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

27 Jan 2023

Puravankara Limited has recorded sales totalling Rs. 796 crores in the third quarter which is the company's highest-ever sales for any year since its founding. This represents a 20% increase over the Rs. 666 crores reported in Q3FY22. The company reported sales at Rs. 2,100 crores for the nine months that ended in December 2022, a rise of 33% over the same period the previous year. Along with this impressive growth in sales, the company also experienced an increase in customer collections which rose to Rs. 621 crores in Q3FY23 from Rs. 344 crores in Q3FY22. The net debt remained consistent with the prior quarter.Read more

26 Jan 2023

CIDCO has issued a show-cause notice to Bhumiraj Builders for violating the terms of an agreement regarding the maintenance and plantation of Parsik Hill slope. The developer has been given two weeks to remove the illegal construction or face legal action. The developer on the other hand has denied the use of heavy machinery to dig or excavate the hill slope and has stated that their actions were for soil stabilization and stormwater systems. A joint site survey was conducted by CIDCO, NMMC, MPCB, Forest and Police and a report was submitted to HRC, citing the breaching of conditions in the leave and license agreement between CIDCO and the developer.Read more

24 Jan 2023

Pune based Kolte-Patil Developers Limited recently announced that it achieved its highest-ever quarterly pre-sales figures in Q3 FY23 both in terms of value and volume. They launched 6 new projects in the quarter which made up more than 57 percent of their total sales for the quarter. Life Republic, their flagship project alone sold of 6.62 lac square feet. During the first nine months of FY23, sales of Rs. 1,528 crores, up 23% year over year were generated from both ongoing and recent releases. The 9M FY23 collections increased by 22% to Rs. 1,313 crores.Read more

23 Jan 2023

Mumbai-based Mahindra Lifespaces, the realty arm of the Mahindra Group, is set to redevelop two residential societies in the western suburb Santacruz, Mumbai. Both projects will be developed on a land parcel of approximately 1.2 acres. The developers believe the project will have a revenue potential of Rs 500 crores. Both parties will execute definitive documents once due diligence is complete. Prime localities in Mumbai city offer little to no scope for green field developments. The housing society redevelopment market is estimated to currently be worth over Rs 30,000 crores.Read more

23 Jan 2023

Lenders of the now defunct hotel business in Powai, Mumbai owned by Rajesh Lifespaces, have set a base price of Rs 305 crores for the final auction of the business scheduled for 24th January 2023. Interested bidders will now have to increase their base price by Rs 10 crores if they wish to continue participating. Initial investors include Sankalp Recreation, Rare Asset Reconstruction Co., Bright Star Investments, Rajesh Business & Leisure Hotels, Shri Ram Multicom, Unison Hotels and Rockwood Hotels & Resorts. The project was marked as a non-performing asset on the books of the banks in 2019.Read more

20 Jan 2023

Earlier this week, the Central Bureau of Investigation (CBI) logged an FIR against Ashok Saloman, Managing Director of Chintels Group in a case concerning the partial collapse of the Chintels Paradiso apartment complex in Gurugram last year that claimed the lives of two women. The husband of one of the deceased women, who was also severely injured in the accident, filled cases against the developer under IPC sections 304-A and 420. In December 2021, the Gurugram Police arrested Mr Amit Austin, the proprietor of Manish Switchgear and Construction, the company commissioned to conduct the repair work of the building after a magisterial inquiry found that the retrofitting in Flat D603 was the key trigger for the collapse.Read more

20 Jan 2023

Mumbai based real estate conglomerate Shapoorji Pallonji Real Estate and investment firm PAG are gearing up to revive an ultra-luxury residential complex in Mahalaxmi, Mumbai. The project Minerva was launched by Lokhandwala Kataria Constructions in 2010 but eventually stalled on account of not being able to procure the requisite construction approvals for the planned FSI in a timely manner. Shapoorji Pallonji Real Estate will now take over branding, sales, and marketing for the project.Read more

19 Jan 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given Mumbai based Macrotech Developers and Terraform Realty (Everest Group) permission to form a Joint Venture (JV) to market, advertise and sell their joint venture project Lodha Bellevue in Mahalaxmi, Mumbai. The project is being built by Macrotech Developers on land owned by Terraform Realty Group’s entity Money Magnum Nest. The registration of this project was put on hold following two pleas filled by Urban Infrastructure Venture Capital Fund (UIVCF). The fund claimed the developers procured a RERA registration number for the project without having the requisite approvals such as the IOD and CC certificates.Read more

18 Jan 2023

In the newly developed residential and commercial core of Miyapur, Vertex unveiled its project Viraat, an upmarket, smart and sustainable residential neighbourhood. Vertex Viraat will include 1,428 units including 2 and 3 BHK houses in six skyscrapers with 30 stories and internal areas ranging from 1,340 to 2,030 square feet, erected on an 8.75-acre plot. It is touted to be a perfect blend of space, comfort, safety, and convenience offers customers a quiet and sustainable living.Read more