PNT Reporter

All stakeholders of the Rajesh Lifespaces Group have approved of the take over their hotels in Mumbai by the Rare Asset Reconstruction Co. and Naman Group consortium. Earlier this month, lenders submitted the plan for approval to the National Company Law Tribunal (NCLT). The Rare-Naman Group partnership was the favoured bidder for lenders after making an upfront cash offer of Rs.461 crore and a further Rs.31 crore in equity.Read more

PNT Reporter

The Greater Noida Industrial Development Authority (GNIDA) has announced a plan to allocate ten builder plots across eight sectors of the city. These plots vary in size, ranging from 12,500 square metres to over 404,172 square metres, and are located in Sector 1, 10, 12, Mu, Eta 1, Pi, Pi 1, and Pi 2. The reserve price for these ten builder plots ranges between Rs 35,000 per square metre and Rs 46,200 per square metre. The e-auction's date and time are yet to be announced. However, interested applicants must register on the portal by April 3 and deposit a non-refundable and non-adjustable processing fee to participate in the e-auction.Read more

PNT Reporter

The Public Works Department (PWD) has recently issued eviction notices to the residents of the Barapullah slum near Jawaharlal Nehru Stadium in Delhi, India, as part of an encroachment clearance drive. The 500 slum dwellers, who are mainly daily wage earners and migrants from West Bengal, Rajasthan, and Bihar, have been asked to vacate the area before March 20. Many residents are distressed and worried about their future as they have nowhere to go. Children in the slum are also anxious about their education and uncertain if they will be able to get admission to other schools.Read more

PNT Reporter

The district administration in Gurugram has announced that it will begin the second phase of structural audits on residential societies from April 1. The decision was made after a meeting held between Residents' Welfare Associations (RWAs), developers and auditing agencies, chaired by the deputy commissioner, to address the issues raised in the first phase. The administration also directed the audit firms to identify structures that don’t pose any safety threats but have scope for improvement or repair.Read more

PNT Reporter

The Forum for People's Collective Efforts (FPCE), a pan-India homebuyers' body, has raised concerns about the formation and structure of the West Bengal housing department's committee for implementing the Real Estate (Regulation & Development) Act, 2016, and the West Bengal Real Estate (Regulation & Development) Rules, 2021. FPCE has raised concerns about the committee's structure, pointing out that there is no representation for homebuyers and that real estate developers are disproportionately represented.Read more

PNT Reporter

Earlier this week, the enforcement directorate conducted searches on three premises in Chhatrapati Sambhajinagar, two in Pune and one in Akola, as part of a money laundering case registered against a group of builders who were awarded a tender worth Rs4,600 crore for constructing houses under the Prime Minister Awas Yojana (PMAY). The case is based on an FIR filed at Chhatrapati Sambhajinagar city police station on February 23.Read more

PNT Reporter

Strategic buyers and investors are aggressively looking for real estate companies with sizable land parcels currently under bankruptcy administration for loan defaults, particularly in cities, as the demand for residential and commercial properties increases. Despite the difficulty of insolvency, investors are still showing a lot of interest in these businesses and their projects since they have tangible assets like incomplete buildings and land parcels, along with a certain percentage of sales. Some of the notable take over recently have been Adani Good Homes taking over Radius Estate, Max Estates taking over the Delhi One project and Labdhi Lifestyle taking over a defunct Rajesh Lifespaces’ project in Mumbai.Read more

Last week, the Supreme Court of India granted Ambience Group promoter Raj Singh Gehlot an extension of four weeks of protection from arrest in connection with a money laundering case related to an alleged bank loan fraud of Rs 800 crore. The Enforcement Directorate opposed the grant of relief, arguing that the person who siphoned off hundreds of crores of rupees should not be granted bail allegedly on false medical grounds. The court ordered the trial court to decide on the bail application, if filed, during this period.Read more

In a recent budget speech, Deputy Chief Minister Devendra Fadnavis announced that the state would use rover machines to speed up the measurement and clear land survey applications within the next ninety days. The use of rover machines began last year to cope with the application pile up during the Covid pandemic. Currently, the state has around 1,500 rovers, and the budget has allocated funds for procuring an additional 1,500 rovers for all 3,000 land surveyors in the state.Read more

The Police of Sikhar, Rajasthan have been investigating thirteen individuals in an alleged fraud of nearly Rs 1200 crores. The fraud came to light in February this year when Dilip Singh and twenty-one others lodged a case of cheating at Udyog Nagar police station in Sikar. Since then, over seventy give FIRs have been lodged against the thirteen accused. According to the reports filed, individuals claim they were tricked into investing in the ‘Nexa Evergreen’ real estate firm. The Sikhar Police has arrested four main accused.Read more