GURUGRAM: The Real Estate Regulatory Authority (RERA) court here has penalised real estate promoter Vatika Limited with over Rs 6 lakh for violating the Builder Buyer Agreement (BBA) provisions, an official said on Tuesday. The landmark order of the RERA court passed by Judge SK Arora has come as a big relief for the five complainants, the official said. “The Authority establishes the violation of Section 13 of the Act 2016 on the part of Vatika Limited and hereby imposes a penalty under Section 61 of Rs 1 lakh in each complaint and further directs the promoter to execute the registered buyer’s agreement as per the model agreement provided in the Real Estate Regulation and Development Rules 2017 within 30 days from the order failing which the Authority shall be bound to invoke penal action under Section 63,” said the order. Section 13 of the Real Estate (Regulation and Development) Act of 2016, states that the promoter cannot accept a sum of more than 10 per cent of the apartment or plot cost as an advance payment or application fee. The five complainants cum allottees had approached the RERA Court in October 2022 seeking justice after they failed to get any relief from Vatika Limited. The complainants had booked commercial units in Vatika India Next project in 2018 and paid full consideration to the promoter without executing the BBA, an official said. A year later, Vatika allegedly transferred their units without their consent to a different project, Vatika One, in Sector 16 of Gurugram and also reduced the unit sizes to 500 sqft from the original size of 1000 sqft, he said. “Whereas, in the instant matter the respondent (Vatika Limited) has taken 100 per cent of the consideration without executing the BBA,” the order said. The court also imposed a penalty of Rs 25000 to be paid to each complainant within 30 days from the date of this order under Section 63 of the act for non-complying with the directions of the Authority with its order dated February 23, the official said. The RERA court has directed Vatika Limited to pay interest for every month of delay from the due date of possession till now at the prescribed rate, he added. Responding to the court order, Vatika Ltd spokesperson said, “The company will appeal this order because all the facts of the case and the company’s representations have not been considered”.

Published On Apr 16, 2024 at 06:33 PM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

Representative ImageGURUGRAM: The Haryana real estate regulatory authority (HRERA) has denied the extension of registration validity for a housing project of Godrej Developers & Properties in Gurugram, citing non-compliances of norms. According to HRERA, Gurugram, Godrej Developers & Properties LLP failed to rectify deficiencies in the application, which showed mismatch of several details provided in the project’s quarterly progress report (QPR) from those mentioned in the CA certificate. Deficiencies were also related to licence renewal and bank balance. The regulator said despite many reminders the promoter of the project failed to comply with the Real Estate (Regulations & Development) Act 2016. Godrej Developers & Properties has been developing group housing project Godrej Air Phase 4 at Sector 85, Gurugram. The promoter had obtained the RERA registration in December 2018 and it was valid up to June 2023, by which the promoter had to complete the housing project. The promoter sought extension of the registration through an application under Section 6 of the RERA Act. During the scrutiny of the application, the authority observed many deficiencies in the application and asked the promoter to rectify the same. The authority sent a final show-cause notice in February this year to the promoter for rejection of the application and it did not receive any reply from the promoter. “Keeping in view the above facts, the Authority rejects the application for extension of registration of the project. Further, the bank account of the project be frozen and a compliance letter to this effect be sent to the bank,” HRERA said in the order. The authority has also warned promoters against creating any third-party rights and has cautioned the general public to refrain from booking any property in the project.

