27 Oct 2023

Jailed builder Jayesh Tanna, along with his brother Deep and son Vivek, face a ninth FIR for allegedly cheating 28 flat buyers of Rs 40 crore. Tanna, imprisoned at Arthur Road jail, is implicated in multiple cases across Mumbai, primarily involving the sale of flats to third parties. The latest complaint revolves around a 2012 redevelopment project in Goregaon, where Tanna was redeveloping a building. A buyer, Bhavin Barot, booked a flat for Rs 1.6 crore with possession due in 2013, but encountered disputes in 2016. Eventually, he found that 27 more flat buyers were affected and approached the police. The case may be transferred to the economic offenses wing.Read more

26 Oct 2023

The Rustomjee Group, in partnership with Keppel, has introduced the magnificent La Vie at Rustomjee Uptown Urbania. This grand project, spanning 8.5 acres within a vast township, features eight independent towers, each rising to 55 stories, designed by acclaimed architect Hafeez Contractor. La Vie offers a variety of residential options, with Tower B providing 2-bedroom apartments, and Tower C offering spacious 3-bedroom homes. The location in Thane offers easy access to major business hubs, making it a preferred choice for urban convenience and natural beauty. La Vie redefines modern living, community harmony, and the promise of a brighter future.Read more

26 Oct 2023

The Atal Apartments project in Ludhiana faces mounting discontent among its allottees due to prolonged construction delays. The ambitious initiative, with 576 flats and a budget of Rs 250 crore, has been in progress since 2008, testing the patience of homebuyers. The Ludhiana Improvement Trust (LIT) had received state government approval for the project but construction remains stagnant. Tenders for crucial amenities like a community centre and multi-storey parking have also been halted. LIT officials cite the need to renew environmental clearance, which was granted in 2017 and is valid until 2027, after project redesign. While they assure construction will begin soon, allottees are concerned that upcoming elections may further delay the project.Read more

26 Oct 2023

Arvind SmartSpaces Ltd, a leading real estate developer, is set to undertake a new residential project in Bengaluru's thriving Bannerghatta Road micro-market. This venture, acquired through HDFC Platform 2, offers an estimated 4.6 lakh square feet of saleable area and a revenue potential of around Rs 400 crore. This strategic expansion aligns with Arvind SmartSpaces' commitment to diversify its real estate offerings, addressing both horizontal and vertical developments in Bengaluru and Ahmedabad. With the buoyant real estate market and fresh investments of Rs 1,000 crore, the company aims to achieve a record-breaking year in new project additions.Read more

26 Oct 2023

In Gurugram, homebuyers in nine affordable housing projects, linked to developers Mahira Homes, Ocean Seven Buildtech (OSB), and Orris Infrastructure, may find relief from their long wait for possession of their flats within the next three to four months. The Department of Town and Country Planning (DTCP) is actively addressing these issues following complaints from around 5,000 homebuyers. They have been plagued by various problems, including financial irregularities and suspended construction. With around 15,000 affected homebuyers, they are hopeful that government intervention will bring a resolution to their prolonged anxieties and uncertainties.Read more

26 Oct 2023

In a recent development, the Madras High Court has rejected a set of petitions filed by Neomax and its subsidiary companies, including Garlando Properties, Transco Properties, Tridas Properties, and Glowmax Properties. The pleas sought the appointment of a commission, led by a retired high court judge, to address land settlements for depositors. Allegations of money fraud were raised against the companies by the Madurai EOW police in June. Deposit-holders had made advance payments for land purchases, backed by booking confirmation receipts.Read more

25 Oct 2023

Godrej Landmark Redevelopers, now part of Godrej Projects Development, a subsidiary of Godrej Properties, has been issued a GST demand order of Rs. 129.39 crore along with interest and a penalty of Rs 129.39 crore by the Additional Commissioner of CGST & C. Ex. in Navi Mumbai. This order is related to alleged non-payment of GST concerning a Mumbai project by GLRPL. The company intends to challenge the order through the appropriate legal channels, stating no significant impact on its operations. Recently, Godrej Redevelopers (Mumbai), another subsidiary, also faced a similar order. Furthermore, CIDCO also cancelled the allotment of plots to Godrej Properties but the company has challenged this cancellation in court.Read more

25 Oct 2023

Builder from Mumbai, Suresh Bhatade, has been placed under judicial custody in connection with the illegitimate sale of six apartments at Pioneer CHS, Panvel, for a total of Rs 4.3 crore. After eluding authorities for more than two months, Bhatade's arrest represents a major step in combating fraudulent activities in India's real estate market. The dismissal of the anticipatory bail requests of two additional builders, one of whom was a former assistant commissioner of income tax, highlights the necessity of strict regulatory measures and open property transactions in order to rebuild confidence in the real estate market.Read more

25 Oct 2023

91Springboard, a major player in India's coworking and flexible workspace industry, has launched its Platinum Hub in the prestigious DLF Cyber City of Gurugram, a prime location for businesses. This marks their sixth workspace in Gurugram and 11th in the National Capital Region, aligning with Gurugram's growth as a primary business destination. Reports from Cushman & Wakefield and Knight Frank indicate Gurugram's dominance in the Delhi-NCR workspace market. This expansion brings their total workspaces in India to 28, offering top-notch design, comfort, and customization options.Read more

25 Oct 2023

Operator of co-living spaces Settl is getting ready to open ten new locations in Chennai, which will involve a major expansion. Settl, which currently oversees 3,500 beds in Bengaluru, Gurugram, and Hyderabad, is meeting the increasing need for high-quality, completely managed rental properties. Chennai is an unexplored market with a ton of opportunity for co-living communities. By the conclusion of the fiscal year, the corporation hopes to have increased the number of beds in the city from 300 to 1,000. Their well-placed closeness to major business areas seeks to facilitate hassle-free managed living while cutting down on working professionals' commuting hours.Read more