03 Feb 2023

In a statement released on Thursday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) claims to have recovered over Rs 100 crore from developers via follow-ups on compensation orders previously doled out. So far, a total of 594 warrants have been issued for recovery of approximately Rs 414 crore from developers of Mumbai City, Mumbai Suburbs, Pune, and Raigad. Follow-up actions since December 2022 have resulted in developers across MMR, Pune and Raigad to cough up almost Rs 101 crore in relation to 118 defaulting projects.Read more

02 Feb 2023

Paranjape Construction Company and its partner have been ordered by the Thane District Consumer Disputes Redressal Forum to compensate 45 individuals who purchased apartments in their scheme at Vasai in 1986 with Rs 30,000 each for the failure to execute sale deeds in connection with those purchases over the course of the intervening years. The adversaries did not present a defence or show up for the hearings, stating that the allegations made by the complainants have been proven to be false.Read more

02 Feb 2023

The Haryana Real Estate Regulatory Authority (H-RERA) has recently issued a ruling that directs ISH Developers to refund the money of a buyer along with interest for failing to deliver a commercial unit according to the terms of the builder-buyer agreement. The buyer had made the purchase in September 2013 and was promised delivery of the unit within four years. In October 2020, the buyer finally approached the real estate regulator, expressing a desire to withdraw from the delayed project.Read more

01 Feb 2023

K Raheja Corp Homes, the residential development arm of the Realty developer K Raheja Corp, has entered into an agreement to develop a 1-million-square-foot luxury housing project in South Mumbai's Mahalaxmi neighbourhood. The project will be developed on a prime 3-acre land parcel currently owned by Modern India, which has business interests in infrastructure, power generation, and real estate. As part of the agreement, Modern India will receive a consideration for the sale of the land in the form of a percentage of sales revenue. The project will consist of two superstructure towers and will be completed by 2028.Read more

01 Feb 2023

The Bank of Baroda's stressed assets recovery branch has taken partial possession of the Nirmal Mall located in Mumbai's Mulund area on January 24, 2023, due to the mall's failure to repay a loan amount of Rs 161 crore. On December 6, 2019, the bank issued a demand notice to the mall and its Managing Director, Dharmesh Jain, calling for the loan to be repaid within 60 days. The partial possession was carried out under the Sarfaesi (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002.Read more

31 Jan 2023

The financial results of Arvind SmartSpaces Limited (ASL) were announced for the quarter and nine months ended December 31, 2022. Bookings increased by 24% YoY in the first nine months of FY23 from Rs. 451 crores to Rs. 558 crores. Revenue from operations increased by 71% YoY from Rs. 96 crores to Rs. 163 crores. It’s EBITDA increased by 6% YoY to Rs. 29 crores from Rs. 27 crores in the previous year. PAT increased by 47% YoY, from Rs. 11 crore to Rs. 16 crores.Read more

30 Jan 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to auction off the assets of N K Bhupeshbabu, a Navi Mumbai builder to compensate aggrieved homebuyers. The authority hopes to recover over six crore rupees through this auction, which will be conducted by the Raigad district authorities. The builder owes more than fifteen crore rupees in unpaid dues.Read more

30 Jan 2023

“Neelaya” by Naiknavare Developers has received a copious response from prospective home buyers just two months into its launch in October 2022. The company has sold more than 100 units in Neelaya which is a 3.5-acre development with three buildings. Tower A is ready, tower B is nearing possession and C tower is currently under construction. Neelaya's 1 and 2 BHK apartments have sold the fastest out of all the units due to high demand. The housing development provides residents with exclusive parking and a vast array of top-notch amenities.Read more

27 Jan 2023

Developers in Mumbai have requested leniency in the payment of development charges for the redevelopment of old buildings on land owned by the Maharashtra Housing and Area Development Authority (MHADA) after the Bombay HC, in its order in October 2022, ruled that developers undertaking redevelopment on state-owned land will not be exempted from paying development charges under the MRTP Act. matter is under consideration in the Supreme Court.Read more

27 Jan 2023

The Haryana Real Estate Regulatory Authority (HRERA) has ordered the promoter of the ILD Grand project in Gurugram to refund Rs 72 lakh to a buyer due to the builder's failure to deliver the housing unit by the August 2017 deadline. The developer confirmed that the project has not yet received an occupancy certificate because the construction work is not yet finished. The project has now been granted financial assistance by the SWAMIH fund and its new deadline is December 2023.Read more