27 Jul 2023

The Ahana Enclave housing project in Lucknow has missed its completion deadline, resulting in a financial burden of Rs 17 crore annually for the Lucknow Municipal Corporation (LMC). The delay has also caused interest payments on borrowed funds and unsold flats adding to the financial strain. Corporators have raised concerns about the project's slow progress and its impact on the city's finances. The LMC aims to expedite the sale of remaining flats to alleviate financial pressure and complete the project by December 2023.Read more

26 Jul 2023

The Purvanchal Group, a renowned real estate developer, has taken over the delayed Lotus Arena project in Noida after approval from the National Company Law Tribunal. The project faced significant delays and challenges, leaving many buyers waiting for almost a decade. With the resolution plan approved, the Purvanchal Group aims to complete the project within thirty-six months and deliver the homes to the buyers. The association of Lotus Arena buyers expressed joy and hope for timely completion, as Purvanchal Group steps in to fulfill their commitment with a plan worth Rs. 584 crore.Read more

24 Jul 2023

The recent arrest of the managing director of Meritt Infra Private Limited on charges of cheating has sparked concerns about the trustworthiness of private construction companies. The case of D Rajamani, a victim who invested his savings in the company, sheds light on the risks unsuspecting individuals face when trusting such ventures. Despite paying a substantial amount to the company, Rajamani and several others fell victim to fraudulent practices, causing significant financial losses. This incident underscores the need for stricter regulations and improved oversight to protect consumers from deceptive practices in the construction industry. It serves as a cautionary tale, highlighting the importance of due diligence and vigilant decision-making when investing in private construction ventures.Read more

24 Jul 2023

TVS Emerald, a prominent real estate developer, achieved a remarkable feat with its project "TVS Emerald Elements" by registering INR 438 crore in single-day sales in Chennai. The residential community, offering 448 homes with contemporary designs and attractive amenities, garnered significant interest from homebuyers. The project's success highlights the strong demand for quality homes in the city and reinforces TVS Emerald's position as a leading player in the real estate sector. With future launches planned in Chennai and Bangalore, the brand aims to continue delivering exceptional properties that meet the evolving needs of homebuyers.Read more

22 Jul 2023

BlackBerry Realcom Private Limited, based in Gurugram, has been directed by the commission comprising President Sanjeev Batra and members Jaswinder Singh and Monika Bhagat to refund a substantial amount of Rs.76 lakh to Naveen Jain and his wife Ritu Jain, residents of Tagore Nagar. In addition, the commission has mandated the company cover the litigation expenses of Rs.20,000 incurred by the Jains. The decision was made due to the prolonged delay in handing over the flat to the customers.Read more

22 Jul 2023

The Greater Noida Industrial Development Authority (GNIDA) has served a notice to Town Park Buildcon for unauthorized construction and commercial activities at White Orchid society in Gaur City 2, Sector 16C. The developer has been ordered to cease these activities and provide an explanation. Unapproved construction was confirmed after a resident's complaint led to an on-site inspection. The developer and flat owners have refrained from commenting on the matter. Non-compliance with the order could result in legal action.Read more

21 Jul 2023

Merlin Group, a leading real estate conglomerate in Eastern India, has launched Serenia, the tallest residential condominium on B.T. Road in Kolkata. The project, a joint venture between Eden Realty and Merlin Group, spans 4.5 acres and features four towers with 28 floors each, offering panoramic views of greenery and an 18-acre lake. With 832 spacious apartments and a range of lifestyle amenities, Serenia aims to redefine quality living in North Kolkata. The strategic location and modern design make it an ideal choice for professionals and families seeking a liberating and luxurious living experience. Construction is set to be completed by December 2028.Read more

21 Jul 2023

Mantra, a leading luxury real estate developer, has launched two towers at their 29 Gold Coast Project in Tingre Nagar, Pune. The unveiling ceremony showcased Mantra's commitment to providing exceptional living experiences and served as an opportunity to discuss future plans and upcoming projects with channel partners. The project offers 2 and 3 BHK units with a planned possession date in 2025, ensuring timely delivery. Situated in Tingre Nagar, the project boasts contemporary architecture, modern amenities, and excellent connectivity to key areas.Read more

20 Jul 2023

The promoters of Rashmi Housing, a realty developer undergoing insolvency proceedings, illegally sold 82 apartments in violation of the law. As a result, the National Company Law Tribunal (NCLT) nullified the sale and imposed fines on the promoters. The company was admitted under insolvency in 2018, and the suspended directors were informed about the implications of the moratorium. The resolution professional consistently maintained that no permission had been granted for sales agreements during or before the insolvency process. The NCLT's decision upholds the integrity of the insolvency process.Read more

19 Jul 2023

Enzyme Office Spaces, a leading provider of plug-and-play office solutions in Bengaluru, is expanding its managed workspace portfolio with a new facility in Whitefield. The 1 lakh square feet workspace, set to be operational by November 2023, will cater to the growing demand for flexible workspaces in the city. With this expansion, Enzyme Office Spaces will offer over 27,000 seats across Bengaluru. The company's success reflects the increasing popularity of managed workspaces, driven by cost efficiencies and the rise of hybrid work models. Enzyme Office Spaces aims to support emerging start-ups in sectors like fintech and AI, providing cost-effective infrastructure solutions.Read more