Published On Apr 10, 2024 at 08:51 AM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

Representative ImageGURUGRAM: Deputy commissioner Nishant Yadav on Monday granted permission for demolition of the five towers declared unsafe for habitation in Sector 109’s Chintels Paradiso.The developer had sought permission to demolish towers D, E, F, G and H after IIT Delhi declared these towers unsafe in its structural audit report.Edifice Engineering, the firm that razed the Supertech twin towers in Noida in Aug 2022, will demolish the Paradiso towers. But unlike the Noida towers, which were brought down in a controlled implosion with 3,700kg of explosives, the Paradiso buildings will be razed floor-by-floor by crusher machines.Edifice has already started removing fitouts (doors, windows, plumbing and electrical accessories) of these towers and submitted a demolition plan and timeframe to the builder.The DC granted his permission after taking suggestions from the departments concerned — MCG, Haryana Pollution Control Board, police, and the public works, disaster management, town and country planning, fire, and labour departments.According to the letter granting permission, debris from the demolition site will be disposed of at an MCG site and measures will be taken to minimise dust pollution and ensure safety of residents and adjoining structures. Police and fire department will keep an eye on the situation. The letter further mentions that in case of any kind of negligence, accident or mishap, the builder management will be held accountable. The builder management will send progress reports regarding demolition to the district town planner’s office and the ADC every 15 days.In the first phase of the demolition plan, which is underway at present, the contractor is removing fitouts. In the next phase, which is likely to start from May 1, the towers will be demolished by high-reach jaw crusher machines (which can crush concrete and steel), which are safe and have the highest reach. Secondary demolition — which involves breaking up the debris into smaller chunks — will be carried out by June 20. The site will be cleared of debris by December 15.A spokesperson for the developer said there are about 288 flats in these five towers, of which the management has so far signed agreements with 150 flat owners under the buy-back. “Around 50 allottees have agreed to the re-development scheme. The management is trying its best to sign settlement agreements with the remaining flat owners. Demolition will be carried out keeping in mind the rules and instructions of the permission,” the spokesperson said.A portion of the living rooms of five flats caved in at Tower D of Paradiso on Feb 10, 2022, killing two residents.

Published On Apr 9, 2024 at 08:40 AM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

GURUGRAM: Around 16 years after their launch, construction of two Unitech projects — Sunbreeze in Sector 69 and Vistas in Sector 70 — has started. The move comes after the realtor got the Supreme Court’s permission to start the construction. As many as 1,900 buyers have invested in these two housing projects, which were launched in 2008 and 2009. The flats were supposed to be delivered in 2012, but the developer failed to complete construction.Retired IAS officer YS Malik, who is also chairman and managing director of the company, said the tender process for the construction of both the projects has been completed and they are expected to be completed in phases in the next 18 to 36 months. While 680 of 888 flats have been sold in Sunbreeze, 1,241 of 1,287 homes in Vistas have been sold out so far, he said. According to officials, after the allottees booked the units between 2009 and 2011, the company was declared bankrupt and construction of both the projects came to a halt. Later, a board, including Malik as CMD and Ashok Yadav as CEO of the company, was constituted by the SC. He further said after getting the environmental clearance (EC) in March, construction of the project was started. Malik claimed “structural and health audit of all the towers” of both projects has been done by IIT Roorkee. “The structures have been declared safe with the suggestion of retrofitting,” he said. Homebuyers shared the ordeal that they have been facing as the projects were stuck. As a homebuyer at Unitech Sunbreeze, the past 15 years have been a “struggle”, said Himanshu Dube, a homebuyer. “The new resolution framework by the Unitech board, supported by the apex court, offers a ray of hope. We’re cautiously optimistic that their commitment to start deliveries of flats by the end of 2025 translates into tangible progress on the ground,” Dube said. “To end years of struggle and endless wait of homebuyers, the SC-monitored construction mandate to Unitech management is a welcome step. Now, the management needs to ensure that it delivers the expectations of homebuyers. Homebuyers are once again ready to trust and pay Unitech if it lives up to its commitments,” said another buyer.Piyush Gupta of Unitech Vistas said, “We are very much optimistic about completion of the project as per the timeline defined and approved by the apex court. He said allottees hope for fast progress in construction. We request them to pay their dues at the earliest so that construction does not get halted again.”

