PNT Reporter

18 Apr 2023

The Department of Town and Country Planning (DTCP) has issued show-cause notices to the structural engineer, architects, and others involved in the Chintels Paradiso residential society's construction in Gurugram after a fatal building collapse last year. The five individuals had certified the building's safety, but the incident has raised questions about their certifications. The DTCP has requested responses within 15 days to avoid potential blacklisting and license revocation. The incident has prompted authorities to consider stricter regulations and increased awareness of safety standards among residents.Read more

PNT Reporter

14 Apr 2023

The bankruptcy court of India has authorised Mumbai based developer KGK Realty to purchase Anudan Properties (India). The resolution plan for KGK Properties received 76.35% of the vote from the Committee of Creditors (COC). Several developers had also submitted resurrection ideas for the company including Aanya Real Estate, a group of Ashdan Properties, and NNP Buildcon. The development is a sign of an increasing trend of various established developers looking for real estate deals through the bankruptcy process and having strong financials.Read more

PNT Reporter

14 Apr 2023

The real estate and construction firm Renaissance Indus Infra has been accepted into the corporate insolvency resolution process (CIRP) as a result of a request made by Catalyst Trusteeship, one of its financial creditors. Following the company's failure to repay a debt of approximately Rs 444 crore, the lender filed a petition with the bankruptcy court.Read more

PNT Reporter

12 Apr 2023

Macrotech Developers, one of India's leading real estate firms, has reported a record sales booking of Rs 12,064 crore in the last fiscal year, which represents a 34% rise from the previous year. Despite a surge in interest rates on home loans, the company has delivered a strong pre-sales momentum. The collections of money from customers for the year stood at Rs 10,606 crore, up 23% YoY. The company has surpassed its full-year guidance and added twelve projects in FY23, with a sales potential of around 14 million square feet of about Rs 19,800 crore.Read more

PNT Reporter

06 Apr 2023

The Noida Authority has issued a show-cause notice to Three-C Green Developers for violating lease terms and not completing the project 12 years after land allotment. According to the lease terms, the developer had to complete the project within seven years. The notice stated that 15% of sports facilities were to be developed within three years of the date of allotment, while all the sports facilities were to be provided within five years. However, the developer failed on each timeline.Read more

06 Apr 2023

The Enforcement Directorate (ED) has attached 403 immovable properties worth Rs 83 crore belonging to Kalptaru Buildtech Corporation Limited, its group entities, and directors. These properties are located in cities such as Lucknow, Agra, Mathura, and Aligarh. The move comes after a case was registered against the firm in March 2022 under the Prevention of Money Laundering Act, 2002 (PMLA).Read more

PNT Reporter

05 Apr 2023

The Enforcement Directorate (ED) has attached assets worth Rs 150 crore belonging to the Rose Valley Group as part of an ongoing money laundering investigation. A provisional order led to the freezing of 139 immovable properties, including land, flats, and commercial spaces across Tripura, West Bengal, and Andaman and Nicobar Islands. The probe has revealed that the group collected funds by selling fraudulent schemes through a network of agents. The ED's investigation began in 2014, and the latest asset seizure marks a significant step towards recovering defrauded funds and ensuring justice for affected investors.Read more

PNT Reporter

04 Apr 2023

Last week, the Enforcement Directorate (ED) announced that it has taken control of 15 pieces of land in Gurugram, Haryana, valued at Rs 245 crore, as part of an investigation into money laundering allegations against real estate firm Unitech and its promoters. According to a statement from the agency, the land parcels are owned by Trikar Group, which is a benami group of Unitech. The ED had previously frozen these assets under sections of the Prevention of Money Laundering Act (PMLA), and now the agency has taken physical possession of the properties.Read more

PNT Reporter

04 Apr 2023

The revenue officials are set to auction 13 properties belonging to Holy Faith Builders and Developers Pvt Ltd, owned by MD Sani Francis, at the Ernakulam collectorate conference hall on May 12. This is the third time that the properties are being put up for auction after the government had attached them following a Supreme Court Order. Francis failed to remit Rs 42 crore he owed to the apartment owners in Holy Faith H2O, one of the four apartment complexes that were demolished in Maradu for violating CRZ rules.Read more

PNT Reporter

03 Apr 2023

Last week, the Enforcement Directorate took temporary possession of 24 properties belonging to Nowhera Shaik and Heera Group of companies, which were valued at Rs 33 crore. This was done under the Prevention of Money Laundering Act, in relation to the Heera gold scam. The investigation found that Nowhera Shaik and her companies had used some of the money obtained through illegal means to buy several properties in her name and that of her companies.Read more