BPTP expands realty footprint with Rs 87.27 crore acquisition near Dwarka Expressway in Gurugram
Author : PNT Bureau
Realty developer BPTP, via its subsidiary Countrywide Promoters Pvt Ltd, has acquired a 5.24-acre land parcel near Gurugram's Dwarka Expressway for Rs 87.27 crore. The strategic move aligns with BPTP's expansion efforts in Gurugram and Faridabad, where it holds over 600 acres. Following a recent sale of a 10-acre land parcel to Central Park for Rs 100 crore, BPTP reinforces its regional commitment. The acquired plot in Gurugram's Sector 113, near the operational Dwarka Expressway, adds to BPTP's extensive portfolio of completed residential and commercial projects. The real estate landscape, marked by active land acquisitions in 2023, reflects the sector's dynamic growth....
Sheth Developers, Sunteck Realty, and 23 others express interest in acquiring HDIL
Author : PNT Bureau
According to a recent regulatory filing, HDIL has received interest from 25 entities, including prominent names like Sheth Developers and Sunteck Realty, in its bankruptcy resolution process. The entities expressing interest, which include individuals and corporate entities, have been confirmed as eligible by the corporate insolvency resolution professional. HDIL faced insolvency troubles in 2019 when a petition by Bank of India citing a debt of Rs 520 crore was accepted by the National Company Law Tribunal (NCLT). The resolution process has attracted attention from established entities, indicating industry interest in reviving HDIL's fortunes. The next steps involve evaluating submissions and selecting a resolution applicant....
Sony Pictures official alleges Rs 1.33 crore fraud by Ahuja Developers
Author : PNT Bureau
In a recent case, the Santacruz police in Mumbai filed a fresh case of cheating against Ahuja Developers, their directors, and Chinese partners. Accused individuals, including Jagdish Ahuja, Gautam Ahuja, Chandras Kotian, Ashok Gacheria, and Chinese company officials from Jia Vei, Liyank Shaung, Ya Wang, Snehanjali SB Developers, and Hive Carbon Zero Developers Private Limited, are alleged to have cheated a flat buyer of Rs 1.33 crore. The complainant, Prashant Bhat, claimed discrepancies in the allotment process. This follows a previous arrest of Jagdish Ahuja in January for a Rs 27-crore cheating case, adding to the legal troubles faced by Ahuja Developers and their associates. The police are actively investigating to ensure justice for the affected parties....
Godrej Properties' subsidiary, Oasis Landmarks LLP, faces a GST demand order of Rs 10.45 crore, along with interest and penalty, totalling Rs 22.54 crore. The order, dated December 31, 2023, alleges non-payment of GST related to turnover in the pre-GST regime, citing denial of input tax credit. Oasis Landmarks LLP plans to contest the order while asserting that the order has no significant impact on the company's finances or operations. Despite the challenge, the subsidiary expects a favourable outcome based on its assessment and current legal positions. Meanwhile, Godrej Properties recently acquired a four-acre land parcel in Yeshwanthpur, Bengaluru, with significant development potential and an estimated revenue of Rs 1,000 crore....
MICL Group aims to redefine urban living with luxury Pali Hill project
Author : PNT Bureau
MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience....
ED attaches Rs 54 lakh worth properties belonging to Bajwa Developers in fraud case
Author : PNT Bureau
The Enforcement Directorate (ED) has attached properties worth Rs 54 lakh belonging to Jarnail Singh Bajwa, owner of Bajwa Developers, under the Prevention of Money Laundering Act. Following Mohali police fraud cases, investigations revealed that Bajwa, as Managing Director, allegedly defrauded individuals of Rs 3.17 crore by promising residential plots through his firm. Earlier arrested in March 2022, he was rearrested in September. The ED's action signals a crackdown on financial wrongdoing and underscores the need for stringent measures to address corruption in the real estate sector, safeguarding public interests....
Godrej Properties Eyes Rs 1,250 Crore Revenue with Bengaluru Land Expansion
Author : PNT Bureau
Godrej Properties has acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq ft. The project, estimated to yield Rs 1,000 crore, could reach Rs 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel. Gaurav Pandey, MD & CEO, stated this move strengthens their presence in Bengaluru. The company aims to capitalize on housing demand, targeting multiple land acquisitions this fiscal to generate around Rs 15,000 crore in revenue post-development. Godrej Properties achieved a 48% sales booking growth, reaching Rs 7,288 crore during April-September 2023-24....
Properties worth Rs 6.93 crore attached by ED in connection to money laundering case against builder Shailesh Savla
Author : PNT Bureau
The Enforcement Directorate (ED) has provisionally attached properties worth Rs 6.93 crore belonging to builder Shailesh Savla in connection with a money laundering case linked to the rehabilitation of slum dwellers at the Juhu Taj Slum Society. The ED recently filed a chargesheet against Savla and his companies for allegedly selling flats intended for slum dwellers to influential individuals, including Bollywood celebrities. The case involves irregularities in the allotment of residential accommodation and shops under the Juhu Taj Slum Rehabilitation Scheme, with Savla accused of cheating the government and a construction firm. The attached properties include a residential flat and fixed deposits....
Kolte-Patil Developers has divested a 3% stake for Rs 111 crore. Promoters Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte led the move, reflecting a reshuffling of ownership dynamics within the Pune-based realty firm. The National Stock Exchange reported the sale of over 22.80 lakh equity shares at prices ranging from Rs 486 to Rs 486.01 each. Despite undisclosed buyer details, Kolte-Patil's stock surged by 5.08%, reflecting investor confidence amid a robust Q2 performance with a 72% increase in sales bookings, totalling Rs 632 crore....
MICL Group Redefines Urban Living with Luxury Pali Hill Project
Author : PNT Bureau
MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience....
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