PNT Reporter

05 May 2023

AweSpace Ventures Private Limited has recently announced its entry into the Indian real estate development sector with a focus on luxury properties that are sustainable and environmentally friendly. With the increasing demand for luxury properties in India and the company's commitment to sustainability, it is poised to differentiate itself from its competitors. As India's real estate market continues to grow, AweSpace Ventures' entry is expected to provide new opportunities for investors and homebuyers alike.Read more

PNT Reporter

04 May 2023

Kolte-Patil Developers has announced the signing of two society redevelopment projects in the Mumbai Metropolitan Region, with a total saleable area of 7.3 lakh square feet. The project in Mulund-West is the largest society redevelopment project undertaken by the company in Mumbai, with a total saleable area of 6.1 lakh sq ft and a top-line potential of Rs 900 crore. The Vashi project has a total saleable area of 1.2 lakh sq ft and a top-line potential of Rs 300 crore and will be developed jointly with Nivasti Group.Read more

PNT Reporter

04 May 2023

The Economic Offences Wing of Mumbai Police has arrested developers Dharmesh Jain and Rajiv Jain of Nirmal Lifestyle for allegedly cheating 34 home buyers who had purchased flats in three projects for more than Rs 11 crore. The accused allegedly took money against bookings in 2011, promising that flats would be handed over in 2017, but the buyers allegedly did not get possession of the flats.Read more

PNT Reporter

04 May 2023

Chintels Group has made an offer to purchase 180 apartments from homeowners in three of its Gurugram project's buildings that were deemed hazardous following a partial collapse last year. The firm also provided the option to fix and/or rebuild the three towers, however if any tower needed to be redone, it would cost allottees Rs 1,000 per square foot (super area). The action was taken at the same time as the Supreme Court was hearing a citizens' petition demanding compensation and legal action against the developer.Read more

PNT Reporter

03 May 2023

The handover of the Dharavi redevelopment project to Adani Realty has been delayed due to uncertainties surrounding the calculation of Transfer of Development Rights (TDR), according to Mantralaya sources. Despite the hold-up, Adani has reaffirmed its commitment to the project. The company also raised queries regarding the government's concessions to the winning bidder, especially the TDR the project will generate and the GST compensation for Dharavi's commercial units. Officials suggest abolishing the current TDR indexation system to create a level playing field.Read more

PNT Reporter

03 May 2023

The Bombay High Court has issued a notice to Mumbai City Collector Rajiv Nivatkar and an authorized representative of Avarsekar Realty Pvt Ltd for not complying with a March 2023 order. A flat buyer had filed a contempt petition to recover compensation from the builder for delay in possession. The HC had restrained the builder from selling unsold flats in a 42-storey tower, but he filed an affidavit on March 25, which the HC observed "wilfully" did not comply with the March 8 order. The next hearing is on June 12.Read more

PNT Reporter

02 May 2023

Maharashtra CM Eknath Shinde has received a plea from Thane-based homebuyers, seeking intervention in the delayed Kalpataru Immensa project. Approximately 1,200 homebuyers have invested Rs 1,000 crore in the 1,500-apartment township but have not received possession. They also report difficulties in obtaining timely hearings from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The homebuyers hope that the Chief Minister's intervention will help them secure possession of their homes and address the challenges they face in navigating the slow judicial process.Read more

PNT Reporter

02 May 2023

Mahindra Lifespaces has secured a ?850 crore housing society redevelopment project in Malad West, Mumbai. The 3.6-acre project marks the company's second society redevelopment venture, reinforcing its focus on growth opportunities in areas with limited space for new construction. The redevelopment aims to provide residents with modern, upgraded living spaces, while enhancing local infrastructure and creating job opportunities. Mahindra Lifespaces has an extensive presence in the Mumbai Metropolitan Region and plans to continue expanding its residential portfolio by exploring similar redevelopment opportunities in the city.Read more

PNT Reporter

01 May 2023

Prestige Estates has reported a record-breaking sales booking of Rs. 12,930.9 crore for the last financial year, up by 25% on a year-to-year basis. The surge in sales bookings is attributed to the high demand for housing in the country. The company has sustained sales bookings of 15.09 million square feet, with an average realization of Rs. 8,812 per sq ft for apartments, villas, and commercial sales. With ambitious objectives set for the next three years, the company aims to double the sales this fiscal year.Read more

PNT Reporter

01 May 2023

Sobha shareholders voted against two resolutions proposed by the real estate developer to cap non-executive directors' remuneration. The first aimed to limit total remuneration at 5% of the company's net profit, while the second sought to allow Ravi Menon, non-executive director and chairperson, to receive over 50% of the total annual remuneration for FY2024. Shareholders and corporate governance firms expressed concerns over fairness and potential conflicts of interest. This decision emphasizes the importance of good governance practices and balanced remuneration policies for non-executive directors.Read more