PNT Reporter

31 May 2023

Real estate developer Oberoi Realty has signed an MoU with NRB Bearings to acquire a 6.4-acre plot of land in Thane, adjacent to its existing land. The company reported significant growth in net consolidated profit for the quarter ending March 2023. The acquisition aims to strengthen Oberoi Realty's position in the real estate market and provide opportunities for further growth. Extensive market research will be conducted to tailor the development to meet local market demands, while customer service remains a priority.Read more

PNT Reporter

31 May 2023

Shriram Properties has acquired 100% development rights for an ongoing residential project, named "Divine City", in Chennai for Rs 185 crore. The deal includes the development rights in phase 2 and 3 of the project, with a saleable area of 1.9 million sq. ft and revenue potential of approximately Rs 1,200 crore in the next five years. Shriram Properties is planning to re-launch the project under a new identity in H1-FY24. Shriram Properties is targeting to launch two new projects in the Chennai market over the next 12-18 months, with a combined saleable area of 3.3 million sq. ft.Read more

PNT Reporter

30 May 2023

The joint venture between Sumitomo Corporation and Krishna Group, known as Krisumi Corporation, is embarking on the second phase of its residential development project called "Krisumi City" in Gurugram. With plans to allocate a substantial budget and achieve high revenues, the company aims to deliver phase 1 occupancy by January 2024 and continue with additional stages. The initial sales of the luxury suite project were swift, and positive feedback from clients has been received. Krisumi Corporation is also establishing a hospitality arm to manage the residential apartments, while Sumitomo looks to make a significant investment in India.Read more

PNT Reporter

30 May 2023

The Managing Director and Director of Holy Faith Builders and Developers Pvt Ltd, Sani Francis and Vinod George, have had their personal assets seized by tax authorities in response to the ongoing struggles faced by apartment owners in the demolished Holy Faith H2O building in Maradu. Following a Supreme Court order, 15 personal possessions, including properties owned by Francis and George, have been attached. While apartment owners in three other demolished buildings have received compensation, those affected by the Holy Faith H2O development are still awaiting reimbursement.Read more

PNT Reporter

30 May 2023

A panel in Gurugram has lifted the ban on property registrations owned by Chintels India, which is expected to expedite the compensation process for owners of towers D, E, and F of Chintels Paradiso. Chintels India had claimed that the ban had severely affected its cash flow, making it difficult to pay rent to families that had relocated. The panel has directed residents of towers E and F to vacate immediately, deeming the structures unfit for living. Some residents have requested that property registrations be allowed only after the developer has collected the necessary funds for compensation and rent payment.Read more

PNT Reporter

29 May 2023

Awfis, a flexible workspace provider, has announced its expansion plans in the National Capital Region (NCR) by launching two new centres in Gurgaon and Noida. The Suncity Success Towers in Gurgaon will cover 40,000 square feet and accommodate 650 individuals, while the Knowledge Boulevard centre in Noida will span approximately 44,000 square feet and accommodate 700 individuals. These centres will offer adaptable workspaces designed with elements of natural light, biophilia, and collaborative environments to enhance employee well-being.Read more

PNT Reporter

29 May 2023

In a strategic move to generate funds for new real estate ventures, the Adani Group is set to liquidate non-core real estate assets, according to insiders. This initiative includes a potential sale of Inspire BKC, a commercial project in Mumbai's Bandra-Kurla Complex, and a 16-acre plot in Thane, near Mumbai, both expected to collectively fetch approximately INR 15,150 crore. The initiative is part of Adani's wider strategy to invest in significant projects, such as the redevelopment of Dharavi, one of the world's largest slum clusters.Read more

PNT Reporter

29 May 2023

The Atal Apartments project in Ludhiana has been postponed for about 15 years, but the authorities are currently awaiting the MC chief engineer's clearance for the revision of the total cost. The increased estimate is anticipated to be around Rs 225 crore and is owing to an increase in building costs. However, many who have received letters of allotment for the units are worried about the project being finished in the three years that were promised. Modern conveniences like a swimming pool, gym, parks, and a clubhouse have now been included in the project.Read more

PNT Reporter

26 May 2023

The Jharkhand Real Estate Regulatory Authority (RERA) has taken strong action against M/s Rebloon Impex and its partners for failing to register their projects and violating regulations. This is the first instance of blacklisting in Jharkhand. The firm and its partners were found to be non-compliant with a court order and various norms set by the authority. As a result, they have been barred from undertaking any new projects. The authority aims to protect home buyers, resolve pending complaints, and promote transparency in the real estate sector.Read more

PNT Reporter

26 May 2023

Supertech, a prominent real estate company, has recently informed the administration that it has successfully resolved 32 recovery certificates (RCs) issued by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), amounting to a total of Rs 7.6 crore. Additionally, the company stated that it has made a payment of Rs 3 crore to the administration. These developments come as Supertech strives to address the concerns of its customers and settle any outstanding complaints amicably. The company has been offering alternative units or other suitable arrangements to allottees in an effort to find mutually agreeable solutions.Read more