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

PNT Reporter

21 Apr 2023

Realty developer M3M India announced its highest-ever sales of ?213,000 crore in FY23, doubling its revenue from the previous year. The company expects to reach ?720,000 crore in sales in FY24, driven by rising demand for residential properties. M3M plans to launch 8-10 mid-luxury residential and commercial projects in Gurugram, Noida, and Panipat, offering 14-15 million square feet of saleable space. The developer's expansion plans include strategic partnerships, a focus on sustainability, and entry into new markets such as Noida and Panipat.Read more

PNT Reporter

21 Apr 2023

Kolte-Patil Developers Ltd, has claimed that a higher demand led to a 28% increase in sales bookings to Rs 2,232 crore during the previous fiscal year. According to it regulatory filing, they had sales bookings of Rs 1,739 Cr during the last 12-month period. The company's sales volumes increased by 21% while its average price realisation per square foot increased by 6% during the fiscal year 2022–2023.Read more

PNT Reporter

20 Apr 2023

The Oberoi Group announced the opening of Trident Residences in New Delhi on Wednesday. The 19 custom apartments will be completed by 2024 and are available for purchase this summer. The flats which will be built by BI Design will consist of four penthouses, eight units with three bedrooms and seven with four bedrooms. Sizes will range from 3,600 square feet to 9,300 square feet, and they would cost between 18 and 44 crores.Read more

PNT Reporter

20 Apr 2023

According to data recently published by the company, Godrej Properties has reported Rs 14.051 crores in bookings for the March quarter which brings its FY23 total to 12.232 crores, up by 56% and more than a fifth ahead of the annual guidance. Sales volumes increased by 19% sequentially to 5.25 million sq. ft. for the quarter from 4.12 million sq. ft. Sales volumes increased 40% over the course of the year from 10.84 million sq. ft. to 15.21 million sq. ft.Read more

PNT Reporter

19 Apr 2023

Bengaluru based real estate firm Puravankara reported a 29% increase in sales bookings to a record Rs 3,107 crore in the last fiscal year, attributed to higher volumes and better price realisation amid strong housing demand. The housing segment contributed 100% to the total sales booking, with sales realisation rising 14% to Rs 7,768 per square feet. In the last fiscal year, the housing segment contributed 100% to the total sales booking, compared to the previous year, where residential properties made up around 98-99% of sales with the remainder from commercial asset sales.Read more

PNT Reporter

19 Apr 2023

Real estate tycoon Gopal Ansal has been ordered to stand trial for allegedly cheating and defrauding a private company and its promoters in the name of investment in a building at Connaught Place in Delhi in 1991. He faces charges of cheating, forgery and criminal conspiracy, while Sushil Ansal, a director of Ansal Properties, has been discharged. The complainant, Sachdeva & Sons Industries, had invested in Statesman House through an employee who was known to Gopal Ansal, but later discovered that receipts were issued only in the name of the employee and that the money was diverted to book a flat for him.Read more

PNT Reporter

18 Apr 2023

MHADA has issued Occupation Certificates for the free-sale component buildings in Mumbai's controversial Patra Chawl redevelopment project, following the Bombay High Court's directive. The decision provides relief to homebuyers who have faced delays and uncertainties since the project's initiation in 2008. With Kalpataru and Ekta Group's projects receiving OCs, homebuyers can now expect handovers soon. The long-delayed project highlights the need for stronger regulations and oversight in urban redevelopment to ensure timely completion and protect home buyers' interests.Read more

PNT Reporter

18 Apr 2023

The Supreme Court has set aside an order granting bail to jailed ex-Unitech promoters Sanjay Chandra and Ajay Chandra related to alleged swindling of funds of home buyers. The court directed the brothers to approach it for bail or other reliefs. They are currently lodged in two separate jails in Mumbai. The court had earlier directed them to surrender to Tihar Jail authorities on or before March 22, 2021. Both promoters are said to have served more than five years in custody for the alleged offences.Read more

PNT Reporter

18 Apr 2023

The Enforcement Directorate (ED) has attached assets worth over Rs 40 crore belonging to real estate group Supertech and its directors under the Prevention of Money Laundering Act (PMLA). The ED alleges that the company and its directors engaged in criminal conspiracy to cheat people by collecting funds from prospective buyers as an advance against booked flats in their real estate projects but failed to deliver possession of the flats on time, thus defrauding the public.Read more