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

20 Jan 2023

Mumbai based real estate conglomerate Shapoorji Pallonji Real Estate and investment firm PAG are gearing up to revive an ultra-luxury residential complex in Mahalaxmi, Mumbai. The project Minerva was launched by Lokhandwala Kataria Constructions in 2010 but eventually stalled on account of not being able to procure the requisite construction approvals for the planned FSI in a timely manner. Shapoorji Pallonji Real Estate will now take over branding, sales, and marketing for the project.Read more

19 Jan 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given Mumbai based Macrotech Developers and Terraform Realty (Everest Group) permission to form a Joint Venture (JV) to market, advertise and sell their joint venture project Lodha Bellevue in Mahalaxmi, Mumbai. The project is being built by Macrotech Developers on land owned by Terraform Realty Group’s entity Money Magnum Nest. The registration of this project was put on hold following two pleas filled by Urban Infrastructure Venture Capital Fund (UIVCF). The fund claimed the developers procured a RERA registration number for the project without having the requisite approvals such as the IOD and CC certificates.Read more

18 Jan 2023

In the newly developed residential and commercial core of Miyapur, Vertex unveiled its project Viraat, an upmarket, smart and sustainable residential neighbourhood. Vertex Viraat will include 1,428 units including 2 and 3 BHK houses in six skyscrapers with 30 stories and internal areas ranging from 1,340 to 2,030 square feet, erected on an 8.75-acre plot. It is touted to be a perfect blend of space, comfort, safety, and convenience offers customers a quiet and sustainable living.Read more

17 Jan 2023

Earlier last week the National Company Law Appellate Tribunal (NCLAT) rejected Wave’s Group’s appeal against insolvency proceedings initiated, thereby allowing Noida Authority to auction over 1 lac square meters of cancelled land in sectors 25A and 32 that was earlier allotted to the builder. The builder may still apply for restoration of the land and take advantage of the reschedulement policy under Noida Authority to clear pending dues and complete the stalled projects. The aggrieved investors are prepared to file a caveat with the Supreme Court should the developer choose to do so.Read more

13 Jan 2023

The builder’s association Confederation of Real Estate Developers’ Associations of India-NCR (CREDAI-NCR) has reached on the Union Environment Minister Bhupender Yadav to express their concern over multiple bans enforced on construction activities in the last few months. The builder’s association has cited that these bans have caused numerous delays to their projects and urged the minister to reconsider what activities should be banned to curb pollution. According to them normal construction work should be allowed to continue for the sake of homebuyers and daily wage labourers.Read more

11 Jan 2023

Trident Realty has witnessed remarkable sales in its freshly launched project Trident Hills in Panchkula. The project which was launched in the middle of November 2022 and has since then already sold residential plots worth 500 crores rupees. The developers were able to reach out to larger audience and simplify the process of booking plots with the help of a tech-enabled platform. Thanks to this superior use of technology, buyers were able to reserve 90% of the whole inventory online from the comfort of their homes in just 20 minutes. The project will be built up over the course of the next 7 to 8 years.Read more

10 Jan 2023

The affordable housing arm of construction mammoth Shaapoorji Pallonji Real Estate is gearing up to launch a new residential project in Hadapsar, Pune. The project will be built on a 9-acre plot of land over the next four years and will require an investment upwards of Rs 700 crores. The first of seven phases will be launched shortly, comprising 168 duplex apartments and penthouses distributed amongst two towers. Phase one will be developed across 2.8 lac square feet of space.Read more

10 Jan 2023

Bengaluru based real estate company Sobha Ltd has posted a 36 percent increase in sales bookings at Rs 1,424 crores for the quarter ending December 2022, indicating a robust rebound in demand. According to data published by the company in its regulatory filing, its sales bookings for the same period in the previous fiscal year was Rs 1,047 crores. The company sold 4.17 million square feet in total in the first nine months of current fiscal year, up 16.9% over the same period last year. In comparison to the previous financial year the average price realisation during the April to December period of FY23 increased to Rs 8,952 per square foot, whereas this year the average price realisation increased to Rs 9,650 per square foot, indicating a 21.9 percent rise.Read more

10 Jan 2023

Earlier this week, the CEO and vice-president of the Maharashtra Housing Area Development Authority (MHADA) announced that six buildings of 40-storeys each will be ready to be occupied by December 2024. These buildings are a part of the massive redevelopment project of BDD Chawal undertaken by the state government along with local governing bodies such as MHADA and SRA as well as private builders. The tenants eligible for homes in these six buildings will be the first to move into their new 500square feet of living space. The entire chawal is said to have over 9,500 tenants eligible for housing.Read more