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The Uttar Pradesh Real Estate Regulatory Authority (RERA) announced on Tuesday that it has prohibited realty firm Ansal API from engaging in the sale or transfer of any residential properties within its hi-tech township project in Greater Noida. This action has been taken due to the company's non-compliance with regulations. Additionally, Ansal API has been imposed with a penalty of Rs 3.05 crore for the misappropriation of funds amounting to Rs 60.57 crore, collected from home buyers across three distinct projects, as stated by UP RERA. ...
The Maharashtra Real Estate Regulatory Authority, known as MahaRERA, has encountered a wave of requests seeking the annulment of registration for a total of 107 projects, with 41 of them situated in Pune. Notably, the initial count stood at 88, but this number expanded as an additional 19 applications for cancellation were recently submitted. This update was shared by an official representing MahaRERA. ...
The board of directors' management committee at Godrej Properties has granted approval for the placement memorandum concerning the issuance of 75,000 rated listed unsecured redeemable non-convertible debentures (NCDs). These NCDs hold a face value of Rs 1,00,000 each, amounting to a total of Rs 750 crore. This announcement was made by the company through a filing on the Bombay Stock Exchange (BSE). The issuance encompasses a core offering of 50,000 rated listed unsecured redeemable NCDs, carrying a face value of Rs 1,00,000 each, totaling Rs 500 crore. ...
In a noteworthy development, Macrotech Developers, a listed entity of the esteemed Lodha Groups, has emerged as the highest bidder for V Hotels Ltd, a Mumbai-based hospitality company that owns the renowned Tulip Star, previously known as Centaur Hotel Juhu. The Committee of Creditors (CoC) overseeing the insolvency proceedings of V Hotels has officially declared Macrotech Developers as the successful applicant for resolving the company's financial distress through the Corporate Insolvency Resolution Process (CIRP). ...
In the city's real estate sector, there is a notable increase in joint development agreements, as two well-known developers have joined forces with groups of landowners to initiate fresh projects. This emerging trend is believed to be a direct result of the substantial escalation in land prices observed in recent years, which has posed challenges for developers in allocating significant funds towards land acquisition. ...
Several CEOs and senior officials from high-street banks engaged in discussions a week ago regarding a significant development. They expressed a willingness to surrender their primary claims over assets and cash flow to new financiers who are prepared to rescue stalled housing projects. These projects have unfortunately left countless home buyers in a state of uncertainty across the nation. The banks are open to granting priority funding rights to these new lenders. ...
Intel, the American technology giant, has made the decision to sell its office space located on the Old Airport Road in Bengaluru. This move is part of their strategy to generate revenue from their real estate assets. The office space spans 250,000 square feet and the deal is expected to exceed ?450 crore. According to multiple sources familiar with the matter, the sale is likely to follow a salescum-lease model for a duration of three years, with a one-year lock-in period for the asset. ...
In a striking development highlighting the need for enhanced oversight in the real estate sector, the Real Estate Appellate Tribunal (Reat) of Bihar has issued a compelling appeal to the state government. The tribunal has urged the government to provide comprehensive "training" to the members of its regulatory authority, Rera, with the aim of fostering a deeper comprehension of the pertinent laws governing the industry. Citing the "improper functioning of the authority" as the driving force behind this call to action, the appellate tribunal expressed its concern over a particular instance where a commercial-cum-residential project was registered without conducting thorough verification of the validated documents. ...
District Town Planner (Enforcement), Mr. Manish Yadav, took a proactive step on Friday by addressing a letter to Chintels India, the esteemed developer behind the Paradiso residential project situated in Sector 109. The letter emphasizes the need for the developer to fulfill their obligation of paying the shifting charges to the flat owners residing in towers D, E, and F. Furthermore, DTP Yadav specifically directs the builder to ensure that these charges are disbursed to residents who wish to relocate without providing their consent for either option I or option II as presented by the developer. ...
The Ahmedabad Municipal Corporation announced a significant achievement during its recent 'green corridor drive', having successfully resolved 33,000 applications related to property tax matters. Jainik Vakil, the esteemed chairman of the revenue committee, highlighted the substantial volume of applications received, encompassing various requests such as name changes, ownership transfers, and tax rebates, among others. This commendable accomplishment showcases the diligent efforts undertaken by the corporation to address and resolve property tax-related issues efficiently. ...
A man based in Delhi has received approximately Rs 16 lakh as a penalty for delay from the developer of a residential complex project in Noida. The possession of the flat was handed over to him five years beyond the originally promised deadline. As per the Uttar Pradesh Real Estate Regulatory Authority (RERA), the buyer had made a booking for a flat in Mahagun Mezzaria, located in Sector 78 of Noida, in 2017. The buyer had paid a sum of Rs 1.35 crore to the promoter, NexGen Infracon. ...
Approximately 20 residents residing in a five-storey building located in DLF 3 had to be relocated after the building tilted on Monday night, potentially due to excavation activities taking place on the adjacent plot. The owner of the building, identified as U-20/8, has received a notice for engaging in construction activities that violate the Haryana Buildings Code of 2017. Similarly, the owner of the neighboring plot has also been requested to provide an explanation for conducting excavation work without the presence of an architect or engineer at the site. At present, the building, which has tilted slightly to the right, is being supported by two cranes. ...
The police have filed charges against the directors and a number of high-ranking executives of a developer based in Delhi for allegedly defrauding an investor. As per the authorities, numerous individuals had invested in shops at Ansal Hub, a commercial complex located in Sector 83, back in 2010. The builder, known as Ansal Housing Limited, had promised to deliver the properties by 2014; however, the completion of the properties is still pending. ...
Deputy Chief Minister Devendra Fadnavis stated on Thursday that the state government has not yet made a decision to revoke the Maharashtra Ownership of Flats Act (MOFA), 1963. Although associations representing developers have called for the repeal of the Act, numerous individuals, including the cooperation department, have expressed their support for its continuation. Various consumer groups have taken the initiative to voice their opposition to the proposal of repealing MOFA by submitting multiple representations to the housing department. ...
A collective of investors, comprising mainly senior citizens, who have invested in two projects, namely Prism Portico in Sector 89 and Prism Suites in Gwalpahari by Ninaniya Estates Limited, expressed their grievances by staging a protest at the developer's office on Wednesday. These projects have remained incomplete for the past decade, and the investors alleged that the developer has defaulted on multiple occasions and is refusing to provide them with refunds. Despite lodging several complaints with various authorities such as the Department of Town and Country Planning (DTCP), the police, and others, the government has failed to take any action in response to their plight. ...
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