall, homes priced above ₹1 crore represented 71% of all residential sales during the period, compared with 62% in H1 2025, indicating a clear shift towards premium housing.

On the other hand, affordable and lower mid-income housing continued to lose market share. Homes priced below ₹50 lakh registered a 32% decline in sales, while the ₹50 lakh to ₹1 crore category fell by 20% year-on-year.

The report also highlighted strong developer confidence, with new residential launches increasing 9% year-on-year during H1 2026.

Developers launched 168,507 new apartments across the top seven cities during the first six months of the year.

Bengaluru led new supply with 48,748 apartment launches, representing a remarkable 41% increase over H1 2025. Mumbai followed with 33,498 new launches, registering 18% growth, while Delhi-NCR recorded a 14% increase with 24,884 units launched.

Chennai, Hyderabad, Kolkata and Pune witnessed comparatively lower launch activity during the period.

Commenting on the market, Siva Krishnan, Senior Managing Director (Chennai & Coimbatore) and Head – Residential Services, India at JLL, said the H1 performance reflects the maturity of India’s residential sector.

He noted that sustained urbanisation, infrastructure development and rising aspirations continue to support housing demand, while buyers are increasingly willing to invest in premium projects that offer better quality and long-term value.

According to Krishnan, the 9% increase in new launches demonstrates strong developer confidence, while the growing preference for homes priced between ₹1 crore and ₹3 crore highlights changing buyer aspirations.

The report also noted that residential property prices continued to rise across all seven major cities during H1 2026.

Annual price appreciation ranged between 6% and 15%, with Bengaluru recording the highest increase at 15%, followed by Chennai and Kolkata at 13% each.

JLL attributed the continued increase in housing prices to rising construction costs, strong buyer demand and developers increasingly launching premium residential projects.

Looking ahead, the consultancy expects India’s residential market to remain on a growth trajectory during the remainder of 2026.

JLL believes that improving infrastructure, expanding metro rail networks, new growth corridors, rising household incomes, better access to housing finance and stable interest rates will continue to support homebuyer demand across major cities.

While acknowledging the temporary moderation witnessed during the second quarter, the report concludes that India’s housing market fundamentals remain strong and the sector is well-positioned for sustained long-term growth.

Also Read: Luxury Housing Sales Double to 14%

The post India Home Sales Rise 3% in H1 2026 as Housing Market Remains Resilient appeared first on Square Feat India.

The Agreement for Sale was executed on 16 July 2026 and registered at the office of the Joint Sub-Registrar, Mumbai. The vendors are Shamvik Glasstech Private Limited (formerly known as Maul Eastern Limited, holding 62.50% share) and General Glass Company Private Limited (holding 37.50% share). The purchaser is Prestige Mulund Realty Private Limited, represented by its authorised signatory Tariq Ahmed.

The property comprises land admeasuring 9,497.30 square metres bearing CTS No. 3/A of Village Mulund (West), Taluka Kurla, Mumbai Suburban District, along with an industrial structure of 4,638.06 square metres built-up area standing thereon. The land forms part of a larger holding originally acquired by the vendors under an Indenture of Conveyance dated 8 December 1981. Over the years the larger land was amalgamated and sub-divided; CTS No. 3/A was carved out as Plot A under a Collector’s order of 5 May 2001.

As per Development Plan 2034 remarks, the land is situated in a Residential Zone. A portion is affected by the Sanjay Gandhi National Park (SGNP) buffer/eco-sensitive zone and a proposed road setback. The property has access through a 12-metre internal layout road connecting to a 13.4-metre DP road, and also abuts a proposed 27.45-metre DP road.

The total consideration of Rs 110.75 crore is structured as follows:

• Monetary consideration of Rs 80 crore (subject to TDS):
  • Rs 50 crore paid simultaneously with the execution and registration of the Agreement for Sale (Rs 30.9375 crore to Shamvik Glasstech and Rs 18.0625 crore to General Glass) by demand drafts dated 24 June 2026 drawn on State Bank of India.
  • Balance Rs 30 crore to be paid on the Closing Date against execution of the Indenture of Conveyance and other transaction documents (Rs 18.75 crore to Shamvik and Rs 11.25 crore to General Glass).
• Asset consideration of Rs 30,75,42,565 to be discharged by allotment of 14 residential units along with the right to use 28 car parking spaces, free of cost, in the project “The Prestige City, Mulund” (registered under RERA in separate phases). The vendors will be treated as allottees under RERA for these units.

Stamp duty of Rs 6,64,52,580 (6% under Article 25(b) of the Maharashtra Stamp Act, 1958) has been paid by the purchaser after adjudication by the Collector of Stamps, Borivali. The market value was assessed lower, but duty was levied on the higher consideration amount. Registration fees and document handling charges were also paid. The Collector of Stamps issued the certificate under Section 32 of the Maharashtra Stamp Act on 15 July 2026 confirming full duty payment.

