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

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Representative ImagePolyester yarn manufacturer and exporter Wellknown Polyester’s Chairman & Managing Director Anil Gupta has bought two sea-view luxury apartments south Mumbai’s Malabar Hill for over Rs 270 crore, making it one of the most expensive residential transactions anywhere in India on a per sq ft basis.Gupta along with his wife and the company has bought the apartments–on the 17th and 18th habitable floor of super-luxury residential tower Lodha Malabar on Walkeshwar Road–from realty developer Lodha’s listed company Macrotech Developers.The transaction values the apartment at Rs 1.41 lakh per sq ft. The buyers have paid over Rs 16.20 crore as stamp duty alone for the registration of the deals that took place on Friday, showed the documents accessed through IndexTap.com.Gupta has purchased one of these apartments jointly with the company Wellknown Polyester, while the other apartment has been bought along with the company as well as his wife as co-owners.The total area of the apartment includes an exclusive balcony and enclosed terrace. As per the agreement, the Gupta family will also get exclusive access to six car parking slots in the residential tower.ET’s email queries to Gupta’s team, Wellknown Polyester and Macrotech Developers remained unanswered until the time of going to press.According to regulatory filings, the luxury tower spread over 1.08 acre, opposite the governor’s estate, touching both the Arabian Sea and the Hanging Gardens, is scheduled to be completed by June 2026.Started in 1996 by Anil Gupta, Wellknown has a continuous polymerization unit with a capacity of 700,000 metric tonne per annum in Daman for manufacturing of polyester yarns. Apart from being one of the leading companies in the domestic market, it has established a presence in the global polyester yarn market with exports to over 50 countries.In March 2023, the Lodha Malabar project witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floors of the tower for Rs 369 crore.Just a fortnight prior to that, Bajaj Auto chairman Niraj Bajaj had purchased a sea-view luxury penthouse in the project for over Rs 252.50 crore.In February 2023, Welspun Group chairman BK Goenka had bought a penthouse in Mumbai’s affluent Worli locality for Rs 240 crore, which was then the most expensive residential transaction. Following this deal, Oberoi Realty had paid Rs 230.55 crore for another luxury penthouse in the same project.Malabar Hill and Walkeshwar Road are among the most sought-after addresses in the country. The micro market is known for its proximity to business hubs and traditional luxury pin codes of India. It houses many high-profile names including industrialists, corporate leaders, and C-Suite executives. Over the past two years, the Indian luxury housing market has witnessed a remarkable surge in demand and sales activity across the nation’s top eight cities. The country’s financial capital, Mumbai emerged as the leader in this segment, with most such transactions recorded in upscale South Mumbai and Worli-Prabhadevi area.

Published On Apr 16, 2024 at 08:43 AM IST

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Representative ImageThe Supreme Court on Monday said it will examine the validity of the commissioner of Income-Tax’s assessment raising a claim of ₹33,000 crore on Jaypee Infratech Ltd (JIL), taking note of the “endless litigation” affecting 22,000 homebuyers of the debt-laden realty company.It asked the Central Board of Direct Taxes to examine the department’s assessment order and file an affidavit within four weeks.A bench led by Justice Sanjiv Khanna also issued notice to the Commissioner of Income Tax, Noida, as to why its order should not be quashed.On March 7 last year, the National Company Law Tribunal (NCLT) approved the resolution plan of Mumbai-based Suraksha Realty and Lakshdeep Investments and Finance (Suraksha consortium) and allowed them to take over JIL for ₹20,363 crore against overall liquidation value of ₹17,767 crore and complete the remaining projects. The tribunal admitted JIL to insolvency proceedings in August 2017.While the resolution plan submitted by the Suraksha consortium was approved by the CoC by majority of 98.66% in June 2021, the income tax department did not file any objection before the NCLT but chose to appeal directly before the National Company Law Appellate Tribunal (NCLAT) belatedly. Intimation of the disputed tax liability of ₹33,000 crore on account of the revenue subsidy received by the assessee (JIL) was given to the IRP only in August 2020, according to the consortium.The NCLAT in September 2023 upheld the NCLT’s approval to Suraksha’s resolution plan but modified it by adding the additional past tax liabilities of ₹33,000 crore on the consortium. The appellate tribunal held that the department’s claim of Rs 33,000 crore did not stand extinguished prior to CIRP commencement as this liability did not become due on JIL on passing of the NCLT order in March 2023 but will become due when demands are raised on yearly basis in a staggered manner.Challenging the NCLAT’s order, the consortium told the SC that the appellate tribunal does not have jurisdiction to modify the resolution plan and the commercial wisdom of the CoC cannot be interfered with.”Despite crystalizing past tax liability, the NCLAT has imposed additional liability of ₹33,000 crore on the resolution applicant which has completely jeopardised the insolvency resolution process,” senior counsel Mukul Rohatgi and counsel Ankur Saigal argued.Around 22,000 homebuyers are awaiting completion and possession of their flats across different projects in Noida and Greater Noida, Uttar Pradesh, counsels for homebuyers argued.

