12 Jul 2023

The National Company Law Appellate Tribunal (NCLAT) has issued a stay order against the admission of an insolvency resolution plea filed by Bank of India against DB Realty. The developer has challenged the National Company Law Tribunal's (NCLT) decision to initiate the corporate insolvency resolution process (CIRP) against the company. The appellate tribunal has scheduled a further examination of the case on September 6. DB Realty is required to deposit ?387 crore within 90 days, based on its previous one-time-settlement (OTS) offer to the bank.Read more

11 Jul 2023

Experion Developers has launched 10 exclusive 6 BHK duplex villaments at Windchants, its upscale project in Gurugram. Spread across 23.48 acres with only 563 units, Windchants redefines exclusivity and privacy. The luxury housing project offers a variety of amenities including an open-air Jacuzzi and Asia's longest residential skywalk. Influenced by the celestial Saptarishi constellation, Windchants is designed to maximize the benefits of natural light and air flow. The calculated positioning of towers within the complex enhances a serene and luxurious living atmosphere.Read more

11 Jul 2023

Odisha's DN Group is under investigation by the Income Tax Department for suspected significant tax evasion. The multi-sector company has faced raids at 20 locations, with Rs 9 crore seized from an employee's residence and evidence of transactions worth Rs 105 crore. The situation has triggered a political row, with the opposition alleging ruling party investments in the DN Group. Meanwhile, a company representative has stated they will withhold comments until the conclusion of the raids.Read more

10 Jul 2023

Ace Group has unveiled its latest commercial venture, 'Ace 153', in Sector 153, Noida, showcasing their commitment to innovation and excellence in real estate. With an impressive portfolio of completed projects and ongoing developments, Ace Group is known for setting new standards in the industry. Ace 153 is strategically located within 500m of the expressway and a short walk from the metro station, making it a game-changer in the commercial landscape. Its positioning along the route from Noida International Airport at Jewar offers prime accessibility and attractive investment prospects.Read more

10 Jul 2023

Century Real Estate launched Century Eden Prime, a premium plotted development that quickly sold 75 percent of its plots within 10 days. Situated on Yelahanka-Doddabalapura Main Road in Bengaluru, this project offers high appreciation potential and features a 16,000 sq. ft. clubhouse with a range of amenities. The success of the launch demonstrates customers' trust in Century Real Estate's brand and their appreciation of the value provided. With a strong commitment to elevating standards and creating exceptional living experiences, Century Real Estate continues to meet market demands with innovative developments that cater to the changing needs of buyers.Read more

08 Jul 2023

The National Company Law Tribunal (NCLT) has granted approval to a consortium led by Ashdan Developers for the insolvency resolution plan of D S Kulkarni Developers, a real estate developer burdened with debt. The consortium intends to pay Rs 826.30 crore to the stakeholders of the developers, including secured creditors, unsecured creditors, and operational creditors. Homebuyers will receive flats as compensation. The resolution plan received approval from over 83.3% of the lenders represented by the committee of creditors. The Mumbai bench of NCLT initiated the corporate insolvency resolution process for D S Kulkarni Developers in September 2019. This successful resolution plan is a positive development in the ongoing efforts to resolve insolvency and bankruptcy cases in the real estate sector.Read more

08 Jul 2023

Hero Realty Pvt. Ltd. has introduced its new brand, 'Hero Earth,' dedicated to delivering premium plotted development projects. The company has launched its flagship project, 'The Ark,' located in Gurugram's Sector 85. 'The Ark' offers meticulously designed plots with essential amenities, strategic location advantages, and a commitment to quality living. Hero Realty aims to establish itself as a prominent player in the plotted development market with 'Hero Earth' and 'The Ark' project.Read more

08 Jul 2023

K Raheja Corp Homes has unveiled Maestro, a collection of ultra-luxury limited edition homes situated in Mumbai's Juhu micro-market. Maestro offers approximately 100,000 square feet of premium saleable area with stunning views. Residences are designed by renowned Eco-Id Architects. The project has received its RERA certification and possession is scheduled for 2026. Notable features include a rooftop infinity pool, extensive amenities, and a strong focus on sustainability with IGBC Gold pre-certification.Read more

07 Jul 2023

The Yamuna Expressway Authority (YEIDA) has announced its intention to appeal the National Company Law Tribunal's (NCLT) approval of the resolution plan for the Lotus City residential plots project. The NCLT had deemed the plan submitted by Ace Infracity Developers compliant with the Insolvency and Bankruptcy Code (IBC) and approved it unanimously based on the approval of the Committee of Creditors (CoC). However, YEIDA raised objections due to outstanding dues and has decided to challenge the decision in the National Company Law Appellate Tribunal (NCLAT).Read more

07 Jul 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has directed Ajnara Realtech, a realty firm, to complete its stalled housing project, Ajnara Le Garden Phase-3, in Greater Noida by June 2025. The project, launched in 2014, faced challenges and was unable to meet the completion deadline. UP-RERA has granted authorization to the existing promoter to resume construction and has set a deadline for the delivery of homes to the 476 allottees. The estimated cost to complete the project is around Rs 186 crore, which will be financed through various sources. Ajnara Realtech is required to deposit Rs 4 crore as upfront capital within the next three months.Read more