21 Jun 2023

The Delhi High Court has granted bail to Preeti Chandra, wife of Unitech promoter Sanjay Chandra, in a money laundering case. The order will be effective after June 16, as the Enforcement Directorate requested time to challenge it. The case stems from allegations that the Unitech Group and its promoters illegally diverted over Rs 2,000 crore to offshore accounts. Preeti Chandra, who has been in custody since October 2021, maintains her innocence and claims no connection to the proceeds of crime. The trial court had previously denied her bail due to the seriousness of the allegations.Read more

20 Jun 2023

The Strand Square, developed by the SSPL Group is the company’s newest offering the commercial real estate space. The project is strategically located in Kharadi, Punr offering excellent connectivity and surrounded by prominent business areas. The Regus Brand, the world's leading provider of workplace solutions, was the first tenant to occupy The Strand Square. The project features A-class retail outlets, premium office spaces, and F&B spaces, along with modern infrastructure and world-class amenities. It aims to foster work-life balance and caters to businesses of all sizes.Read more

20 Jun 2023

NTT and the Prestige Group have joined forces to develop a 100 MW data centre in Bangalore, marking the Prestige Group's entry into the data centre business in India. The project spans a million square feet and will be executed in three phases, with the first building expected to be completed within a year. NTT has invested $4.5 billion in India since 2020 and plans to launch six additional data centres. The increasing demand for data centres in India, driven by technological advancements and digitalization, is attracting substantial investments in the sector.Read more

20 Jun 2023

WeWork India is embarking on a journey of growth and expansion with a new workspace at Raheja Mindspace in Hyderabad. Spanning over 100,000 square feet, the workspace will accommodate 1,500 individuals and open in August 2023. Located in Madhapur, Hyderabad's IT hub, Raheja Mindspace offers seamless connectivity and sophisticated amenities. Blending traditional and contemporary elements, the workspace draws inspiration from Hyderabad's cultural heritage. This addition strengthens WeWork India's presence and its goal of redefining workspaces nationwide.Read more

20 Jun 2023

SEBI plans to auction 11 properties of Arise Bhoomi Developers and its directors, located in Uttar Pradesh and Maharashtra, with a reserve price of over Rs 43 crore. The properties were involved in unregistered investment schemes, and SEBI aims to recover investors' money through the auction. Adroit Technical Services Ltd. will assist in the online auction, scheduled for July 14th. Previous attempts to refund investors' money and attach bank accounts were unsuccessful. SEBI imposed fines and prohibited the company and its directors from the securities market. The auction aims to uphold regulatory compliance and restore investor confidence.Read more

PNT Reporter

19 Jun 2023

Sundaram Home Finance Ltd. (SHFL) plans to enter the affordable housing segment, targeting loans up to Rs 35 lakh. The market outlook is positive, with expected growth surpassing small business loans. SHFL aims to expand in Tier II and Tier III cities, meeting the rising demand for homeownership. Following success in the small business loan sector, SHFL will open new branches in Tamil Nadu and expand into Telangana, Andhra Pradesh, and other regions. Stable interest rates and strong buying sentiment support the housing market's recovery. SHFL remains committed to reducing non-performing assets and maintaining high collection rates while prioritizing stakeholder satisfaction.Read more

PNT Reporter

19 Jun 2023

The Adityaram Group has launched Adityaram Palace, India's largest palace, and Adityaram Palace City, South India's first palace-themed villas. The palace and villas offer customers a luxurious and elegant living experience, combining contemporary design with the rich cultural heritage of South India. The Adityaram Group aims to create iconic landmarks and has a strong track record in delivering landmark projects. The palace-themed villas feature ornate facades, majestic courtyards, and exquisite interiors, providing homeowners with a regal lifestyle. With state-of-the-art amenities and meticulous attention to detail, Adityaram Palace offers residents a palatial living experience.Read more

PNT Reporter

19 Jun 2023

SEBI plans to auction 61 properties owned by the Saradha Group on July 17 to recover funds acquired through illicit schemes. The auction, with a reserve price of over Rs 26 crore, includes land parcels in West Bengal. Quikr Realty and C1 India will assist in the sale. The Calcutta High Court's order directs SEBI to complete the auction within three months. Saradha Group, accused of chit-fund operations, raised Rs 4,000 crore before collapsing in 2013. Potential bidders must conduct thorough investigations into property liabilities. The successful bidder bears transfer costs and taxes.Read more

PNT Reporter

16 Jun 2023

Gurugram-based real estate firm, Ninex Developers, and its executives have been indicted for allegedly defrauding homebuyers by selling their assigned flats to another company. The case, highlighted by complainant Rajendra Anand, involves flats booked for over Rs 1 crore, which were later illicitly mortgaged. Despite a promised settlement, the firm has reportedly failed to deliver. Police investigations are ongoing under IPC sections for criminal breach of trust, cheating, and conspiracy, following directions from the Punjab and Haryana high court. The developer remains unavailable for comment.Read more

16 Jun 2023

Risland's Sky Mansion project in Chhatarpur, New Delhi, has gained MCD and RERA approvals. The project offers penthouses and luxury apartments with three and four bedrooms. In addition, Sky Mansion offers uninterrupted views of the spectacular Aravalli Greens, a magnificent 1 lakh square foot clubhouse, and a parking area for more than 500 cars. Sky Mansion is slated to reinvent luxury living in South Delhi, and 65% of the flats have already been sold, demonstrating both the resounding interest in the project and the confidence that people have in Island's superb craftsmanship.Read more