05 Oct 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has greenlit Elegant Infracon, the Elegant Ville project's promoter, to resume and complete construction in Gautam Buddha Nagar. In collaboration with Floral Realtech, this move aims to rehabilitate the project and secure an Occupancy Certificate (OC) within a year. Delays had left allottees uncertain, prompting UP-RERA to invoke section 8 of the RERA Act, allowing construction to proceed with the majority of allottees' consent. The project, with 761 units, has already sold 686, and financial projections estimate a revenue of Rs. 120.01 crore upon completion.Read more

05 Oct 2023

An implementation and monitoring committee led by the CEO of Suraksha Group is seeking approval from the National Company Law Appellate Tribunal (NCLAT) to restart construction at six long-stalled Jaypee Wish Town projects, dormant since 2014. These projects, comprising 9,320 flats in 82 towers, reached just over 50% completion a decade ago before abruptly halting. If the NCLAT approves, construction tenders will be issued with the aim of completing most of the flats within two years. Suraksha Group and the committee, including an Insolvency Resolution Professional and representatives of financial creditors and homebuyers, are overseeing the revival efforts.Read more

04 Oct 2023

In a significant legal ruling, the Bombay High Court found Pravin Satra, the head of Darshan Developers, guilty of contempt for failing to fulfil promises made before the court regarding the delivery of flats booked almost two decades ago. Despite commitments made in a consent agreement filed before the High Court, the builder failed to deliver possession of two flats within the stipulated time frame. Justice Manish Pitale sentenced Satra to three months in civil prison and ordered him to pay Rs 4 crore to the buyer, Achyut Godbole, an esteemed individual and prolific Marathi author. The court's decision highlights the importance of respecting court orders and the serious consequences of non-compliance.Read more

04 Oct 2023

Co-working firm EFC India is considering various funding options, including a Follow-on Public Offer (FPO), to support its expansion plans, aiming to increase its capacity to 60,000 seats by the end of the fiscal year. The company recently secured Rs 90 crore in a fundraising round through a preferential issue. EFC, which started operations in 2012, has experienced significant growth, with revenues reaching Rs 104 crore in FY23. The firm is actively expanding its presence in Pune, Noida, Hyderabad, and Kolkata, capitalizing on the growing demand for flexible and managed workspaces in India.Read more

04 Oct 2023

Ikaria Easy Living, a partnership between Collated Ventures and Adani Realty, has teamed up with Sodexo India and Northstar Diagnostics to provide senior living communities with all-inclusive lifestyle services. Food, housekeeping, facility management, and social interaction will be handled by Sodexo, whereas Northstar will handle emergency medical coordination, doctor visits, physiotherapy, and nursing. These collaborations are meant to improve senior citizens' comfort and well-being. With an emphasis on providing seniors with an extraordinary living experience, the move underscores the growing demand for high-quality senior living options in India.Read more

04 Oct 2023

Residents of Ambika Florence Park in New Chandigarh have secured a significant victory against builder Ambika Realcon Pvt Ltd. The Chandigarh State Consumer Redressal Commission ruled in favour of eleven flat-owners, directing compensation for delayed possession and a 30% refund of maintenance charges due to unmet promises. The builder must pay 9% interest for possession delays and a lump sum for mental distress. The maintenance agency, Shri Vishnu Facilities Management LLP, must refund charges with interest and ensure essential services until promised amenities are delivered. The builder faces penalties if amenities aren't fulfilled within three months.Read more

03 Oct 2023

The Greater Noida Authority (GNIDA) has issued its third notice to Supertech, a real estate developer, following complaints from residents of Ecovillage 1 regarding around 100 unauthorized shops within the society. The notices highlight violations of regulations and demand the removal of these establishments within 15 days. GNIDA had previously directed the removal of an unauthorized gate and encroachment on a green belt. Supertech faces potential legal action if they fail to comply. As tensions escalate, residents seek accountability for the alleged violations, while Supertech claims it has not received communication from GNIDA.Read more

03 Oct 2023

The Sanfran Group, a prominent real estate and infrastructure company in India, has transformed the economically backward region of Jhansi, Bundelkhand, into a flourishing area with over 1000 crores in construction development. Over the past seven years, the group has not only developed residential properties but also hospitals, clubs, resorts, and international-level schools. The once isolated area, now known as "New Jhansi," has become the most sought-after and developed location in Bundelkhand, offering investors an impressive return on investment (ROI) of nearly 400%. Despite industry challenges, the group has successfully delivered projects ahead of RERA timelines, attracting buyers through positive word-of-mouth.Read more

30 Sep 2023

Arvind SmartSpaces, the Ahmedabad-based real estate developer, is planning to expand its operations into the Mumbai Metropolitan Region (MMR) by the end of the current fiscal year. This expansion is driven by the company's strong financial performance and its aim to diversify its business across Ahmedabad, Bengaluru, and MMR. Arvind SmartSpaces plans to sign one or two projects in MMR, encompassing horizontal and vertical developments. The company is exploring various locations for these projects and is open to joint ventures and redevelopment opportunities. This expansion reflects the company's strategic approach to growth and expansion in key real estate markets in India.Read more

30 Sep 2023

Mumbai's renowned real estate developer, Arkade Group, has launched "Arkade Crown" in Borivali. This luxury residential project, spread over 1.4 acres, promises a blend of convenience, luxury, and community living. With anticipated sales revenue of Rs 325 crores, the project boasts top-notch amenities, including a 26,500 sq. ft. vehicle-free entertainment deck. Strategically located near major commuting hubs, and surrounded by lush greenery and Jain temples, Arkade Crown is set to redefine urban living in Borivali West.Read more