PNT Reporter

12 May 2023

Dharmesh Jain and his brother Rajeev, directors of Nirmal Lifestyle Construction Company, were arrested and sent to judicial custody for failing to hand over flats to 54 buyers in three incomplete projects, cheating them of Rs. 43 crores. The court denied their bail application, fearing their influence could tamper with evidence. The Economic Offences Wing had taken up the case, with three FIRs registered against the Jain brothers for cheating more than 700 buyers.Read more

PNT Reporter

11 May 2023

Senior Town Planner Sanjeev Mann has called on the Department of Town and Country Planning (DTCP) to revise the payment plan for Mahira Homes in Gurugram's Sector 104, linking it to construction progress rather than a predetermined timeline. The request comes after homebuyers raised concerns about the stalled project and lack of construction progress. Mann's proposal aims to safeguard buyers' interests while pressuring the developer to prioritize the project's timely completion. The DTCP's response to these recommendations will play a crucial role in addressing the concerns of homebuyers and ensuring transparency and accountability in the real estate sector.Read more

PNT Reporter

11 May 2023

Supertech Ecovillage 1 residents in Greater Noida West have initiated an indefinite sit-in protest, demanding improved infrastructure and amenities. Key concerns include comparable electricity rates to Noida Power Company Limited (NPCL), rationalized covered parking charges, and completion of car parking facilities. While the builder claims negotiations are ongoing, the two new concerns require further investigation into financial implications. As a concession, the builder has offered to reduce charges for power increase and covered parking, but it remains to be seen if these offers will appease the protestors.Read more

PNT Reporter

11 May 2023

Residents of Gurugram's Chintels Paradiso, where two people perished in a building collapse last year, are requesting changes to the developer's compensation offer. Homeowners have two alternatives from Chintels India: a buyback offer or renovation, however the latter option has drawn criticism from locals because it entails paying an extra Rs 1,000 per square foot to the developer. Additionally, they are demanding that rent be paid up until the time that their apartments are rebuilt, and that the construction be completed within a certain amount of time.Read more

PNT Reporter

11 May 2023

Jaiprakash Associates, a flagship firm of the Jaypee Group, has defaulted on loans amounting to Rs 4,161 crore, including principal and interest amount. The company has been taking steps to reduce its borrowing and has proposed divestment of its cement business and restructuring. However, ICICI Bank has approached the National Company Law Tribunal (NCLT) Allahabad against the company under the Insolvency and Bankruptcy Code 2016, and SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore. JAL's debt reduction strategy will be crucial in determining its future prospects.Read more

PNT Reporter

10 May 2023

The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers posted a combined net profit for the quarter ending March 31, 2023, of just Rs 54 lakh. The company reported in a BSE filing that it had recorded a profit after tax (PAT) of Rs 137.66 crore in the previous year's similar quarter. The paid up equity share capital increased by Rs 14.99 lakh during the year ended March 31, 2023 as a result of eligible employees exercising their stock options under ESOS.Read more

PNT Reporter

10 May 2023

In a recent development, the appellate tribunal NCLAT has admitted YEIDA's plea challenging the NCLT's order approving Suraksha Group's bid to acquire debt-ridden Jaypee Infratech. Although the appellate tribunal recognised ‘substantial merit’ in YEIDA’s appeal for higher compensation, it declined to issue a stay on the NCLT's order. As per the NCLT order dated March 7, 2023, YEIDA was allotted an additional farmer's compensation of Rs. 10 lakhs, which has been challenged by YEIDA. YEIDA's claims amount to Rs. 6,111.59 crores, including a 64.7 percent additional compensation payable to farmers.Read more

PNT Reporter

10 May 2023

The residents of Aakriti Eco City Society, a posh residential colony, are living in fear of losing their electricity supply as the builder has declared himself insolvent. The builder had set up a power substation in agreement with the Madhya Pradesh Electricity Board (MPEB), but bills were issued by AG 8 Limited instead of MPEB. The residents claimed to have made payment for all water and electricity bills to the builder. However, when the builder declared bankruptcy, it was discovered that bills had not been deposited with MPEB. The Residents Welfare Society urged MPEB to take over the electricity supply system, but this would require laying a new network of electrical supply, costing 3 to 4 crores.Read more

PNT Reporter

10 May 2023

In a housing scheme constructed for middle-income group beneficiaries under the Mukhyamantri Gruh Yojana Housing Scheme, the plaster from the ceiling of an apartment in Vinayak Residency fell in one of the rooms, narrowly missing three people. After this incident, other residents complained about incomplete work in the scheme, including the lack of a community hall, rainwater harvesting system, and only one lift instead of two. The Vadodara Municipal Corporation issued a notice to the contractor responsible for the construction of the apartments, who was asked to complete all pending work and ensure the safety of the residents. A team of officials was sent to conduct a survey of the apartments.Read more

PNT Reporter

09 May 2023

An investment of Rs 2,000 crore has been committed by real estate developer Casagrand to the construction of 15.5 million square feet of residential space in Bengaluru. The company plans to build 25 new residential complexes in various parts of Bengaluru this year after purchasing land parcels with a potential revenue of Rs 13,500 crore. Located off Kanakapura Main Road, Casagrand recently unveiled Casagrand Zaiden, a residential development with 2- and 3-bedroom homes beginning at Rs 74 lakh. The project will be completed in 24 months and is registered under RERA PRM/KA/RERA/1251/310/PR/120423/005862.Read more