Published On Apr 16, 2024 at 08:47 AM IST

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NEW DELHI: Ambuja Cements, the cement and building material company of Adani Group, has signed definitive agreement to acquire My Home Group’s 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu.The acquisition is estimated at a total value of Rs 413.75 crores and will be funded through internal accruals.Ajay Kapur, CEO (Cement Business), Adani Group, said, “Ambuja Cements will also inherit the existing dealer network and retain current employees.””Furthermore, the limited availability of limestone in Tamil Nadu presents a unique competitive advantage with coastal movement of clinker from the Sanghipuram Plant ensuring cost-efficient operations,” the company said.The total cement capacity of Adani Group stands at 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country.

Published On Apr 15, 2024 at 01:00 PM IST

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Representative ImageThe Karnataka State Pollution Control Board (KSPCB) has issued a notice to apartments of Bhavani Enterprises Apartment based on a complaint lodged by one of its residents for not treating sewage properly.The complaint, received on Integrated Public Grievance Redressal System (IGPRS) by Dhananjaya P, one of the residents of the Sobha Arena Apartment, alleged there was foul smell and worms in the sewage treatment plant (STP) water at the building. The KSPCB issued a notice to the authorised signatory of Bhavani Enterprises, Sarjapur-Marathalli Outer Ring Road, stating that the DEO had inspected the apartment complex on December 7, 2023, and found that the STP was established below ground level and not provided with a proper exhaust system to prevent the stink.“You have not entered the energy meter readings in the log book maintained for STP operations. Filter press is not being operated and kept idle and the motor fitted to the filter press is under repair. You have not furnished the periodic treated sewage water quality monitoring reports (analysed through MoEF & CC approved laboratory) to the Board. You have not provided sign boards viz., ‘Danger’ & ‘Treated sewage effluent not fit for drink’ in the STP area,’’ the KSPCB Regional Office said.The KSPCB Regional Office has directed the authorised signatory to submit a compliance report (along with documentary evidence) to the above mentioned violations within seven days from the date of receipt of this notice. “Failing which this Office will recommend the Board to initiate penal action under the provisions of the Section 33(A) of the Water (Prevention & Control of Pollution) Act, 1974,’’ the notice said.The KSPCB Regional Office wrote a letter to the KSPCB Zonal Senior Environmental Officer on April 2, 2024 to initiate action under the Section 33(A) of the Water Act, 1974 against the residential apartment.“The DEO had inspected the apartment on December 7, 2023 and observed certain non-compliances.. Based on the non-compliances, this office has issued SCN to the Sobha Developers Ltd vide ref (4). However, the occupier of the apartment has not yet submitted the reply to the said show-cause notice. In view of the above, the apartment was once again inspected on March 21, 2024 and observed that no measures have been taken to comply with the non-compliances observed during the previous inspection. Please find the draft NPD (Notice of Proposed Direction) to be issued to the Apartment and it is recommended to issue the NPD to the Apartment at the earliest,’’ said the Environment Officer of Rajarajeshwari Nagar in a letter to the KSPCB Zonal Senior Environmental Officer.Karnataka Home Buyers Forum Sanchalak Dhananjaya Padmanabhachar said that the promoters need to fix the problem to comply with the law if there are any violations. “We advise home buyers to ensure they form a registered association of allottees under a competent authority, audit the STP operation for compliance with Water Act and then take over the STP,’’ he said.

