PNT Reporter

28 Mar 2023

Last week, the shares of Sobha Ltd dropped by more than four percent after the firm confirmed they had been subjected to income tax raids at their head office and in other site locations. In a statement released to the press, the company confirmed that their registered office and other locations of Sobha Ltd were currently the subject of a search by the Income Tax Department. Additionally, the company stated in its disclosure to the exchanges that as a responsible business, all affected employees and personnel are fully cooperating with officials.Read more

PNT Reporter

23 Mar 2023

According to an interview captured by Reuters with top company executives at DLF, the company intends to concentrate on developing luxury and premium projects only to cater to the growing demand in the market segment. They comment about the challenges the company would face in turning a profit if they were to pursue affordable housing projects. DLF’s Gurugram project allegedly sold out in less than 72 hours of its launch, generated more than eighty billion rupees in sales.Read more

21 Mar 2023

Gurugram based real estate company Ganga Realty is gearing up to spend Rs. 750 crores to build its first affordable housing 'Tathastu' in Gurgaon Sector 5, Sohna-Gurugram. The project spans across 22acres and will comprise of 14 buildings with about 2,972 affordable apartments in total. The project is offering 3 BHK apartments with a carpet range of 646 square feet to 1,000 square feet, starting at Rs 25 lacs. The builder aims to finish construction by the first quarter of 2027.Read more

21 Mar 2023

The Maharashtra State Human Rights Commission (HRC) has taken action against CIDCO Managing Director for his “total non-action” against a private builder in the Parsik Hill slope cutting case. The HRC has directed the CIDCO MD to file his own affidavit explaining his stand before the next hearing in the case. The HRC will take up the case next on March 27. The environment department and Navi Mumbai Municipal Corporation (NMMC) have also been directed to submit their fresh affidavits.Read more

21 Mar 2023

The Bombay High Court has stayed the development of Bhagwati Greens Phase 2 in Kharghar, Navi Mumbai, until March 29. The court's decision was made in response to an order by the Maharashtra Real Estate Regulatory Authority (MahaRERA) that rendered the grievances of more than 100 flat buyers in the housing project as superfluous. The association of flat buyers had filed a complaint with MahaRERA, alleging that the builder, Bhagwati Developers, had proposed a fourth tower in a "multi-play area." The association challenged the MahaRERA order in the HC, prompting the court to stay further development of the project.Read more

20 Mar 2023

Earlier this week, the inhabitants of BPTP Spacio in Sector 37D, Gurugram, Haryana lodged a complaint with the police against the developer claiming the latter has not taken adequate measures to ensure the proper functioning of lifts in the high-rise building. The residents have expressed concern about the unsafe elevators and requested a definite solution to the issue. They reported that the automatic rescue devices in the lifts fail frequently, and that the lifts experience severe jolts during power surges or outages.Read more

20 Mar 2023

Max Estates, a subsidiary of Max Ventures and Industries Ltd (MaxVIL), has received approval from the National Company Law Tribunal (NCLT) to acquire a stalled mixed-use project called Delhi One in Noida through the insolvency process. The project was launched by Boulevard Projects Pvt Ltd, a Special Purpose Vehicle (SPV) owned by the promoters of realty firm 3C group, around a decade ago. It consists of one commercial tower, one hotel tower, retail spaces and three residential towers, with a total development potential of 30 lakh square feet. Nearly 300 stuck customers are expected to benefit from the acquisition.Read more

17 Mar 2023

L&T Finance is looking for buyers for a distressed real estate portfolio that includes loans granted to the Pune-based Xrbia Group according to reports published in ET Realty. The corporation has requested proposals for a loan book totalling Rs 880 crores that were issued to five Xrbia Group companies according to the sources. L&T has not established a reserve price for the portfolio but is still accepting expressions of interest (EoI) from asset reconstruction companies.Read more

16 Mar 2023

The Delhi Development Authority (DDA) has filed a complaint with the Central Bureau of Investigation (CBI) regarding alleged lapses in the construction of Signature View Apartments in South Delhi. According to the complaint, the builder,M/s Antriksh India Group, had promised to construct 2,352 flats but only 1,712 have been built. Moreover, the builder had promised to construct three towers, but only two have been built and the third one is yet to be constructed.Read more

15 Mar 2023

Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order concerning the distribution of Rs 740 crores in the Jaypee Infratech matter. The amount in question was deposited by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is undergoing insolvency proceedings since August 2017. According to sources, JAL has challenged the NCLT order over the distribution of the money. The matter is scheduled to be herd before a two-member bench of the NCLAT today.Read more