PNT Reporter

09 May 2023

Anarock data reveals a growing trend in the Indian office real estate market, with co-working spaces constituting 27% of net absorption across the top seven cities in Q1 2023. This marks a significant increase from 14% in Q1 2019. Bengaluru and the National Capital Region (NCR) led the way, followed by Pune and Chennai. The growth is attributed to an increasing preference for flexible spaces among start-ups, IT/ITeS companies, and businesses, as well as the adoption of hybrid working models. The co-working industry's expansion is expected to shape the future of workspaces in India.Read more

PNT Reporter

09 May 2023

Beneficiaries of the Pradhan Mantri Awas Yojana (PMAY) housing scheme in Kerala face challenges as the Parvathy Puthanar canal widening project encroaches on their assigned plots. Unable to construct homes, they have requested exemption from interest payments if they withdraw from the scheme. The government is considering compensation packages, including Rs 11 lakh per family and an amount based on the value of the houses, for the 1,300 buildings affected by the project. However, eligibility for PMAY beneficiaries remains uncertain.Read more

PNT Reporter

09 May 2023

Income tax (IT) officials from New Delhi raided three premises of the Kalsi brothers, owners of Kalsi Buildcon Private Limited in Hinoo, Ranchi, last week in connection with tax evasion. Six cars carrying the IT sleuths arrived at the location at 6.30 am and worked all day. All the structures were searched, including a prestigious preparatory school nearby called Springdales. Kalsi Buildcon Private Limited operates in a variety of industries around the country, including building construction, bridge construction, and real estate.Read more

08 May 2023

Investigations are ongoing into the devastating warehouse collapse in Bhiwandi, managed by MRK Foods Pvt Ltd, which claimed eight lives. Authorities are probing whether overloading contributed to the disaster. Additionally, substandard construction material is also suspected. The warehouse worker had previously warned about overstocking, which was ignored. The owner of the illegally constructed building has been arrested. The incident raises serious concerns about warehouse regulations and safety standards in India.Read more

PNT Reporter

08 May 2023

Registrations of construction workers in Telangana have risen sharply from 5.9 lakh in 2014-2015 to nearly 14 lakh in 2022-23, signalling a robust real estate and infrastructure sector. The pandemic years saw a particular boost in registrations, as workers sought to secure access to welfare schemes. The Telangana Building and Other Construction Workers Welfare Board also saw a significant increase in collected cess, used for worker welfare, from 95 crore in 2014-15 to 830 crore in 2022-23. This trend showcases the state's commitment to worker welfare and points towards continued economic growth.Read more

PNT Reporter

08 May 2023

The Brihanmumbai Municipal Corporation (BMC) has issued notices to 22 developers for failing to comply with LOI conditions and causing delays in tenanted property redevelopment in Mumbai. Following a review of 94 ongoing projects, BMC issued show-cause notices and even terminated one developer's contract. Local politicians and housing experts urge BMC to re-evaluate the redevelopment policy, scrutinize developers' financial conditions, and take stricter action against alleged developer-authority nexus. The crackdown aims to address Mumbai's housing challenges and set a precedent for better compliance and timely completion of projects.Read more

PNT Reporter

05 May 2023

A Mumbai-based builder has been arrested for allegedly faking Enforcement Directorate (ED) summons to extort around 26.5 crore from his two competitors. The accused, Raju Shah, had his anticipatory bail plea rejected by the sessions court on Wednesday. The incident came to light in September 2022 when the complainant, Anand Ramprasad Agarwal, found out that the ED summons posted on social media by Shah were fake. Agarwal had filed a complaint in February 2023 against three builders - Gautam Agarwal, Mitesh Shah, and Raju Shah - for cheating him.Read more

PNT Reporter

05 May 2023

The Ahmedabad Urban Development Authority (AUDA) has repurposed INR 20 crore from unclaimed builders' deposits to plant 100,000 trees within its jurisdiction during 2022. Accumulated over 15 years, the fund was originally collected as a guarantee from builders who promised to plant trees in their projects, as per the CGDCR 2017 regulations. AUDA's innovative move has not only amplified the city's green cover but also set a benchmark for other urban development bodies in effectively utilizing unclaimed resources for environmental conservation.Read more

PNT Reporter

05 May 2023

In an effort to recoup funds fraudulently obtained from investors, the Securities and Exchange Board of India (SEBI) plans to auction 26 properties owned by three companies - Infinity Realcon, the Bishal Group of Companies, and Sumangal Industries - at a reserve price of more than Rs 21 crore next month. The May 30th online auction will feature land parcels, one-story buildings, a residential building, and a flat all in West Bengal. Before submitting their offers, bidders are advised to make their own independent investigations.Read more

PNT Reporter

05 May 2023

The Panvel Tehsil office in Navi Mumbai has auctioned properties of builder NK Bhupeshbabu in Morbi gram panchayat and recovered Rs 4.82 crore, exceeding the reserve price of Rs 3.72 crore, in an attempt to recover a total sum of Rs 6.5 crore from the developer, against whom MahaRERA had issued 33 warrants. However, homebuyers complain that revenue officials are not serious about carrying out the recovery process, leading to their grievances being unaddressed.Read more