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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NEW DELHI: Prestige Group, through its subsidiaries, has entered into a deal with Abu Dhabi Investment Authority (ADIA) and Kotak Alternate Investment Fund (AIF) for Rs 2,001 crore (~$240 Million)The company will develop projects with gross development value (GDV) of Rs 18,000 crore across four cities – Bengaluru, Mumbai, Goa and the National Capital Region (NCR).Venkat K Narayana, group CEO of the company said said “Given the increasing demand and consolidation in the sector, this deal will help in accelerating growth and expansion. These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa and NCR.”In a separate regulatory filing, Prestige Estates Projects informed that it has acquired 50% partnership interest in Prestige Realty Ventures for approximately Rs. 165 crore. With this acquisition, the company will hold 99.90% partnership interest in Prestige Realty Ventures.Prestige Realty Ventures has developed commercial building Prestige Techcloud and hotel Moxy – Prestige Tech Cloud at Bengaluru.The company had entered into deed of adherence with Prestige Retail Ventures for transferring entire equity stake of 50% held by the company in Thomsun Realtors. The company has transferred 42,50,000 equity shares for total consideration of Rs 912.8 million. The company will continue to hold 50% stake in Thomsun Realtors.Thomsun Realtors holds Forum Kochi mall and Hotel Tribute Portfolio in the city of Kochi.

Published On Apr 1, 2024 at 11:30 AM IST

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Representative ImageNEW DELHI: The Enforcement Directorate on Tuesday said it has attached assets worth more than Rs 124 crore belonging to various companies as part of a money laundering investigation against Religare Finvest Limited (RFL) and others.The properties attached, as part of a provisional order issued under the Prevention of Money Laundering Act (PMLA), are in the form of land and farm houses located in the “posh” area of Gurugram and Delhi and belong to R S Infrastructure Pvt. Ltd., Kenwood Mercantile Pvt. Ltd., M/s Goodfaith Builders Pvt. Ltd. and others, the central agency said in a statement. The total value of these assets is Rs 124.57 crore. Kenwood Mercantile Pvt. Ltd. and Goodfaith Builders Pvt. Ltd are entities belonging to the M3M group, a Gurugram-based realtor and 430 acres of land in Gurugram and Faridabad belonging to these entities has been attached being the “proceeds of crime flowing through a maze of companies to the M3M group”, it said. The agency alleged a partnership firm by the name of M3M India Holdings — with its partners Roop Kumar Bansal, Basant Bansal, Abha Bansal and Pankaj Bansal– had received “proceeds of crime in excess of Rs 500 crore by showing sale of shares of a land owing company RS Infrastructure Pvt Ltd at a grossly inflated value of Rs 726 crore to an entity Lowe Realty Pvt. Ltd. (currently known as Lowe Infra and Wellness Pvt. Ltd.)”. The land owned by RS Infrastructure Pvt. Ltd. was “deliberately inflated” by M3M India Holdings (former shareholder of RS Infrastructure Pvt. Ltd.) to drain out hefty funds from Lowe Realty Pvt. Ltd. which borrowed the same amount from Religare group, the agency claimed. The ED has filed three charge sheets in this case till now and has frozen assets in the past too in order to “attach the proceeds of crime that originated from the corporate loan book fraud of Religare Finvest Limited”. Properties worth Rs 54 crore and USD 1,50,00,000 belonging to RS Infrastructure Pvt. Ltd. and Malvinder Mohan Singh were attached in 2020 a nd 2021. The nature of the properties attached in India includes land and farmhouse (s) whereas properties attached in foreign jurisdiction include an insurance policy of AXA China Insurance Company (Bermuda) Ltd. belonging to Malvinder Mohan Singh, erstwhile promoter of Religare group, it said.

Published On Mar 27, 2024 at 08:51 AM IST

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Representative ImageNEW DELHI: Prestige Group has acquired 62.5 acres land in Indirapuram Extension, Ghaziabad. The cost of acquisition amounts to Rs 468 crore, along with a revenue share.The project spans over 10 million sq ft of saleable area, with a projected gross development value (GDV) surpassing Rs 10,000 crore. The acquired land will be developed primarily as residential, complemented by education and retail.Venkat K Narayana, group CEO of the company said, “We look forward to launching the project within the next two quarters and completing the development in four years.”With this acquisition, the company has expanded its footprint in the National Capital Region (NCR).

