Supertech's INR 8,000 crore debt plan aims to restart construction on 15,000 delayed homes
Author : PNT Bureau
Homebuyers in the National Capital Region (NCR) could soon see progress on stalled projects by Supertech, which owes INR 8,000 crore to banks and development authorities. Facing significant delays and legal issues, Supertech has submitted a revival plan to the Uttar Pradesh government. The plan seeks to resume construction on approximately 15,000 undelivered homes and restart registry processes for completed projects to generate cash flow. Supertech's proposal includes recalculating dues based on "zero periods" and selling unused land parcels. The success of this plan depends on approvals from authorities and cooperation from lenders, offering a potential lifeline to homebuyers....
Birla Estates acquires 16.5-acre land parcel in Pune
Author : PNT Bureau
Birla Estates, a subsidiary of Century Textiles and Industries, has acquired a 16.5-acre land parcel in Pune's Manjri area. This acquisition demonstrates the company's confidence in Pune's burgeoning residential market, driven by the city's thriving IT sector, top educational institutions, and pleasant climate. The land offers an estimated development potential of around 32 lakh square feet, suitable for various residential projects. This move signifies a positive outlook for Pune's real estate, potentially leading to more high-quality housing options. Birla Estates' reputation for quality construction is expected to benefit homebuyers, fostering a competitive and thriving residential market in Pune....
MHADA offers a one-time payment of INR 2.75 lakh to BDD Chawl tenants for on-going redevelopment
Author : PNT Bureau
The Maharashtra Housing and Area Development Authority (MHADA) is offering INR 2.75 lakh (11 months' rent at INR 25,000 per month) in one installment to eligible BDD Chawl tenants not opting for transit camps. This decision supports tenants during the transition of the 207 historic BDD Chawls, housing 16,557 flats, built in 1920 and spread over 92 acres, into modern housing units. Responding to tenant requests, MHADA aims to streamline the process and address concerns until permanent relocation. A computerized lottery for new rehabilitation units is scheduled for late June, marking a significant step in the redevelopment project....
DSIIDC to sell 4,350 low-cost flats in Bawana providing housing for Delhi's industrial workers
Author : PNT Bureau
Thousands of industrial workers in Delhi await good news as the Delhi State Industrial and Infrastructure Development Corporation (DSIIDC) prepares to sell nearly 4,350 long-delayed low-cost flats in Bawana, northwest Delhi. These flats, part of a project under the Jawaharlal Nehru National Urban Renewal Mission, were constructed over a decade ago but remained unallotted due to administrative challenges. Initially intended to address housing needs in Bawana and nearby areas, the project encountered hurdles including regulatory requirements. With pending approvals now in progress, DSIIDC aims to finalise sales within six months, bolstered by enhanced security measures to protect these properties from theft and damage....
Nisus Finance invests INR 155 crore into Dharmadev Group's affordable housing project in Surat
Author : PNT Bureau
Nisus Finance has invested over INR 155 crore in Dharmadev Group's affordable housing project, Swaminarayan Green City, in Surat, Gujarat. The 12-acre development includes 21 towers, offering 1.3 million square feet of saleable area and over 1,085 affordable apartments. This investment, part of Nisus Finance's RESO-1 fund, will accelerate construction and ensure timely delivery, replacing existing lender Omkara ARC. With seven towers already applying for occupancy certificates and five more nearing completion, hundreds of families could move into their new homes within 12 to 24 months. This project addresses Surat's growing demand for affordable housing, bolstering Dharmadev Group's 50-year legacy....
ED investigates ATS Group's INR 3400 crore land seals
Author : PNT Bureau
The Enforcement Directorate (ED) has launched an inquiry into the Noida Authority's allocation of land worth INR 3400 crore to entities within the ATS Group, amidst delays and issues plaguing homebuyers in Noida. Seeking clarity on transaction processes and payment records, the investigation aims to uncover any financial discrepancies or project execution irregularities. With scrutiny also focused on legal complaints and allotment statuses, the ED's initiative signals a push for transparency and accountability in real estate dealings. This development offers optimism for resolving long-standing issues, potentially paving the way for solutions to homebuyers affected by ATS Group's stalled projects and financial challenges....
CCI authorises internal restructuring of Godrej Group
Author : PNT Bureau
The Competition Commission of India (CCI) has approved the Godrej group's internal realignment under the Family Settlement Agreement (FSA) dated 30 April 2024. This restructuring involves realigning interests, legal ownership, and management among family branches: Adi Godrej and family, Nadir Godrej and family, Jamshyd Godrej and family, and Smita Crishna and family. The GILAC Group entities, including Godrej Industries and its affiliates, will be managed by Adi and Nadir Godrej, while Jamshyd and Smita will oversee the G&B Group entities, including Godrej & Boyce. This division aims to streamline operations and improve governance within the conglomerate....
NAREDCO Mahi Convention: Call for sustainability and women's empowerment in Real Estate
Author : PNT Bureau
The newly elected NDA administration, led by Prime Minister Narendra Modi, is urging the Indian real estate sector to prioritize sustainability and affordable housing. At the NAREDCO Mahi convention on June 14, D Thara, Additional Secretary of the Ministry of Housing and Urban Affairs, emphasized the need for rainwater harvesting systems, solar energy solutions, and eco-friendly infrastructure in housing projects. NAREDCO President G Haribabu highlighted the low participation of women in real estate, while Chairman Niranjan Hiranandani discussed the government's plan to build 30 million housing units under PMAY, including a major INR 25,000 crore project for slum rehabilitation in Mumbai....
MMRDA begins redevelopment of Ghatkopar's Ramabai Ambedkar Nagar
Author : PNT Bureau
The Mumbai Metropolitan Region Development Authority (MMRDA) has announced the redevelopment of Ramabai Ambedkar Nagar in Ghatkopar, a major slum area. Tenders for an architect and project management consultant will be released this month. This 75-acre redevelopment under Regulation 33 (10) of the Development Control and Promotion Regulations, 2034, will facilitate extending the Eastern Freeway from Mankhurd to Thane. The Brihanmumbai Municipal Corporation (BMC) will handle beneficiary identification and relocation, while MMRDA oversees redevelopment. Approved by Chief Minister Eknath Shinde in December 2023, the project is expected to complete in three years once land transfer occurs....
Onward Workspaces announces expansion in Delhi NCR, adding 150,000 sq. ft. of flexible workspace
Author : PNT Bureau
Onward Workspaces is expanding its Delhi NCR presence, nearly doubling its capacity by adding 150,000 square feet to reach a total of 325,000 square feet by 2024. The plan includes four new centers in Noida Sector 126, Okhla Phase 3, and Connaught Place, featuring a 50:50 mix of managed offices and co-working spaces. This expansion, supported by an INR 18 crore investment, aims to accommodate startups, SMEs, and large corporations. Founder Suvrat Jain emphasizes their commitment to fostering innovation and excellence. Onward Workspaces aims to provide state-of-the-art, technology-equipped environments to boost productivity and collaboration for their diverse clientele....
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