22 Feb 2023

In an announcement made by Godrej Properties, the company disclosed its intentions to acquire land parcels through outright purchases and collaborative ventures with landowners, aiming to double its initial projection of Rs 15,000 crores for FY 2022-23. The company has so far added 15 new projects to its portfolio this fiscal year with a total estimated saleable area of 23.42 million square feet and an anticipated total booking value of Rs 27,500 crore.Read more

20 Feb 2023

Brigade Enterprises' consolidated net profit decreased by 8 percent during the quarter ending on December 31, 2022. Its profit after tax (PAT) was Rs 42.68 crore in the third quarter of FY23 as opposed to Rs 46.41 crore in the same period of the previous fiscal, the business stated in a BSE filing. The company's consolidated total income for the second quarter of FY23 was Rs 858.63 crore, down 7.99% from Rs 933.19 crore it earned in the same quarter of FY22.Read more

20 Feb 2023

The Maharashtra Real Estate Appellate Tribunal (MREAT) has overturned a MahaRERA ruling from 2020 and ordered the promoter of Runwal Greens to pay interest on a homebuyer’s down payment for two years from 2016 to 2018 as well as pay a fine of Rs 20,000 for the delay in taking possession of the property. The homebuyer had booked an apartment in the project in 2012 by paying a sum of Rs 28lacs as downpayment. The promoter had promised possession by December 2015 but eventually gave it only in July 2018.Read more

16 Feb 2023

The redevelopment of three GPRA colonies in India, Sarojini Nagar, Kasturba Nagar, and Sriniwaspuri, have been delayed due to a lack of permission from the city government for tree transplantation and the presence of encroachments. In a letter to the Lok Sabha, the Union Minister has outlined the current status of each project and the challenges they are facing, providing a clearer understanding of the situation. While the progress of the projects has been slow, the government claims to remain committed to ensuring that the redevelopment of these colonies takes place smoothly and successfully.Read more

15 Feb 2023

BCD Group has recently made a foray into the Chennai market with its maiden turnkey residential project. The company's entry into the Chennai market is part of its plan to diversify its exposure to turnkey projects across the country, by offering comprehensive services from design consultation to handover. The project is a semi-luxury apartment development called Ayana 95, and will comprise 2, 3, and 4 BHK-style units, spread across 2.5 acres. Construction is set to begin in the first quarter of 2023, with an expected completion date of the first quarter of 2025.Read more

15 Feb 2023

Homebuyers of Expressway Towers in Sector 109 in Gurugram held a meeting with a senior town planner and called for action against the developer for the prolonged delay in completing the housing project. The project, which was meant to be an affordable housing initiative by Ocean Seven Buildtech Pvt Limited (OSB), was launched in 2017 with a promise of handing over possession to buyers by 2021. However, due to the COVID-19 pandemic, the deadline was pushed to 2023Read more

10 Feb 2023

The Economic Offences Wing (EOW) and the Powai police have closed an alleged cheating case against builder Pashmina Realty and its directors. The complaint was filed by Ekta Housing, Pashmina's partner in a joint venture project called Lake River in Powai. Ashok Mohanani, the chairman of Ekta Housing, accused Pashmina and its directors of inducing him to redevelop the property by presenting a false picture and then cheating and defrauding him by extracting huge sums of money and misappropriating funds. As a result, Ekta Housing suffered a loss of Rs 165 crore.Read more

08 Feb 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has set up a counselling centre offering online and offline in-person sessions at their office in BKC, Mumbai to assist homebuyers and developers in understanding the modalities and operations of the authority. Their goal is to help homebuyers in retrieving information about the construction progress of their purchase, filling complaints, and seeking redressal. Their counsellors will help developers clarify their issues regarding the regulatory requirements as mandated by the RERA Act 2016.Read more

08 Feb 2023

Gurugram based Chintels, who is the developer of the apartment building Paradiso, has sent a letter expressing his exasperation to the district administration after a fourth reevaluation of flats in Tower D took place. The evaluations are being done to compensate the residents previously living in Tower D which was declared unable to live in following a structural audit conducted by IIT-Delhi. The developer initially offered Rs 5,500 per sq ft as compensation. However, the residents have rejected this rate and subsequent evaluations by the district administration’s team.Read more

06 Feb 2023

Pre-sales for the December quarter at Sunteck Realty Ltd. increased by 12% YoY. The pre-sales jumped to Rs 396 crore from Rs 352 crore during the same period last year. Pre-sales increased 33 percent to Rs 1,066 crore during the nine-month period ending in December 2022 compared to Rs 800 crore during the same period last year. Additionally, the company's collection efficiency increased from 81 percent for the same period in the previous fiscal to 86 percent for the nine-month period ending in December 2022.Read more