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On Monday, a representative from MahaRERA disclosed that a group of developers involved in 39 real estate ventures located in Pune have submitted applications for deregistration. The state regulatory authority, MahaRERA, has received a cumulative count of 88 applications originating from various regions within the state. These applications were submitted by developers who find themselves unable to proceed with their projects due to an assortment of challenges, including insufficient financial resources, ongoing legal disputes, alterations in government planning regulations, and other related factors. Notably, Pune accounted for the highest number of applications, with 39 submissions, followed by Raigad with 16, Thane with 8, and Mumbai city with 4 applications. ...
In a recent ruling, the Karnataka High Court has established that a shareholder who advocates for the sale of a property under Section 2 of the Partition Act is prohibited from purchasing the shares owned by other shareholders. Justice Sreenivas Harish Kumar, while dismissing the petition presented by Mukunda Rao and Venkatesh Rao, emphasized that the petitioners, who expressed their preference for a sale, are not entitled to exercise their rights under Section 3 of the Act if the respondents are willing to acquire their shares at the valuation determined by the court. ...
According to insiders, Adani Cement, the parent company of Ambuja Cement and ACC, has withdrawn from the Cement Manufacturers' Association (CMA), an industry lobby group representing major cement players in the country. The decision was reportedly prompted by disagreements between the Adani Group company and the CMA on various matters, although specific details were not provided by the sources. Additionally, both Ambuja Cements and ACC had ceased sharing their production and sales data with the CMA several years ago and had not actively participated as members of the association. An analyst from a domestic brokerage, who preferred to remain anonymous, confirmed this information. ...
The Ghaziabad Development Authority (GDA) is potentially facing a significant financial obligation as it may be required to pay an enhanced land compensation amount ranging from Rs 1,000 to 1,200 crore to farmers. This compensation pertains to the acquisition of 1,748 acres of land between 1986 and 1989 for the development of the Indirapuram and Vaishali housing schemes. On July 12, the Allahabad High Court is scheduled to hear the GDA's review petition challenging the court's previous decision in 2017, which set the higher land compensation rate at Rs 297 per square yard. ...
Embassy Office Parks REIT (Embassy REIT) has announced the successful completion of its Rs 1,050 crore fundraising through coupon-bearing non-convertible debentures (NCDs), as stated in the regulatory filing. The NCDs have a tenure of 24 months, commencing from the deemed date of their allotment, and offer a coupon rate of 7.77% per annum. The interest payments on the NCDs will be made on a quarterly basis to the esteemed debenture holders. ...
The Enforcement Directorate (ED) announced on Monday that it has confiscated luxury cars with an estimated value of Rs 60 crore, encompassing renowned brands such as Ferrari, Lamborghini, and Bentley. Additionally, high-value jewelry worth Rs 5.75 crore was seized during the meticulous raids conducted as part of a money laundering inquiry into the real estate firms IREO and M3M. The esteemed federal agency divulged in an official statement that these extensive searches were executed on the 1st of June at seven distinct locations situated in Delhi and Gurugram. ...
In accordance with the Development Control and Promotion Regulations 2034 (DCPR-2034), the Slum Redevelopment Authority (SRA) has announced its decision to acquire privately owned plots that have been earmarked for public amenities but are currently burdened by slum encroachments. This move aims to address the issue of slums and ensure the effective utilization of such designated spaces. Notably, three years ago, the Brihanmumbai Municipal Corporation (BMC) acquired a plot in Dahisar for a significant sum of Rs 349 crore, despite its original value being assessed at Rs 54 crore due to the presence of encroachments. This transaction has drawn the attention of BJP leader Kirit Somaiya, who has filed a police complaint against the BMC, raising concerns about the purchase of a plot that had already been designated as a slum. ...
MC commissioner Sachin Gupta revealed that a staggering amount of Rs 38.66 crore in property tax is owed by 119 commercial private properties, encompassing esteemed establishments such as Hotel Golden Tulip, Ramgarh Fort, Holiday Inn, Vintegrate Technology Private Limited in Sector 22, and St Teresa Public School in Sector 25. Emphasizing the gravity of the situation, he urged officials to adopt a stringent approach when dealing with those who default on their property tax obligations. It is noteworthy that an additional sum of Rs 32.19 crore remains outstanding from 46 government properties, including UHBVN, HSVP, Tau Devi Lal Stadium, and Gymkhana Club in Sector 3. ...
Allcheckdeals India (AIPL), a completely owned subsidiary of Info Edge (India), has commenced a forensic examination of the activities concerning 4B Networks. In connection with this matter, the company has enlisted the services of Deloitte Touche Tohmatsu India LLP as the designated forensic auditor, while Saraf and Partners Law Offices will offer their support and assistance. Over time, AIPL has made substantial financial investments and provided periodic funding to 4B Networks, which totals approximately Rs 288 crore. ...
Wave Mega City Centre Private Limited, a prominent real estate developer, has deposited a substantial sum of Rs 96 crore to the district administration as a part of settling the recovery certificates (RCs) issued by UP-Rera, with a combined value of Rs 136 crore. In response to the developer's failure to fulfill its obligations towards UP-Rera, the district administration had previously issued an order to auction off 38 shops constructed within a commercial project located in Sector 18. However, with 70.5% of the outstanding dues now settled, it is likely that the district administration will defer the e-auction of the shops at Wave 1st Silver Tower in Sector 18. ...
NBCC, a government-owned construction company, has decided to allocate an investment of Rs 67 crore towards the reinforcement and strengthening of buildings in six Amrapali projects. The decision came after a comprehensive structural audit highlighted significant concerns regarding the current condition of these structures. The projects identified with structural deficiencies include Sapphire Phase 1, Sapphire Phase 2, Princely Estate, Zodiac, Platinum, and Titanium. ...
The Economic Offence Wing of the Delhi Police has served a formal notice to Mohamed Ali Alabbar, the visionary founder and managing director of Emaar Properties, a renowned real estate company based in Dubai. The notice mandates his presence for interrogation on Friday, regarding a serious and grave accusation of forgery and criminal breach of trust in connection with a residential development undertaking in Gurugram. In response to the query made by PTI, a representative of Emaar India acknowledged the receipt of the aforementioned notice. ...
A prominent association of real estate developers, CREDAI, has put forward a strong request to the government to eliminate the Goods and Services Tax (GST) on flats that are provided free of charge to current residents as part of redevelopment projects. The objective behind this plea is to enhance the economic feasibility of such projects, particularly in the Mumbai region. A delegation comprising members from both CREDAI and CREDAI-MCHI had the honor of engaging in a meeting with the esteemed Union Finance Minister, Nirmala Sitharaman. During this significant encounter, the delegation presented a formal representation, shedding light on the paramount issue at hand. ...
During the two-month rebate period, which concluded on Wednesday, the municipal corporation (MC) has collected a substantial amount of Rs 42.47 crore as property tax. Notably, Panjab University and the UT administration made significant contributions of Rs 1 crore each, while the PGI contributed Rs 88 lakh, and the civic body itself contributed Rs 50 lakh. Out of the approximately 1.42 lakh taxpayers in the city, a commendable number of 64,000 residential property owners and 16,000 commercial property owners fulfilled their tax obligations by submitting their payments in April and May. ...
The esteemed Municipal Commissioner, Iqbal Chahal, has granted approval to a proposal that permits the Transfer of Development Rights (TDR) for the revitalization of old buildings located on internal roads, specifically private layout roads. However, this provision applies only if the width of the road is a minimum of 9 meters and it is situated at a distance of 50 meters from a public road. Additionally, the TDR will still be permissible even if the width of the private layout road diminishes in certain sections. ...
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