Category: Real Estate, Real Estate in India

The Uttar Pradesh Real Estate Appellate Tribunal has held that non-lockable or virtual office spaces fall outside the ambit of the Real Estate (Regulation and Development) Act, 2016. It ruled that the law governs physical real estate units and does not cover such intangible investment interests. The tribunal consequently set aside U.P. RERA's directions requiring Bhutani Group to execute conveyance deeds, hand over possession and pay delay interest. The ruling was delivered by a tribunal comprising Judicial Member Sanjai Khare and Technical Member Devindar Singh Chaudhry.