19 Dec 2023

Mumbai police's Economic Offences Wing (EOW) has arrested developer Jayesh Tanna in connection with a housing fraud case involving 28 home buyers and Rs 40 crore. This marks Tanna's third arrest in housing fraud cases, as part of the ten FIRs he faces. The latest case involves the Goregaon Pearl Cooperative Housing Society, where Tanna allegedly diverted funds, failed to deliver promised flats, and left the project incomplete. Previous allegations include selling the same property to multiple buyers. Mumbai police's actions reflect a commitment to addressing malpractices and safeguarding homebuyers' interests.Read more

15 Dec 2023

DLF Group is set to re-enter Mumbai's property market with a project in Andheri West which is part of a Slum Rehabilitation Authority (SRA) initiative. The project is being developed in partnership with Trident Group. The first phase of this project encompasses 1 million sq ft, with DLF injecting Rs 400 crore as equity. DLF holds 51% of the special purpose vehicle and aims to launch before June 2024. This Andheri West project serves as a pilot and will influence DLF’s future Mumbai strategies. DLF's return follows strong financials, reporting a 29% YoY rise in Q2 net profit and targeting Rs 13,000 crore in sale bookings for the fiscal year.Read more

14 Dec 2023

Prestige Group, a prominent real estate developer, unveiled its first project in Calicut - Prestige Ocean Pearl. Spanning 6.5 acres along the beach road, the property hosts 530 finely-crafted homes in four high-rise towers, showcasing 3 and 4-bedroom units. Strategically located with excellent road connectivity, it boasts a landscaped podium, ensuring serene living. Amenities include an infinity pool, gym, clubhouse, and more, alongside a commitment to sustainability. The property's unique design offers maximum privacy, natural light, and cross ventilation. Prestige Ocean Pearl is set to redefine living in Calicut, combining luxury, strategic location, and eco-friendly features.Read more

14 Dec 2023

Shriram Properties (SPL) is set to strive for ambitious targets in FY23-24, projecting 4.8 million sq ft of pre-sales volume, valued between Rs 2,400 to Rs 2,500 crore. H1 FY24 results showcase sales volumes of 1.9 million sq ft and sales values of Rs 1,066 crore. SPL intends to deliver around 7 million sq ft in the next two years, with Pune as a focus for a 2 million sq ft project. The company is eying three new project launches in Q3 FY24. The New Delhi-based real estate firm is said to be seriously considering the fractional ownership model, anticipating market traction. The company, however, does not plan to explore Real Estate Investment Trusts (REITs) due to challenges in acquiring Grade-A assets.Read more

13 Dec 2023

Mumbai police arrested Niraj Vaid, director of Srinath Builders, in connection with a cheating case where a complainant paid nearly Rs 3.3 crore for a Ghatkopar flat, facing delays in possession. Vaid has around 10 cases related to cheating and forgery, and this arrest follows a similar incident in 2020. The complainant alleged Srinath Builders failed to complete the project on time, leading to the cheating case. Vaid and his wife faced accusations of accepting bookings but selling flats to third parties in earlier cases. This highlights recurring legal issues, emphasizing the need for regulatory compliance and transparency in real estate projects.Read more

13 Dec 2023

A Delhi court has initiated proceedings to declare builder Rahul Chamola, Director of 'Nivas Promoters Pvt Ltd,' an "absconder" in a case involving alleged cheating of home buyers in a Greater Noida project. The court observed that non-bailable warrants against Chamola were returned unexecuted, citing a change of address without proper intimation. The magistrate ordered the publication of a notice in a newspaper, emphasizing concerns about the accused's attempts to avoid court appearances through frivolous grounds. The case underscores challenges faced by home buyers and raises questions about accountability in the real estate sector.Read more

12 Dec 2023

Kalpataru Projects International Limited (KPIL) has secured fresh orders worth Rs 2,263 crore, spanning domestic and international markets. The transmission and distribution (T&D) division obtained orders of Rs 1,564 crore, covering Indian and overseas territories. Additionally, the water division and buildings and factories sector secured orders valued at Rs 458 crore and Rs 241 crore, respectively. The company's total order inflows now stand at Rs 14,441 crore, reflecting strategic advancements in various sectors. Presently, KPIL is actively involved in executing projects across more than 30 countries, with a footprint established in over 70 nations.Read more

09 Dec 2023

AltF Coworking, led by founder Yogesh Arora, plans to open 14 co-working centres in FY 2023–24 and an additional 22 in FY 2024–25, investing Rs 10 crore. Seeking $1–2 million in Q1 2024 for property acquisition, the company recently launched a 50,000-square-foot space in Okhla, New Delhi. Expansion targets Hyderabad, Pune, and Delhi NCR, recognizing challenges in tier-II and tier-III cities. Two properties opened in Noida and Gurugram in June 2023, adding to the existing 11 centres with over 5 lakh square feet of workspace and 6,000 desks. AltF's philosophy emphasizes creating optimal workspaces for happiness and efficiency.Read more

08 Dec 2023

Technopark in Thiruvananthapuram is set for a new development with the introduction of a 50,000 sq ft prefabricated office facility at the main campus (Phase 1). The initiative is inspired by the success of the Taurus Downtown project and aims to redefine workspace solutions. The tender for the project is expected to be released soon. Colonel Sanjeev Nair (Retd), CEO of Park Centre at Technopark, highlighted the significance of prefabrication for accommodating parking companies, offering time-saving benefits and potentially reducing the load on the queue system. The project aligns with Technopark's focus on optimizing existing infrastructure and enhancing marketability.Read more

08 Dec 2023

Wave City's Veridia project has unveiled an additional tower, enhancing the residential experience. With possession underway in Tower 1 and Tower 2, which have received completion certificates, over 600 families have already booked their homes. The development offers world-class amenities, including the expansive Oakwood clubhouse with facilities like a swimming pool, gym, library, multipurpose halls, and more. Veridia, launched in 2021, is located along the National Highway-24. The project offers 4 BHK and 5 BHK ultra-spacious floors with charging points for electric vehicles and home automation provisions.Read more