08 Mar 2023

Columbia Pacific Communities (CPC) and Embassy Group have launched Serene Amara, a senior living community in India. The project, located in the integrated township Embassy Springs, will consist of 239 residences on 17 floors with features and amenities designed for comfortable and healthy living. Units are available in 1, 2, and 3-BHK configurations and are priced between Rs 60 lakhs and Rs 1.48 crore, exclusive of statutory charges. The project will be built by Embassy Group and designed by Venkataramanan Associates. Columbia Pacific will manage the project.Read more

07 Mar 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) has invalidated the allotment of two plots in Supertech’s Up Country township in Sector 17A of Greater Noida due to non-payment of Rs 86 crore in lease rent and additional compensation to farmers. This decision came after homebuyers lodged complaints that, despite collecting lease rent and additional compensation from them, the realty firm had failed to complete the registration of their homes. Supertech challenged the decision, claiming it was illegal due to the insolvency proceedings initiated against them in March 2022 after defaulting on Rs 431 crore in payments to a consortium of banks.Read more

07 Mar 2023

After a period of seven years, the government of Haryana has finally decided to launch an investigation into the alleged fraudulent activities related to the distribution of plots under the oustees quota. This concerns a possible scam involving the allocation and non-allocation of residential plots of various sizes in Sectors 2 and 6 of Mansa Devi Complex (MDC) in Panchkula. The allotment scheme was launched in 2004. The issue of irregularities was first brought to light by Haryana assembly speaker Gian Chand Gupta during his first term as Panchkula MLA.Read more

07 Mar 2023

Sunteck Realty, a Mumbai-based real estate developer, has signed a 29-year lease agreement with edtech startup upGrad for the entire commercial tower by the name Sunteck BKC51, located in Mumbai's Bandra-Kurla Complex (BKC). The deal, which has a cumulative rental pay out of Rs 2,000 crore, will set up a student accommodation facility and an offline experience centre for upGrad. This marks the largest student housing deal ever concluded in India.Read more

06 Mar 2023

According to officials, the Central Bureau of Investigation (CBI) conducted searches against directors and guarantors of Gardenia India Limited, a real estate firm, for allegedly committing bank fraud worth Rs 109 crore. The agency has recovered cash, jewellery, and documents of assets and property worth more than Rs 50 crore from six locations, including Delhi, Noida, Ghaziabad, and Gurugram. Among the accused is builder Sanjeev Kumar, who allegedly jumped from his apartment in Sector 72 Gurugram and suffered an injury in his leg when the CBI team went to arrest him.Read more

03 Mar 2023

The Uttar Pradesh government has instructed the Gautam Budh Nagar administration to digitise all land records dating back to 2002. There are currently over 13,10,000 land records for this area alone. According to officials, the measure is intended to ensure efficiency and openness because it takes a long time to go through old documents. The district administration was given until Tuesday this week to meet with the sub-registrars and develop a strategy for the same. Additionally, the government has authorised the use of 51 computers, 17 scanners, and other tools for this job. CCTV cameras will be used to monitor the digitization process.Read more

03 Mar 2023

Earlier this week Karnataka Chief Minister Basavaraj Bommai used excerpts from the Justice Kempanna Report that talks about the Arkavathi scam to hit out at the Congress party. The report was set up in 2014 to investigate the denotifications of land in the Arkavathi layout. The report concluded that the Arkavathy layout scheme turned into a scam because large amounts of land had been excluded from acquisition in violation of orders from the High Court and the Supreme Court.Read more

02 Mar 2023

According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.Read more

02 Mar 2023

The National Building Construction Corporation (NBCC) has finished constructing 7,100 houses out of 38,159 houses in the Amrapali projects located in Noida and Greater Noida, which were delayed for several years. To complete the remaining houses, it is estimated that over Rs 5,000 crore will be required, and the NBCC will have to explore options such as selling the unused Floor Area Ratio (FAR) in the current projects to obtain the necessary funds.Read more

02 Mar 2023

Earlier this week, the board of the Indore Development Authority (IDA) approved two ambitious projects, namely the Town Planning Scheme 9 and the Town Planning Scheme 10. In addition, they changed the land use of a large plot to make way for the construction of a convention centre with a seating capacity of 10,000 on the Super Corridor. The meeting was chaired by Jaypal Singh Chawda and attended by important officials like Indore collector Ilayaraja T, Indore Municipal Corporation commissioner Pratibha Pal, and the authority’s CEO RP Ahirwar.Read more