The property was earlier mortgaged to Rajmala Exports Private Limited under a Deed of Mortgage dated 31 March 2014 for a credit facility of Rs 9 crore. Rajmala has issued a conditional no-objection certificate dated 30 June 2026 for the sale, subject to repayment of the identified amounts and subsequent release of the mortgage by a registered reconveyance deed.

Other clearances obtained include:

• No Objection under the Urban Land (Ceiling and Regulation) Act, 1976 from the Additional Collector & Competent Authority (ULC), Greater Mumbai (letter dated 21 August 2015).
• Labour No Dues Certificate dated 12 July 2024 from the Labour Commissioner, Maharashtra, after operations and labour were shifted from the site in May 2024.
• Confirmation from MCGM Water Works Department (letters dated 23 August 2024) that water connections were cut off and no dues remain.
• Electricity charges paid up to April 2026.

The vendors have warranted clear and marketable title free from encumbrances (apart from the mortgage that will be released). They will hand over the original 1981 title deed on Closing. Conditions precedent include GST certificates under Section 81 of the CGST Act confirming the transaction is not entered into to defraud any person, and payment of outstanding property tax and electricity dues up to the Closing Date. Closing is to take place within 60 days of the Agreement (or such extended period as may be agreed), upon fulfilment of conditions precedent.

This acquisition strengthens Prestige’s land bank in the Mulund micro-market and is expected to support the expansion of The Prestige City project. The transaction underscores continued interest by large developers in industrial land conversion opportunities in Mumbai’s eastern suburbs for residential development, subject to applicable zoning and environmental clearances.

Also Read: TATA Capital invests Rs. 130 crores in Prescon Group’s Mahim project

The post Prestige Buys Mulund West Land for Rs 110.75 Cr appeared first on Square Feat India.

For India’s listed real estate stocks, Friday is not just any session. It is the last trading day of the week, and the last meaningful session before the Nifty’s July 31 weekly and monthly F&O expiry next Thursday. The sector that was within touching distance of its 52-week high of 1,009.30 just eleven days ago is now navigating a world where crude oil is approaching $100 — a level that, if sustained, would represent the complete reversal of every macro tailwind that powered the sector’s 43% recovery from its April low.

The Peg: $99 Crude, a Weakening Rupee and Five Sessions of Selling — What Breaks First?

The arithmetic of what has happened to the sector’s macro environment between July 13 and today is worth stating clearly. On July 13, Brent crude was at approximately $74 a barrel, the Nifty50 was at 24,278, the rupee was at approximately ₹94.50, and the Nifty Realty index had just set a CY26 high of 1,009.30. Today, Brent is at $98.68, the Nifty50 is at 23,869 — 409 points lower — the rupee has weakened to ₹96.66, and the Nifty Realty index has shed approximately 10% from its high in eleven sessions.

Every one of those moves has a single cause: the US-Iran war’s intensification. Fresh US strikes on Iran overnight on Wednesday, Houthi forces in Yemen simultaneously threatening Red Sea tankers, and Iran deploying additional naval vessels near the Strait of Hormuz have combined to create the most severe energy supply disruption since the conflict began. Crude at $98.68 is devastating for India specifically — the country imports approximately 85% of its crude oil requirements, pays in dollars, and watches the import bill rise simultaneously as the rupee weakens. Petrol at ₹111.21 and diesel at ₹97.83 are the consumer-facing consequences. Hindustan Petroleum’s first quarterly loss since 2022 is the corporate-level consequence.

For real estate developers, the damage flows through three channels simultaneously. Construction input costs — cement, steel, logistics — are all elevated. Consumer purchasing power is being squeezed by fuel and food inflation. And the probability of an RBI rate hike — which would increase home loan rates and reduce affordability — has moved from theoretical to genuinely discussed.

How Realty Stocks Are Opening

GIFT Nifty at 23,873 — largely flat against Thursday’s Nifty close of 23,869 — signals a muted, range-bound open. European markets closed lower, adding a secondary headwind to the global mood. The market is expected to stay defensive heading into the weekend, with traders unwilling to take fresh positions ahead of Infosys, Cipla, and InterGlobe Aviation Q1 FY27 results due today.

The Nifty Realty index opens Friday at approximately 880–890, continuing its descent from the 1,009.30 high. The Nifty REITs and Realty index — a broader index that includes listed REITs alongside developer stocks — was trading at ₹1,927.80 on Thursday, down 1.31% from its previous close, having opened at ₹1,953.45. Its 52-week range of ₹1,729 to ₹2,012.90 shows that the index is now approaching the lower half of its annual range — a signal of how much ground has been given back in July.

