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

30 Jan 2023

“Neelaya” by Naiknavare Developers has received a copious response from prospective home buyers just two months into its launch in October 2022. The company has sold more than 100 units in Neelaya which is a 3.5-acre development with three buildings. Tower A is ready, tower B is nearing possession and C tower is currently under construction. Neelaya's 1 and 2 BHK apartments have sold the fastest out of all the units due to high demand. The housing development provides residents with exclusive parking and a vast array of top-notch amenities.Read more

27 Jan 2023

Developers in Mumbai have requested leniency in the payment of development charges for the redevelopment of old buildings on land owned by the Maharashtra Housing and Area Development Authority (MHADA) after the Bombay HC, in its order in October 2022, ruled that developers undertaking redevelopment on state-owned land will not be exempted from paying development charges under the MRTP Act. matter is under consideration in the Supreme Court.Read more

27 Jan 2023

The Haryana Real Estate Regulatory Authority (HRERA) has ordered the promoter of the ILD Grand project in Gurugram to refund Rs 72 lakh to a buyer due to the builder's failure to deliver the housing unit by the August 2017 deadline. The developer confirmed that the project has not yet received an occupancy certificate because the construction work is not yet finished. The project has now been granted financial assistance by the SWAMIH fund and its new deadline is December 2023.Read more

27 Jan 2023

Puravankara Limited has recorded sales totalling Rs. 796 crores in the third quarter which is the company's highest-ever sales for any year since its founding. This represents a 20% increase over the Rs. 666 crores reported in Q3FY22. The company reported sales at Rs. 2,100 crores for the nine months that ended in December 2022, a rise of 33% over the same period the previous year. Along with this impressive growth in sales, the company also experienced an increase in customer collections which rose to Rs. 621 crores in Q3FY23 from Rs. 344 crores in Q3FY22. The net debt remained consistent with the prior quarter.Read more

26 Jan 2023

CIDCO has issued a show-cause notice to Bhumiraj Builders for violating the terms of an agreement regarding the maintenance and plantation of Parsik Hill slope. The developer has been given two weeks to remove the illegal construction or face legal action. The developer on the other hand has denied the use of heavy machinery to dig or excavate the hill slope and has stated that their actions were for soil stabilization and stormwater systems. A joint site survey was conducted by CIDCO, NMMC, MPCB, Forest and Police and a report was submitted to HRC, citing the breaching of conditions in the leave and license agreement between CIDCO and the developer.Read more

24 Jan 2023

Pune based Kolte-Patil Developers Limited recently announced that it achieved its highest-ever quarterly pre-sales figures in Q3 FY23 both in terms of value and volume. They launched 6 new projects in the quarter which made up more than 57 percent of their total sales for the quarter. Life Republic, their flagship project alone sold of 6.62 lac square feet. During the first nine months of FY23, sales of Rs. 1,528 crores, up 23% year over year were generated from both ongoing and recent releases. The 9M FY23 collections increased by 22% to Rs. 1,313 crores.Read more

23 Jan 2023

Mumbai-based Mahindra Lifespaces, the realty arm of the Mahindra Group, is set to redevelop two residential societies in the western suburb Santacruz, Mumbai. Both projects will be developed on a land parcel of approximately 1.2 acres. The developers believe the project will have a revenue potential of Rs 500 crores. Both parties will execute definitive documents once due diligence is complete. Prime localities in Mumbai city offer little to no scope for green field developments. The housing society redevelopment market is estimated to currently be worth over Rs 30,000 crores.Read more

23 Jan 2023

Lenders of the now defunct hotel business in Powai, Mumbai owned by Rajesh Lifespaces, have set a base price of Rs 305 crores for the final auction of the business scheduled for 24th January 2023. Interested bidders will now have to increase their base price by Rs 10 crores if they wish to continue participating. Initial investors include Sankalp Recreation, Rare Asset Reconstruction Co., Bright Star Investments, Rajesh Business & Leisure Hotels, Shri Ram Multicom, Unison Hotels and Rockwood Hotels & Resorts. The project was marked as a non-performing asset on the books of the banks in 2019.Read more

20 Jan 2023

Earlier this week, the Central Bureau of Investigation (CBI) logged an FIR against Ashok Saloman, Managing Director of Chintels Group in a case concerning the partial collapse of the Chintels Paradiso apartment complex in Gurugram last year that claimed the lives of two women. The husband of one of the deceased women, who was also severely injured in the accident, filled cases against the developer under IPC sections 304-A and 420. In December 2021, the Gurugram Police arrested Mr Amit Austin, the proprietor of Manish Switchgear and Construction, the company commissioned to conduct the repair work of the building after a magisterial inquiry found that the retrofitting in Flat D603 was the key trigger for the collapse.Read more