Published On Apr 15, 2024 at 08:55 AM IST

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MUMBAI: The Brihanmumbai Municipal Corporation (BMC) on Friday warned of taking stringent action against those who do not pay their property tax by May 25, the deadline set for the financial year 2023-24.In a release, the civic body appealed to the citizens to pay their property tax within the deadline, but did not specify what action it plans to initiate against those who fail to do so.The BMC’s tax assessment and collection department has launched an awareness programme through media, social media platforms and other modes.Its ward officer and citizens’ facilitation centres are being kept open on holidays for the convenience of the property owners, it said.During the last fiscal, the civic body collected Rs 3,195 crore property tax of FY 23-24. Last week, the BMC decided to collect from May 1 double property tax from the shops and establishments for not displaying signboards in Marathi language or Devnagari script.

Published On Apr 13, 2024 at 08:59 AM IST

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Representative ImageNEW DELHI: Builders should file complaints with regulatory authorities if customers do not pay due amount payable on residential or commercial properties purchased by them, Delhi-RERA Chairman Anand Kumar said. Addressing an event on the real estate sector, Kumar, who is the chairman of Real Estate Regulatory Authority, Delhi, cautioned real estate developers against falling in “trap of investors” as this could affect their cash flow and result into projects getting stalled. “There is a trap of investors, which happens,” he said, adding that there are many high net worth individuals who purchase many flats in hope of abnormal profit. These investors pay at most 30 per cent of the total cost of the apartments and after that they stop paying their instalments, Kumar said, adding that such investors do not respond to reminders given by builders. Real estate developers are then forced to cancel the units, which leads to disputes with customers, he said. “In case, you (builder) find any problem that somebody is not paying on time, you go to RERA first, before he comes to RERA. Because, RERA is meant not only for allottee but also for you,” Kumar told developers. He noted that there are provisions in the RERA law where if somebody does not pay on time, builders can cancel the allotment of units and move forward. Kumar cautioned that if builders do not act against such investors, their “financial cycle will be disrupted” and there will be stalled projects. The Real Estate (Regulation and Development) Act, known as RERA, was passed by Parliament in March 2016 and the legislation came into force on May 1, 2016, with 69 of 92 sections notified. The Real Estate Regulatory Authority for the National Capital Territory of Delhi (Delhi-RERA) was established through a notification in November 2018. Kumar asked builders to comply with the provisions of the RERA law. He also spoke about the paucity of skilled and semi-skilled workforce in the real estate sector and said there is a need to provide training. “If we curb unauthorised development, then we can have 5,000 houses in the same land where we have 1,000 houses,” Kumar said, adding that unauthorised colonies are a pain point in areas like Delhi, Noida, Gurugram. Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, said around 3 per cent of country’s land contributes to 60 per cent of GDP and stressed on the need for real estate developers to venture to non-metro and smaller centres. Real-estate is the second largest employer after agriculture and is also one of the fastest growing sector, said Neel C Raheja, Chairman of CII National Committee on Real Estate and Housing and Group President of K Raheja Corp. “We are at the forefront of hiring people, training them and creating better livelihoods for them, he added. The real estate sector is pegged to be around 7.5 per cent of GDP, which is expected to grow to 15.5 per cent of GDP by 2047, Raheja said. In 2023, India has emerged as the office to the world, Sriram Khattar, Vice Chairman & Managing Director of DLF Rental Business, said. Khattar said the leasing of office space crossed 60 million square feet in 2023. “A milestone has been achieved. This firmly establishes the country’s credentials as an office to the world,” he added.

Published On Apr 12, 2024 at 04:00 PM IST

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Representative ImagePiramal Group’s flagship company Piramal Enterprises has invested over Rs 500 crore in a portfolio of projects of Bengaluru-based real estate developer Puravankara Group, said three persons with direct knowledge of the development.The investment encompasses a range of projects, spanning from commercial properties to residential ventures, reflecting a strategic collaboration aimed at bolstering real estate endeavours across multiple regions in India.”The Piramal Group entity has made this investment through a senior secured financing structure and it currently covers a total of four projects of the developer,” said one of the persons mentioned above.Key projects of this investment include the development of commercial properties spread over 800,000 sq ft along Kanakpura Road, a bustling locality in Bengaluru known for its rapid urbanization and commercial growth. This move aligns with the ongoing trend of commercial expansion in Bengaluru, fuelled by its status as a major IT hub and a thriving business ecosystem.The investment extends to the development of 6-lakh-sq-ft villaments project spread over 15 acres on IVC Road in Bengaluru, which is catering to the evolving preferences of homebuyers for innovative and luxurious living spaces.Villaments, a blend of villas and apartments, offer a unique residential experience, combining the privacy and space of a villa with the amenities and convenience of an apartment complex. The investment also includes residential properties spread over 1.5 million sq ft in Goa.ET’s separate email queries to Piramal Group and Puravankara remained unanswered until the time of going to press.This investment is in line with the ongoing trend of collaboration between developers and financing companies to tap growth in the real estate market.The Puravankara Group operates three brands—Purva, Provident Housing and Purva Land—catering to the spectrum of housing and plotted development. The company’s total land bank is over 41 million sq ft and ongoing projects add up to 29 million sq ft.As of December end, the company has completed over 83 projects measuring nearly 48 million sq ft across Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. Ends