DLF, which carries a 19.96% weight in the Nifty Realty index, opens Friday under sustained selling pressure. The stock had benefited enormously from the sector’s June-July rally — gaining 3.96% in a single session on July 7 and 1.74% on July 9 — but has given back most of those gains as crude has climbed from $72 to $98 in under three weeks. At current levels, the stock is trading at a meaningful discount to its analyst target of ₹775 — which should attract buyers, but the macro backdrop is keeping institutional investors cautious about timing their re-entry.

Godrej Properties, Prestige Estates Projects, Lodha Developers, Sobha, Phoenix Mills, Brigade Enterprises, Anant Raj, Aditya Birla Real Estate, and Oberoi Realty all open Friday with a cautious to slightly negative bias. The pattern of the past five sessions — gap-down opens, brief intraday attempts at recovery, and closes at or near session lows — has created a technical trend that is difficult to break without a macro catalyst.

Infosys Q1 FY27 results, due today, are the morning’s most important scheduled domestic event. Infosys had fallen 2% on Wednesday in sympathy with the US AI software sector’s pullback. A strong set of Q1 numbers from Infosys — the Nifty50’s third-largest constituent — could provide the broader market with the earnings-driven catalyst it needs to break the five-session losing streak. A weak result would extend selling into the afternoon.

What Is Working

The Q1 FY27 earnings season’s overall trajectory remains the sector’s most important defensive anchor. HDFC Securities projects the listed realty universe to report revenue, EBITDA, and PAT growth of 15.5%, 35.7%, and 14.6% year-on-year respectively in Q1 FY27. EBITDA margins are expected to expand by 55 basis points. These projections — made against a backdrop of record presales disclosures from Lodha Developers and Oberoi Realty — represent the fundamental case for the sector that has not changed despite five sessions of selling.

The Nifty50’s approach to its 23,800–23,700 support zone is the technical event that institutional buyers have been waiting for. Derivatives data confirms that the highest Put open interest concentration on the Nifty July 31 expiry is at the 23,500–23,800 strikes — meaning options sellers who have collected premium at those levels will actively defend the 23,800 mark. That mechanical support is the most immediate technical floor for the broader market, and if it holds through Friday’s session, it could trigger short-covering that lifts realty stocks from their current depressed levels.

MOFSL continues to maintain buy ratings on Lodha Developers, DLF, Godrej Properties, and Aditya Birla Real Estate as its preferred large-cap picks in the realty space. HDFC Securities’ top picks in the sector are Prestige Estates Projects at a target of ₹1,775, Oberoi Realty at ₹2,490, Sobha at ₹1,930, and Mahindra Lifespaces at ₹612. These target prices — all significantly above current market levels — reflect the Street’s view that the current correction is macro-driven and temporary rather than fundamental and structural.

What Isn’t Working

Crude approaching $100 is the sector’s existential challenge right now. The $100 mark is not just a round number — it is a psychological and economic threshold that, if sustained, would require the RBI to formally revise its inflation projections upward and acknowledge that its accommodative policy stance may need to be reconsidered. The RBI’s Monetary Policy Committee meets in August, and crude above $100 at the time of that meeting would create enormous pressure on the Governor to signal tightening. For a sector that is built on the assumption of stable or declining interest rates, that is a structural risk that cannot be dismissed.

The rupee at ₹96.66 and weakening is a compounding factor. A weaker rupee raises India’s crude import bill in local currency terms, widens the current account deficit, and prompts FII outflows as global investors reduce their India positioning to cut currency risk. All three of those dynamics are already playing out simultaneously, and there is no near-term catalyst to reverse any of them without a genuine easing of the Iran conflict.

Dr Reddy’s Laboratories’ 4.5% fall on Thursday after a profit miss — coming on the same day that Hindustan Petroleum posted its first quarterly loss since 2022 — signals that the broad-market earnings season is producing both winners and losers. For realty stocks, a disappointing result from Infosys today would add a market-level headwind on top of the already severe macro pressure.

The five-session losing streak has created a technically deteriorating picture for the Nifty Realty index. The index is now trading below its 20-day EMA and approaching its 50-day EMA — levels that, if broken on a closing basis, would trigger systematic selling from trend-following funds and extend the correction further.

What to Watch Through the Day

Infosys Q1 FY27 results are Friday’s most critical scheduled event for the broader market. The company is expected to maintain or improve its full-year revenue guidance — any upward revision would be a significant positive for IT sector sentiment and would lift the Nifty50, giving realty stocks a more favourable market environment through the afternoon.

Crude is the geopolitical variable to watch continuously. Brent at $98.68 — approaching $100 — is the number that determines whether the RBI rate hike discussion remains theoretical or becomes an immediate market-pricing event. Any diplomatic signal from the Middle East — Oman, India, or Qatar confirming back-channel contact between Washington and Tehran — would push crude below $95 immediately and trigger relief buying across the rate-sensitive sectors.

The Nifty50’s hold of the 23,800 level is the day’s primary technical checkpoint. Derivatives data confirms 23,800 as the most heavily defended Put strike on the July 31 expiry. A clean hold above 23,800 through Friday’s session would provide the technical foundation for a potential recovery next week. A close below 23,700 would signal a more serious breakdown.

