PNT Reporter

27 Apr 2023

The Income Tax department conducted searches on Tamil Nadu-based real estate firm G Square's premises across various locations in the state. G Square denied the allegations and said it had been subjected to unwarranted persecution. The company was accused of having links to the ruling DMK's 'first family', which it denied. Tamil Nadu Housing and Urban Development Minister S Muthusamy said no special concessions had been extended to G Square. The situation has sparked controversy and raised questions about the legitimacy of the allegations made against the company.Read more

PNT Reporter

27 Apr 2023

The developer of Malibu Towne and five other companies have been booked for unauthorized construction and encroachment on public land. The Department of Town and Country Planning (DTCP) urged the police commissioner to register an FIR against the companies, which was filed under sections 10(2) and 3 of the Haryana Development and Regulation of Urban Areas Act, 1975. The alleged crime came to light after a resident filed a complaint. Restoration orders were passed in March 2023 for the unauthorized construction, and the developer's reply to the notice was found unsatisfactory.Read more

PNT Reporter

25 Apr 2023

Real estate developer Prestige Estates Projects has signed an agreement to undertake a housing society redevelopment project in Mumbai's Worli locality, with a revenue potential of almost INR 60 billion ($802 million). The Shivshahi society redevelopment project involves 192 tenements spread over 3.3 acres opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road. The project has been stuck for over a decade. Prestige Estates has already repaid a loan worth INR 1.7 billion raised by the earlier developer and will invest another INR 5.78 billion towards construction costs, compensation to society members and premium towards availing fungible floor space index.Read more

PNT Reporter

25 Apr 2023

The Enforcement Directorate (ED) has frozen 119 bank accounts, two luxury vehicles, and some insurance policies under the anti-money laundering law after conducting raids on the promoters of a Bihar-based real estate company Agrani Homes Pvt. Ltd. The company and its directors have been accused of cheating and illegally diverting investments made by prospective homebuyers. The money laundering case against the company and its promoters stems from at least eight FIRs filed by the Bihar Police. The searches were conducted in various locations, including Patna, Varanasi, Lucknow, and Delhi.Read more

PNT Reporter

25 Apr 2023

The National Green Tribunal has asked the Haryana pollution board to revisit its closure order against the Malibu Towne residential colony, noting that homebuyers should not suffer due to the inaction of officials. The Haryana State Pollution Control Board had issued the closure notice against the developer of the Sector 47 colony in March for flouting environmental norms. However, the Malibu Towne RWAs' Federation argued that the closure notice was harsh. The NGT ordered HSPCB to clearly specify which parts of the project needed environmental clearance and ascertain third-party rights. HSPCB must submit an action taken report within two months.Read more

PNT Reporter

24 Apr 2023

The Gautam Buddh Nagar district administration has sealed the Noida office of real estate giant Supertech Group due to unpaid dues linked to the Supertech Township entity. The company claims the action is illegal, as the sealed office belongs to Supertech Limited. Supertech Group contends that, under the Corporate Insolvency Process initiated by the National Company Law Tribunal (NCLT), a moratorium clause prevents coercive recovery of dues. The company's Interim Resolution Personnel has requested the office's de-sealing and is considering taking the matter to the NCLT or Supreme Court.Read more

PNT Reporter

21 Apr 2023

Realty developer M3M India announced its highest-ever sales of ?213,000 crore in FY23, doubling its revenue from the previous year. The company expects to reach ?720,000 crore in sales in FY24, driven by rising demand for residential properties. M3M plans to launch 8-10 mid-luxury residential and commercial projects in Gurugram, Noida, and Panipat, offering 14-15 million square feet of saleable space. The developer's expansion plans include strategic partnerships, a focus on sustainability, and entry into new markets such as Noida and Panipat.Read more

PNT Reporter

21 Apr 2023

Kolte-Patil Developers Ltd, has claimed that a higher demand led to a 28% increase in sales bookings to Rs 2,232 crore during the previous fiscal year. According to it regulatory filing, they had sales bookings of Rs 1,739 Cr during the last 12-month period. The company's sales volumes increased by 21% while its average price realisation per square foot increased by 6% during the fiscal year 2022–2023.Read more

PNT Reporter

20 Apr 2023

The Oberoi Group announced the opening of Trident Residences in New Delhi on Wednesday. The 19 custom apartments will be completed by 2024 and are available for purchase this summer. The flats which will be built by BI Design will consist of four penthouses, eight units with three bedrooms and seven with four bedrooms. Sizes will range from 3,600 square feet to 9,300 square feet, and they would cost between 18 and 44 crores.Read more

PNT Reporter

20 Apr 2023

According to data recently published by the company, Godrej Properties has reported Rs 14.051 crores in bookings for the March quarter which brings its FY23 total to 12.232 crores, up by 56% and more than a fifth ahead of the annual guidance. Sales volumes increased by 19% sequentially to 5.25 million sq. ft. for the quarter from 4.12 million sq. ft. Sales volumes increased 40% over the course of the year from 10.84 million sq. ft. to 15.21 million sq. ft.Read more