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Ashish Jain

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Partner in the Real Estate Practice at the Noida  office of Cyril Amarchand Mangaldas. Ashish has over seventeen years of experience in the Real Estate Sector. His areas of work within the sector extend to conveyancing, development of mixed used projects, redevelopment projects, warehouse and logistics, retail and hospitality. In addition to the above, he also advises on real estate aspects of corporate and financing transactions in sectors such as construction and development, special economic zones, power, cement, and many more. He can be reached at ashish.jain@cyrilshroff.com

Real Estate

Introduction:

The interplay between writ jurisdiction of high courts and private contracts involving the State or the instrumentalities of the State becomes complex when a party to the contract seeks a contractual relief from the high courts by way of a writ petition. The nuances are further enhanced based on the specific facts and circumstances of the case, the nature of parties involved, the nature of rights and obligations involved, and so on.Continue Reading Can Article 226 be Invoked to Amend Terms of a Lease Deed? SC Says No!

Model Tenancy Act - Revamping the existing rent control regime

The existing rent control and tenancy legislations in the country largely tilt in favour of the tenants. They inter alia involve stringent measures on the fixation of rent and long drawn legal challenges faced by the landowners in evicting tenants. For this reason, landowners are often apprehensive of letting out their vacant premises. This has resultantly affected the rental economy and the rental housing segment across the country, adversely impacting the availability of housing facilities and affordable rental accommodation in urban areas.
Continue Reading Model Tenancy Act: Revamping the existing rent control regime

 

70% Conundrum - Haryana RERA

There is a requirement under the Real Estate (Regulation and Development) Act, 2016 (Act) to keep aside 70% of receivables from allottees in a separate, designated bank account (RERA Account). This has, from the outset, been viewed as a measure of great reform that would prevent siphoning of funds and ensure that money collected for the purpose of a particular project is, in fact, used for that project. However, the manner and method of utilisation and withdrawal of money lying in the RERA Account has always been a matter for considerable discussion and debate.

Illustratively, the Uttar Pradesh Real Estate Regulatory Authority has, in April 2019, directed banks not to adjust interest payments against the money that is required to be deposited in the RERA Account. This issue has recently come to the fore and become a matter of serious deliberation in Haryana.  
Continue Reading The 70% Conundrum (Part I) – What Does the Haryana RERA Imply?