Published On Apr 2, 2024 at 09:05 AM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

Representative ImageNEW DELHI: Realty firm DLF Ltd is raising Rs 600 crore through issue of non-convertible debentures (NCDs) to investors for refinancing of its existing debts. In a regulatory filing on Wednesday, DLF informed that the company’s wholly owned subsidiary DLF Home Developers Ltd has raised this amount. The Securities Allotment Committee of the Board of Directors of DHDL has approved the allotment of 60,000 NCDs, having face value of Rs 1 lakh each, for an aggregate principal amount of Rs 600 crore on a private placement basis to eligible investors. DLF, the country’s largest real estate developer in terms of market capitalisation, did not mention where the amount would be utilised. Sources said the amount will be utilised for refinancing its existing debts. DLF Group has 215 million square feet of development potential across residential and commercial segments. The group has an annuity portfolio of over 42 million square feet. The company’s sales bookings jumped two times annually to Rs 13,316 crore during the first nine months of this fiscal, mainly on high demand for its luxury housing properties in Gurugram. During the April-December period of the previous fiscal, the company’s sales bookings stood at Rs 6,599 crore. In the 2022-23 fiscal, DLF’s sales bookings stood at a little over Rs 15,000 crore. DLF plans to launch properties worth nearly Rs 80,000 crore over the next 3-4 years to tap rising demand for housing and commercial projects.

Published On Mar 27, 2024 at 01:30 PM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

GURUGRAM: Haryana Real Estate Regulatory Authority (RERA) has forfeited security deposits of around Rs 7 crore of 20 city-based builders for non-compliance with registration norms, an official said on Saturday.The real estate promoters had been granted conditional project registration certificates. The promoters, however, failed to meet the conditions within the stipulated time, leading to violations, a RERA (Gurgaon) order said. As per the conditions of the registration certificates, security deposits made by the promoters in lieu of the timely submissions of the required documents, “are being forfeited”, RERA said in its order. The total security deposits of these 20 real estate promoters were Rs 7 crore.”It was clearly mentioned in the registration certificates that the security amounts shall be forfeited in case the respective conditions are not fulfilled by the promoters within the stipulated time period mentioned in the conditions,” the order stated.

Published On Mar 23, 2024 at 07:00 PM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

Representative ImageGURUGRAM: The Haryana Real Estate Regulatory Authority has cancelled the registration of all five affordable housing projects launched by Mahira Infratech Pvt Ltd due to alleged violations by the builder, according to an order. The RERA, Gurugram, revoked registrations of all five real estate projects of Mahira Infratech Pvt Ltd on Monday, an official said. The Authority took the step after the builder failed to comply with the provisions of the RERA Act and complete construction of all five affordable housing projects across various sectors in Gurugram, the official added. “The Authority deems it fit to revoke the registrations of the affordable housing projects registered by this Authority under the provisions of Section 7(1)(a), (b) and (d) of the Real Estate (Regulation and Development) Act 2016…, ” RERA said in an order. The authority also barred the promoter from accessing websites in relation to those projects and the name of the promoter will be specified in the list of defaulters on RERA’s website. The concerned banks holding the projects’ bank accounts shall keep the accounts of the projects frozen till further orders. This is without prejudice to the statutory rights of the allottees under the provisions of the RERA Act 2016 and Rules and Regulations made thereunder, said the Authority. The Authority in the order held that the promoter willfully violated various provisions under the RERA Act 2016 and Rules and Regulations. RERA observed that the promoter unlawfully diverted the amounts deposited by the innocent homebuyers in all its five projects. Five affordable housing projects of Mahira Infratech Private Limited are Mahira Homes Sector 68, Mahira Homes Sector 104, Mahira Homes Sector 103, Mahira Homes Sector 63A and Mahira Homes Sector 95. The Authority, earlier on February 14 had inspected the construction progress at all these five project sites, said the authority. “Mahira Home promoter has defaulted on various accounts, and we are custodian of the RERA Act and must safeguard allottees’ rights. We are left with no choice but to revoke the registration of all its five projects and look forward to some viable option to complete the projects,” said Arun Kumar, RERA Chairman.

