06 Apr 2023

The Enforcement Directorate (ED) has attached 403 immovable properties worth Rs 83 crore belonging to Kalptaru Buildtech Corporation Limited, its group entities, and directors. These properties are located in cities such as Lucknow, Agra, Mathura, and Aligarh. The move comes after a case was registered against the firm in March 2022 under the Prevention of Money Laundering Act, 2002 (PMLA).Read more

PNT Reporter

05 Apr 2023

The Enforcement Directorate (ED) has attached assets worth Rs 150 crore belonging to the Rose Valley Group as part of an ongoing money laundering investigation. A provisional order led to the freezing of 139 immovable properties, including land, flats, and commercial spaces across Tripura, West Bengal, and Andaman and Nicobar Islands. The probe has revealed that the group collected funds by selling fraudulent schemes through a network of agents. The ED's investigation began in 2014, and the latest asset seizure marks a significant step towards recovering defrauded funds and ensuring justice for affected investors.Read more

PNT Reporter

04 Apr 2023

Last week, the Enforcement Directorate (ED) announced that it has taken control of 15 pieces of land in Gurugram, Haryana, valued at Rs 245 crore, as part of an investigation into money laundering allegations against real estate firm Unitech and its promoters. According to a statement from the agency, the land parcels are owned by Trikar Group, which is a benami group of Unitech. The ED had previously frozen these assets under sections of the Prevention of Money Laundering Act (PMLA), and now the agency has taken physical possession of the properties.Read more

PNT Reporter

04 Apr 2023

The revenue officials are set to auction 13 properties belonging to Holy Faith Builders and Developers Pvt Ltd, owned by MD Sani Francis, at the Ernakulam collectorate conference hall on May 12. This is the third time that the properties are being put up for auction after the government had attached them following a Supreme Court Order. Francis failed to remit Rs 42 crore he owed to the apartment owners in Holy Faith H2O, one of the four apartment complexes that were demolished in Maradu for violating CRZ rules.Read more

PNT Reporter

03 Apr 2023

Last week, the Enforcement Directorate took temporary possession of 24 properties belonging to Nowhera Shaik and Heera Group of companies, which were valued at Rs 33 crore. This was done under the Prevention of Money Laundering Act, in relation to the Heera gold scam. The investigation found that Nowhera Shaik and her companies had used some of the money obtained through illegal means to buy several properties in her name and that of her companies.Read more

PNT Reporter

03 Apr 2023

BHIVE Workspace, in partnership with the Garuda Group, has launched a 5,000-seat co-working centre in Bengaluru to cater to the growing demand for flexible office spaces. Spanning 2 lakh square feet, the Garuda BHIVE Workspace has already leased spaces to various startups. The new centre expands BHIVE's total co-working portfolio to 14 lakh square feet and 40,000 seats across Bengaluru.Read more

PNT Reporter

03 Apr 2023

The Runwal Group, a real estate company, has announced its entry into the commercial real estate sector with a plan to develop over 10.5 million square feet of office spaces in Mumbai and Pune. The company has already started work on its Kanjurmarg project Runwal Commerz and Runwal Edge in Dombivli, with nearly 1 million sq ft in development. The projects will be developed in phases and will include premium residential projects, large open green spaces, and retail components.Read more

PNT Reporter

31 Mar 2023

The Haryana Real Estate Regulatory Authority (H-RERA) has refused to grant an extension of registration to the Shree Vardhman Victoria group housing project being developed by Shree Vardhman Infra Heights Pvt Ltd. This decision was made due to the non-compliance of RERA Act by the promoter. The authority had given 24 opportunities to the developer to comply with the mandatory requirements to renew or extend the registration of the project, but the promoter failed to comply with them.Read more

PNT Reporter

28 Mar 2023

Last week, the shares of Sobha Ltd dropped by more than four percent after the firm confirmed they had been subjected to income tax raids at their head office and in other site locations. In a statement released to the press, the company confirmed that their registered office and other locations of Sobha Ltd were currently the subject of a search by the Income Tax Department. Additionally, the company stated in its disclosure to the exchanges that as a responsible business, all affected employees and personnel are fully cooperating with officials.Read more

PNT Reporter

23 Mar 2023

According to an interview captured by Reuters with top company executives at DLF, the company intends to concentrate on developing luxury and premium projects only to cater to the growing demand in the market segment. They comment about the challenges the company would face in turning a profit if they were to pursue affordable housing projects. DLF’s Gurugram project allegedly sold out in less than 72 hours of its launch, generated more than eighty billion rupees in sales.Read more