PNT Reporter

15 Jun 2023

Awfis, a leading coworking space provider, has partnered with NSL (Nuziveedu Seeds Pvt Ltd) to open coworking spaces in Bangalore and Hyderabad. The collaboration aims to meet the growing demand for flexible workspaces and support the entrepreneurial community in these cities. The new centres, located in Banjara Hills, Hyderabad, and Prestige Technology Park, Bangalore, will provide high-quality facilities and resources. With this expansion, Awfis strengthens its commitment to offering clients top-notch flexible workspaces in key Indian markets. The rise of flexible workspaces is expected to have a significant impact on the Indian real estate industry, creating new opportunities for developers, landlords, and businesses.Read more

PNT Reporter

15 Jun 2023

Real estate developer Kalpataru and Indian Hume Pipe Company have agreed to a revenue-sharing arrangement for the development of a mixed-use project on a 15-acre tract of property in the Vadgaon neighborhood of Pune. The project is expected to generate Rs 2,500 crore in revenue overall, of which Kalpataru will receive about Rs 1,700 crore. Over the course of the next 6-7 years, the project will be built out in two phases, with premium residential development making up 90% of it and commercial development the remaining 10%. Additionally, HDFC Capital most recently contributed Rs 1,450 crore to Kalpataru's project and land portfolio.Read more

PNT Reporter

14 Jun 2023

Roop Kumar Bansal, a director of M3M, was detained by the Enforcement Directorate (ED) over alleged money laundering and diversion of investors' funds involving IREO and M3M real estate groups. The arrest follows a probe into financial irregularities amounting to hundreds of crores. ED's recent raids led to the seizure of luxury assets worth Rs 65.75 crore. This arrest underlines the enforcement authorities' commitment to combating financial fraud, particularly in the real estate sector.Read more

PNT Reporter

13 Jun 2023

Provident Housing, a leading real estate developer, has launched its "1 tree per home" campaign as part of World Environment Month. The initiative kicked off with a large-scale plantation drive at a project site in Bagalur, Bengaluru. Over the next month, similar drives will take place at four more project sites, where 10% of the committed number of trees will be planted. The campaign aims to highlight Provident's commitment to sustainability and environmental conservation. Trees will be planted at various project sites, including Bengaluru and Kochi, creating a greener and more sustainable future for residents.Read more

PNT Reporter

13 Jun 2023

B Lakshminarayana, the main accused in the Sahithi Infra scam, and his family members have managed to evade questioning by the Enforcement Directorate (ED) on multiple occasions. The ED, investigating the money laundering aspect of the case, plans to file a petition in court to compel the accused to cooperate. The scam involves defrauding homebuyers of crores of rupees through false promotion of high-rise apartments. The ED has instructed property transfers related to Sahithi to be halted, and investigations have revealed additional individuals involved in the fraud.Read more

PNT Reporter

13 Jun 2023

Ahmedabad Municipal Corporation (AMC) has approved a proposal to blacklist Jyoti InfraTech and Vande Mataram Projects Pvt Ltd for a period of five years. The companies failed to complete seven housing projects worth over Rs 500 crore within the agreed-upon timeframe. The AMC now faces the burden of Rs 100 crore to restart the projects with new contractors. The decision serves as a warning to other contractors and highlights the importance of adhering to project timelines. The AMC will need to find new contractors to ensure the completion of these housing initiatives.Read more

PNT Reporter

12 Jun 2023

Homebuyers at Tashee Capital Gateway in Gurugram protested the 13-year delay in receiving their apartments. When the project was first announced in 2010, the developer said it would be completed by 2015. In 2022, the developer was later taken over under the SWAMIH plan, but the work has moved slowly, and the developer hasn't made up the lost time compensation. Additionally, homebuyers claimed that the developer had broken H-Rera rules by altering the floor plan and turning the communal facility into a clubhouse. The essay focuses on the necessity for homeowners to take precautions against dishonest developers and guarantee the security of their investment.Read more

PNT Reporter

12 Jun 2023

Sigma One Universal introduces Sigma One Bizbay, an impressive eight-story commercial project located on Kumthekar Road in Pune. With its striking glass facade and strategic location in Pune's oldest shopping destination, Bizbay offers a thriving environment for retailers and entrepreneurs seeking growth and success. The project provides modern retail spaces, flexible office areas, and versatile commercial units, catering to various businesses. With high footfall and attractive rental yields, Bizbay presents a compelling investment opportunity in the Pune market.Read more

PNT Reporter

09 Jun 2023

Prestige Estates Projects has successfully completed two strategic acquisitions, gaining full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. These acquisitions are expected to greatly enhance the value of Prestige Estates Projects' rental portfolio. Prestige (BKC) Realtors is involved in the development of a project in Mumbai's Bandra Kurla Complex, offering Grade A office space with a gross leasable area of 2.79 million square feet. With these acquisitions, Prestige Estates Projects has reached significant milestones in its growth trajectory, solidifying its position in the real estate market.Read more

PNT Reporter

09 Jun 2023

Rohan Developers' director, Hareesh Mehta, was arrested on May 20 in a historic Rs 280 crore ($37M) bank fraud case, dating back two decades. The Central Bureau of Investigation alleges that Mehta, in collusion with others, duped the State Bank of India, using the fraud proceeds for personal gain and business investments. Currently in judicial custody, his bail hearing is impending. This significant arrest underscores the necessity for stringent scrutiny in India's booming real estate industry.Read more