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

PNT Reporter

09 May 2023

Advance India Projects Ltd (AIPL) has signed a contract with Ireo to invest around Rs 600 crore to complete the stalled 500-acre 'IREO Waterfront' township project in Ludhiana, Punjab. The project was launched in 2010 but got stuck due to financial problems. Over 1,000 homebuyers are waiting for possession of the plots, villas, and independent floors they purchased in the township. AIPL has paid approximately Rs 57 crore to the Government of Punjab and has streamlined payments to LIC Housing Finance Limited, which has resulted in the restoration of project approvals and conveyance deeds.Read more

PNT Reporter

08 May 2023

The National Green Tribunal (NGT) recently issued an order directing Jain Housing to pay a penalty of Rs 2.19 crore for violating environmental laws during the expansion of one of its premium projects in Thoraipakkam. In 2009, the company obtained environmental clearance to construct 412 dwelling units in the first phase and another 396 units in the second phase of the Jains Pebble Brook apartment. However, the company ended up constructing 620 dwelling units in the first phase alone, without obtaining consent from the Tamil Nadu Pollution Control Board (TNPCB) or revised environmental clearance for the entire project.Read more

PNT Reporter

08 May 2023

The Department of Town and Country Planning (DTCP) has issued a show cause notice to the developer of Vatika India Next Society for allegedly violating the approved layout and licence terms by installing gates at entry and exit points and allowing commercial establishments within the residential area. A team of government officials found violations throughout the society, and notices were issued to the developer, maintenance company, and president of the residents' welfare association. The developer has been ordered to remove the commercial outlets and gates placed unlawfully or face legal action.Read more

PNT Reporter

05 May 2023

After receiving a complaint from residents regarding the developer's delay in handing over maintenance of the residential society to the Resident Welfare Association (RWA), the Department of Town and Country Planning (DTCP) has sent a notice to the developer of the Oyster Grande in Gurugram's Sector 102. Residents claim that despite numerous meetings and reminders, the developer is unwilling to turn over control of the society's daily operations to RWA.Read more

PNT Reporter

05 May 2023

The Lucknow bench of the Allahabad High Court has granted bail to former CMD Kapil Wadhawan and Dheeraj Wadhawan of Dewan Housing Finance Ltd (DHFL) in a multi-crore provident fund fraud case. The defendants had been detained since May 26, 2020. The Wadhawans' names came up during the investigation after the FIR was filed on November 2, 2019, in response to a complaint made by IM Kaushal, the Trust's then-secretary. They were accused of investing the GPF and contributing PF in DHFL against the rules established by a 2015 Centre notification.Read more

PNT Reporter

05 May 2023

AweSpace Ventures Private Limited has recently announced its entry into the Indian real estate development sector with a focus on luxury properties that are sustainable and environmentally friendly. With the increasing demand for luxury properties in India and the company's commitment to sustainability, it is poised to differentiate itself from its competitors. As India's real estate market continues to grow, AweSpace Ventures' entry is expected to provide new opportunities for investors and homebuyers alike.Read more

PNT Reporter

04 May 2023

Kolte-Patil Developers has announced the signing of two society redevelopment projects in the Mumbai Metropolitan Region, with a total saleable area of 7.3 lakh square feet. The project in Mulund-West is the largest society redevelopment project undertaken by the company in Mumbai, with a total saleable area of 6.1 lakh sq ft and a top-line potential of Rs 900 crore. The Vashi project has a total saleable area of 1.2 lakh sq ft and a top-line potential of Rs 300 crore and will be developed jointly with Nivasti Group.Read more

PNT Reporter

04 May 2023

The Economic Offences Wing of Mumbai Police has arrested developers Dharmesh Jain and Rajiv Jain of Nirmal Lifestyle for allegedly cheating 34 home buyers who had purchased flats in three projects for more than Rs 11 crore. The accused allegedly took money against bookings in 2011, promising that flats would be handed over in 2017, but the buyers allegedly did not get possession of the flats.Read more

PNT Reporter

04 May 2023

Chintels Group has made an offer to purchase 180 apartments from homeowners in three of its Gurugram project's buildings that were deemed hazardous following a partial collapse last year. The firm also provided the option to fix and/or rebuild the three towers, however if any tower needed to be redone, it would cost allottees Rs 1,000 per square foot (super area). The action was taken at the same time as the Supreme Court was hearing a citizens' petition demanding compensation and legal action against the developer.Read more