14 Mar 2023

According to sources, the CBI has detained Harchand Singh Gill, director of a Pearls Group subsidiary who was deported from Fiji in relation to a Rs 60,000 crore ponzi scheme that was allegedly carried out by the parent company. Gill had an open-dated Non-Bailable Warrant of Arrest against him issued by a special court and was evading justice in the case. The CBI is said to have used Interpol to get a "Red Notice" declared on him.Read more

14 Mar 2023

The takeover of Jaypee Infratech Ltd. (JIL) by Suraksha Realty and Lakshdeep Investments and Finance was approved by the National Company Law Tribunal (NCLT) providing relief for 20,000 homebuyers who purchased the houses by Jaypee in Noida and Greater Noida. The development has occurred six years after Jaypee Infratech began the insolvency process. The Interim Resolution Professional has been ordered by the two-member NCLT bench to establish an implementation monitoring committee within seven days.Read more

14 Mar 2023

As part of the approved resolution plan ordered by NCLT, Suraksha Realty and Lakshdeep Investments and Finance Limited have been given a time frame of two years to complete all stalled Jaypee Infratech projects in the country. The groups will invest approximately Rs 4,300 crore of the entire sum to finish the projects deliver the apartments to homeowners and provide refunds. Of the projects in question, fifteen are in Noida, eight are adjacent to Yamuna Expressway and one is in Agra.Read more

10 Mar 2023

The Siddha Group has begun delivering flats at "Siddha Seabrook," its first high-end building in Mumbai. This 57-floor premium tower, touted as being the tallest residential tower in the area, is situated in Kandivali(W), Mumbai. The project comprises of 2 and 3 BHK apartments ranging between 496 to 1258 square feet. The complex offers homeowners with a wide range of lifestyle amenities as well as breath-taking views of Mumbai's cityscape set against Sanjay Gandhi National Park.Read more

09 Mar 2023

According to a BSE statement by Sobha Realty, Ravi PNC Menon, the company’s full-time director, has resigned from his role, effective from March 31, 2023, due to some commitments and personal reasons. He will continue to serve as a non-executive non-independent director of the firm starting on April 1, 2023. He will continue to serve as the company's chairman (non-executive) subject to the board's permission. Under his leadership, Sobha Limited won several awards and recognition for its projects and contributions to the real estate industry.Read more

07 Mar 2023

The Delhi High Court has overturned a provisional attachment of Piramal Realty's properties worth INR 410 crore by the Enforcement Directorate (ED). The court stated that the provisional attachment could not continue because Piramal Realty was not an accused and was only a lender to M/s Omkar Realtors and Developers (ORDPL), a company under investigation for money laundering. The agency is investigating an alleged INR 22,000 crore SRA scandal by Omkar Realtors & Developers' promoters, Kamal Gupta and Babulal Verma.Read more

07 Mar 2023

The Migsun Group has purchased a 36,583 square meter block of land from Yogi Raj Promoters Pvt Ltd to build a high-street commercial project in Rohini, New Delhi. With a total build-up area of 6.3 acres the Group will create a 9-acre high-street commercial project at the location. The acquisition and development of the commercial project would add to the overall investment cost which will be Rs 706 crore. To fulfil future demands the corporation disclosed that it might buy an additional Floor Area Ratio (FAR). Migsun Group hopes to complete the high-street commercial project within three years.Read more

06 Mar 2023

Kolte-Patil Developers Ltd. has recently unveiled two redevelopment projects in Mumbai, expanding its selection of residential properties there. K52 in Khar and Alora in Kalina, are the two new launches and are said to have an income potential of INR 110 crore and INR 300 crore respectively. K52 in Khar will comprises of 12 stories and offer 2 BHK apartments with a carpet area of approximately 844 square feet. Alora will comprise of five 11 story towers offering 2 and 3 BHK apartments.Read more

06 Mar 2023

The joint office development platform between Ivanhoe Cambridge, the real estate division of Bengaluru-based Embassy Group, and CDPQ, Canada's second-largest pension fund, has been shelved. Ivanhoe and Embassy introduced the office platform in March 2021 with a $500 million investment potential. The platform was to invest in business parks in Bengaluru, Chennai and Hyderabad. The platform's foundational asset was the first phase of Bengaluru's 60-acre Embassy East Business Park, located on Whitfield Main Road.Read more

03 Mar 2023

The Karnataka Real Estate Regulatory Authority (KRERA) has dismissed a complaint filed by Godrej Properties against a homebuyer who refused to pay the balance amount until the developer furnished land litigation documents for the Godrej Aqua project that is still pending in the Devanahalli civil court. The KRERA found that the civil litigations of the project area were pending since January 24, 2019, and the sale agreement was signed in July of the same year. The authority concluded that homebuyers cannot be held liable for not completing the payments, and that developers must disclose the discrepancies on the official website so that prospective investors can be alerted.Read more