PNT Reporter

13 Jun 2023

B Lakshminarayana, the main accused in the Sahithi Infra scam, and his family members have managed to evade questioning by the Enforcement Directorate (ED) on multiple occasions. The ED, investigating the money laundering aspect of the case, plans to file a petition in court to compel the accused to cooperate. The scam involves defrauding homebuyers of crores of rupees through false promotion of high-rise apartments. The ED has instructed property transfers related to Sahithi to be halted, and investigations have revealed additional individuals involved in the fraud.Read more

PNT Reporter

13 Jun 2023

Ahmedabad Municipal Corporation (AMC) has approved a proposal to blacklist Jyoti InfraTech and Vande Mataram Projects Pvt Ltd for a period of five years. The companies failed to complete seven housing projects worth over Rs 500 crore within the agreed-upon timeframe. The AMC now faces the burden of Rs 100 crore to restart the projects with new contractors. The decision serves as a warning to other contractors and highlights the importance of adhering to project timelines. The AMC will need to find new contractors to ensure the completion of these housing initiatives.Read more

PNT Reporter

12 Jun 2023

Homebuyers at Tashee Capital Gateway in Gurugram protested the 13-year delay in receiving their apartments. When the project was first announced in 2010, the developer said it would be completed by 2015. In 2022, the developer was later taken over under the SWAMIH plan, but the work has moved slowly, and the developer hasn't made up the lost time compensation. Additionally, homebuyers claimed that the developer had broken H-Rera rules by altering the floor plan and turning the communal facility into a clubhouse. The essay focuses on the necessity for homeowners to take precautions against dishonest developers and guarantee the security of their investment.Read more

PNT Reporter

12 Jun 2023

Sigma One Universal introduces Sigma One Bizbay, an impressive eight-story commercial project located on Kumthekar Road in Pune. With its striking glass facade and strategic location in Pune's oldest shopping destination, Bizbay offers a thriving environment for retailers and entrepreneurs seeking growth and success. The project provides modern retail spaces, flexible office areas, and versatile commercial units, catering to various businesses. With high footfall and attractive rental yields, Bizbay presents a compelling investment opportunity in the Pune market.Read more

PNT Reporter

09 Jun 2023

Prestige Estates Projects has successfully completed two strategic acquisitions, gaining full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. These acquisitions are expected to greatly enhance the value of Prestige Estates Projects' rental portfolio. Prestige (BKC) Realtors is involved in the development of a project in Mumbai's Bandra Kurla Complex, offering Grade A office space with a gross leasable area of 2.79 million square feet. With these acquisitions, Prestige Estates Projects has reached significant milestones in its growth trajectory, solidifying its position in the real estate market.Read more

PNT Reporter

09 Jun 2023

Rohan Developers' director, Hareesh Mehta, was arrested on May 20 in a historic Rs 280 crore ($37M) bank fraud case, dating back two decades. The Central Bureau of Investigation alleges that Mehta, in collusion with others, duped the State Bank of India, using the fraud proceeds for personal gain and business investments. Currently in judicial custody, his bail hearing is impending. This significant arrest underscores the necessity for stringent scrutiny in India's booming real estate industry.Read more

PNT Reporter

09 Jun 2023

The Enforcement Directorate (ED) announced it has confiscated Rs 65.75 crore worth of assets from real estate conglomerates IREO and M3M. The seizures, part of an ongoing money laundering investigation, include luxury cars and jewellery. The ED conducted raids at seven locations in Delhi and Gurugram, during which top brass of the M3M Group were noticeably absent. IREO and M3M stand accused of siphoning off hundreds of crores through a complex network of shell companies, highlighting a potential major scandal within India's real estate industry.Read more

PNT Reporter

09 Jun 2023

An audit conducted by IIT-Delhi on Godrej Summit, a residential project near Dwarka Expressway, has raised concerns regarding the presence of chloride in the water supply. This chloride content poses a significant threat to concrete structures, necessitating the implementation of a strong maintenance system to mitigate the problem. The audit report recommends the establishment of a comprehensive framework to address this issue effectively and safeguard the durability of the buildings in the area.Read more

PNT Reporter

08 Jun 2023

Aggrieved buyers of Mahira Homes' affordable housing projects are staging an indefinite protest at Jantar Mantar, voicing their frustration over a one-year delay in handover. Approximately 5,000 homebuyers accuse HRera, DCP and other concerned authorities of failing to act against the developer's stalling tactics. The DTCP had previously revoked, then restored, the developer's license under strict conditions. However, the developer failed to resume construction. Now, they promise completion by December 2023, while their accounts remain frozen by HRera.Read more

PNT Reporter

08 Jun 2023

Shubhashish Homes, a renowned real estate developer in India, has successfully completed the Phase 2 handover of its Shubhashish Geeta project. The event received an overwhelming response from potential homeowners and the public, highlighting the company's commitment to customer satisfaction. Notably, the villas were handed over six months ahead of schedule, showcasing the developer's dedication to timely delivery. Shubhashish Geeta offers spacious villas with modern amenities in Jaipur, providing a luxurious living experience. The project has received positive reviews and is highly regarded for its quality construction, innovation, and attention to customer needs.Read more