PNT Reporter

09 Jun 2023

Prestige Estates Projects has successfully completed two strategic acquisitions, gaining full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. These acquisitions are expected to greatly enhance the value of Prestige Estates Projects' rental portfolio. Prestige (BKC) Realtors is involved in the development of a project in Mumbai's Bandra Kurla Complex, offering Grade A office space with a gross leasable area of 2.79 million square feet. With these acquisitions, Prestige Estates Projects has reached significant milestones in its growth trajectory, solidifying its position in the real estate market.Read more

PNT Reporter

09 Jun 2023

Rohan Developers' director, Hareesh Mehta, was arrested on May 20 in a historic Rs 280 crore ($37M) bank fraud case, dating back two decades. The Central Bureau of Investigation alleges that Mehta, in collusion with others, duped the State Bank of India, using the fraud proceeds for personal gain and business investments. Currently in judicial custody, his bail hearing is impending. This significant arrest underscores the necessity for stringent scrutiny in India's booming real estate industry.Read more

PNT Reporter

09 Jun 2023

The Enforcement Directorate (ED) announced it has confiscated Rs 65.75 crore worth of assets from real estate conglomerates IREO and M3M. The seizures, part of an ongoing money laundering investigation, include luxury cars and jewellery. The ED conducted raids at seven locations in Delhi and Gurugram, during which top brass of the M3M Group were noticeably absent. IREO and M3M stand accused of siphoning off hundreds of crores through a complex network of shell companies, highlighting a potential major scandal within India's real estate industry.Read more

PNT Reporter

09 Jun 2023

An audit conducted by IIT-Delhi on Godrej Summit, a residential project near Dwarka Expressway, has raised concerns regarding the presence of chloride in the water supply. This chloride content poses a significant threat to concrete structures, necessitating the implementation of a strong maintenance system to mitigate the problem. The audit report recommends the establishment of a comprehensive framework to address this issue effectively and safeguard the durability of the buildings in the area.Read more

PNT Reporter

08 Jun 2023

Aggrieved buyers of Mahira Homes' affordable housing projects are staging an indefinite protest at Jantar Mantar, voicing their frustration over a one-year delay in handover. Approximately 5,000 homebuyers accuse HRera, DCP and other concerned authorities of failing to act against the developer's stalling tactics. The DTCP had previously revoked, then restored, the developer's license under strict conditions. However, the developer failed to resume construction. Now, they promise completion by December 2023, while their accounts remain frozen by HRera.Read more

PNT Reporter

08 Jun 2023

Shubhashish Homes, a renowned real estate developer in India, has successfully completed the Phase 2 handover of its Shubhashish Geeta project. The event received an overwhelming response from potential homeowners and the public, highlighting the company's commitment to customer satisfaction. Notably, the villas were handed over six months ahead of schedule, showcasing the developer's dedication to timely delivery. Shubhashish Geeta offers spacious villas with modern amenities in Jaipur, providing a luxurious living experience. The project has received positive reviews and is highly regarded for its quality construction, innovation, and attention to customer needs.Read more

PNT Reporter

08 Jun 2023

DAC Developers has launched 'DAC Prathyangira', a luxurious residential project in Chennai's Sholinganallur area. The complex offers 163 apartments with various configurations, including 2 and 3 BHK units and penthouses. With stunning amenities, such as an infinity pool and rooftop clubhouse, the project prioritizes the well-being of its residents. Its prime location near the Sri Prathyangira Devi Temple adds to its appeal, and the project is progressing steadily toward completion. 'DAC Prathyangira' presents a lavish living experience in a serene environment.Read more

PNT Reporter

08 Jun 2023

Keystone Realtors, operating under the Rustomjee Group brand, has acquired five new real estate projects in Mumbai. With a gross development value of over Rs 3,430 crore, the projects have a combined development potential of 1.28 million square feet. Keystone Realtors' robust financial performance, reduced net debt, and successful fundraising efforts position them to expand their presence and maintain a dominant position in the Mumbai real estate market.Read more

PNT Reporter

08 Jun 2023

After a decade of delays, Sidhartha Buildhome Private Limited's intention to finish two housing developments, Sidhartha Estella and Sidhartha NCR One/Greens, has been approved by the National Company Law Tribunal (NCLT), offering relief to over 800 purchasers. The projects were started in 2010–11, with a 2014–15 initial completion date. However, work ceased, and the developer declared bankruptcy in March 2021. The NCLT granted the developer's request to complete the projects and end the insolvency proceedings after two years of litigation.Read more

PNT Reporter

07 Jun 2023

WeWork India has unveiled three new flexible workspaces in Bengaluru: Princeville and Cherry Hills in the Embassy Golf Links Business Park, and Prestige Tech Park Jupiter near Marathahalli. Covering over 220,000 sq. ft., these additions provide 3,600+ new desks, with 60% already pre-committed. This development pushes WeWork India's Bengaluru presence to 22 facilities, underscoring the growing flexible workspace market in the city.Read more