Published On Mar 22, 2024 at 09:13 AM IST

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NEW DELHI: The Delhi High Court on Friday refused to further extend the interim medical bail granted to realty firm Unitech’s founder Ramesh Chandra in a money laundering case and asked him to surrender before the jail superintendent on Saturday.Justice Anoop Kumar Mendiratta observed that the petitioner was embroiled in serious offences involving diversion of over Rs 5,000 crore belonging to home buyers, who were “duped” and are now shelterless. He cannot claim bail as a matter of right for treatment only at a specialised hospital of his choice, he said. The judge, however, directed the jail superintendent to ensure that requisite medical treatment is provided to Chandra as per jail rules so that his life is not imperiled in any manner. “In the facts and circumstances, petitioner is directed to surrender before the Superintendent Jail on 16.03.2024 and interim bail is extended till then,” the court said. “Superintendent Jail is further directed to ensure that in case of any aggravation of medical condition of petitioner or if the circumstances so warrant, petitioner shall be immediately referred to G.B. Pant Hospital or any other specialized government hospital for necessary treatment, ensuring the provision of necessary medical facilities as per jail rules,” ordered the court. It clarified that the petitioner shall be evaluated at least twice a week for continuity of medical treatment. Chandra was initially granted an eight-week interim bail on July 28, 2022 by the high court which was extended from time to time as there was no improvement in his condition. Chandra’s counsel sought a further extension of the interim bail on grounds that he was over 85 years of age and suffered from poor health which required continuous monitoring and treatment. The Enforcement Directorate opposed any extension of the interim bail, stating that as per the report of an AIIMS medical board, his sickness was not life- threatening and treatment was feasible in jail. The court observed that for grant of bail on medical grounds under the Prevention of Money Laundering Act, the sickness has to be serious and life- threatening, and such treatment must be required that cannot be provided in the jail hospital or in custody. “Petitioner, who was one of the Directors of Unitech Limited, is involved in serious offences, involving diversion of funds to the tune of about Rs.5,826 crore belonging to home buyers, who stand duped and are shelter less,” the court observed. “In view of medical opinion, the petitioner cannot claim bail as a matter of right for treatment only at a specialized hospital of his choice,” it said.

Published On Mar 16, 2024 at 08:50 AM IST

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Representative ImageNEW DELHI: Delhi Development Authority (DDA) started online booking for around 10,000 flats in several categories across the city on Thursday. All these flats are ready to move in, freehold properties and will be sold on first come, first served (FCFS) basis. Among the properties are around 8,000 newly constructed flats for the economically weaker section (EWS) and low-income group (LIG) categories in Narela under Phase III of Diwali Special Housing Scheme.“DDA launched Diwali Special Housing Scheme 2023 on FCFS basis on Nov 24 with only newly constructed flats on offer. Under the scheme, some premium properties were earlier offered through e-auction. Now DDA is continuing with the sale of 7,931 flats under the same scheme to provide affordable housing to the general public,” the authority stated. It included 1,420 EWS flats in Sector G7 and 6,511 flats in Pocket II Narela.“These flats are being offered at reasonable prices in addition to the flats in ongoing Phase I and II of the Diwali scheme,” said an official. DDA claims that under phases I and II, more than 3,000 flats have been sold so far.The registration also started for 445 middle-income group (MIG) flats at Sector A1-A4, Narela under the old scheme (FCFS Phase IV) on Thursday and these flats are proposed to be offered at a discounted rate. The scheme was put on hold when the e-auction process started and has been revived.“The authority recently approved a proposal to offer the carried-forward MIG flats at Sector A1-A4, Narela under FCFS Phase IV at a discount of 15% to general public and at a discount of 25% for all govt employees, including Centre and state, autonomous bodies, local bodies and PSUs as well as DDA’s retired employees,” DDA stated. With 15% discount, the cost of a flat will range from Rs 85-87 lakh, and with 25% discount, Rs 75-77 lakh, it added. Taking note of the public demand for a suitable flat in other areas as well at reasonable rates, DDA is offering flats of various categories at old rates quoted in FCFS IV 2023. It includes 1,042 high-income group (HIG) and MIG flats from FCFS Phase IV 2023 at Jasola, Rohini, Loknayak Puram and Siraspur. There are eight HIG flats in Jasola, costing Rs 2-2.1 crore. In Rohini, 810 LIG flats are on offer in Sector 34 and 28 in Sector 35, which will cost tentatively Rs 14 lakh. DDA is also offering 107 LIG flats in pockets A1 & C2, Siraspur, costing Rs 17 lakh, and 89 in pockets A1 and C2 in Loknayak Puram for Rs 26-27 lakh.

