27 Sep 2023

The Income Tax Department has launched an extensive search operation targeting a prominent local real estate developer, Swati Procon, in Gujarat. Over 100 officials from Ahmedabad, Baroda, and Rajkot are involved, focusing on around 35 to 40 properties, potentially uncovering benami (proxy) transactions. The investigation scrutinizes key figures like Ashok Agarwal and Saket Agarwal, with the founder, Ashok Agarwal, at the centre of attention. Details remain guarded, but officials are delving into financial transactions to detect tax evasion and corporate irregularities. Parallelly, in Chennai, tax officials have conducted searches involving procurement practices and coal-handling materials. The real estate landscape faces continued vigilance from tax authorities, especially in redevelopment projects with cash components.Read more

27 Sep 2023

The Telangana State Real Estate Regulatory Authority has imposed a hefty Rs 17.5 crore penalty on three real estate giants, including Mantri Developers Pvt Ltd, Sai Surya Developers Pvt. Ltd. and Sahiti Infratec Ventures Pvt Ltd, for RERA Act non-compliance. The penalties were meticulously assessed after a thorough evaluation of each builder's conduct, considering violations of the 2016 Act and associated rules. Sahiti Infratec Ventures faces a substantial Rs 10.7 crore fine for failing to register three projects with RERA. TS RERA's actions highlight their commitment to transparency and accountability in the real estate sector, emphasizing consequences for non-compliance.Read more

26 Sep 2023

Noida-based Gaurs Group has made substantial strides in the real estate sector with two key acquisitions. They've acquired 18 acres in Noida's Sector 129 for a Grade-A retail and office project, strategically positioned on the Noida Expressway. They've also taken over a stalled residential project in Jaypee Greens, Greater Noida, with plans to complete two residential towers and create 1.5 million square feet of additional space. This demonstrates Gaurs Group's commitment to expanding in the real estate sector and its potential impact on the NCR's real estate landscape. This follows their previous investments, including 'The Island' luxury housing complex in Jaypee Greens, reflecting their strategic expansion in the region.Read more

26 Sep 2023

Rustomjee Group, a prominent Mumbai-based real estate developer, has unveiled ambitious plans with 22 upcoming projects encompassing 37 million square feet and a gross development value (GDV) of Rs 35,000 crore. Emphasizing a focus on mid-mass and aspirational market segments in the Mumbai Metropolitan Region (MMR), the company aims for 25 percent year-on-year growth in presales over the next 3-5 years. Rustomjee's commitment to redevelopment, rehousing over 1,400 families so far, remains strong, contributing to the transformation of Mumbai's urban landscape. The company reported strong Q1FY24 pre-sales of Rs 500 crore and a reduction in net debt.Read more

26 Sep 2023

In a significant legal development, the Delhi High Court has rejected R K Arora's petition, chairman and owner of Supertech, challenging his arrest by the Enforcement Directorate (ED) in a high-profile money laundering case. The court upheld the legality of his arrest, emphasizing the ED's adherence to legal provisions and the prompt notification of grounds for arrest. Arora's claims of violations of the Prevention of Money Laundering Act (PMLA) and his fundamental rights were dismissed, as the court found no substantive evidence. The court also addressed the issue of interim bail, suggesting video conferencing for meetings with creditors. Subsequently, the ED filed a charge sheet against Arora and others, alleging conspiracy to defraud homebuyers.Read more

26 Sep 2023

Mahindra Lifespace has launched the third phase of its Mahindra Happinest Tathawade project in Pune, focusing on 2 BHK homes with carpet areas ranging from 619-702 sq ft, starting at Rs 66 lakh. The project's first two phases were highly successful, with most of the inventory sold out. Possession of apartments in the third phase is expected in 2025. This phase includes retail and commercial spaces to create a comprehensive living environment. The project is strategically located along the Mumbai-Pune Highway, close to the IT hub of Hinjewadi and the proposed Hinjewadi Junction metro station.Read more

26 Sep 2023

G Square, a renowned real estate developer in Tamil Nadu, is venturing into Mahabalipuram's real estate market with its latest project, G Square Dynasty. This development, spanning 28.3 acres, offers 296 secure residential plots, endorsed by the Directorate of Town and Country Planning and registered under RERA. What sets it apart is an array of 40+ world-class amenities. Situated strategically near key areas like Kalpakkam, Kelambakkam, and the upcoming Chennai Peripheral Ring Road, G Square Dynasty is poised to transform Mahabalipuram into a satellite township. The city's growth is bolstered by major infrastructure projects, international investments, and its rising prominence in sports and entertainment. An enticing prospect for investors and homebuyers looking for a luxurious, sustainable lifestyle in this evolving locale.Read more

23 Sep 2023

India's prominent co-working provider, BHIVE Workspace, has unveiled its biggest co-working facility in Bengaluru's central business district on Church Street. This move caters to the escalating demand for premium flexible office spaces in the city. Covering an expansive 1.2 lakh square feet, the new co-working space offers nearly 3,500 seats and an array of dining options. Already a hit, with over 40% of seats occupied, the launch was celebrated with celebrity presence. This addition strengthens BHIVE's presence in Bengaluru's CBD as co-working demand continues to rise in prime locations.Read more

23 Sep 2023

IFC, a member of the World Bank, is partnering with Sunteck Realty to establish a joint platform with a total investment of up to Rs 750 crore (US$90 million). This collaboration aims to support the development of around 12,000 housing units across four to six green housing projects in the Mumbai Metropolitan Region. IFC plans to invest up to Rs 330 crore (US$40 million), while Sunteck Realty will contribute the remaining amount. The project's focus is on creating large-scale housing projects in Mumbai's suburbs to address the housing needs of mid-income earners. The initiative also emphasizes eco-friendly housing with a goal to reduce water and energy consumption by at least 20% using IFC's EDGE green building certification.Read more

22 Sep 2023

India Sotheby’s International Realty has secured an exclusive sales and marketing mandate for The Residency, an ultra-luxurious residential project in Worli, Mumbai. The project comprises 19 ultra-luxury residences, each occupying an entire floor and offering stunning views of iconic landmarks in Mumbai. The Residency features flexible living spaces with customizable configurations of up to 5 bedrooms, making it a highly sought-after address for Ultra High Net Worth Individuals (UHNIs). With Mumbai's rising wealth and increasing demand for high-end properties, this project represents a significant opportunity for UHNIs to own luxury residences in a prime location in the city.Read more