Published On Mar 20, 2024 at 08:37 AM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

Representative ImageGURUGRAM: Real estate regulatory authority RERA has imposed a Rs 50 lakh fine on a city-based realtor, Coral Realtors Pvt Ltd, for not registering its ongoing project with the authority. The realtor faced the penalty for advertising and creating third-party rights in the project prior to its registration, said an official. According to an official statement, the Authority said it is a clear case of violation of Section 3 of Act, 2016. “Therefore, the Authority decides to impose a penalty of Rs 50 lakh. The registration certificate will be issued only after receipt of the penalty,” the order said. Coral Realtors is building a commercial project Metro World Mall at Sector 56 in Gurugram. Section 3 of RERA Act makes registration of a real estate project mandatory before creating third party rights. “No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate projects or part of it, in any planning area, without registering the real estate project with the real estate regulatory authority established under this Act,” states this Section of Act 2016. The promoter Coral Realtors applied for registration of the project with RERA, Gurugram, only after the Authority initiated a separate Suo Motu proceeding taking cognizance of the matter, according to the order.

Published On Mar 9, 2024 at 08:36 AM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

NEW DELHI: Signature Global (India) is planning to launch 8-10 million sq ft residential projects in the next six months in Gurugram’s sector 71, sector 84, sector 37-D and along Sohna road, said Pradeep Aggarwal, chairman and whole-time director of the company.The company also signed a joint development agreement for 2.8 acre land parcel.In sector 71, we will launch three million sq ft out of the 15 million sq ft development potential we have. Along Sohna road we have about 130 acres land parcel, where we will launch four million sq ft under Haryana Enterprises and Employment Policy-2020. We will launch about 0.8 million sq ft in sector 84 and 0.3 million sq ft in sector 37-D.The property prices in the Sohna project will be around Rs 1-1.5 crore for mid-income and Rs 4-5 crore in sector 71 project for upper mid-income. In DRHP the company had informed that it had 5.75 million sq ft development potential in sector 71 which has now increased to 15 million sq ft.The company has given the guidance to deliver projects worth Rs 11,000-12,000 crore by 2026. In the FY23, the company’s revenue was about Rs 1,535 crore and its posted loss after tax of Rs 63 crore. For the nine months ending December 31, 2023, the company achieved revenue of Rs 546 crore. Its profit after tax stood at Rs 2.17 crore in Q3 FY24.The company delivered about 3,100 flats under lower mid-income (properties under Rs 1 crore) and 1,000 flats under upper mid-income (Rs 3-4 crore). In the next financial year, its focus will be more on upper mid-income segment.”In the last financial year, most of the projects we delivered were in affordable housing hence the revenue number was higher. This year we are focussing more on mid-income and upper mid-income housing projects. So we expect to post profit by the end of this financial year.,” said Aggarwal.The company gave the guidance of Rs 4,500 crore pre-sales target for the financial year 2023-24, which they now expect to cross and achieve somewhere between Rs 7,200 – Rs 7,500 crore by the March 2023-end. Based on the guidance of pre-sales of Rs 4,500 crore for FY24, the company was looking to achieve a target of Rs 6,000 crore in FY25 which it now has revised to achieve Rs 9,500 crore.”We always prefer to give guidance which are realistic. Real estate is such a volatile industry that we must consider all the possible scenarios before deciding on final target figures. Apart from this we also said that we would be looking to grow anywhere between 25-30 per cent year-on-year. We will continue to achieve similar growth in coming financial year as well,” said Aggarwal.There were some projects which the company was looking to launch in March 2024 which it has now pushed to the April-June 2024 quarter of FY25. As for the reason for the postponment, he said, “we recently sold the inventory, we cannot bring in bulk inventory in the market. We had announced that we will be carrying out project launches worth Rs 8,500 crore which has all been sold out, hence we are looking at launching new projects in the next quarter now.”In this financial year, the company is looking at an average