PNT Reporter

08 Jun 2023

DAC Developers has launched 'DAC Prathyangira', a luxurious residential project in Chennai's Sholinganallur area. The complex offers 163 apartments with various configurations, including 2 and 3 BHK units and penthouses. With stunning amenities, such as an infinity pool and rooftop clubhouse, the project prioritizes the well-being of its residents. Its prime location near the Sri Prathyangira Devi Temple adds to its appeal, and the project is progressing steadily toward completion. 'DAC Prathyangira' presents a lavish living experience in a serene environment.Read more

PNT Reporter

08 Jun 2023

Keystone Realtors, operating under the Rustomjee Group brand, has acquired five new real estate projects in Mumbai. With a gross development value of over Rs 3,430 crore, the projects have a combined development potential of 1.28 million square feet. Keystone Realtors' robust financial performance, reduced net debt, and successful fundraising efforts position them to expand their presence and maintain a dominant position in the Mumbai real estate market.Read more

PNT Reporter

08 Jun 2023

After a decade of delays, Sidhartha Buildhome Private Limited's intention to finish two housing developments, Sidhartha Estella and Sidhartha NCR One/Greens, has been approved by the National Company Law Tribunal (NCLT), offering relief to over 800 purchasers. The projects were started in 2010–11, with a 2014–15 initial completion date. However, work ceased, and the developer declared bankruptcy in March 2021. The NCLT granted the developer's request to complete the projects and end the insolvency proceedings after two years of litigation.Read more

PNT Reporter

07 Jun 2023

WeWork India has unveiled three new flexible workspaces in Bengaluru: Princeville and Cherry Hills in the Embassy Golf Links Business Park, and Prestige Tech Park Jupiter near Marathahalli. Covering over 220,000 sq. ft., these additions provide 3,600+ new desks, with 60% already pre-committed. This development pushes WeWork India's Bengaluru presence to 22 facilities, underscoring the growing flexible workspace market in the city.Read more

PNT Reporter

07 Jun 2023

Labdhi Lifestyle has collaborated with Carta, a famous company that offers equity management solutions, to offer its workforce a complete ESOP experience. The development of the ESOP plan is fundamental to the company's principle of enhancing value for all major stakeholders. The ESOP program will be fully implemented within six months, offering employees a chance to actively contribute to the company's growth and feel a sense of ownership.Read more

PNT Reporter

07 Jun 2023

In response to an appeal by environmentalist Thomas Lawrence, the National Green Tribunal (NGT) has overturned the Environmental Clearance (EC) for the proposed expansion of Technopark phase III campus by Dragonstone Realty Private Limited. Citing a violation of a 2020 Supreme Court verdict, NGT slammed a penalty of Rs 15 crore on Dragonstone Realty for splitting the project. Further work on the project is halted until a new EC is obtained. The fine is set to fund district wetland improvements.Read more

PNT Reporter

07 Jun 2023

Mohamed Ali Alabbar, the Founder and Managing Director of Emaar Properties, is set to face questioning by Delhi Police's Economic Offences Wing in a forgery and trust breach case. This summons comes as part of an ongoing investigation into complaints from homebuyers alleging that Emaar India Limited misappropriated funds, misrepresented project details, and caused considerable delays in the delivery of a Gurugram housing project. Emaar India has confirmed receipt of the notice and promises full cooperation during the investigation.Read more

PNT Reporter

06 Jun 2023

A builder in Goa has been fined Rs 1.26 crore by the Goa State Environment Impact Assessment Authority (Goa-SEIAA) for starting construction activities on a project in Taleigao without obtaining the necessary environmental clearance. The residential-cum-commercial complex, consisting of four phases, including one on a hillside, was initiated without following the required procedures, violating the Environment Impact Assessment Notification 2006. The Goa-SEIAA imposed the penalty and directed the builder to apply for environmental clearance under the violation category.Read more

PNT Reporter

06 Jun 2023

The National Company Law Appellate Tribunal has dismissed a petition filed by the suspended promoter and director of Renaissance Indus Infra, a real estate and construction company, against the decision to admit the company under the corporate insolvency resolution process (CIRP). The bankruptcy court had accepted the plea of Catalyst Trusteeship, the financial creditor, after the company defaulted on dues worth Rs 444 crore. The NCLAT bench ruled in favour of the creditor, stating that the debt and default were not disputed, and the borrower had not responded to demand and enforcement notices. The ruling allows the CIRP to proceed, enabling the creditor to recover its dues.Read more

PNT Reporter

05 Jun 2023

Jaypee Infratech, currently undergoing insolvency proceedings, has postponed the endorsement of its financial records for the latest quarter and fiscal year due to pending cases in the appellate tribunal. The National Company Law Tribunal has approved the resolution plan proposed by the Suraksha Group to take over Jaypee Infratech. To facilitate the implementation of the plan, an Implementation and Monitoring Committee has been established. The company attributes the delay in financial statements to pending appeals and has requested an extension to accurately reflect the impact of the resolution plan.Read more