08 Feb 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has set up a counselling centre offering online and offline in-person sessions at their office in BKC, Mumbai to assist homebuyers and developers in understanding the modalities and operations of the authority. Their goal is to help homebuyers in retrieving information about the construction progress of their purchase, filling complaints, and seeking redressal. Their counsellors will help developers clarify their issues regarding the regulatory requirements as mandated by the RERA Act 2016.Read more

08 Feb 2023

Gurugram based Chintels, who is the developer of the apartment building Paradiso, has sent a letter expressing his exasperation to the district administration after a fourth reevaluation of flats in Tower D took place. The evaluations are being done to compensate the residents previously living in Tower D which was declared unable to live in following a structural audit conducted by IIT-Delhi. The developer initially offered Rs 5,500 per sq ft as compensation. However, the residents have rejected this rate and subsequent evaluations by the district administration’s team.Read more

06 Feb 2023

Pre-sales for the December quarter at Sunteck Realty Ltd. increased by 12% YoY. The pre-sales jumped to Rs 396 crore from Rs 352 crore during the same period last year. Pre-sales increased 33 percent to Rs 1,066 crore during the nine-month period ending in December 2022 compared to Rs 800 crore during the same period last year. Additionally, the company's collection efficiency increased from 81 percent for the same period in the previous fiscal to 86 percent for the nine-month period ending in December 2022.Read more

03 Feb 2023

In a statement released on Thursday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) claims to have recovered over Rs 100 crore from developers via follow-ups on compensation orders previously doled out. So far, a total of 594 warrants have been issued for recovery of approximately Rs 414 crore from developers of Mumbai City, Mumbai Suburbs, Pune, and Raigad. Follow-up actions since December 2022 have resulted in developers across MMR, Pune and Raigad to cough up almost Rs 101 crore in relation to 118 defaulting projects.Read more

02 Feb 2023

Paranjape Construction Company and its partner have been ordered by the Thane District Consumer Disputes Redressal Forum to compensate 45 individuals who purchased apartments in their scheme at Vasai in 1986 with Rs 30,000 each for the failure to execute sale deeds in connection with those purchases over the course of the intervening years. The adversaries did not present a defence or show up for the hearings, stating that the allegations made by the complainants have been proven to be false.Read more

02 Feb 2023

The Haryana Real Estate Regulatory Authority (H-RERA) has recently issued a ruling that directs ISH Developers to refund the money of a buyer along with interest for failing to deliver a commercial unit according to the terms of the builder-buyer agreement. The buyer had made the purchase in September 2013 and was promised delivery of the unit within four years. In October 2020, the buyer finally approached the real estate regulator, expressing a desire to withdraw from the delayed project.Read more

01 Feb 2023

K Raheja Corp Homes, the residential development arm of the Realty developer K Raheja Corp, has entered into an agreement to develop a 1-million-square-foot luxury housing project in South Mumbai's Mahalaxmi neighbourhood. The project will be developed on a prime 3-acre land parcel currently owned by Modern India, which has business interests in infrastructure, power generation, and real estate. As part of the agreement, Modern India will receive a consideration for the sale of the land in the form of a percentage of sales revenue. The project will consist of two superstructure towers and will be completed by 2028.Read more

01 Feb 2023

The Bank of Baroda's stressed assets recovery branch has taken partial possession of the Nirmal Mall located in Mumbai's Mulund area on January 24, 2023, due to the mall's failure to repay a loan amount of Rs 161 crore. On December 6, 2019, the bank issued a demand notice to the mall and its Managing Director, Dharmesh Jain, calling for the loan to be repaid within 60 days. The partial possession was carried out under the Sarfaesi (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002.Read more

31 Jan 2023

The financial results of Arvind SmartSpaces Limited (ASL) were announced for the quarter and nine months ended December 31, 2022. Bookings increased by 24% YoY in the first nine months of FY23 from Rs. 451 crores to Rs. 558 crores. Revenue from operations increased by 71% YoY from Rs. 96 crores to Rs. 163 crores. It’s EBITDA increased by 6% YoY to Rs. 29 crores from Rs. 27 crores in the previous year. PAT increased by 47% YoY, from Rs. 11 crore to Rs. 16 crores.Read more

30 Jan 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to auction off the assets of N K Bhupeshbabu, a Navi Mumbai builder to compensate aggrieved homebuyers. The authority hopes to recover over six crore rupees through this auction, which will be conducted by the Raigad district authorities. The builder owes more than fifteen crore rupees in unpaid dues.Read more