Within the sector, watch Cipla’s Q1 results — due today — for any signal on the pharma sector’s stabilisation after Trump’s 100% generic drug tariff announcement earlier this week. A strong Cipla result would ease the pharma-driven selling pressure that has been weighing on the broader Nifty50 since Wednesday.

Weekend risk is the final variable to flag. US military operations against Iran have now continued for multiple consecutive nights — each weekend has brought fresh escalation that has opened Monday’s market significantly lower than Friday’s close. Investors taking positions into the weekend are effectively making a judgment call on whether the next 48 hours will bring a diplomatic signal or a military escalation. Given the pattern of the past three weeks, the probability-weighted position is caution.

The Nifty Realty index has now fallen approximately 12% from its July 13 high of 1,009.30 in eleven sessions. The correction has been driven entirely by macro — crude oil, the rupee, and Iran geopolitics — rather than by any deterioration in the sector’s fundamental story. That distinction matters for what comes next. When the macro reverses — as it eventually must, either through diplomacy or through the physical limits of military escalation — the sector will recover at least as fast as it has corrected. Friday’s task is simply to hold the line until that reversal begins.

Also Read: Realty Stocks Slip at Open as Crude Climbs for Fourth Day; IT Leads, Realty Lags

The post Realty Stocks Brace for Fifth Week of Iran-Driven Losses as Crude Nears $99 appeared first on Square Feat India.

The Maharashtra State Co-operative Appellate Court, Mumbai, has held that merely paying municipal property tax on an alleged encroachment does not amount to its regularisation, rejecting a review application filed by two flat owners at Dharti Co-operative Housing Society in Versova, Andheri West.

The order, passed by Member A.S. Wanve on July 15, 2026, dismissed Review Application No.4 of 2025 filed by Adam Ishaq Memon and Noorjahan Ishaq Memon, owners of Flat No. FG-3 in the society, against an earlier appellate order dated November 15, 2025, which had itself dismissed their appeal with cost.

The underlying dispute

The matter traces back to a stilt-area enclosure attached to the flat, identified as Unit BK-3. According to the order, this enclosure was demolished by the BMC in 2014 but was subsequently re-built by the flat’s previous owner before the property was sold to the current applicants. The demolition process for this structure remains pending before the Municipal Corporation of Greater Mumbai.

The society had been billing the applicants for maintenance on the basis of 330 sq. ft., while the applicants sought a direction to bill them on 630 sq. ft. — effectively seeking recognition of the disputed enclosed area as legitimately part of the flat. They had also sought to restrain the society from implementing a resolution dated August 1, 2021, and from levying encroachment charges.

This interim relief request was first rejected by the Trial Court on August 28, 2024. The applicants’ appeal against that rejection was dismissed with cost by the Appellate Court on November 15, 2025, prompting the present review application.

The new evidence and the court’s reasoning

In seeking review, the applicants placed on record an MCGM Assessment Chart dated September 15, 2021, which listed Unit BK-3’s carpet area as 20.90 sq. ft. along with an “extension” of 27.97 sq. ft., each carrying separate property tax liability. The applicants argued this assessment showed the disputed area had been officially recognised and that, as bona fide purchasers, they were entitled to the benefit of this evidence.

The society opposed the review, contending that the applicants were aware of the pending demolition proceedings but had not disclosed them fully, and that municipal tax assessment serves only a fiscal purpose — it cannot legalise an illegal structure or override judicial orders already passed.

The Appellate Court agreed with the society’s position. Examining the scope of review under Order 47 Rule 1 of the Civil Procedure Code, the court relied on the Supreme Court’s ruling in S. Murali Sundaram vs. Jothibai Kannan & Ors. (2023 SCC OnLine SC 185), which holds that review proceedings are not equivalent to an appeal and must be confined to errors that are apparent on the face of the record — errors identifiable without extended reasoning, and not merely because an alternative view is conceivable.

Applying this standard, the court held that paying property tax to MCGM on the encroached area does not amount to regularisation of the encroachment, nor can it be treated as certification of ownership. It found that the assessment chart, therefore, did not disclose any error apparent on the face of the earlier order, and that a review could not be used to re-appreciate evidence or arrive at a different conclusion, even if such a conclusion were otherwise possible.

Outcome

Holding that the applicants failed to establish any apparent error in the November 2025 order, the court answered the sole point for determination in the negative and rejected Review Application No.4 of 2025, with cost.

Also Read: MHADA removes encroachment on its 9 acre land in Mumbai

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The underlying complaint was filed by the owners of Flat No. A/1401, who allege that the society wrongfully collected ₹54,79,395.10 from them as maintenance charges for the period between October 2017 and June 2024. The flat owners have sought a refund with 18% annual interest, a direction to implement earlier orders passed by the Assistant Registrar of Co-operative Societies in August 2024 and January 2025, and suspension of ten managing committee members from office for five years, alleging arbitrary conduct and failure to issue proper maintenance bills.

