01 Nov 2023

The Bombay High Court has taken a decisive stance by ordering the Director General of Police (DGP) to launch a thorough investigation into a prominent builder accused of defrauding over 11,500 flat buyers in Thane. Expressing strong disapproval of the lacklustre investigative approach, the court emphasized the need to prioritize the victims' interests over the accused. The case involves allegations against Karam Infrastructure Private Limited and its directors. The DGP has been given four weeks to complete the inquiry, highlighting the urgency of addressing this alleged fraud and delivering justice to the victims.Read more

01 Nov 2023

Mumbai's BMC has terminated a contract with DBS Realty for a project to construct 4,000 tenements for project-affected people (PAPs) due to the developer's failure to transfer land titles as required under the "credit note" policy. Under the "credit note" policy, the BMC wanted developers to buy land, construct houses and give them to the BMC in exchange for a credit note which can be sold in the market or to settle BMC dues. The BMC was to pay DBS Realty Rs 1,584 crore for this project. The PAP scheme was introduced to construct over 35,000 flats for rehabilitating people whose homes might be demolished for various civic infrastructure projects. BMC has already issued credit notes worth about Rs 350 crore to developers though actual construction work hadn’t started in most of them.Read more

01 Nov 2023

Former M3M Group promoter Roop Bansal has withdrawn his application for anticipatory bail following an FIR filed against him by the anti-corruption bureau (ACB) in April. Notably, the ACB had prepared a response to the bail application but did not file it due to the withdrawal. The case involves charges under the IPC and the Prevention of Corruption Act and also involves former CBI judge Sudhir Parmar and his nephew Ajay Parmar, who are in judicial custody for their involvement in a PMLA case. Roop Bansal faces allegations related to the misappropriation of funds from investors of the Ireo Group. This strategic withdrawal keeps the legal proceedings open-ended, leaving room for further developments in this intricate legal puzzle.Read more

01 Nov 2023

Oberoi Realty (ORL) has divested its 31.67% stake in Sangam City Township to Balewadi Techpark for Rs 3.60 crore. This move follows a 17% decline in sales bookings for ORL in the quarter ending September 30, 2023. However, the company maintains a strong financial position, reporting a significant increase in profit after tax and net consolidated total income. ORL's strategic divestment decisions and ongoing real estate developments, including a project in Tardeo, Mumbai, showcase its resilience and adaptability in the face of market challenges, reaffirming its position as a key player in the real estate sector.Read more

31 Oct 2023

The Mumbai Repairs and Reconstruction Board (MRRB) has taken action against Satra Property Developers and Firstwave Developers, who are managing the redevelopment of Mahavir Building complex in Matunga. The MRRB issued a stop-work notice after the builders failed to settle outstanding rent payments to original occupants, consisting of more than 200 shopkeepers and tenants, despite a prior order to do so. Consequently, the MRRB revoked the No Objection Certificate (NOC) for the project and halted construction activities related to the property's sale component. The project is one of the largest redevelopment projects in Mumbai and aims to redevelop an area of 5560 sq.m. in Matunga East.Read more

31 Oct 2023

Shravan Kumar Chaudhary, director of Gujara Construction Pvt Ltd, was arrested at Delhi's airport over a fraudulent property deal involving over Rs 2.3 crore. The victim, Sushil Kumar of Noida, filed a complaint alleging Chaudhary duped him in a fraudulent property transaction. Chaudhary had claimed ownership of a seven-story building in Harola village, Sector 5, and promised to sell half of it for Rs. 9.50 crores. The real owner was later identified as the Noida Authority. Chaudhary is now in police custody.Read more

31 Oct 2023

The Prestige Group is embarking on a range of real estate projects across India, with a notable focus on luxury housing in Central Delhi in collaboration with TDI. They are actively seeking additional land in Delhi-NCR for more housing projects. In Aerocity, a significant commercial project featuring two large hotels is in progress, set to be completed by 2025-26. The group is also partnering with ACE Group for a mid-income housing project in Noida's Sector 150, with pending approvals related to a sports city. In Goa, the Prestige Group is working on the Prestige Ocean Towers and planning a hotel project in Morjim. Their diversification strategy spans various segments, including senior living, warehousing, retail, and office spaces, with a strong focus on the Indian market.Read more

28 Oct 2023

Kosmos Developers and West Avenue Realty have unveiled Eirene, an 18-storey luxury residential project in Dadar, Mumbai. The project features spacious 800 sq.ft. two-bedroom apartments, with opulent sea-view options on higher floors. Notable for its easy accessibility to key locations in Mumbai, Eirene is within walking distance of Dadar railway station and boasts proximity to landmarks like Siddhivinayak Mandir and Shivaji Park. The Bhoomi Pujan ceremony, attended by dignitaries including Deputy Chief Minister Devendra Fadnavis, marked the project's launch. Both developers expressed their commitment to delivering high-end luxury residences at affordable prices to meet market demand for modern smart living.Read more

28 Oct 2023

Roop Bansal, a promoter in the M3M group, has filed an anticipatory bail application in response to a corruption case he was implicated in earlier this year. The case involves Bansal, former CBI judge Sudhir Parmar, and Parmar's nephew, Ajay Singh Parmar, all held in Ambala jail for distinct legal issues instigated by the enforcement directorate. Bansal's legal woes began with his arrest in a 2021 money laundering case involving Ireo Realty Group's Lalit Goyal. His defence argues the case lacks credible evidence, mainly relying on WhatsApp messages and intercepted conversations. They challenge investigative procedures and emphasize the need for preliminary investigations, supported by legal precedents. This case remains a complex and high-profile legal battle with an upcoming bail application that has garnered significant attention and controversy.Read more

27 Oct 2023

Piramal Group has profitably divested Rs 531 crore in distressed loans linked to its Advantage Raheja exposure, including prominent properties like the JW Marriott in Bengaluru and Crowne Plaza in Pune, to Omkara Asset Reconstruction Co. This strategic transaction concluded at a premium, yielding a substantial gain exceeding Rs 700 crore. In addition, Piramal successfully sold an outstanding loan pool worth Rs 3,656 crore to Omkara ARC, achieving a commendable 17 percent recovery. Piramal's current focus involves building a new asset-backed wholesale portfolio called 'Wholesale 2.0,' prioritizing real estate and corporate mid-market lending while resolving stressed loans to enhance asset quality and reduce the wholesale AUM.Read more