PNT Reporter

05 Jun 2023

The Uttar Pradesh Pollution Control Board (UPPCB) cracks down on illegal groundwater extraction in Noida and imposes a hefty fine on 38 builders found guilty of using borewells for illegal extraction. The builders are given a 15-day deadline to deposit the fine. The action follows a thorough evaluation by a joint committee formed by the National Green Tribunal, revealing widespread violations. The UPPCB aims to deter such violations and promote responsible water usage to protect the region's water resources and ecosystem.Read more

PNT Reporter

05 Jun 2023

Trehan Group, a prominent real estate developer in Rajasthan, has announced the launch of Trehan Vistaar, a residential plot project in Alwar. The project, strategically located on the Delhi-Bhiwadi State Highway and connected to the Delhi-Mumbai Industrial Corridor (DMIC), offers excellent connectivity and convenience for residents. Divided into four phases, the project will deliver 393 plots in the first phase within a two-year timeframe. Trehan Group plans to provide a range of amenities, including gated security, a clubhouse, parks, water harvesting, sewerage facilities, and well-developed roads, creating a desirable residential township.Read more

PNT Reporter

02 Jun 2023

Thane revenue authorities have taken action by attaching a flat belonging to the promoter of the Green World project in Airoli. This action was initiated due to the promoter's failure to deliver a flat that had been booked by a senior citizen in 2013. The promoter challenged the order from the Maharashtra Real Estate Regulatory Authority (MahaRERA), but their appeal was rejected by the High Court. As a result, attachment proceedings were initiated to recover an amount exceeding Rs 1.3 crore. The promoter had sold the flat to a third party, leading to a complaint with MahaRERA and subsequent orders for a refund.Read more

PNT Reporter

02 Jun 2023

The UP Police's Economic Offences Wing (EOW) has made significant progress in its investigation into Shine City Company, a real estate firm based in Prayagraj. The director of the company, Faiz Ahmed, and his associate Shailendra Patel have been apprehended. The investigation has revealed over 200 FIRs against the company and the seizure of properties worth Rs 100 crore by the Enforcement Directorate (ED) under the money laundering Act. Shine City engaged in fraudulent schemes, promising investors land or high returns on their investment but failing to deliver. The EOW is continuing its probe to uncover more details about Shine City's illegal activities.Read more

PNT Reporter

01 Jun 2023

Despite police notices and fines, Ecovillage residents persist in a peaceful protest against Supertech builder, claiming inadequate basic amenities. Over the past month, protestors have faced legal repercussions, but remain unwavering. Accusations suggest police bias towards the builder, yet no actions have been taken against Supertech despite numerous complaints. Protestors are demanding improved infrastructure, and better water and sewage management. As authorities strive to maintain peace, it remains to be seen how this situation will unfold and if the residents' demands will be addressed.Read more

PNT Reporter

01 Jun 2023

Last week, CM Saikanth Varma, the Commissioner of the Greater Visakhapatnam Municipal Corporation (GVMC), visited a TIDCO housing colony in Satyanarayanapuram to evaluate the progress of construction works. The housing units, totalling 2,750, are nearing completion, with infrastructure works already finished. The wider TIDCO housing project in Visakhapatnam district involves the construction of 24,000 units of varying sizes, aiming to provide affordable housing options to different income groups.Read more

PNT Reporter

31 May 2023

Real estate developer Oberoi Realty has signed an MoU with NRB Bearings to acquire a 6.4-acre plot of land in Thane, adjacent to its existing land. The company reported significant growth in net consolidated profit for the quarter ending March 2023. The acquisition aims to strengthen Oberoi Realty's position in the real estate market and provide opportunities for further growth. Extensive market research will be conducted to tailor the development to meet local market demands, while customer service remains a priority.Read more

PNT Reporter

31 May 2023

Shriram Properties has acquired 100% development rights for an ongoing residential project, named "Divine City", in Chennai for Rs 185 crore. The deal includes the development rights in phase 2 and 3 of the project, with a saleable area of 1.9 million sq. ft and revenue potential of approximately Rs 1,200 crore in the next five years. Shriram Properties is planning to re-launch the project under a new identity in H1-FY24. Shriram Properties is targeting to launch two new projects in the Chennai market over the next 12-18 months, with a combined saleable area of 3.3 million sq. ft.Read more

PNT Reporter

30 May 2023

The joint venture between Sumitomo Corporation and Krishna Group, known as Krisumi Corporation, is embarking on the second phase of its residential development project called "Krisumi City" in Gurugram. With plans to allocate a substantial budget and achieve high revenues, the company aims to deliver phase 1 occupancy by January 2024 and continue with additional stages. The initial sales of the luxury suite project were swift, and positive feedback from clients has been received. Krisumi Corporation is also establishing a hospitality arm to manage the residential apartments, while Sumitomo looks to make a significant investment in India.Read more

PNT Reporter

30 May 2023

The Managing Director and Director of Holy Faith Builders and Developers Pvt Ltd, Sani Francis and Vinod George, have had their personal assets seized by tax authorities in response to the ongoing struggles faced by apartment owners in the demolished Holy Faith H2O building in Maradu. Following a Supreme Court order, 15 personal possessions, including properties owned by Francis and George, have been attached. While apartment owners in three other demolished buildings have received compensation, those affected by the Holy Faith H2O development are still awaiting reimbursement.Read more