Emaar India faces fraud allegations over misrepresented Gurugram plot sale
Author : PNT Bureau
In Gurugram, Emaar India faces allegations of selling a 1.2-acre plot in Heritage One society, Sector 62, designated as a green belt, to Polestar Private Ltd. for INR 8.1 crore under the guise of a school site. Polestar claims Emaar provided misleading documents, resulting in an FIR against Emaar for cheating and criminal conspiracy. The Gurugram police are investigating, while Emaar denies wrongdoing. This case underscores the necessity for rigorous due diligence and verification of land use approvals to safeguard real estate investments....
Thane Municipal Corporation demolishes 1.42 lakh sq. ft. of illegal hotel structures in Yeour Hills
Author : PNT Bureau
The Thane Municipal Corporation recently launched a significant demolition drive, targeting illegal structures and extensions built by popular hotels and resorts in the eco-sensitive Yeour hills. Prompted by complaints from the Indian Air Force and local tribal communities, the drive dismantled approximately 1.42 lakh square feet of unauthorised constructions, equivalent to three football fields. The demolished establishments, including Lalala Bar and Bombay Duck, were reportedly co-owned by prominent figures in Thane. This action, applauded by local residents and environmental activists, aims to address security risks, reduce public nuisance, and protect the fragile ecosystem of the Yeour Hills....
Malad homeowners face uncertainty as NCLT includes land in HDIL insolvency case
Author : PNT Bureau
Homeowners in Malad's Tagore Park CHSL face uncertainty after the National Company Law Tribunal (NCLT) ruled their land is part of Housing Development and Infrastructure Ltd. (HDIL)'s insolvency proceedings. HDIL, owing over INR 8,138 crore, had rights to develop the land under a 2014 agreement. Despite the setback, protections under MOFA and RERA offer some hope. The CoC, managing HDIL�s debts, will consider the society's rights when forming a resolution plan. This highlights the need for thorough due diligence in redevelopment projects and the importance of robust consumer protection laws....
Uttar Pradesh to establish four special investment regions under new NIRMAN Bill
Author : PNT Bureau
The Uttar Pradesh cabinet approved the UP NIRMAN Bill-2024, aiming to attract significant investment and propel the state towards a one trillion-dollar economy. The Bill proposes the creation of four Special Investment Regions (SIRs) across the state's geographical areas, leveraging a 20,000-acre land bank. This move, already implemented in Gujarat, Rajasthan, Karnataka, will decentralize power to promote cluster development. Additionally, the cabinet sanctioned an MoU with India Trade Promotion Organisation and MSME to build convention centers in Lucknow and Varanasi. Moreover, 2,200 teachers, dismissed by Supreme Court order, will be temporarily reappointed on honorarium in non-government-aided secondary schools....
Delhi High Court overturns Punjab and Sind bank's recall of INR 120 crore loan settlement with Ambience Pvt Ltd
Author : PNT Bureau
The Delhi High Court recently overturned Punjab and Sind Bank's decision to retract a INR 120 crore one-time settlement offered to Ambience Pvt Ltd for a Noida residential project, citing it as arbitrary. The court emphasised that once accepted, such settlements constitute a binding contract. Justice Mini Pushkarna deemed the bank's actions unclear and unsubstantiated, nullifying their cancellation letter and ordering return of securities. The court upheld Supreme Court laws, affirming the settlement terms as final. Ambience, part of a multiple bank arrangement, settled debts with P&S Bank but faced withdrawal alleging non-disclosure to PNB....
Mangaluru City Corporation to launch 3D drone survey for city development
Author : PNT Bureau
The Mangaluru City Corporation (MCC) plans to conduct a 3D Digital Twin Drone Survey and will appoint a consultant to oversee it. This survey aims to aid city development, build a detailed database, generate revenue, and also provide other services. The GIS-based decision support system will enhance basic facilities, ease residents' lives, and boost revenue while improving transparency and disaster management. The survey will also create a web-based 3D reality mesh model for property tax collection, flood monitoring, and land use management. The MCC finance committee is reviewing the proposal before the next council meeting and will commence the survey soon....
JAL's latest debt settlement proposal rejected by lenders
Author : PNT Bureau
Jaiprakash Associates Ltd (JAL) faced a setback as lenders led by ICICI Bank rejected its modified one-time settlement proposal. The proposal, which offered higher upfront payment and sale of cement assets, was dismissed during a National Company Law Appellate Tribunal (NCLAT) hearing. JAL had increased its upfront payment offer from INR 200 crore to INR 500 crore following earlier rejections. The case stems from a six-year-old petition by ICICI Bank, resulting in JAL's board suspension and appointment of an interim resolution professional. With this rejection, JAL's attempts to settle debts outside insolvency proceedings have stalled. The NCLAT has scheduled the next hearing for July 26, highlighting ongoing challenges in resolving corporate financial distress....
NCLAT awaits lenders' verdict on Supertech Realtors' settlement offer
Author : PNT Bureau
The Insolvency Appellate Tribunal (NCLAT) announced it will await the lenders' decision on a revised settlement offer from Supertech Realtors, developers of the INR 2,326.14 crore Supernova project. The NCLAT directed the Interim Resolution Professional (IRP) not to form a Committee of Creditors yet but allowed construction to continue under IRP supervision. Supertech Realtors submitted a one-time settlement (OTS) offer, initially agreed upon by the lead bank and now under consideration by other banks. The NCLAT emphasized the project's progress and an investor's readiness to fund completion. The next hearing is scheduled for August 8, 2024, to review the lenders' decision....
GNIDA to launch a new builder plot scheme in Greater Noida across five sectors
Author : PNT Bureau
GNIDA launched a new builder plot scheme in Greater Noida to offer land parcels across five sectors for residential development. These plots totaling around 99,000 square meters can accommodate approximately 8,000 new apartments. With easy access to major transportation routes like the Yamuna Expressway and EPE, and future connectivity to the Noida International Airport in Jewar, the scheme is seen as a strategic move to address the rising housing demand in the area. The e-auction-based selection process, with bids starting from INR 48,438 per square meter, aims to attract developers and stimulate growth in Greater Noida's real estate sector....
Goa High Court orders crackdown on over 200 illegal constructions in Arambol
Author : PNT Bureau
Goa's charm has led to a rise in illegal constructions, threatening its environment. The High Court of Bombay at Goa, responding to a public interest petition, identified over 200 illegal structures in Arambol, including some linked to a former village council head. Highlighting poor coordination among government agencies, the court directed the state to develop a Standard Operating Procedure (SOP) within two weeks for addressing such violations. The SOP will ensure swift action, including demolitions and environmental assessments, aiming to protect Goa's natural beauty and ensure fair construction practices....
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