PNT Reporter

07 Jun 2023

Mohamed Ali Alabbar, the Founder and Managing Director of Emaar Properties, is set to face questioning by Delhi Police's Economic Offences Wing in a forgery and trust breach case. This summons comes as part of an ongoing investigation into complaints from homebuyers alleging that Emaar India Limited misappropriated funds, misrepresented project details, and caused considerable delays in the delivery of a Gurugram housing project. Emaar India has confirmed receipt of the notice and promises full cooperation during the investigation.Read more

PNT Reporter

06 Jun 2023

A builder in Goa has been fined Rs 1.26 crore by the Goa State Environment Impact Assessment Authority (Goa-SEIAA) for starting construction activities on a project in Taleigao without obtaining the necessary environmental clearance. The residential-cum-commercial complex, consisting of four phases, including one on a hillside, was initiated without following the required procedures, violating the Environment Impact Assessment Notification 2006. The Goa-SEIAA imposed the penalty and directed the builder to apply for environmental clearance under the violation category.Read more

PNT Reporter

06 Jun 2023

The National Company Law Appellate Tribunal has dismissed a petition filed by the suspended promoter and director of Renaissance Indus Infra, a real estate and construction company, against the decision to admit the company under the corporate insolvency resolution process (CIRP). The bankruptcy court had accepted the plea of Catalyst Trusteeship, the financial creditor, after the company defaulted on dues worth Rs 444 crore. The NCLAT bench ruled in favour of the creditor, stating that the debt and default were not disputed, and the borrower had not responded to demand and enforcement notices. The ruling allows the CIRP to proceed, enabling the creditor to recover its dues.Read more

PNT Reporter

05 Jun 2023

Jaypee Infratech, currently undergoing insolvency proceedings, has postponed the endorsement of its financial records for the latest quarter and fiscal year due to pending cases in the appellate tribunal. The National Company Law Tribunal has approved the resolution plan proposed by the Suraksha Group to take over Jaypee Infratech. To facilitate the implementation of the plan, an Implementation and Monitoring Committee has been established. The company attributes the delay in financial statements to pending appeals and has requested an extension to accurately reflect the impact of the resolution plan.Read more

PNT Reporter

05 Jun 2023

The Uttar Pradesh Pollution Control Board (UPPCB) cracks down on illegal groundwater extraction in Noida and imposes a hefty fine on 38 builders found guilty of using borewells for illegal extraction. The builders are given a 15-day deadline to deposit the fine. The action follows a thorough evaluation by a joint committee formed by the National Green Tribunal, revealing widespread violations. The UPPCB aims to deter such violations and promote responsible water usage to protect the region's water resources and ecosystem.Read more

PNT Reporter

05 Jun 2023

Trehan Group, a prominent real estate developer in Rajasthan, has announced the launch of Trehan Vistaar, a residential plot project in Alwar. The project, strategically located on the Delhi-Bhiwadi State Highway and connected to the Delhi-Mumbai Industrial Corridor (DMIC), offers excellent connectivity and convenience for residents. Divided into four phases, the project will deliver 393 plots in the first phase within a two-year timeframe. Trehan Group plans to provide a range of amenities, including gated security, a clubhouse, parks, water harvesting, sewerage facilities, and well-developed roads, creating a desirable residential township.Read more

PNT Reporter

02 Jun 2023

Thane revenue authorities have taken action by attaching a flat belonging to the promoter of the Green World project in Airoli. This action was initiated due to the promoter's failure to deliver a flat that had been booked by a senior citizen in 2013. The promoter challenged the order from the Maharashtra Real Estate Regulatory Authority (MahaRERA), but their appeal was rejected by the High Court. As a result, attachment proceedings were initiated to recover an amount exceeding Rs 1.3 crore. The promoter had sold the flat to a third party, leading to a complaint with MahaRERA and subsequent orders for a refund.Read more

PNT Reporter

02 Jun 2023

The UP Police's Economic Offences Wing (EOW) has made significant progress in its investigation into Shine City Company, a real estate firm based in Prayagraj. The director of the company, Faiz Ahmed, and his associate Shailendra Patel have been apprehended. The investigation has revealed over 200 FIRs against the company and the seizure of properties worth Rs 100 crore by the Enforcement Directorate (ED) under the money laundering Act. Shine City engaged in fraudulent schemes, promising investors land or high returns on their investment but failing to deliver. The EOW is continuing its probe to uncover more details about Shine City's illegal activities.Read more

PNT Reporter

01 Jun 2023

Despite police notices and fines, Ecovillage residents persist in a peaceful protest against Supertech builder, claiming inadequate basic amenities. Over the past month, protestors have faced legal repercussions, but remain unwavering. Accusations suggest police bias towards the builder, yet no actions have been taken against Supertech despite numerous complaints. Protestors are demanding improved infrastructure, and better water and sewage management. As authorities strive to maintain peace, it remains to be seen how this situation will unfold and if the residents' demands will be addressed.Read more

PNT Reporter

01 Jun 2023

Last week, CM Saikanth Varma, the Commissioner of the Greater Visakhapatnam Municipal Corporation (GVMC), visited a TIDCO housing colony in Satyanarayanapuram to evaluate the progress of construction works. The housing units, totalling 2,750, are nearing completion, with infrastructure works already finished. The wider TIDCO housing project in Visakhapatnam district involves the construction of 24,000 units of varying sizes, aiming to provide affordable housing options to different income groups.Read more