21 Oct 2023

The National Company Law Tribunal (NCLT) has admitted an insolvency petition against Supertech ORB, a luxury residential apartments developer in Delhi-NCR. Assets Care and Reconstruction Company (ACRE), an asset reconstruction company, filed the petition. Supertech ORB had taken a loan of Rs 349 crore from Altico Capital, which was later assigned to ACRE. The insolvency case could potentially delay possession for homebuyers. Supertech has faced setbacks in the past, including the demolition of its twin towers at a different project due to faulty construction. The company's promoter is also facing legal issues, further complicating the situation for Supertech.Read more

20 Oct 2023

Mahindra Lifespaces and landowner K K Bangur will jointly develop a 37-acre plot in Mumbai's Bhandup. The mixed-use project encompasses residential, retail, and office spaces and the sale value is anticipated to be between Rs 8,000 crore and Rs 11,000 crore. Bangur has been attempting to sell the land for a long time but no buyer was willing to pay the quoted price of Rs 2,500 crore. Thus, he has now opted for a joint development agreement with Mahindra Lifespaces. The developer, paying a significant deposit, is set to construct approximately 40 lakh sq ft over eight to ten years. The deal allocates space for public amenities, including a park, school, playground, and cultural theatre.Read more

20 Oct 2023

Ajmera Realty & Infra India Ltd, a leading real estate player, delivered over 1,000 homes across Mumbai and Bengaluru daily, showcasing its dedication and operational efficiency. This feat, celebrated during the festive season, emphasises the company's commitment to customer trust. With a legacy spanning five decades, Ajmera Realty & Infra India Ltd has delivered homes to 45,000 families, focusing on creating memorable experiences for its customers. This achievement reaffirms the company's position as a customer-centric real estate player, dedicated to delivering excellence and making homeownership dreams come true.Read more

20 Oct 2023

The Bombay High Court has stepped in to resolve a decade-old dispute involving Om Satyam Niwas CHS, a cooperative housing society in Borivali, and Greenfield Developers and Realtors LP. The cooperative housing society initiated arbitration proceedings, alleging the builder's failure to pay transit rent arrears of around Rs 3.5 crore. The developer in turn has sued the flat owners for 'GST dues' of Rs 5 crores. The CHS also says that though the building has been redeveloped, it has not received the occupancy certificate. The court has appointed senior advocate Rajiv Patil as the sole arbitrator, allowing both parties to present their claims.Read more

20 Oct 2023

ASBL, a prominent real estate firm, has achieved a remarkable milestone with its latest project - ASBL LOFT. In just one month, the project has secured flat bookings worth INR 500 crores inHyderabad. Ajitesh Korupulu, Founder & CEO of ASBL, emphasizes the customer-centric design's effectiveness, which draws inspiration from international mixed-use urban developments, as the reason for this success. It emphasizes walkability and provides essential "practical luxury" amenities within 100 steps of each flat. This approach has resonated with discerning homebuyers seeking 3BHK units with innovative features. They have also brought up a Pre-EMI offer that lightens the financial burden for buyers. Buyers are rushing to secure flats at the current price before prices rise on November 1, 2023.Read more

20 Oct 2023

Table Space, a leading Managed Workspace provider in India, has launched 'TS Suites,' a game-changing concept catering to the demand for high-quality, immediate office solutions. Operating in 8 premium locations across Bangalore, Pune, Gurgaon, Noida, and Chennai, TS Suites plans to expand to 25 centres in the next 18 months with an INR 500 crore investment. TS Suites offers world-class, secure, and compliant pre-built offices on short to mid-term contracts. What sets it apart is its impressive 24-hour turnaround time, allowing organizations to focus on their core activities. The emphasis on data security, adaptability, and sustainability makes TS Suites a transformative force in the evolving corporate workspace landscape, meeting the changing needs of its clients.Read more

19 Oct 2023

The Dynamix Group is set to make a significant impact on the real estate sector with plans to unveil four transformative projects in Mumbai and Goa. Established in the late 1970s, this renowned group is known for iconic projects that set industry standards. With a substantial investment of Rs 2,100 crore, they will focus on the residential segment, catering to diverse housing needs. These initiatives, spanning 2.4 million sq ft, aim to provide modern, well-designed living spaces, elevating urban living standards and fostering sustainable development. As they venture into new territory, Dynamix Group's legacy of excellence continues to shape the future of real estate.Read more

19 Oct 2023

A Delhi court has issued non-bailable warrants against Rahul Chamola, the Director of Nivas Promoters Pvt Ltd, in response to a case lodged against him. Chamola is accused of enticing homebuyers to invest in his project by promising flats but failing to deliver on that promise. He is also alleged to have absconded with advance payments from these buyers. Chamola purportedly used connections with cricketer Munaf Patel to lure investors with grandiose claims about his projects that ultimately went unfulfilled. Despite being granted interim bail with conditions, Chamola failed to clear dues to investors and homebuyers, leading to the issuance of non-bailable warrants. This legal action highlights the repercussions individuals in the real estate industry may face for failing to fulfil commitments to homebuyers and investors.Read more

19 Oct 2023

A Delhi court denied 'default bail' to R. K. Arora, the chairman of Supertech Group, in a money laundering case. The court rejected Arora's claim that the charge sheet was incomplete, noting that the investigation was concluded and the charges against him were valid. The case is part of an investigation into money laundering by the Supertech Group, which is accused of defrauding homebuyers. The ED found that the company collected funds meant for residential projects but diverted them to purchase land in the name of other entities, leading to loan defaults of around Rs 1,500 crore. Arora's legal battles continue.Read more

19 Oct 2023

Sunteck Realty reports a robust performance in Q2 FY24 with a 17.2% YoY growth in pre-sales, totalling approximately Rs 395 crore, while collections remained steady at Rs 214 crore. H1 FY24 also exhibited robust figures, with pre-sales marking a 16.7% YoY increase, reaching Rs 782 crore compared to Rs 670 crore in H1 FY23, and collections for the first half standing strong at approximately Rs 502 crore. In a separate development, Sunteck earned a remarkable 95-point score and a 5-star rating in the GRESB (Global Real Estate Sustainability Benchmark) Assessment, placing it among the top 20% of industry peers.Read more