08 Jul 2023

The National Company Law Tribunal (NCLT) has granted approval to a consortium led by Ashdan Developers for the insolvency resolution plan of D S Kulkarni Developers, a real estate developer burdened with debt. The consortium intends to pay Rs 826.30 crore to the stakeholders of the developers, including secured creditors, unsecured creditors, and operational creditors. Homebuyers will receive flats as compensation. The resolution plan received approval from over 83.3% of the lenders represented by the committee of creditors. The Mumbai bench of NCLT initiated the corporate insolvency resolution process for D S Kulkarni Developers in September 2019. This successful resolution plan is a positive development in the ongoing efforts to resolve insolvency and bankruptcy cases in the real estate sector.Read more

08 Jul 2023

Hero Realty Pvt. Ltd. has introduced its new brand, 'Hero Earth,' dedicated to delivering premium plotted development projects. The company has launched its flagship project, 'The Ark,' located in Gurugram's Sector 85. 'The Ark' offers meticulously designed plots with essential amenities, strategic location advantages, and a commitment to quality living. Hero Realty aims to establish itself as a prominent player in the plotted development market with 'Hero Earth' and 'The Ark' project.Read more

08 Jul 2023

K Raheja Corp Homes has unveiled Maestro, a collection of ultra-luxury limited edition homes situated in Mumbai's Juhu micro-market. Maestro offers approximately 100,000 square feet of premium saleable area with stunning views. Residences are designed by renowned Eco-Id Architects. The project has received its RERA certification and possession is scheduled for 2026. Notable features include a rooftop infinity pool, extensive amenities, and a strong focus on sustainability with IGBC Gold pre-certification.Read more

07 Jul 2023

The Yamuna Expressway Authority (YEIDA) has announced its intention to appeal the National Company Law Tribunal's (NCLT) approval of the resolution plan for the Lotus City residential plots project. The NCLT had deemed the plan submitted by Ace Infracity Developers compliant with the Insolvency and Bankruptcy Code (IBC) and approved it unanimously based on the approval of the Committee of Creditors (CoC). However, YEIDA raised objections due to outstanding dues and has decided to challenge the decision in the National Company Law Appellate Tribunal (NCLAT).Read more

07 Jul 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has directed Ajnara Realtech, a realty firm, to complete its stalled housing project, Ajnara Le Garden Phase-3, in Greater Noida by June 2025. The project, launched in 2014, faced challenges and was unable to meet the completion deadline. UP-RERA has granted authorization to the existing promoter to resume construction and has set a deadline for the delivery of homes to the 476 allottees. The estimated cost to complete the project is around Rs 186 crore, which will be financed through various sources. Ajnara Realtech is required to deposit Rs 4 crore as upfront capital within the next three months.Read more

06 Jul 2023

The Municipal Corporation of Gurugram (MCG) has imposed a fine of Rs 1.1 crore on the developer of Platinum Tower for illegally dumping 12,881 metric tonnes of construction waste on the master stormwater drain in the greenbelt area. The MCG will also recover Rs 92 lakh for debris removal and disposal, along with a penalty of over Rs 18 lakh. The action was taken following the discovery of a blocked drain causing waterlogging. The developer has refused to comment. The MCG's strict actions aim to deter illegal dumping and ensure proper waste disposal in Gurugram.Read more

06 Jul 2023

Mahindra Lifespaces Developers Limited, renowned for its resorts and Club Mahindra services worldwide, has launched its first plotted project, Lakefront Estates, at Mahindra World City in Chennai. Spread across 19 acres, the project offers customized living experiences with excellent infrastructure, lush green spaces, and a picturesque view. Located amidst the serene Paranur Hills, overlooking the Kolavai Lake, the project aims to provide an unparalleled lifestyle in a city setting.Read more

06 Jul 2023

According to the association, a significant number of buyers, specifically 471, who had invested in SARE Homes, have been unable to secure their flats. This predicament arose due to the alleged failure of KGK-Dhoot and Interim Resolution Professional (IRP) to adequately inform them about the necessary filing procedures. As a result, these buyers were not equipped with the knowledge required to claim their properties. The association expressed its concern regarding this issue, emphasizing that the affected individuals were left uninformed and unable to exercise their rights as purchasers.Read more

05 Jul 2023

Shivalik Group's residential tower project in GIFT City, Ahmedabad, has garnered immense success, selling 250+ apartments worth Rs 300 crore within a mere 15 days. The strong demand for luxurious homes in GIFT City and trust in the Shivalik Group have contributed to this achievement. The project offers 2BHK and 3BHK homes to diverse buyers, including NRIs. With top-notch amenities and innovative construction techniques, it aims to be completed by early 2027. Shivalik Group is proud to contribute to GIFT City's vision as an international financial hub, with more projects planned in the future.Read more

05 Jul 2023

Stockholm Wood City is an ambitious project in the Sickla neighbourhood of Stockholm, designed by Scandinavian architectural studios Henning Larsen and White Arkitekter. This innovative development aims to be the world's largest wooden city, utilizing mass-timber construction techniques to create a sustainable and harmonious living and working environment inspired by nature. It will contain 7,000 office spaces and 2,000 homes spread across 250,000 square meters. Construction is set to begin in 2025, with the first buildings expected to be completed by 2027, and the project will be implemented in sequential phases to gather insights and apply them to subsequent stages.Read more