Published On Mar 15, 2024 at 08:40 AM IST

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Representative ImageNEW DELHI: DLF, the country’s largest real estate developer, is in discussions with Bharti Realty to acquire under-construction phases of Aerocity in Delhi with a total development potential of 17 million sq ft, according to three sources familiar with the matter. About 5 million sq ft of the total portfolio will be retail, and once completed, the project is expected to generate an annual rental income of ₹5,000 crore.The first phase of Aerocity was also developed by Bharti, but later Canada’s Brookfield Asset Management acquired a 51% controlling stake in Rostrum Realty, a real estate joint venture company in which Sunil Mittal-led Bharti Enterprises holds the remaining 49%. “GMR has the lease for the entire area until 2066, and when the bid was invited for the first time, DLF participated, but it was awarded to Bharti. It has again initiated the process to acquire the asset to further strengthen its rental portfolio,” said one person familiar with the matter. Sources said that the company is likely to create a special purpose vehicle (SPV) as part of the deal structure. DLF Cyber City Developers (DCCDL), the rental arm of DLF, is likely to take care of the asset, as it already operates close to 40 million sq ft across the country.”We do not comment on market speculation,” a DLF spokesperson said, when ET sought comment on the story. Bharti Realty did not respond to an email query. Bharti Realty has already started the development of approximately 6.5 million sq ft with an investment of more than ₹6,595 crore (approximately $794 million) to turn the project into a global business hub.About 3 million square feet of it will be retail, including one of the biggest malls in the region.In the subsequent phases, a balance of about 10 million square feet will be developed, of which about 2 million square feet will be retail. In the initial phase, Bharti Realty successfully built Worldmark 1, 2, and 3, covering around 1.5 million square feet.These properties are now under the ownership of Rostrum Realty, a joint venture between Brookfield and Bharti Enterprises.Each office tower will include a retail component, in addition to a separate mall, and there will be room for more than about 10,000 parking spaces. The company plans to commence providing possession starting from the conclusion of 2024.The new expansion will bring the Worldmark portfolio to include fresh assets named Worldmark -4, Worldmark -5, Worldmark -6, Worldmark, and Worldmark-7.Collectively, these additions will form a commercial precinct, offering around 3.5 million square feet of leasable area. This new precinct will be nearly three times larger than the existing Worldmark assets.The new Worldmark assets are part of approximately 60 acres of integrated development.

Published On Mar 6, 2024 at 08:55 AM IST

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Representative ImageTata Consultancy Services (TCS), India’s largest IT company, which has asked employees to resume work from the office, has leased 400,000 sq ft in Noida in one of the biggest office space transactions in Delhi-NCR.The company has taken the space at Assotech Business Cresterra on the Noida expressway.“Return-to-office policies implemented by large corporations are fuelling a renewed demand for high-quality office space, particularly Grade A properties. IT companies have traditionally dominated office space needs, and with most of them having ended work from home, we expect an increase in demand for Grade A office space in the coming quarters,” said Vibhor Jain, Managing Director, North India, Cushman & Wakefield.Assotech Business Cresterra is spread across 2 million sq ft, and this was the last building of the project where TCS has taken the space.Both companies did not respond to the email query.Earlier, Genpact and Celebal Technologies had taken space at the same complex.Delhi-NCR saw gross leasing volume (GLV) of 3.7 msf during October–December, the highest volume recorded in 2023. The GLV was 10% higher on a q-o-q basis and marginally lower than the healthy volumes recorded last year in the same quarter, according to Cushman & Wakefield.The bulk of this GLV consisted of fresh space take-up with a share of 83%, followed by pre-commitments that acquired 11%. Interestingly, the flex space sector was the biggest consumer of space in the fourth quarter with a 24% share, pipping the usually dominant IT-BPM sector, which had a 23% share in leasing.Delhi-NCR also received an influx of approximately 2.9 msf in the quarter, taking the total annual launches for 2023 to 4.9 msf. Owing to heavy supply entering the city in Q4, which was nearly 1.2X higher than the average of the past 6 quarters supply, the vacancy rate has increased slightly by 50 basis points on a q-o-q basis.There is visibility of over 19 msf of supply coming up from 2024 until 2026, with nearly 44% of that in prime submarkets of Gurgaon and Noida. This is likely to push the vacancy rate higher, though strong demand is anticipated to act as a counterforce to some extent.

