PNT Reporter

19 Apr 2023

Bengaluru based real estate firm Puravankara reported a 29% increase in sales bookings to a record Rs 3,107 crore in the last fiscal year, attributed to higher volumes and better price realisation amid strong housing demand. The housing segment contributed 100% to the total sales booking, with sales realisation rising 14% to Rs 7,768 per square feet. In the last fiscal year, the housing segment contributed 100% to the total sales booking, compared to the previous year, where residential properties made up around 98-99% of sales with the remainder from commercial asset sales.Read more

PNT Reporter

19 Apr 2023

Real estate tycoon Gopal Ansal has been ordered to stand trial for allegedly cheating and defrauding a private company and its promoters in the name of investment in a building at Connaught Place in Delhi in 1991. He faces charges of cheating, forgery and criminal conspiracy, while Sushil Ansal, a director of Ansal Properties, has been discharged. The complainant, Sachdeva & Sons Industries, had invested in Statesman House through an employee who was known to Gopal Ansal, but later discovered that receipts were issued only in the name of the employee and that the money was diverted to book a flat for him.Read more

PNT Reporter

18 Apr 2023

MHADA has issued Occupation Certificates for the free-sale component buildings in Mumbai's controversial Patra Chawl redevelopment project, following the Bombay High Court's directive. The decision provides relief to homebuyers who have faced delays and uncertainties since the project's initiation in 2008. With Kalpataru and Ekta Group's projects receiving OCs, homebuyers can now expect handovers soon. The long-delayed project highlights the need for stronger regulations and oversight in urban redevelopment to ensure timely completion and protect home buyers' interests.Read more

PNT Reporter

18 Apr 2023

The Supreme Court has set aside an order granting bail to jailed ex-Unitech promoters Sanjay Chandra and Ajay Chandra related to alleged swindling of funds of home buyers. The court directed the brothers to approach it for bail or other reliefs. They are currently lodged in two separate jails in Mumbai. The court had earlier directed them to surrender to Tihar Jail authorities on or before March 22, 2021. Both promoters are said to have served more than five years in custody for the alleged offences.Read more

PNT Reporter

18 Apr 2023

The Enforcement Directorate (ED) has attached assets worth over Rs 40 crore belonging to real estate group Supertech and its directors under the Prevention of Money Laundering Act (PMLA). The ED alleges that the company and its directors engaged in criminal conspiracy to cheat people by collecting funds from prospective buyers as an advance against booked flats in their real estate projects but failed to deliver possession of the flats on time, thus defrauding the public.Read more

PNT Reporter

18 Apr 2023

The Department of Town and Country Planning (DTCP) has issued show-cause notices to the structural engineer, architects, and others involved in the Chintels Paradiso residential society's construction in Gurugram after a fatal building collapse last year. The five individuals had certified the building's safety, but the incident has raised questions about their certifications. The DTCP has requested responses within 15 days to avoid potential blacklisting and license revocation. The incident has prompted authorities to consider stricter regulations and increased awareness of safety standards among residents.Read more

PNT Reporter

14 Apr 2023

The bankruptcy court of India has authorised Mumbai based developer KGK Realty to purchase Anudan Properties (India). The resolution plan for KGK Properties received 76.35% of the vote from the Committee of Creditors (COC). Several developers had also submitted resurrection ideas for the company including Aanya Real Estate, a group of Ashdan Properties, and NNP Buildcon. The development is a sign of an increasing trend of various established developers looking for real estate deals through the bankruptcy process and having strong financials.Read more

PNT Reporter

14 Apr 2023

The real estate and construction firm Renaissance Indus Infra has been accepted into the corporate insolvency resolution process (CIRP) as a result of a request made by Catalyst Trusteeship, one of its financial creditors. Following the company's failure to repay a debt of approximately Rs 444 crore, the lender filed a petition with the bankruptcy court.Read more

PNT Reporter

12 Apr 2023

Macrotech Developers, one of India's leading real estate firms, has reported a record sales booking of Rs 12,064 crore in the last fiscal year, which represents a 34% rise from the previous year. Despite a surge in interest rates on home loans, the company has delivered a strong pre-sales momentum. The collections of money from customers for the year stood at Rs 10,606 crore, up 23% YoY. The company has surpassed its full-year guidance and added twelve projects in FY23, with a sales potential of around 14 million square feet of about Rs 19,800 crore.Read more

PNT Reporter

06 Apr 2023

The Noida Authority has issued a show-cause notice to Three-C Green Developers for violating lease terms and not completing the project 12 years after land allotment. According to the lease terms, the developer had to complete the project within seven years. The notice stated that 15% of sports facilities were to be developed within three years of the date of allotment, while all the sports facilities were to be provided within five years. However, the developer failed on each timeline.Read more