PNT Reporter

15 May 2023

Former Chairman Anil Kumar Sharma of Amrapali Group was denied bail by the Supreme Court after being accused of cheating thousands of homebuyers and siphoning off their hard-earned money for personal benefit. The court stated that he did not deserve sympathy as he had left behind a mess, making it difficult for the court to tackle the problem. The company had 16 incomplete projects, consisting of 46,575 units in Noida, which required Rs. 8,000 crores to complete.Read more

PNT Reporter

15 May 2023

In an urgent move against illegal alterations, the Brihanmumbai Municipal Corporation (BMC) has issued stop work notices to 65 flats in two Malad-Marve high-rises. The owners, in violation of regulations, had undertaken unauthorized modifications, merged apartments and even installing lifts. The offenders, warned of demolition and penalties, now face significant consequences for compromising the structural integrity of their buildings. The BMC's swift action serves as a stark reminder about the importance of adhering to safety regulations and building codes.Read more

PNT Reporter

12 May 2023

Residents of Migsun Green Mansion in Greater Noida have filed a complaint with local authorities over an unauthorized temple being built in the complex's common area. The temple is being constructed on a park that serves as the only play area for children, leading to concerns about encroachment and reduced space. Tensions continue to rise between the residents and the builder, with each party disputing responsibility for the construction. The outcome of this conflict remains uncertain, as authorities have yet to intervene to resolve the issue and ensure the common area remains a safe and enjoyable space for all residents.Read more

PNT Reporter

12 May 2023

The Maharashtra state environment department has directed CIDCO to take action against Bhumiraj Builders for violating environmental norms on Parsik Hill. Despite being called for a hearing by the State Human Rights Commission, CIDCO failed to appear. The state environment department has given CIDCO seven days to act against the builder, who has been accused of cutting slopes on the hill in violation of the leave and license agreement. This is not the first time CIDCO has faced environmental issues.Read more

PNT Reporter

12 May 2023

Godrej Properties sees 75.48% growth in net profit by March 31, 2023, with its net consolidated total income reaching Rs.1,839 crore in Q4FY23, up by 20.77% from the previous year. The company's earnings per share has also seen a significant increase, reflecting its strong financial performance. In addition to its financial success, the company has added 18 new residential projects in key cities, showcasing its focus on sustainable and innovative development.Read more

PNT Reporter

12 May 2023

Dharmesh Jain and his brother Rajeev, directors of Nirmal Lifestyle Construction Company, were arrested and sent to judicial custody for failing to hand over flats to 54 buyers in three incomplete projects, cheating them of Rs. 43 crores. The court denied their bail application, fearing their influence could tamper with evidence. The Economic Offences Wing had taken up the case, with three FIRs registered against the Jain brothers for cheating more than 700 buyers.Read more

PNT Reporter

11 May 2023

Senior Town Planner Sanjeev Mann has called on the Department of Town and Country Planning (DTCP) to revise the payment plan for Mahira Homes in Gurugram's Sector 104, linking it to construction progress rather than a predetermined timeline. The request comes after homebuyers raised concerns about the stalled project and lack of construction progress. Mann's proposal aims to safeguard buyers' interests while pressuring the developer to prioritize the project's timely completion. The DTCP's response to these recommendations will play a crucial role in addressing the concerns of homebuyers and ensuring transparency and accountability in the real estate sector.Read more

PNT Reporter

11 May 2023

Supertech Ecovillage 1 residents in Greater Noida West have initiated an indefinite sit-in protest, demanding improved infrastructure and amenities. Key concerns include comparable electricity rates to Noida Power Company Limited (NPCL), rationalized covered parking charges, and completion of car parking facilities. While the builder claims negotiations are ongoing, the two new concerns require further investigation into financial implications. As a concession, the builder has offered to reduce charges for power increase and covered parking, but it remains to be seen if these offers will appease the protestors.Read more

PNT Reporter

11 May 2023

Residents of Gurugram's Chintels Paradiso, where two people perished in a building collapse last year, are requesting changes to the developer's compensation offer. Homeowners have two alternatives from Chintels India: a buyback offer or renovation, however the latter option has drawn criticism from locals because it entails paying an extra Rs 1,000 per square foot to the developer. Additionally, they are demanding that rent be paid up until the time that their apartments are rebuilt, and that the construction be completed within a certain amount of time.Read more

PNT Reporter

11 May 2023

Jaiprakash Associates, a flagship firm of the Jaypee Group, has defaulted on loans amounting to Rs 4,161 crore, including principal and interest amount. The company has been taking steps to reduce its borrowing and has proposed divestment of its cement business and restructuring. However, ICICI Bank has approached the National Company Law Tribunal (NCLT) Allahabad against the company under the Insolvency and Bankruptcy Code 2016, and SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore. JAL's debt reduction strategy will be crucial in determining its future prospects.Read more