Rather than defend the committee’s conduct on merits, the society attempted a procedural route: it sought deletion of the ten committee members from the array of parties, arguing that they were honorary office-bearers, that maintenance charges were collected by the society as an institution, and that holding a committee position does not by itself create personal liability for the society’s actions.

The flat owners resisted this move, contending that the committee members bore direct responsibility for the alleged wrongful collection and had failed to conduct the society’s affairs prudently, causing them financial loss.

The Co-operative Court rejected the society’s application, and the society challenged that rejection through revision. The Appellate Court has now upheld the trial court’s order, holding that the complaint contains specific reliefs and express allegations directed against the committee members individually — meaning it would be inappropriate to remove them from the case at this stage.

The order signals that committee members cannot insulate themselves from a dispute merely on the basis of their honorary designation when specific allegations of arbitrary conduct and financial mismanagement are made against them. The committee members remain parties to the case, which will now proceed on merits before the Co-operative Court.

Also Read: Housing Society cannot stop maids says government

The post Managing Committee Cannot Escape Liability in Society Dispute: Appellate Court appeared first on Square Feat India.

The Revenue and Forest Department issued the Government Resolution (GR No. Sankirna-2026/Pr.Kr.20/Bhoosampadan-04) on July 21, 2026, restructuring the committee responsible for granting prior approval to high-value land acquisition awards before they are declared by district collectors.

The decision follows the reorganisation of ministerial departments undertaken by the General Administration Department on June 24, 2026. As part of this administrative restructuring, the government has replaced the earlier committee headed by the Additional Chief Secretary (Forests and Land Acquisition) with a newly constituted committee chaired by the Additional Chief Secretary (Revenue).

The requirement for prior government approval stems from the notification issued on January 11, 2024, under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Maharashtra) Rules, 2014. Under Rule 18(3), whenever compensation payable in a land acquisition case exceeds ₹100 crore, the District Collector must submit the draft award to the State Government through the Divisional Commissioner for prior approval before issuing the final award.

The government said the committee has been reconstituted to enable quicker examination of draft awards and ensure quality decision-making in high-value land acquisition cases.

According to the Government Resolution, the reconstituted committee will comprise senior officers from multiple departments to facilitate coordinated decision-making.

The committee will be chaired by the Additional Chief Secretary (Revenue) and will include the Additional Chief Secretaries of Forests, Public Works and Agriculture as members. Other members include the Principal Secretary of the Law and Judiciary Department, the Administrative Secretary or Head of the concerned acquiring department, the Inspector General of Registration and Controller of Stamps, the Joint Director of Town Planning and Valuation Department, the concerned District Collector and the Joint Secretary (Land Acquisition), who will serve as the Member Secretary.

The government has also clearly defined the committee’s responsibilities.

Its primary role will be to examine every draft land acquisition award received by the State Government and verify whether it complies with the provisions of the applicable land acquisition laws and rules. Based on this examination, the committee will recommend whether the proposal should receive government approval.

The committee has also been authorised to invite subject matter experts or competent officers as special invitees whenever technical evaluation of issues other than land valuation becomes necessary.

In addition, the head of the acquiring authority involved in a particular land acquisition project may also be invited to committee meetings whenever required to provide project-specific inputs.

The new mechanism is expected to improve coordination among various government departments involved in large infrastructure and public development projects where land acquisition compensation exceeds ₹100 crore.

Projects involving agencies such as the Mumbai Metropolitan Region Development Authority (MMRDA), City and Industrial Development Corporation (CIDCO), Maharashtra State Road Development Corporation (MSRDC), National Highways Authority of India (NHAI), Maharashtra Airport Development Company (MADC), irrigation departments and other infrastructure authorities are likely to benefit from faster scrutiny of draft awards under the revised framework.

By bringing together senior officials from the Revenue, Forest, Agriculture, Public Works, Law, Registration and Town Planning departments on a single platform, the government aims to reduce procedural delays and ensure timely approval of high-value compensation awards while maintaining legal compliance and transparency.

The Government Resolution has been issued with the approval of the Governor of Maharashtra and takes immediate effect across the state.

Also Read: Maharashtra Cracks Down on Delays in Land Acquisition Court Cases

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The Peg: The Nifty Has Broken 24,000. The Rally’s Foundation Is Being Tested.

Start with what the Nifty50 closing below 24,000 actually means for the realty sector. When the index had reclaimed 24,000 on July 9 — the session after Wednesday July 8’s brutal 1,663-point Sensex crash — it was a signal that the Iran-shock selling had been absorbed and that domestic institutional buyers were back in control. The subsequent rally that took the index to 24,278 on July 17 and held above 24,100 through much of the past two weeks was the foundation on which the Nifty Realty index built its recovery toward 937.

