The National Company Law Tribunal (NCLT) has recently approved the demerger scheme of Raymond Ltd, enabling the separation of its real estate business into a new entity, Raymond Realty. Effective from 1st April 2025, the transfer of real estate assets to Raymond Realty will allow for more focused management and attract strategic investors. Shareholders of Raymond Ltd will receive one equity share in Raymond Realty for each share they hold. Post-demerger, Raymond Realty will be listed on the Bombay Stock Exchange and National Stock Exchange. The scheme has received regulatory approvals and is set to enhance growth and operational efficiency for the companies.Read more

Sattva Group has secured an 8.5-acre land parcel in Bengaluru's Export Promotion Industrial Park (EPIP) from a high-net-worth individual for INR 300 crore. It was previously occupied by global healthcare company Novo Nordisk India. The site offers a built-up area of 188,000 square feet, with future development potential of up to 1.2 million square feet and a 35 MW data centre. This acquisition strengthens Sattva's presence in Bengaluru's commercial real estate sector. The deal highlights growing developer interest in Bengaluru, particularly for properties with future growth potential. The company is also preparing for a REIT listing.Read more

Municipal authorities, in coordination with HYDRAA, demolished illegal commercial structures at the Anuhar Morning Raga apartments in Manikonda municipality's Alkapur Township. Residents of 38 apartments had complained for three years about the unauthorised conversion of ground-floor residential spaces into commercial areas, including bank strong rooms, which compromised structural integrity and safety. Despite multiple warnings and notices, the builder ignored demolition orders. The action, initiated after inspections revealed zoning violations and safety risks, restored the building's residential purpose and was welcomed by residents. The demolition underscores the importance of adhering to zoning laws and serves as a warning against unauthorized modifications, reaffirming authorities' commitment to community safety and regulatory compliance.Read more

Earlier this week, Maharashtra's Chief Minister, Devendra Fadnavis, expressed his gratitude to the Central Government for approving 6.5 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) and disclosed plans to further increase this allocation by 13 lakh. The approval will provide homes to around 20 lakh out of the 26 lakh people who have registered for the scheme. Union Agriculture Minister Shivraj Singh Chouhan also congratulated the state for the initiative, underscoring the government's ongoing commitment to the "Housing for All" mission. This continued effort is aimed at addressing the increasing demand for housing in rural areas.Read more

Infosys, India's second-largest IT services company, recently inaugurated a cutting-edge development centre in New Town, Kolkata. Built at a cost exceeding INR 426 crore, the 320,000 sq ft facility accommodates over 4,000 employees under a hybrid working model. The centre focuses on innovative technologies such as cloud, artificial intelligence, and digital transformation, serving sectors like logistics, manufacturing, and energy. Aligned with Infosys' ESG goals, the facility boasts green building features and flexible workspaces. West Bengal Chief Minister Mamata Banerjee highlighted its significance in boosting employment and IT growth, alongside other ambitious projects in the state.Read more

Noida Authority has taken strict action against Skytech Construction Pvt Ltd for defaulting on payments related to its Skytech Matrott group housing project in Sector 76. Despite several notices, the builder failed to clear over INR 30 crore in outstanding dues. The Authority sealed 27 unsold flats at the project under the direction of its CEO, Lokesh M. The developer failed to utilise the state government's rehabilitation policy for stalled projects, resulting in non-compliance. Similar actions were also taken against Docile Buildtech Pvt Ltd and other developers for outstanding dues in recent months.Read more

PNT Reporter

The Enforcement Directorate (ED) has accused Sahiti Infratec Ventures India Pvt Ltd (SIVIPL) and its associated entities of misappropriating homebuyers' funds, resulting in wrongful gains of INR 842 crore. In its recent complaint to the PMLA court, the ED revealed that funds collected directly from buyers or through loans were diverted via complex financial transactions, with significant amounts benefiting promoter Boodati Lakshminarayana and his family. Allegations include criminal conspiracy, breach of trust, and money laundering. ED also identified funds siphoned abroad and attached several properties linked to the group as part of its investigation.Read more

To accelerate development under the "Kalaignarin Kanavu Illam" housing plan, the Tamil Nadu government has authorized an additional INR 400 crore, which will be directly transferred to beneficiaries' accounts. This brings the total money disbursed to INR 1,451 crore depending on current construction status. The plan supplies 360-square-foot dwellings, including kitchens, using subsidized materials such as cement and steel. The monies are released in four installments using the Direct Benefit Transfer (DBT) method. Orders worth INR 3,500 crore have been made for the construction of one lakh dwellings in 2024-25. The state plans to replace 8 lakh rural huts with concrete dwellings by 2030.Read more

GIFT City, India's premier smart city and International Financial Services Centre (IFSC), has received the prestigious ISO 27001 certification, affirming its robust data security measures and commitment to global standards. This milestone enhances its reputation as a secure, innovative, and sustainable hub for multinational corporations, startups, and financial institutions. Property prices and rental values in GIFT City have shown remarkable growth, with a 74% increase in residential capital values over the past five years. Its state-of-the-art infrastructure, strategic offerings, and regulatory frameworks continue to attract global players across industries, solidifying its position in India's financial and technological landscape.Read more

The Allahabad High Court has quashed an Enforcement Case Information Report (ECIR) and two related FIRs against M3M India, marking the end of legal proceedings against the real estate firm. The FIRs, filed in 2023, alleged financial misconduct and undervaluation of property assets involving M3M India, Indiabulls Housing Finance, and other parties. However, the court ruled the allegations were commercial disputes, not criminal offences, and noted a lack of evidence and procedural delays. This decision offers relief to M3M India and highlights the importance of distinguishing civil disputes from criminal cases.Read more