31 Jan 2023

Noida based developer, Shivalik Homes has been booked for fraud for allegedly selling the same flat to multiple people. An FIR was lodged against the builder under Section 420 (cheating), 406 (criminal break of trust) and other relevant provisions of the Indian Penal Code (IPC) following an order form the Allahabad High Court. A petition was filed by Ms Poonam who purchased a house in Shivalik Homes in 2019 but shortly after received a notice from PNB Housing stating the house belong to someone else. Ms Poonam claims the local police were incorporative which led her to approach the court.Read more

31 Jan 2023

Recently, over fifty disgruntled homeowners who have purchased homes in Tashee Capital Gateway, gathered at the project site in Sector 111, Gurugram to protest over the delayed possession of their apartments. The project was launched in 2011 and the builder signed contracts with the individuals in 2013 with the promise of delivery in December 2015. In 2019, a few owners complained to H-ERA which imposed a penalty of 10.2% per annum for the delay but the developer disobeyed the ruling. He has now stopped all forms of communication with the owners. A builder’s spokesperson has denied all accusations.Read more

31 Jan 2023

Earlier this week, Mrs Sona Bansal, a director of a Delhi based real estate firm was arrested by the Crime Branch of Delhi Police in Mumbai on charges of allegedly duping investors. A reward of Rs 50,000/- had been put out for those who could aid the police in her arrest. Mrs Bansal and her husband are wanted for several high-profile white collar crimes including the ‘Gurgaon-Manesar Industrial Model Township Land Grab Scheme’. The Enforcement Directorate (ED) has initiated a money laundering investigation after an FIR was lodged in Manesar police station against them.Read more

26 Jan 2023

A survey by Knight Frank found that 84% of Indian ultra-high net-worth individuals' investable wealth is allocated between equities, real estate and bonds, with 34% invested in equities and 25% in commercial real estate. The rise in commercial assets as an investment category is a sign of improved confidence in India's growth story. Indian super rich own an average of 5.1 residential properties and 37% of their wealth is allocated to primary and secondary homes, 15% of which is held outside India. Real estate was the top cited opportunity among 46% of survey respondents, whether for its attributes as an inflation hedge or benefits of diversification.Read more

24 Jan 2023

The Greater Mohali Area Development Authority (GMADA) is gearing up to launch an EWS housing program in February. It will launch a call for applications for a 5,000-unit building, the design for which was approved in July last year. The administration will begin soliciting applications for the apartments as well as floating tenders for construction next month. According to the plan, the apartments will be built on a total of 54 acres spread over GMADA's four townships: Aerocity (13.49 acres), IT City (17.48 acres), Eco City-1 (3.6 acres) and Eco City-2 (20.17 acres).Read more

19 Jan 2023

According to a report released by Anarock, over 4 lac homes were built in the top eight cities of India in 2022, a 44 percent increase from 2021, where only a little over 2.7 lac homes were built. The top eight cities include Mumbai Metropolitan Region, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and National Capital Region (NCR). The year 2023 promises to be even better with over 5.5 lac units scheduled for delivery. NCR is expected to introduce as many as 1.7 lac ready units into the market, followed with MMR at about 1.4 lac units and Pune city at 94,000 units.Read more

18 Jan 2023

Earlier this week, the Economic Offences Wing (EOW) of Pune City registered a case of cheating against the directors of Nirman Corporation filled by a real estate agent who claims the former have cheated him of Rs 9 crores over investments made in two of the company's projects. Upon conducting a preliminary inquiry, the EOW lodged an FIR against them under the Indian Penal Code and MOFA. They are currently reviewing, and scrutinizing documents submitted by both parties after which a plan of action will be formulated.Read more

18 Jan 2023

The Enforcement Directorate (ED) recently attempted to execute an arrest warrant for Ragvendra Singh Tomar, the owner of Faith Builders, at his residential property in Bhopal in connection with an alleged money laundering case. The ED had to execute the warrant without the assistance of local police force due to concerns about potential political chaos. The warrant follows the 2010 raid of IAS couple Arvind Joshi and Tinu Joshi for an alleged case of disproportionate assets. This comes as part of a larger crackdown by officials on alleged money laundering and illegal assets.Read more

17 Jan 2023

The Hyderabad housing market continues to see strong buying and selling activity in 2022, with residential sales up 28% year-on-year (YoY). A total of 31,046 units were sold in the city for the whole year, the highest number of sales recorded in the city since 2011. The number of new launches in Hyderabad also increased significantly, at a rate 23% over the same period last year. Most of new housing units launched were in West Hyderabad with Tellapur, Kollur, Gandipet and Narsingi among the most popular.Read more

17 Jan 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to issue show-cause notices to over 18,000 developers in the state over failure to update details of their registered projects on the MahaRERA website within the stipulated 3-month time frame. Upon receiving the notice, the developers have 1-months’ time to respond or risk facing punitive action. The 18,000 projects in question are a mix of old, newly registered and lapsed projects Mumbai, Pune, Thane and Nagpur.Read more