17 Mar 2023

Haryana Shahari Vikas Pradhikaran (HSVP) has initiated proceedings to cancel the allotment, building plan approval, and registry of a prime residential plot in Sector 23A worth Rs 4.4 crore, which was bought by an individual by paying just Rs 600 last year. The plot of 500 square yards was sold through e-auction in 2021-22. The allottee made six transactions of Rs 100 each, while the HSVP’s plot and property management (PPM) system recorded that it received payment of Rs 4.4 crore. The irregularity came to light during an ongoing audit of HSVP’s bank accounts and the PPM system.Read more

17 Mar 2023

Residents of two hundred and forty flats in Dombivali, a town in Maharashtra's Thane district, have been evacuated from five buildings due to cracks that have developed in the structures. According to local MP Shrikant Shinde, the developer will provide the residents with rent during their stay in alternate accommodation. Shinde met with Kalyan Dombivali Municipal Corporation chief Bhausaheb Dangde and others to discuss the issue.Read more

16 Mar 2023

According to the New York Times, WeWork Inc is in conversation with investors to change the terms of its debt of over $3 billion and obtain additional funds. As a result of this news, the company’s stock increased by approximately 5% in after-hours trading.Read more

16 Mar 2023

Asian Hotels (West), which operates Hotel Hyatt Regency near Mumbai Airport and JW Marriott Hotel at Aerocity in New Delhi, has been admitted for corporate insolvency. Seven entities, including K Raheja Group, Devrrat Developers, Panchsil Corporate Park, GVPR Engineers, Jindal Power, and two consortiums, have expressed interest in acquiring the hotels. UV Asset Reconstruction Company (ARC) extended the deadline for submitting the resolution from March 10 to April 7. It holds 98.8% of the debt.Read more

16 Mar 2023

Last week, the Securities and Exchange Board of India (SEBI) lifted the securities market ban that had been imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL). The ban had been imposed in relation to a case concerning alleged fraudulent financial transactions. The regulator also announced that its investigation into the matter had been completed and quasi-judicial proceedings had been initiated against four other former promoters of DHFL: Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan (now known as Piramal Finance).Read more

16 Mar 2023

Earlier this week, The Mumbai Police announced that it would begin collecting details of properties rented out by people in the city. The aim of this activity it to create and maintain a record of all tenants who occupy rented properties. The move comes in the wake of rising concerns over the safety of women and children in rented properties. The injunction went into force last week for a period of 60 days, and anyone who violates it will be liable to be charged under the appropriate Indian Penal Code (IPC) provision.Read more

16 Mar 2023

Around 750 houses and shops located around the Velachery Lake in Chennai are facing eviction due to an ongoing clean-up drive in the area. The drive, initiated by the Chennai Corporation and the Water Resources Department, aims to remove illegal encroachments around the lake and restore its original capacity. The eviction drive is being carried out in phases, with the first phase covering areas around the lake's southern side. The eviction drive has faced criticism from some quarters, who argue that it is being carried out without providing adequate compensation or rehabilitation to the affected people.Read more

16 Mar 2023

The Maharashtra Virtual Incubation Centre (MVIC) is being established by the Maharashtra government in collaboration with 91Springboard Business Hub Pvt. Ltd., a leading co-working space provider that offers amenities like office infrastructure, administrative support, mentoring, access to networks, and community. Startups in Maharashtra would be given preferred access to MVIC's incubation-related goods and services, such as legal, finance, intellectual property, cloud, and mentoring.Read more

15 Mar 2023

In the latest development of the MahaRERA scam involving sixty five developers in Kalyan-Dombivli, the Enforcement Directorate (ED) has found that the two architects responsible for certifying the plan layouts for most of the illegally constructed buildings have provided false details about their firms. The ED team was unable to locate the offices of both architects during their visit to Dombivli last month and the mobile numbers provided belonged to other individuals. The ED is now seeking the assistance of bodies such as the Indian Institute of Architects (IIA) and the Council of Architects (COA).Read more

15 Mar 2023

The appointment of two consultants by the City and Industrial Development Corporation of Maharashtra (CIDCO) at a cost of Rs 699 crore has been called into question by Ambadas Danve, a Shiv Sena leader in the legislative council. CIDCO had awarded the contract to Heliosmedium Bazaar Pvt Ltd and Thoughtrains Designs Pvt Ltd to provide marketing, branding, sales, and post-sales services for 67,000 residential and commercial units developed under the Pradhan Mantri Awas Yojna (PMAY) project. However, activists have criticized the move as wasteful, arguing that CIDCO flats are always in high demand among the masses.Read more