That foundation has now cracked. Wednesday’s close at 23,996 — below 24,000 — is technically significant because 24,000 has been the most heavily defended support level in the market for the past three months. The highest Put open interest concentration on the Nifty July expiry — which falls next Thursday July 31 — is at the 24,000 strike. Options sellers who had been defending that level through premium collection have now been overrun. The next meaningful support, as derivatives data confirms, sits at 23,800 and then 23,500–23,700.

For the Nifty Realty index, which had closed Wednesday at approximately 910 after four days of successive selling from the 937.15 peak on Tuesday July 21, a further Nifty50 decline toward 23,800 would likely push the sector index back toward the 880–890 range — erasing the gains of two full weeks of recovery in just five sessions.

The cause is straightforward: crude at $94.56. Every dollar above $90 compounds the damage to the sector’s input cost story, the inflation trajectory, the rate outlook, and ultimately the homebuyer sentiment that drives residential demand. Wednesday also brought a second negative — the Sensex and Nifty Media index fell for a second consecutive session, adding to the broad market’s losses and signalling that the selling is not confined to Iran-sensitive sectors.

How Realty Stocks Are Opening

GIFT Nifty at 23,961.50 — down 0.59% — signals a gap-down open for the broader market. The Nifty50 will likely open below 24,000 for the second consecutive session, a development that historically triggers stop-loss selling and systematic fund rebalancing that amplifies intraday declines.

The Nifty Realty index enters Thursday at approximately 910 — down from 937.15 on Tuesday and from the CY26 high of 1,009.30 set on July 13. The four-session decline of roughly 9.8% from the high is painful but has not yet breached the June recovery trend. The zone between 880 and 900 is the sector’s next key support — a level that corresponds to the gains from the June 25–July 3 recovery phase and represents where long-term institutional buyers first began accumulating in size.

DLF, the index’s largest constituent at a 19.96% weight, opens Thursday under sustained selling pressure. The stock, which had added 3.96% during the July 7 session and 1.74% during the July 9 recovery, has given back most of those gains through the past week’s selling. Analyst targets of ₹775 look increasingly ambitious against a macro backdrop of $94.56 crude, a weakening rupee at ₹96.52, and a Nifty50 below 24,000. Godrej Properties, Prestige Estates Projects, Lodha Developers, Sobha, Phoenix Mills, Brigade Enterprises, Anant Raj, Aditya Birla Real Estate, and Oberoi Realty all open Thursday with a negative bias, tracking both the GIFT Nifty signal and the continued deterioration in the energy market.

Anant Raj, which had bucked the sector trend on Wednesday with its data centre demerger announcement, is the one name that carries company-specific positive momentum into Thursday’s session. Whether that momentum can sustain against the broader market’s downward pressure is Thursday’s most interesting individual stock question.

What Is Working

Wall Street’s strong close on Wednesday night — Dow up 0.74%, S&P 500 up 0.89%, Nasdaq up 1.29% — driven by renewed buying in chip makers and AI-related stocks, is the one positive signal in an otherwise bearish morning backdrop. European markets also closed firmly higher on Wednesday. The global technology and semiconductor rally signals that international risk appetite remains constructive — and that the Iran conflict’s impact on global markets is being partially offset by the earnings momentum in US tech. That divergence means that when Iran geopolitical risk eventually eases, Indian equities — and particularly rate-sensitive sectors like real estate — will benefit disproportionately from any reversal in crude and FII selling.

The Q1 FY27 earnings season continues to deliver supportive company-specific data. HDFC Securities expects the sector’s aggregate revenue, EBITDA, and PAT to grow 15.5%, 35.7%, and 14.6% year-on-year respectively in Q1 FY27. EBITDA margins are projected to expand by 55 basis points year-on-year. These are not the numbers of a sector in fundamental distress — they are the projections of a sector that is being sold on macro grounds while its company-level performance remains robust.

Prestige Estates Projects, Godrej Properties, Oberoi Realty, and Phoenix Mills are all positive on a year-to-date basis in CY26 — up 2-5% for Prestige, Lodha, and Godrej, and up 12-14% for Phoenix Mills and Oberoi Realty. Despite the July pullback, the sector has meaningfully outperformed the Nifty50’s 5.74% year-on-year decline. That structural outperformance reflects the strength of the underlying demand cycle.

DII buying remains the market’s most consistent defensive mechanism. Through every Iran-shock session of the past five months, domestic institutional investors have stepped in to buy Indian equities even as FIIs sell. Thursday will test that pattern again — and if DIIs deploy capital at the 23,900–24,000 Nifty level, it would signal that the current pullback is a buying opportunity rather than the beginning of a sustained reversal.

