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Mukesh Ambani luxury real estate bet gets HSBC financing boost

Wednesday 18th October 2023

HSBC Holdings Plc has increased the size of a loan arrangement for a part of Mukesh Ambani's business empire in India, showing confidence in Asia's wealthiest individual. Initially, the London-based bank offered a £60 million ($73 million) loan facility to a Reliance Industries Ltd subsidiary shortly after its acquisition of the Stoke Park estate in southeast England for £57 million in 2021, as per UK registry filings. ...

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Builders not to build power infrastructure, as Haryana brings in major policy change

Tuesday 17th October 2023

In a significant policy change rectifying a prior decision that burdened numerous housing societies, the Haryana government will no longer require developers to construct power substations or provide bank guarantees for them. The Haryana Electricity Regulatory Commission (HERC) has notified that these substations will be built by distribution companies. Developers will be responsible for the sanctioned load of a condominium or township and will need to allocate land for the substation to the discom at no cost. ...

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Noida authority demolishes 50 farmhouses on Yamuna floodplains, more to follow

Tuesday 17th October 2023

In its first anti-encroachment operation since this year's floods, the Noida Authority demolished approximately 50 illegal farmhouses situated on the Yamuna floodplains in Sector 151. These farmhouses encompassed several acres and had concrete structures where commercial activities were being conducted. ...

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Maruti leases 270,000 sq ft at Tag Avenue in Gurugram

Tuesday 17th October 2023

Maruti Suzuki, India's largest passenger car manufacturer, has secured a 270,000 sq ft lease in Tag Avenue, a commercial building located in Gurgaon. This move follows a request from Haryana Chief Minister Manohar Lal Khattar last year for the automobile giant to relocate its corporate office to Gurgaon. As part of this agreement, 900 acres of land were allocated to Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana. ...

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Cidco cancels allotment of two plots in Navi Mumbai to Godrej Properties

Tuesday 17th October 2023

The City and Industrial Development Corporation of Maharashtra (CIDCO) has revoked the allocation of two adjacent plots in Sampada, Navi Mumbai, to Godrej Properties, as reported in a BSE filing. Godrej Properties has contested this cancellation by filing a writ petition with the Bombay High Court. ...

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Emaar India to invest $1.85 billion in two years: CEO Kalyan Chakrabarti

Monday 16th October 2023

Emaar India, the local subsidiary of Dubai's Emaar Properties, plans to invest at least $1.85 billion over the next two years. CEO Kalyan Chakrabarti aims to achieve in 21 months what previously took 21 years, with a plan to release approximately 10 million square feet of real estate in key markets such as Mumbai, Pune, Bengaluru, and Hyderabad.   ...

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Cement industry struggles to compete in oversees markets

Monday 16th October 2023

The Indian cement industry is facing challenges in competing in international markets due to duty-free imports of cement in the country, along with the duties imposed on domestic producers for raw materials. The PHD Chamber of Commerce and Industry (PHDCCI) has conveyed this concern to the commerce and industry ministry. ...

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Proptech firm Blox to buy controlling stake in Justo for Rs 350 crore

Monday 16th October 2023

Blox, an AI-powered proptech company, is in the final stages of acquiring a controlling stake in Justo, a mandate brokerage firm with a strong presence in Maharashtra. The deal is valued at ?350 crore and is expected to be completed using a combination of cash and stock, according to individuals with direct knowledge of the matter. ...

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Delhi court denies default bail to Supertech chairman in money laundering case

Monday 16th October 2023

A Delhi court has rejected R K Arora's request for 'default bail' in a money laundering case. Arora, the chairman and promoter of Supertech Group, argued that he should be granted bail due to an 'incomplete charge sheet' filed by the central probe agency, but Additional Sessions Judge Devender Kumar Jangala dismissed the application. ...

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Mumbai: Highstreet Paramvir Developers failed to give information sought for audit

Friday 13th October 2023

The Economic Offences Wing (EOW) of the city police has launched an investigation into Highstreet Paramvir Developers for financial irregularities following a complaint from the Maharashtra Real Estate Regulatory Authority (MahaRera). These irregularities revolve around a project situated on a 6,525 sqft plot in Khar. MahaRera filed the complaint after conducting a forensic audit of the project. Notably, this marks the first instance in which the real estate regulator has taken action against financial improprieties. ...

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Mumbai: Borivli CHS, developer sent to arbitrator over transit rent dispute

Friday 13th October 2023

In a separate legal matter, the Bombay High Court has appointed a single arbitrator to resolve a dispute related to a redevelopment agreement that has been ongoing for over a decade. The court has also directed the secretary of the cooperative housing society involved to provide the relevant documents and records of the society, including checkbooks, to its chairman within one month. ...

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Bombay HC refuses bail to Radius Group MD in Yes Bank money laundering case

Friday 13th October 2023

The Bombay High Court has declined to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case. The court reasoned that money laundering involves intricate processes designed to legitimize illegally obtained funds, necessitating thorough investigation. ...

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Litigants cant hijack court cases: Bombay HC; Rs 2 lakh cost imposed on Modern Realty

Friday 13th October 2023

Bombay High Court bench, comprised of Chief Justice Devendra Kumar Upadhyaya and Justice Arif Doctor, dismissed a petition from builder Modern Realty Pvt Ltd seeking permission to participate in a BIT chawl redevelopment tender process. The court also imposed a fine of Rs 2 lakh on Modern Realty Pvt Ltd, payable to KEM Hospital and Medical College within one month, emphasizing that court proceedings should not be exploited by unscrupulous litigants. ...

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Supreme Court rejects bail plea of expromoter of AN Buidwell

Thursday 12th October 2023

The Supreme Court has dismissed the bail request from the former promoter, Surendra Kumar Hooda, of a real estate company accused of defrauding investors, and has ordered them to surrender. On October 4, a bench of justices Aniruddha Bose and Bela M Trivedi rejected the plea of Surendra Kumar Hooda, the former promoter and director of AN Buildwell, a real estate firm.   ...

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NGT bars leasing of plot next to Navi Mumbai creek for development

Thursday 12th October 2023

The National Green Tribunal (NGT) has prohibited Cidco, the planning authority for Navi Mumbai, from leasing a 25,000 sq m (6.2 acre) plot near the NRI Colony in Seawoods, Nerul, falling under Coastal Regulation Zone (CRZ). Local residents and activists have been opposing Cidco's plans to auction the plot, which is located in a mangrove and flamingo habitat, for residential and commercial purposes. ...

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