PNT Reporter

01 May 2023

A consortium led by KGK Realty and Dhoot Infrastructure has won a Rs. 990 crore ($132m) bid to acquire Sare Gurugram, a unit of Sare Homes, which defaulted on its dues to creditors and failed to complete a township project. The two companies beat five other bidders, including Alpha Corp and Signature Global. Homeowners and financiers had filed claims worth around Rs. 2,100 crore when the company was admitted for bankruptcy, and the new plan will enable homeowners to obtain possession of their apartments within three years.Read more

PNT Reporter

28 Apr 2023

The Maharashtra Pollution Control Board (MPCB) has issued a show cause notice to Safal Developers on Bhau Daji Road, Sion for not obtaining N environmental clearance for their redevelopment project and causing noise pollution which is affecting senior citizens residing at an old age home nearby. Activists had complained about the sound pollution from the construction site and requested action.Read more

PNT Reporter

28 Apr 2023

The Indore District Administration warned Vatsalya Builders and Developers to settle accounts with plot buyers within a fortnight or face strict action and FIR. The company was accused of selling property without T&CP diversion of the colony and not carrying out registration and stamp duty formalities. The company has been instructed to submit a demand fee at the T&CP department to get its clearance and carry out registration of plots in a set time limit. ADM and colony cell officials have been roped into the matter to ensure the affected people receive complete rights to the plots they have paid for.Read more

PNT Reporter

28 Apr 2023

Smartworld Developers Pvt. Ltd, based in Gurgaon, plans to invest Rs 3300 crore in FY24 to build three projects totalling 11.5 million square feet. The company is expanding to Noida and Bengaluru and aims to reach a sales target of Rs 7,000 crores in FY23-24. The company has received funding from Motilal Oswal and previously from Piramal Group and IIFL. Smartworld Developers is known for developing high-end residential and commercial properties and has earned a reputation for delivering projects on time and to the highest quality standards.Read more

PNT Reporter

27 Apr 2023

The Income Tax department conducted searches on Tamil Nadu-based real estate firm G Square's premises across various locations in the state. G Square denied the allegations and said it had been subjected to unwarranted persecution. The company was accused of having links to the ruling DMK's 'first family', which it denied. Tamil Nadu Housing and Urban Development Minister S Muthusamy said no special concessions had been extended to G Square. The situation has sparked controversy and raised questions about the legitimacy of the allegations made against the company.Read more

PNT Reporter

27 Apr 2023

The developer of Malibu Towne and five other companies have been booked for unauthorized construction and encroachment on public land. The Department of Town and Country Planning (DTCP) urged the police commissioner to register an FIR against the companies, which was filed under sections 10(2) and 3 of the Haryana Development and Regulation of Urban Areas Act, 1975. The alleged crime came to light after a resident filed a complaint. Restoration orders were passed in March 2023 for the unauthorized construction, and the developer's reply to the notice was found unsatisfactory.Read more

PNT Reporter

25 Apr 2023

Real estate developer Prestige Estates Projects has signed an agreement to undertake a housing society redevelopment project in Mumbai's Worli locality, with a revenue potential of almost INR 60 billion ($802 million). The Shivshahi society redevelopment project involves 192 tenements spread over 3.3 acres opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road. The project has been stuck for over a decade. Prestige Estates has already repaid a loan worth INR 1.7 billion raised by the earlier developer and will invest another INR 5.78 billion towards construction costs, compensation to society members and premium towards availing fungible floor space index.Read more

PNT Reporter

25 Apr 2023

The Enforcement Directorate (ED) has frozen 119 bank accounts, two luxury vehicles, and some insurance policies under the anti-money laundering law after conducting raids on the promoters of a Bihar-based real estate company Agrani Homes Pvt. Ltd. The company and its directors have been accused of cheating and illegally diverting investments made by prospective homebuyers. The money laundering case against the company and its promoters stems from at least eight FIRs filed by the Bihar Police. The searches were conducted in various locations, including Patna, Varanasi, Lucknow, and Delhi.Read more

PNT Reporter

25 Apr 2023

The National Green Tribunal has asked the Haryana pollution board to revisit its closure order against the Malibu Towne residential colony, noting that homebuyers should not suffer due to the inaction of officials. The Haryana State Pollution Control Board had issued the closure notice against the developer of the Sector 47 colony in March for flouting environmental norms. However, the Malibu Towne RWAs' Federation argued that the closure notice was harsh. The NGT ordered HSPCB to clearly specify which parts of the project needed environmental clearance and ascertain third-party rights. HSPCB must submit an action taken report within two months.Read more

PNT Reporter

24 Apr 2023

The Gautam Buddh Nagar district administration has sealed the Noida office of real estate giant Supertech Group due to unpaid dues linked to the Supertech Township entity. The company claims the action is illegal, as the sealed office belongs to Supertech Limited. Supertech Group contends that, under the Corporate Insolvency Process initiated by the National Company Law Tribunal (NCLT), a moratorium clause prevents coercive recovery of dues. The company's Interim Resolution Personnel has requested the office's de-sealing and is considering taking the matter to the NCLT or Supreme Court.Read more