What Isn’t Working

Crude at $94.56 is now at the level where its impact on the Indian economy goes beyond construction input costs. Petrol at ₹111.21 and diesel at ₹97.83 are consumer-facing prices that affect transport costs, food prices, and household budgets directly. The rupee at ₹96.52 — weakening alongside the oil price surge — means that India’s crude import bill in rupee terms is rising even faster than the dollar price of oil. Every session that crude holds above $90 adds to the probability that the RBI will be forced to act on rates — and any rate hike from the RBI is directly damaging to real estate demand and developer economics simultaneously.

FIIs are continuing to sell. The cumulative FII net sales in CY26 have now crossed ₹2.79 lakh crore, and with crude at $94.56, the rupee weakening, and Nifty below 24,000, the case for FII re-entry into Indian equities has become harder to make. Until crude reverses and the rupee stabilises, FII selling is the structural headwind that no amount of DII buying can fully neutralise.

The broader market’s technical breakdown below 24,000 on Wednesday creates a self-reinforcing negative dynamic. Systematic and quantitative funds that use the 24,000 Nifty level as a trigger for portfolio adjustments are likely selling at Thursday’s open. Stop-losses on long positions entered above 24,000 are being triggered. And the psychological impact of a market that has broken through a level it spent two weeks building back above cannot be underestimated.

Nifty Media declining for a second consecutive session is a secondary concern that speaks to broader discretionary consumer sentiment. When media stocks — whose advertising revenues reflect consumer confidence — are falling alongside crude-sensitive sectors, it suggests that the economic impact of high energy prices is beginning to be priced into consumer-facing businesses as well as producer-side industries.

What to Watch Through the Day

The Nifty50’s intraday behaviour around the 23,800–23,900 zone is the day’s primary technical watch. If the index falls to 23,800 at any point — the next key support below 24,000 — and DII buyers step in to defend that level, it would be a strong signal that the current selling has found a floor. A sustained close below 23,800, however, would open the path toward 23,500 and represent the most serious technical breakdown the market has seen since the Iran conflict began.

Crude oil is again the real-time barometer. Brent at $94.56 — already the highest level since February — needs to reverse toward $90 before any sustainable realty sector recovery can begin. Watch for any Iran diplomatic signal through Thursday’s session. Any confirmation of back-channel mediation activity — particularly from Oman or India — would push crude lower and provide immediate relief to realty stocks even against the negative technical backdrop.

The July 31 Nifty weekly and monthly expiry is now one week away. Options market dynamics will increasingly influence intraday moves from Thursday onward. The Nifty’s maximum Put open interest at 23,500–23,800 provides a structural support zone — but the maximum Call open interest at 24,500–24,600 caps any potential recovery and explains why every attempt to sustain above 24,200 has been sold into.

Within the sector, watch Lodha Developers for any Q1 FY27 earnings disclosure. The company’s results — which are expected to show presales growth of approximately 15-20% year-on-year given the strong launch pipeline — would be the most powerful company-specific catalyst the sector can produce in the current macro environment. A strong Lodha result, even on a day when the broader market is negative, has the potential to anchor sector sentiment and attract buying into DLF, Godrej Properties, and Prestige Estates on sympathy.

The week of July 21 has been one of the sector’s most difficult in CY26 — four consecutive sessions of selling, crude near $95, the Nifty below 24,000, and a rupee at ₹96.52. But the sector that fell 43% between January and April 2026 before recovering all of those losses in under two months is not without resilience. The question Thursday’s session must begin answering is whether the current pullback — from 1,009 to 910 on the Nifty Realty index — is the peak of the July correction, or whether $94.56 crude has more damage to do before buyers step back in.

Also Read: Realty Stocks Open Mixed as Markets Stabilise; Select Developers Outperform in Early Trade

The post Realty Stocks Face a Fourth Day of Selling as Crude Nears $95 and Nifty Slips Below 24,000 appeared first on Square Feat India.

The CASA FRESCO A to E Co-operative Housing Society, representing flat purchasers in Lodha Amara (Towers 1-5, 7-19), had complained that the developer Macrotech Developers Ltd (formerly Lodha Developers) deviated from the sanctioned plans by skipping the 13th floor. This resulted in a mismatch between actual physical floors and the numbering used in agreements, possession letters, and addresses.

According to the society, when property tax bills were issued by Thane Municipal Corporation (TMC) for 2020-21, flat owners on what is physically the 13th floor received bills showing it as 1301, while Lodha-numbered flats on the same floor were treated as 1401. This discrepancy affected 394 members and created serious difficulties in property tax payments, registrations, and official documentation.

Builder’s Defence: Macrotech Developers submitted that skipping the 13th floor is a “common industry practice” because the number is widely considered inauspicious. They argued that the 13th floor physically exists as per structural and approved plans, but it is simply labelled as the 14th floor in the building’s numbering scheme. The developer pointed to the TMC bills themselves, which mention both physical and nomenclated numbers, to claim there is no real confusion.

