11 Jan 2024

Thane-based Vihang Group is set to invest over Rs 850 crore in four real estate projects spanning 5 million sq ft to meet the housing demands of Thane. Emphasizing a revenue potential exceeding Rs 2,000 crore, the developments aim to offer aspirational living for millennials. Vihang Group, committed to sustainability, plans to fund the projects through a mix of equity, working capital, and customer advances, targeting completion by 2027. With 80% focused on residential spaces and 20% on lifestyle, hospitality, and education, the initiative aligns with the evolving preferences of Thane's housing market, marking a strategic expansion.Read more

10 Jan 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted a one-year extension to the under-construction Palais Royale tower in Worli, Mumbai. The developer, Honest Shelters Pvt Ltd, sought the extension due to pending litigation. Despite observations by MahaRERA chairperson Ajoy Mehta about the lack of a two-thirds majority consent from homebuyers and outdated Quarterly Progress Reports, the extension was approved to ensure project completion under RERA provisions. The order mandated obtaining an Occupancy Certificate by December 30, 2024, and updating all reports. Palais Royale, initially promoted by Shreeram Urban Infrastructure Ltd, faced delays and legal challenges before its clearance in 2019.Read more

10 Jan 2024

Tridhaatu Realty recently received the Occupancy Certificate for the first phase of Tridhaatu Morya, a high-end residential project in Chembur, Mumbai. The development of this project will unfold in two phases; phase 1 will feature 1 & 2 BHK units and phase 2 will have larger 2 & 3 BHK configurations, including provisions for Jodi flats. Amenities include a grand entrance lobby, clubhouse, landscaped gardens, and eco-friendly features like solar panels. Situated strategically in Chembur, the project ensures seamless connectivity and access to essential services, solidifying its appeal.Read more

09 Jan 2024

Realty developer BPTP, via its subsidiary Countrywide Promoters Pvt Ltd, has acquired a 5.24-acre land parcel near Gurugram's Dwarka Expressway for Rs 87.27 crore. The strategic move aligns with BPTP's expansion efforts in Gurugram and Faridabad, where it holds over 600 acres. Following a recent sale of a 10-acre land parcel to Central Park for Rs 100 crore, BPTP reinforces its regional commitment. The acquired plot in Gurugram's Sector 113, near the operational Dwarka Expressway, adds to BPTP's extensive portfolio of completed residential and commercial projects. The real estate landscape, marked by active land acquisitions in 2023, reflects the sector's dynamic growth.Read more

09 Jan 2024

According to a recent regulatory filing, HDIL has received interest from 25 entities, including prominent names like Sheth Developers and Sunteck Realty, in its bankruptcy resolution process. The entities expressing interest, which include individuals and corporate entities, have been confirmed as eligible by the corporate insolvency resolution professional. HDIL faced insolvency troubles in 2019 when a petition by Bank of India citing a debt of Rs 520 crore was accepted by the National Company Law Tribunal (NCLT). The resolution process has attracted attention from established entities, indicating industry interest in reviving HDIL's fortunes. The next steps involve evaluating submissions and selecting a resolution applicant.Read more

08 Jan 2024

In a recent case, the Santacruz police in Mumbai filed a fresh case of cheating against Ahuja Developers, their directors, and Chinese partners. Accused individuals, including Jagdish Ahuja, Gautam Ahuja, Chandras Kotian, Ashok Gacheria, and Chinese company officials from Jia Vei, Liyank Shaung, Ya Wang, Snehanjali SB Developers, and Hive Carbon Zero Developers Private Limited, are alleged to have cheated a flat buyer of Rs 1.33 crore. The complainant, Prashant Bhat, claimed discrepancies in the allotment process. This follows a previous arrest of Jagdish Ahuja in January for a Rs 27-crore cheating case, adding to the legal troubles faced by Ahuja Developers and their associates. The police are actively investigating to ensure justice for the affected parties.Read more

08 Jan 2024

Godrej Properties' subsidiary, Oasis Landmarks LLP, faces a GST demand order of Rs 10.45 crore, along with interest and penalty, totalling Rs 22.54 crore. The order, dated December 31, 2023, alleges non-payment of GST related to turnover in the pre-GST regime, citing denial of input tax credit. Oasis Landmarks LLP plans to contest the order while asserting that the order has no significant impact on the company's finances or operations. Despite the challenge, the subsidiary expects a favourable outcome based on its assessment and current legal positions. Meanwhile, Godrej Properties recently acquired a four-acre land parcel in Yeshwanthpur, Bengaluru, with significant development potential and an estimated revenue of Rs 1,000 crore.Read more

05 Jan 2024

MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.Read more

05 Jan 2024

The Enforcement Directorate (ED) has attached properties worth Rs 54 lakh belonging to Jarnail Singh Bajwa, owner of Bajwa Developers, under the Prevention of Money Laundering Act. Following Mohali police fraud cases, investigations revealed that Bajwa, as Managing Director, allegedly defrauded individuals of Rs 3.17 crore by promising residential plots through his firm. Earlier arrested in March 2022, he was rearrested in September. The ED's action signals a crackdown on financial wrongdoing and underscores the need for stringent measures to address corruption in the real estate sector, safeguarding public interests.Read more

04 Jan 2024

Godrej Properties has acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq ft. The project, estimated to yield Rs 1,000 crore, could reach Rs 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel. Gaurav Pandey, MD & CEO, stated this move strengthens their presence in Bengaluru. The company aims to capitalize on housing demand, targeting multiple land acquisitions this fiscal to generate around Rs 15,000 crore in revenue post-development. Godrej Properties achieved a 48% sales booking growth, reaching Rs 7,288 crore during April-September 2023-24.Read more