PNT Reporter

03 May 2023

The handover of the Dharavi redevelopment project to Adani Realty has been delayed due to uncertainties surrounding the calculation of Transfer of Development Rights (TDR), according to Mantralaya sources. Despite the hold-up, Adani has reaffirmed its commitment to the project. The company also raised queries regarding the government's concessions to the winning bidder, especially the TDR the project will generate and the GST compensation for Dharavi's commercial units. Officials suggest abolishing the current TDR indexation system to create a level playing field.Read more

PNT Reporter

03 May 2023

The Bombay High Court has issued a notice to Mumbai City Collector Rajiv Nivatkar and an authorized representative of Avarsekar Realty Pvt Ltd for not complying with a March 2023 order. A flat buyer had filed a contempt petition to recover compensation from the builder for delay in possession. The HC had restrained the builder from selling unsold flats in a 42-storey tower, but he filed an affidavit on March 25, which the HC observed "wilfully" did not comply with the March 8 order. The next hearing is on June 12.Read more

PNT Reporter

02 May 2023

Maharashtra CM Eknath Shinde has received a plea from Thane-based homebuyers, seeking intervention in the delayed Kalpataru Immensa project. Approximately 1,200 homebuyers have invested Rs 1,000 crore in the 1,500-apartment township but have not received possession. They also report difficulties in obtaining timely hearings from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The homebuyers hope that the Chief Minister's intervention will help them secure possession of their homes and address the challenges they face in navigating the slow judicial process.Read more

PNT Reporter

02 May 2023

Mahindra Lifespaces has secured a ?850 crore housing society redevelopment project in Malad West, Mumbai. The 3.6-acre project marks the company's second society redevelopment venture, reinforcing its focus on growth opportunities in areas with limited space for new construction. The redevelopment aims to provide residents with modern, upgraded living spaces, while enhancing local infrastructure and creating job opportunities. Mahindra Lifespaces has an extensive presence in the Mumbai Metropolitan Region and plans to continue expanding its residential portfolio by exploring similar redevelopment opportunities in the city.Read more

PNT Reporter

01 May 2023

Prestige Estates has reported a record-breaking sales booking of Rs. 12,930.9 crore for the last financial year, up by 25% on a year-to-year basis. The surge in sales bookings is attributed to the high demand for housing in the country. The company has sustained sales bookings of 15.09 million square feet, with an average realization of Rs. 8,812 per sq ft for apartments, villas, and commercial sales. With ambitious objectives set for the next three years, the company aims to double the sales this fiscal year.Read more

PNT Reporter

01 May 2023

Sobha shareholders voted against two resolutions proposed by the real estate developer to cap non-executive directors' remuneration. The first aimed to limit total remuneration at 5% of the company's net profit, while the second sought to allow Ravi Menon, non-executive director and chairperson, to receive over 50% of the total annual remuneration for FY2024. Shareholders and corporate governance firms expressed concerns over fairness and potential conflicts of interest. This decision emphasizes the importance of good governance practices and balanced remuneration policies for non-executive directors.Read more

PNT Reporter

01 May 2023

A consortium led by KGK Realty and Dhoot Infrastructure has won a Rs. 990 crore ($132m) bid to acquire Sare Gurugram, a unit of Sare Homes, which defaulted on its dues to creditors and failed to complete a township project. The two companies beat five other bidders, including Alpha Corp and Signature Global. Homeowners and financiers had filed claims worth around Rs. 2,100 crore when the company was admitted for bankruptcy, and the new plan will enable homeowners to obtain possession of their apartments within three years.Read more

PNT Reporter

28 Apr 2023

The Maharashtra Pollution Control Board (MPCB) has issued a show cause notice to Safal Developers on Bhau Daji Road, Sion for not obtaining N environmental clearance for their redevelopment project and causing noise pollution which is affecting senior citizens residing at an old age home nearby. Activists had complained about the sound pollution from the construction site and requested action.Read more

PNT Reporter

28 Apr 2023

The Indore District Administration warned Vatsalya Builders and Developers to settle accounts with plot buyers within a fortnight or face strict action and FIR. The company was accused of selling property without T&CP diversion of the colony and not carrying out registration and stamp duty formalities. The company has been instructed to submit a demand fee at the T&CP department to get its clearance and carry out registration of plots in a set time limit. ADM and colony cell officials have been roped into the matter to ensure the affected people receive complete rights to the plots they have paid for.Read more

PNT Reporter

28 Apr 2023

Smartworld Developers Pvt. Ltd, based in Gurgaon, plans to invest Rs 3300 crore in FY24 to build three projects totalling 11.5 million square feet. The company is expanding to Noida and Bengaluru and aims to reach a sales target of Rs 7,000 crores in FY23-24. The company has received funding from Motilal Oswal and previously from Piramal Group and IIFL. Smartworld Developers is known for developing high-end residential and commercial properties and has earned a reputation for delivering projects on time and to the highest quality standards.Read more