MahaRERA’s Observation: Member Ravindra Deshpande, while rejecting the complaint, made critical remarks on this issue. The Authority noted that it is an accepted industry practice but criticised the builder, stating that once the sanctioned plan showed the 13th floor, the developer should have either avoided constructing it or properly accounted for the numbering from the planning stage. However, since the project is already completed and OC granted, no specific relief was granted on this point. The Authority clarified that if any individual member faces future problems due to this renumbering, the promoter will be responsible to rectify it.

The complaint was ultimately dismissed in its entirety on 29 June 2026.

Other Major Reliefs Sought by the Society & Order Highlights

The society had demanded several other reliefs, including:

• Permanent car parking spaces in the MLCP as per Occupancy Certificate.
• Damages of ₹2.5 crore for parking delay and ₹5 lakh for two-wheeler parking issues.
• Provision of multiple promised amenities (Tennis courts, Cricket field, playgrounds, pools, club house, sports facilities, etc.) or ₹10 crore compensation.
• Premium brand lifts + stretcher lift or heavy compensation.
• Water connection from TMC lines.
• Execution of conveyance deed + damages.
• Refunds of excess charges (BCAM, FCAM, electricity, club usage, etc.).
• Rectification of defects and poor workmanship.

Builder’s Stand: The developer strongly opposed the complaint citing res judicata (the issues were already raised in a 2019 complaint), waiver by homebuyers in possession letters, and a joint architect inspection report (2024) confirming most amenities were provided. They argued many issues were outside RERA jurisdiction or already resolved.

Also Read: Buyer Ghosts Builder After Paying ₹49k: MahaRERA Orders Agreement Cancellation

The post Builder Sells 13th Floor Flats as 14th Calling 13 Inauspicious, Homebuyers Move MahaRERA appeared first on Square Feat India.

The announcement was made by D Thara, Additional Secretary, Ministry of Housing and Urban Affairs (MoHUA), during the ninth edition of the FICCI Urban Infrastructure and Innovation Summit held in New Delhi on July 21, 2026.

Speaking at the summit, Thara said the rapid approval of projects demonstrates strong interest from both public and private stakeholders in the newly launched Urban Challenge Fund. She also highlighted the diversified financing model being adopted for the approved projects.

According to her, non-banking financial companies (NBFCs) are contributing the largest share of funding, accounting for 44% of the approved project financing. Public-private partnerships (PPPs) contribute 22%, while municipal and other bonds account for around 5% to 7%. The remaining funding is being provided by commercial banks.

The Urban Challenge Fund was introduced to encourage innovative, investment-driven urban development projects while reducing dependence on traditional government subsidies. The financing model is designed to attract greater participation from financial institutions and private investors.

Addressing the summit, Sanjay Kulshrestha, Chairman and Managing Director of Housing and Urban Development Corporation (HUDCO), underlined the growing importance of Indian cities in the country’s economic landscape.

He noted that urban centres generate between 60% and 70% of India’s Gross Domestic Product (GDP) while occupying only about 3% of the country’s land area. Kulshrestha described the Urban Challenge Fund as a major policy shift from conventional subsidy-based urban development programmes to a competitive challenge-based funding model.

Under the scheme, viability gap funding can cover up to 50% of a project’s total cost. This financial support is equally shared by the Central Government and the respective State Government, while the remaining project cost is expected to be mobilised through banks, financial institutions and private investors.

Experts at the summit also emphasised the need for greater private sector participation in shaping India’s urban future.

Jagan Shah, Professor of Practice at IIT Delhi’s Transportation Research and Injury Prevention Centre, said the private sector should play a larger role in driving innovation and imagination behind urban renewal initiatives. He pointed out that many Tier-II and Tier-III cities continue to face institutional and capacity constraints, making private sector expertise increasingly important.

JVS Ramakrishna, Lead of FICCI’s Core Group on Urban Development and CEO of ParadigmIT Cybersecurity, said 2026 could become a defining year for India’s urban transformation. He argued that future economic planning should move beyond municipal boundaries and instead focus on larger city economic regions capable of attracting investments, creating employment opportunities, fostering innovation and generating sustainable economic growth.

FICCI Director General Jyoti Vij highlighted that urban development today extends beyond roads, housing and physical infrastructure. She said governance reforms, technology adoption, innovative financing mechanisms and institutional capacity-building are becoming equally important components of sustainable urbanisation.

The Urban Challenge Fund forms part of the government’s broader strategy to promote modern, investment-led urban development by encouraging cities to compete for funding based on project quality, innovation and financial viability. With ₹31,000 crore worth of projects already approved within weeks of the framework being notified, the initiative has witnessed a strong start and is expected to play a key role in shaping India’s next phase of urban growth.

Also Read: India’s GCC Boom: 2,400 Centres, 2.8 Million Jobs by 2030

The post Urban Challenge Fund Approves ₹31,000 Crore Projects Within Weeks, Says Housing Ministry appeared first on Square Feat India.