ticket size of Rs 1.75 crore, which translates to Rs 10,500 per sq ft up from the average price realisation of Rs 7,500 per sq ft it achieved in the last financial year. It is expecting a 10 per cent increase in average price realisation to about Rs 11,500 – Rs 12,000 per sq ft in FY25.Changing tacticsA company needs to improvise based on the marketing condition and buyers’ demand. If we had stayed only in the affordable housing segment, we would not have survived because developing an affordable housing is no longer viable with the increased land and construction cost.According to him, although the land prices have increased in the last few years, they are still reasonably controlled. At the same time product pricing has also increased over the same time which is allowing builders to make profit.Earlier the company had fragmented land parcels spread all across Gurugram. Now it has changed its strategy and are consolidating its presence in few regions. In sector 71, it has about 90 acres land parcel while along Sohna road it has about 135 acres land parcel.Till date the company was carrying out in-house construction but now in order to compete with other companies and to create a marquee product, it plans to employ engineering procurement and construction (EPCs) companies. “We can recover this from the right product pricing,” said Aggarwal.The company however is not looking to expand in other geographies. “We have upcoming projects of 31 million sq ft, so currently we are only focussing in Gurugram,” said Aggarwal. Choosing home buyersThe company recently launched residential development project: DE LUXE-DXP in Sector 37D, Gurugram. Spread over 16.5 acres, this project presents a sales potential of 2.7 million sq ft and the company claims to have achieved pre-sales of Rs 3,600 crore. It plans to invest about Rs 2,200 crore in the project over the next 4-5 years time. It launched the project at an average price of Rs 13,000 per sq ft.Interestingly, it received expression of interests which were 5.5 times the flats available. The company onboarded Boston Consulting Group which helped create the whole process online, gather data of home buyers and reviewed the application and profiles using several matrix including social media. This helped them identify and select the buyers. About 30 per cent of the buyers were NRIs or from big corporate and 20-25 per cent were investors.Signatureglobal Business ParkIn a recent regulatory filing, the board of directors of the company with a view to comply with the requirement of minimum paid up capital of Rs 35 crore of Signatureglobal Business Park (SBPPL), a wholly-owned subsidiary, has approved the investment of Rs 29.90 crore in the 2.99 crore equity shares of Rs 10 each of SBPPL for cash at par.SBPPL has received LOI from directorate of town & country planning (DTCP), Haryana for setting up a project over an area of 128.69 acres and as stipulated by one of the conditions by DTCP, SBBPL has to ensure to have a minimum paid up capital of Rs. 35 crore.

Published On Mar 7, 2024 at 01:30 PM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link

Representative ImageGURUGRAM: Keeping allottees’ trust on top of its priorities, HRera chairperson Arun Kumar has asked a developer — Ocean Seven Buildtech (OSB) — to arrange for funds and work out a plan to start construction of its stalled Expressway Tower project in Sector 109.Launched in 2017, the affordable housing project was to be completed by 2021, but the deadline was later extended to 2023. “You (developer) should arrange an initial amount of Rs 5-7 crore and start construction in order to build trust with the allottees. This should be unconditional. Rera will do its job of allowing sale of shops and help in restoring licence from DTCP,” Kumar told the developer, during a meeting on Wednesday.Kumar told allottees to strengthen their RWA in order to control and monitor the construction progress and release of funds with the majority of the stakeholders. As many as 1,089 allottees are waiting for their dream homes to be delivered by OSB — the project has inordinately been delayed by more than three years.Rera had earlier freezed accounts and stalled work at three projects, including Expressway Tower.As earlier directed by Kumar, OSB and allottees have now entered into an agreement to start construction and complete the project over the next 10 months.

Published On Mar 7, 2024 at 08:41 AM IST

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

Get Realtime updates
Save your favourite articles

Scan to download App

[/gpt

Source link