PNT Reporter

10 May 2023

The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers posted a combined net profit for the quarter ending March 31, 2023, of just Rs 54 lakh. The company reported in a BSE filing that it had recorded a profit after tax (PAT) of Rs 137.66 crore in the previous year's similar quarter. The paid up equity share capital increased by Rs 14.99 lakh during the year ended March 31, 2023 as a result of eligible employees exercising their stock options under ESOS.Read more

PNT Reporter

10 May 2023

In a recent development, the appellate tribunal NCLAT has admitted YEIDA's plea challenging the NCLT's order approving Suraksha Group's bid to acquire debt-ridden Jaypee Infratech. Although the appellate tribunal recognised ‘substantial merit’ in YEIDA’s appeal for higher compensation, it declined to issue a stay on the NCLT's order. As per the NCLT order dated March 7, 2023, YEIDA was allotted an additional farmer's compensation of Rs. 10 lakhs, which has been challenged by YEIDA. YEIDA's claims amount to Rs. 6,111.59 crores, including a 64.7 percent additional compensation payable to farmers.Read more

PNT Reporter

10 May 2023

The residents of Aakriti Eco City Society, a posh residential colony, are living in fear of losing their electricity supply as the builder has declared himself insolvent. The builder had set up a power substation in agreement with the Madhya Pradesh Electricity Board (MPEB), but bills were issued by AG 8 Limited instead of MPEB. The residents claimed to have made payment for all water and electricity bills to the builder. However, when the builder declared bankruptcy, it was discovered that bills had not been deposited with MPEB. The Residents Welfare Society urged MPEB to take over the electricity supply system, but this would require laying a new network of electrical supply, costing 3 to 4 crores.Read more

PNT Reporter

10 May 2023

In a housing scheme constructed for middle-income group beneficiaries under the Mukhyamantri Gruh Yojana Housing Scheme, the plaster from the ceiling of an apartment in Vinayak Residency fell in one of the rooms, narrowly missing three people. After this incident, other residents complained about incomplete work in the scheme, including the lack of a community hall, rainwater harvesting system, and only one lift instead of two. The Vadodara Municipal Corporation issued a notice to the contractor responsible for the construction of the apartments, who was asked to complete all pending work and ensure the safety of the residents. A team of officials was sent to conduct a survey of the apartments.Read more

PNT Reporter

09 May 2023

An investment of Rs 2,000 crore has been committed by real estate developer Casagrand to the construction of 15.5 million square feet of residential space in Bengaluru. The company plans to build 25 new residential complexes in various parts of Bengaluru this year after purchasing land parcels with a potential revenue of Rs 13,500 crore. Located off Kanakapura Main Road, Casagrand recently unveiled Casagrand Zaiden, a residential development with 2- and 3-bedroom homes beginning at Rs 74 lakh. The project will be completed in 24 months and is registered under RERA PRM/KA/RERA/1251/310/PR/120423/005862.Read more

PNT Reporter

09 May 2023

Advance India Projects Ltd (AIPL) has signed a contract with Ireo to invest around Rs 600 crore to complete the stalled 500-acre 'IREO Waterfront' township project in Ludhiana, Punjab. The project was launched in 2010 but got stuck due to financial problems. Over 1,000 homebuyers are waiting for possession of the plots, villas, and independent floors they purchased in the township. AIPL has paid approximately Rs 57 crore to the Government of Punjab and has streamlined payments to LIC Housing Finance Limited, which has resulted in the restoration of project approvals and conveyance deeds.Read more

PNT Reporter

08 May 2023

The National Green Tribunal (NGT) recently issued an order directing Jain Housing to pay a penalty of Rs 2.19 crore for violating environmental laws during the expansion of one of its premium projects in Thoraipakkam. In 2009, the company obtained environmental clearance to construct 412 dwelling units in the first phase and another 396 units in the second phase of the Jains Pebble Brook apartment. However, the company ended up constructing 620 dwelling units in the first phase alone, without obtaining consent from the Tamil Nadu Pollution Control Board (TNPCB) or revised environmental clearance for the entire project.Read more

PNT Reporter

08 May 2023

The Department of Town and Country Planning (DTCP) has issued a show cause notice to the developer of Vatika India Next Society for allegedly violating the approved layout and licence terms by installing gates at entry and exit points and allowing commercial establishments within the residential area. A team of government officials found violations throughout the society, and notices were issued to the developer, maintenance company, and president of the residents' welfare association. The developer has been ordered to remove the commercial outlets and gates placed unlawfully or face legal action.Read more

PNT Reporter

05 May 2023

After receiving a complaint from residents regarding the developer's delay in handing over maintenance of the residential society to the Resident Welfare Association (RWA), the Department of Town and Country Planning (DTCP) has sent a notice to the developer of the Oyster Grande in Gurugram's Sector 102. Residents claim that despite numerous meetings and reminders, the developer is unwilling to turn over control of the society's daily operations to RWA.Read more

PNT Reporter

05 May 2023

The Lucknow bench of the Allahabad High Court has granted bail to former CMD Kapil Wadhawan and Dheeraj Wadhawan of Dewan Housing Finance Ltd (DHFL) in a multi-crore provident fund fraud case. The defendants had been detained since May 26, 2020. The Wadhawans' names came up during the investigation after the FIR was filed on November 2, 2019, in response to a complaint made by IM Kaushal, the Trust's then-secretary. They were accused of investing the GPF and contributing PF in DHFL against the rules established by a 2015 Centre notification.Read more