20 Jun 2023

SEBI plans to auction 11 properties of Arise Bhoomi Developers and its directors, located in Uttar Pradesh and Maharashtra, with a reserve price of over Rs 43 crore. The properties were involved in unregistered investment schemes, and SEBI aims to recover investors' money through the auction. Adroit Technical Services Ltd. will assist in the online auction, scheduled for July 14th. Previous attempts to refund investors' money and attach bank accounts were unsuccessful. SEBI imposed fines and prohibited the company and its directors from the securities market. The auction aims to uphold regulatory compliance and restore investor confidence.Read more

PNT Reporter

19 Jun 2023

Sundaram Home Finance Ltd. (SHFL) plans to enter the affordable housing segment, targeting loans up to Rs 35 lakh. The market outlook is positive, with expected growth surpassing small business loans. SHFL aims to expand in Tier II and Tier III cities, meeting the rising demand for homeownership. Following success in the small business loan sector, SHFL will open new branches in Tamil Nadu and expand into Telangana, Andhra Pradesh, and other regions. Stable interest rates and strong buying sentiment support the housing market's recovery. SHFL remains committed to reducing non-performing assets and maintaining high collection rates while prioritizing stakeholder satisfaction.Read more

PNT Reporter

19 Jun 2023

The Adityaram Group has launched Adityaram Palace, India's largest palace, and Adityaram Palace City, South India's first palace-themed villas. The palace and villas offer customers a luxurious and elegant living experience, combining contemporary design with the rich cultural heritage of South India. The Adityaram Group aims to create iconic landmarks and has a strong track record in delivering landmark projects. The palace-themed villas feature ornate facades, majestic courtyards, and exquisite interiors, providing homeowners with a regal lifestyle. With state-of-the-art amenities and meticulous attention to detail, Adityaram Palace offers residents a palatial living experience.Read more

PNT Reporter

19 Jun 2023

SEBI plans to auction 61 properties owned by the Saradha Group on July 17 to recover funds acquired through illicit schemes. The auction, with a reserve price of over Rs 26 crore, includes land parcels in West Bengal. Quikr Realty and C1 India will assist in the sale. The Calcutta High Court's order directs SEBI to complete the auction within three months. Saradha Group, accused of chit-fund operations, raised Rs 4,000 crore before collapsing in 2013. Potential bidders must conduct thorough investigations into property liabilities. The successful bidder bears transfer costs and taxes.Read more

PNT Reporter

16 Jun 2023

Gurugram-based real estate firm, Ninex Developers, and its executives have been indicted for allegedly defrauding homebuyers by selling their assigned flats to another company. The case, highlighted by complainant Rajendra Anand, involves flats booked for over Rs 1 crore, which were later illicitly mortgaged. Despite a promised settlement, the firm has reportedly failed to deliver. Police investigations are ongoing under IPC sections for criminal breach of trust, cheating, and conspiracy, following directions from the Punjab and Haryana high court. The developer remains unavailable for comment.Read more

16 Jun 2023

Risland's Sky Mansion project in Chhatarpur, New Delhi, has gained MCD and RERA approvals. The project offers penthouses and luxury apartments with three and four bedrooms. In addition, Sky Mansion offers uninterrupted views of the spectacular Aravalli Greens, a magnificent 1 lakh square foot clubhouse, and a parking area for more than 500 cars. Sky Mansion is slated to reinvent luxury living in South Delhi, and 65% of the flats have already been sold, demonstrating both the resounding interest in the project and the confidence that people have in Island's superb craftsmanship.Read more

PNT Reporter

15 Jun 2023

Awfis, a leading coworking space provider, has partnered with NSL (Nuziveedu Seeds Pvt Ltd) to open coworking spaces in Bangalore and Hyderabad. The collaboration aims to meet the growing demand for flexible workspaces and support the entrepreneurial community in these cities. The new centres, located in Banjara Hills, Hyderabad, and Prestige Technology Park, Bangalore, will provide high-quality facilities and resources. With this expansion, Awfis strengthens its commitment to offering clients top-notch flexible workspaces in key Indian markets. The rise of flexible workspaces is expected to have a significant impact on the Indian real estate industry, creating new opportunities for developers, landlords, and businesses.Read more

PNT Reporter

15 Jun 2023

Real estate developer Kalpataru and Indian Hume Pipe Company have agreed to a revenue-sharing arrangement for the development of a mixed-use project on a 15-acre tract of property in the Vadgaon neighborhood of Pune. The project is expected to generate Rs 2,500 crore in revenue overall, of which Kalpataru will receive about Rs 1,700 crore. Over the course of the next 6-7 years, the project will be built out in two phases, with premium residential development making up 90% of it and commercial development the remaining 10%. Additionally, HDFC Capital most recently contributed Rs 1,450 crore to Kalpataru's project and land portfolio.Read more

PNT Reporter

14 Jun 2023

Roop Kumar Bansal, a director of M3M, was detained by the Enforcement Directorate (ED) over alleged money laundering and diversion of investors' funds involving IREO and M3M real estate groups. The arrest follows a probe into financial irregularities amounting to hundreds of crores. ED's recent raids led to the seizure of luxury assets worth Rs 65.75 crore. This arrest underlines the enforcement authorities' commitment to combating financial fraud, particularly in the real estate sector.Read more

PNT Reporter

13 Jun 2023

Provident Housing, a leading real estate developer, has launched its "1 tree per home" campaign as part of World Environment Month. The initiative kicked off with a large-scale plantation drive at a project site in Bagalur, Bengaluru. Over the next month, similar drives will take place at four more project sites, where 10% of the committed number of trees will be planted. The campaign aims to highlight Provident's commitment to sustainability and environmental conservation. Trees will be planted at various project sites, including Bengaluru and Kochi, creating a greener and more sustainable future for residents.Read more