Published On Apr 12, 2024 at 08:44 AM IST

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NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer.The appellate tribunal upheld the orders of the Principal bench of the National Company Law Tribunal (NCLT), which on October 17, 2023, rejected their plea on technical grounds as the number of petitioners was only four, while the total number of allottees by Parsvnath Landmark is 488. The matter relates to La Tropicana Khyber Pass, a Delhi-based project of the realty firm. Section 7(1) of the Insolvency and Bankruptcy Code (IBC) mandates a petition on behalf of the homebuyers (as financial creditors) is maintainable only if either 100 in number or 10 per cent of the allottees join the petition. Moreover, the appellate tribunal also rejected the plea of flat buyers that they are of a different class, having an order from Delhi RERA directing the developer to refund the amount with interest on October 22, 2022. The developer was under obligation to refund the amount within 45 days of the order, but no amount was paid. Thus it had defaulted by not refunding Rs 24.14 crore, along with 10 per cent interest to each petitioner. According to them, they are not financial creditors in the category of real estate allottees but are financial creditors in the category of decree holders. However, the NCLAT rejected the submissions, referring to a Supreme Court decision, in which the apex court had said allottees’ status as a ‘financial creditor’ does not change. “The appellant cannot be said to go out of the definition of ‘allottees’ merely because they have an order in their favour by RERA and the Appellants’ submission that they should be treated in a different category, i.e., category of ‘Decree Holder’ and are not required to comply with Section 7, sub-section (1), 2nd Proviso cannot be accepted,” the NCLAT said. Homebuyers, whether they have an order or decree from the RERA or who do not have any decree or order from RERA, belong to the same category of allottees and no distinction can be made on the said ground, it added. “There is no merit in the Appeal, the Appeal is dismissed,” said a three-member NCLAT bench headed by Chairperson Justice Ashok Bhushan. Earlier, on February 11, 2019, the appellants had filed a petition against the realty firm, and the NCLT had also directed them to comply with the changed provisions under Section 7, second amendment ordinance, in which criteria for 100 flat buyers or 10 per cent of their total number was added. However, they withdrew it on January 3, 2020. Later, when the developer failed to develop the project and complete it within the agreed time, they filed five different complaints with Delhi RERA, which directed the refund of the amount with interest.

Published On Apr 11, 2024 at 01:00 PM IST

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GURUGRAM: The enforcement wing of town and country planning department (DTCP) inspected and cleared encroachments in the common areas of Sapphire Mall in Sector 83 and Sapphire 90 Mall in Sector 90. District town planner (enforcement) Manish Yadav said, “During the inspection, encroachments in front of shops were removed immediately and a warning was issued to shopkeepers asking them not to repeat the offence. Both malls were inspected by junior engineers and field technicians.”“The enforcement office have been receiving complaints on encroachments in common areas of both the malls. When the enforcement team inspected malls on Wednesday, they found the claims to be true. The encroachments found in front of the shops included illegally installed kiosks and goods dumped restricting free or easy movement of visitors,” an official said.In the corridor too, around four to five feet of space was encroached upon by the shop owners. The team first directed all the shopkeepers to move their goods inside and gave a strict warning. The team plans to revisit the malls in a week or so and take legal action if violations are repeated. Meanwhile, demolition drives were carried out in Sultanpur and Farrukhnagar and three illegal colonies were razed using earthmovers in presence of police.One of the colonies was carved out in Farrukhnagar village having an area measuring approx. three acres wherein seven structures, including a property dealer’s office, was demolished. Two other unauthorised colonies carved out in the revenue estate of Sultanpur village, spread over 3.5 acres, were demolished.Yadav appealed to locals that they should not invest their hard earned money in such unauthorised colonies and should contact the DTP office before buying any land or plot.

Published On Apr 11, 2024 at 09:38 AM IST

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