PNT Reporter

22 May 2023

The district administration in Noida is set to auction 38 shops in Wave Mega City Centre's commercial project in Sector 18 due to the developer's failure to settle dues amounting to Rs 136 crore. The shops, located in Wave Silver Tower, will be auctioned with reserved prices ranging from Rs 48 lakh to Rs 2.7 crore. This action is part of the administration's efforts to collect outstanding dues from developers and hold them accountable.Read more

PNT Reporter

22 May 2023

The Residents Welfare Association (RWA) of Raheja Atlantis in Gurugram Sector 31 has received a show-cause notice from the Department of Town and Country Planning (DTCP) for the illegal building of businesses in common spaces. The letter makes clear that the society's pharmacy, grocery store, coffee shop, and salon were all constructed without the necessary permits, in violation of Section 3B of the Haryana Development and Regulation of Urban Areas Act. The RWA asserts that the buildings were designed for the convenience of older persons, but they will abide with the rules if the department has concerns.Read more

PNT Reporter

19 May 2023

The Directorate of Enforcement (ED) has begun investigating real estate developer Ansal API, following complaints of financial irregularities in their Lucknow township project. The probe is primarily focused on the company's Gurgaon project and potential violations of the Prevention of Money Laundering Act. Ansal API, whose promoter denies any economic offense, was admitted for insolvency proceedings in November 2022. This investigation marks a significant step in the government's efforts to address economic crimes in the real estate sector.Read more

PNT Reporter

16 May 2023

The Noida Authority has given Supertech's chairman, R.K. Arora, ten days to pay the INR 26 crore ($3.5 million) worth of recovery certificates (RCs) issued by UP-RERA that the company has not yet fulfilled. Last week, the Supertech chairman committed to paying INR 2 crore ($270,000) and making settlements of INR 5 crore ($670,000), pledging that the company will soon pay the remaining dues. This move is part of the district administration's drive to collect Rs 503 crore against 1705 RCs issued by UP-RERA to 101 developers.Read more

PNT Reporter

16 May 2023

With a top-line potential of INR 1,300 crore (about $175 million) and an estimated saleable area of 1.9 million square feet, Kolte-Patil Developers has announced the signing of two new residential development projects in Pune, India. The business has purchased 5 acres of land in Wagholi to build the MIG residential project there. It has also formed a joint venture to build the NIBM Road premium residential project. With these initiatives, Kolte-Patil hopes to solidify its dominance in Pune's high-potential micro markets.Read more

PNT Reporter

15 May 2023

Former Chairman Anil Kumar Sharma of Amrapali Group was denied bail by the Supreme Court after being accused of cheating thousands of homebuyers and siphoning off their hard-earned money for personal benefit. The court stated that he did not deserve sympathy as he had left behind a mess, making it difficult for the court to tackle the problem. The company had 16 incomplete projects, consisting of 46,575 units in Noida, which required Rs. 8,000 crores to complete.Read more

PNT Reporter

15 May 2023

In an urgent move against illegal alterations, the Brihanmumbai Municipal Corporation (BMC) has issued stop work notices to 65 flats in two Malad-Marve high-rises. The owners, in violation of regulations, had undertaken unauthorized modifications, merged apartments and even installing lifts. The offenders, warned of demolition and penalties, now face significant consequences for compromising the structural integrity of their buildings. The BMC's swift action serves as a stark reminder about the importance of adhering to safety regulations and building codes.Read more

PNT Reporter

12 May 2023

Residents of Migsun Green Mansion in Greater Noida have filed a complaint with local authorities over an unauthorized temple being built in the complex's common area. The temple is being constructed on a park that serves as the only play area for children, leading to concerns about encroachment and reduced space. Tensions continue to rise between the residents and the builder, with each party disputing responsibility for the construction. The outcome of this conflict remains uncertain, as authorities have yet to intervene to resolve the issue and ensure the common area remains a safe and enjoyable space for all residents.Read more

PNT Reporter

12 May 2023

The Maharashtra state environment department has directed CIDCO to take action against Bhumiraj Builders for violating environmental norms on Parsik Hill. Despite being called for a hearing by the State Human Rights Commission, CIDCO failed to appear. The state environment department has given CIDCO seven days to act against the builder, who has been accused of cutting slopes on the hill in violation of the leave and license agreement. This is not the first time CIDCO has faced environmental issues.Read more

PNT Reporter

12 May 2023

Godrej Properties sees 75.48% growth in net profit by March 31, 2023, with its net consolidated total income reaching Rs.1,839 crore in Q4FY23, up by 20.77% from the previous year. The company's earnings per share has also seen a significant increase, reflecting its strong financial performance. In addition to its financial success, the company has added 18 new residential projects in key cities, showcasing its focus on sustainable and innovative development.Read more