17 Jan 2023

Earlier last week the National Company Law Appellate Tribunal (NCLAT) rejected Wave’s Group’s appeal against insolvency proceedings initiated, thereby allowing Noida Authority to auction over 1 lac square meters of cancelled land in sectors 25A and 32 that was earlier allotted to the builder. The builder may still apply for restoration of the land and take advantage of the reschedulement policy under Noida Authority to clear pending dues and complete the stalled projects. The aggrieved investors are prepared to file a caveat with the Supreme Court should the developer choose to do so.Read more

13 Jan 2023

The builder’s association Confederation of Real Estate Developers’ Associations of India-NCR (CREDAI-NCR) has reached on the Union Environment Minister Bhupender Yadav to express their concern over multiple bans enforced on construction activities in the last few months. The builder’s association has cited that these bans have caused numerous delays to their projects and urged the minister to reconsider what activities should be banned to curb pollution. According to them normal construction work should be allowed to continue for the sake of homebuyers and daily wage labourers.Read more

11 Jan 2023

Trident Realty has witnessed remarkable sales in its freshly launched project Trident Hills in Panchkula. The project which was launched in the middle of November 2022 and has since then already sold residential plots worth 500 crores rupees. The developers were able to reach out to larger audience and simplify the process of booking plots with the help of a tech-enabled platform. Thanks to this superior use of technology, buyers were able to reserve 90% of the whole inventory online from the comfort of their homes in just 20 minutes. The project will be built up over the course of the next 7 to 8 years.Read more

10 Jan 2023

The affordable housing arm of construction mammoth Shaapoorji Pallonji Real Estate is gearing up to launch a new residential project in Hadapsar, Pune. The project will be built on a 9-acre plot of land over the next four years and will require an investment upwards of Rs 700 crores. The first of seven phases will be launched shortly, comprising 168 duplex apartments and penthouses distributed amongst two towers. Phase one will be developed across 2.8 lac square feet of space.Read more

10 Jan 2023

Bengaluru based real estate company Sobha Ltd has posted a 36 percent increase in sales bookings at Rs 1,424 crores for the quarter ending December 2022, indicating a robust rebound in demand. According to data published by the company in its regulatory filing, its sales bookings for the same period in the previous fiscal year was Rs 1,047 crores. The company sold 4.17 million square feet in total in the first nine months of current fiscal year, up 16.9% over the same period last year. In comparison to the previous financial year the average price realisation during the April to December period of FY23 increased to Rs 8,952 per square foot, whereas this year the average price realisation increased to Rs 9,650 per square foot, indicating a 21.9 percent rise.Read more

10 Jan 2023

Earlier this week, the CEO and vice-president of the Maharashtra Housing Area Development Authority (MHADA) announced that six buildings of 40-storeys each will be ready to be occupied by December 2024. These buildings are a part of the massive redevelopment project of BDD Chawal undertaken by the state government along with local governing bodies such as MHADA and SRA as well as private builders. The tenants eligible for homes in these six buildings will be the first to move into their new 500square feet of living space. The entire chawal is said to have over 9,500 tenants eligible for housing.Read more

09 Jan 2023

According to a statement released to the press L&T Realty Developers Ltd, a faction of the construction and infrastructure giant Larsen and Toubro, will sell their stake in the engineering and construction conglomerate Think Tower Developers Pvt. Ltd. The agreement will be executed in the end of the month, subject to completion of closing conditions set forth by both parties. The stake is being sold to Mr Pratik Harsha Kalsariya, who does not belong to the promoter group.Read more

02 Jan 2023

Earlier this year, the Slum Rehabilitation Authority (SRA) in Mumbai published the names of 150 builders who had defaulted on their rental payments to slum dwellers of slum rehabilitation and redevelopment projects. Along with publishing their names, the authority demanded that all defaulters remit the pending money immediately and submit an affidavit within a month to the authority citing reasons for the delay. However, in the three months that followed this announcement, only a fraction of the payments is cleared. The total outstanding was said to have been approximately Rs 700 crore of which only Rs 20 crore has been cleared so far.Read more

30 Dec 2022

Sunteck Realty has launched a new phase with the campaign ‘One World One Price’ at its Sunteck One World mixed development township in Naigaon, Vasai Virar. Sunteck One World is one of the biggest townships in the area, spanning across 150 acres. The project offers opulent one and two-bedroom homes in addition to numerous other world-class amenities. The entire development has over 60 per cent open green space. Phase 1 of Sunteck World is occupied by more than a thousand families. Sunteck Realty Limited is a Mumbai based real estate and construction company founded by Kamal Khetan. The twin cities of Vasai-Virar are a part of the Mumbai Metropolitan Region and considered to be the fifth largest city in Maharashtra.Read more

28 Dec 2022

According to a BSE filing by Godrej Properties (GPL) a contract has been signed for the development of 14.27 acres of property in Gurugram, Haryana. The projected is expected to have a potential revenue of around Rs 3,000 crore. Earlier this year, the company purchased an 18.6-acre land tract in Kandivali, Mumbai. This project has an estimated 3.72 million square feet of developable space and a potential revenue of around Rs 7,000 crore. It was also the highest bidder for two contiguous land parcels in Noida with a total bid value of Rs 377 crore.Read more