25 Oct 2023

The Enforcement Directorate (ED) has arrested Rajpal Walia, director of Pushpanjali Realms and Infratech Limited, under the Prevention of Money Laundering Act (PMLA) for cheating flat buyers in Dehradun. The ED's intervention stemmed from an FIR filed against the company for fraudulent activities. The investigation revealed the diversion of advance payments from flat buyers for other purposes, totalling Rs 31.15 crore. The ED has attached the proceeds of the crime in the form of immovable properties. This action underscores the authorities' commitment to justice, emphasising the need for due diligence in real estate transactions.Read more

24 Oct 2023

DLF and Shapoorji Pallonji (Chinsha Property) have entered into a legal dispute with their partner, Hubtown, and Punjab National Bank Housing Finance Limited over a defaulted Rs 800-crore loan for a slum redevelopment project in Tulsiwadi, South Mumbai, valued at Rs 10,000 crore. DLF and Shapoorji Pallonji proposed to pay Rs 1,450 crore for the entire joint venture shareholding, including Chinsha and Hubtown, but received no response from Punjab National Bank Housing Finance Limited. The bank transferred the loan to Omkara Asset Reconstruction Company Ltd, which subsequently sold the pledged shares to an undisclosed third party, leading to the ongoing legal conflict between the parties involved.Read more

24 Oct 2023

Man Infraconstruction Limited (MICL) Group has increased its equity stake in Atmosphere Realty Private Limited (ARPL) by acquiring an additional 12.5 percent for Rs. 12.5 crore. As a result, MICL's equity holding in ARPL has risen from 17.5 percent to 30 percent. ARPL is overseeing two projects, Atmosphere 02 and Atmosphere Tower G, located in Mulund West, Mumbai. Atmosphere 02, comprising three 47-storey residential towers and an 18-storey commercial tower, is nearly 90 percent sold out. Atmosphere Tower G, with 3.2 lakh sq. ft. of RERA carpet area, has seen approximately 30 percent of its inventory sold.Read more

24 Oct 2023

Mindspace REIT has achieved a historic milestone by becoming the first entity in India to score a perfect 100/100 in the Global Real Estate Sustainability Benchmark (GRESB) for Office Development. This achievement earned them the title of 'Global Sector Leader.' Mindspace REIT now stands as the top company in Asia and India's commercial business development sector, surpassing nine listed competitors. GRESB, a respected independent organization in Environmental, Social, and Governance (ESG) performance data and benchmarks, has endorsed Mindspace REIT's commitment to transparency, innovation, and sustainable growth. They also received a 5-star rating for the second consecutive year and demonstrated excellence in the standing investment benchmark.Read more

24 Oct 2023

Lalit Goyal, Managing Director of Ireo Group, was granted bail on October 13 after the special PMLA court in Haryana highlighted breaches by the Enforcement Directorate (ED) during his arrest. The decision came in the wake of a recent Supreme Court ruling that granted bail to M3M directors, emphasizing adherence to the Prevention of Money Laundering Act (PMLA) provisions during arrests. Goyal's defence pinpointed ED's neglect in informing him of the grounds for his arrest, a contention backed by the court's findings. The case underlines the judiciary's stance on ensuring rights and procedures during detentions.Read more

24 Oct 2023

Thailand-based real estate developer, Magnolia Quality Development Corporation (MQDC), inaugurates its second co-working space, Whizdom Club India, in Gurugram's Golf Course Road area. Spanning 42,000 sq. ft. across multiple floors, the facility accommodates over 450 professionals, emphasizing well-being and sustainability. Featuring private cabins, meeting rooms, and an open terrace, the space incorporates advanced air-conditioning systems and emphasizes safety protocols. MQDC plans similar features in future projects. The move aligns with Gurugram's booming co-working sector, reflecting MQDC's dedication to transformative, innovative workspaces amidst rising demand for commercial real estate in India.Read more

21 Oct 2023

NeoLiv, founded by former Godrej Properties CEO Mohit Malhotra, is embarking on the development of 10 housing projects in Delhi-NCR and Mumbai. They plan to enter Joint Development Agreements (JDAs) with landlords, targeting middle-income homebuyers with units priced between Rs 1 crore to Rs 3 crore. NeoLiv has secured approval to raise $150 million, becoming one of the top 15 developers in residential real estate. Their ambitious plan includes five group housing projects and five plotted developments, with a total development potential of 10 million square feet. The company's unique asset-light development model and focus on end-to-end control set them apart.Read more

21 Oct 2023

Ajmera Realty & Infra India Ltd (ARIIL) is set to redevelop the Balkrishan Co-operative Housing Society in Versova, Mumbai, with estimated sales of Rs. 360 crore. The project, offering 3 BHK residential apartments covering approximately 90,700 sq ft carpet area, reflects ARIIL's strategic move in the booming redevelopment sector. The project's favourable location near Versova Metro Station enhances accessibility to all social infrastructure, contributing to its potential success in the dynamic Mumbai Metropolitan Region. Ajmera has been involved in other redevelopment projects recently like the SRA redevelopment project situated on LBS Marg in Bhandup.Read more

21 Oct 2023

DevX, Gujarat's leading Managed Office Space provider, has unveiled a 25,000-square-foot coworking space in Indore, accommodating 300 seats as part of its strategy to expand nationally. Founded in 2017 by the RUPaiya trio and Dev Information Technology Ltd., DevX serves as a Start-up Accelerator, offering comprehensive support and resources to innovative start-ups. The company fosters synergies and encourages collaborative growth, positioning itself as a dynamic hub for start-ups and businesses. With over 25 centres across India, DevX plans to invest Rs 60 crore for further expansion. They also provide a platform for events, seminars, and hackathons in the industry. DevX aims to solidify its nationwide reach by the end of 2023, empowering businesses in collaborative environments.Read more

21 Oct 2023

Maestro Realtek, a key player in the real estate sector, has signed agreements with prominent developers for five new residential projects in prime Pune locations, including Upper Kharadi, NIBM, Alandi Mhatobachi, Sinhagad, and Pisoli. These projects encompass a diverse range of unit configurations ranging from 1-3BHK to plot developments, totalling 1,061 units. Maestro Realtek's strategic partnership with these developers aims to enhance the Pune real estate market and leverage planned marketing campaigns.Read more