Published On Feb 20, 2024 at 08:56 AM IST

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File PhotoDELHI: Private companies can now buy DDA flats in bulk and use it as hostel or staff quarter as the Delhi Development Authority (DDA) had amended the DDA (Management and Disposal of Housing Estate) Regulations, 1968. In the authority meeting on Tuesday, DDA has allowed participation of non-governmental legal entities to purchase built up properties in bulk offered by it.“Any private entity with a registered office or campus in Delhi/ NCR region can now purchase residential flats of DDA in bulk for use as residential staff quarters, hostel among others. Such a policy will enable the growth and development of private industrial, educational and other sectors in upcoming areas like Narela leading to the overall development of the city,” DDA said in a statement. DDA will also offer discount upto 25% for MIG flats at Narela Sector A1-A4.A discount of 15% to the general public and a discount of 25% to employees of Central Govt., State Government and Government Autonomous bodies would be offered as an incentive for more than 440 flats at Sector A1-A4, Narela in the ongoing FCFS scheme. Sector A1-A4 is well connected with its proximity to the GT Karnal Road, Urban Extension Road -II & the proposed metro line. This incentive scheme will enable middle class as well as Government employees to fulfil their dream of owning a decent size flat in Delhi. A discount of 15% on 246 LIG flats of Ramgarh Colony is being offered on the price offered in previous Special Housing Scheme 2021. It is very well connected to Jahangirpuri Metro Station of DMRC, bus stop and main road connecting Mukarba Chowk and Azadpur is also at walking distance.

Published On Feb 7, 2024 at 08:51 AM IST

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NEW DELHI: The Delhi High Court on Wednesday sought the Enforcement Directorate’s (ED) response on a plea by R K Arora, the chairman and promoter of realty major Supertech Group, challenging an order denying him bail in a money laundering case. Justice Manoj Kumar Ohri issued notice to the ED and listed the matter for further hearing on February 21. Arora has sought to set aside a January 24 trial court order which dismissed his regular bail plea. Arora’s counsel urged the court to consider the prayer, saying he has been in custody for the last six months. The trial court had noted that his earlier bail plea was dismissed on July 22, 2023, and said that there was no substantive change in the circumstances. The filing of a prosecution complaint by the ED does not amount to a change of material circumstances after the dismissal of the previous bail application, it had said, adding that it was not inclined to entertain his bail plea. A prosecution complaint is the ED’s equivalent of a charge sheet. On January 16, the trial court had granted 30-day interim bail to Arora on medical grounds in the money laundering case. This order has already been challenged in the high court and is pending adjudication. While granting interim bail to Arora, the trial court had directed him not to leave the National Capital Territory of Delhi or the country without prior permission of the court and ordered him to surrender his passport in the court. It had also said that he would not use the liberty of interim bail for any other purpose except for better medical treatment/surgery, and better nursing and nutritional care. Arora was arrested by the ED on June 27, 2023, under the Prevention of Money Laundering Act (PMLA). The money laundering case against the Supertech Group, its directors and promoters stems from a clutch of FIRs registered by police in Delhi, Haryana and Uttar Pradesh. The ED has been probing 26 FIRs registered by the Economic Offences Wings of Delhi, Haryana, and Uttar Pradesh police against Supertech Ltd. and its group companies for alleged criminal conspiracy, cheating and criminal breach of trust and forgery. They have been accused of defrauding at least 670 homebuyers of Rs 164 crore. According to the charge sheet, the company and its directors hatched a “criminal conspiracy” to cheat people by collecting funds from prospective homebuyers in advance against flats booked in their projects. The company did not adhere to the agreed obligation of providing possession of the flats in time and “defrauded” the general public, the agency has said. The ED claimed its probe revealed that funds were collected by Supertech Ltd. and other group companies from homebuyers. The company also took project-specific term loans from banks and other financial institutions for the purpose of construction of housing projects, the ED said. However, these funds were “misappropriated and diverted” for buying land in the name of other group companies which were pledged as collateral to borrow funds from banks and other financial institutions, it added. The Supertech Group also defaulted on payments to banks and financial institutions, rendering around Rs 1,500 crore of such loans non-performing assets in the process, the ED said. Established in 1988, Supertech Ltd. has so far delivered around 80,000 apartments, mainly in the Delhi-NCR region. The company is currently developing around 25 projects across the National Capital Region (NCR). It is yet to give possession to more than 20,000 buyers.

Published On Feb 1, 2024 at 08:54 AM IST

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