NCLT approves Aspect JV's resolution plan for Radius & Deserve Land Developers

The NCLT approved Aspect Group's resolution plan for Radius & Deserve Land Developers. This approval concludes the company's corporate insolvency resolution process initiated in May 2023. Bharadvaja Buildcon LLP will now take over the bankrupt real estate firm. The secured creditor will receive constructed free-sale area in a slum rehabilitation project. Construction is expected to commence within twenty-five months of plan approval.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/NiPp8ez
via IFTTT

Gulshan Group to invest ₹1,000 crore in Wave City housing project

Gulshan Group has launched Gulshan Empire, a premium residential project at Wave City, with an estimated investment of ₹1,000 crore. The 5.5-acre project is expected to generate sales realisation of over ₹1,200 crore.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/BlsVcmk
via IFTTT

Gurugram: Orris Infrastructure, its directors booked for cheating in land agreement

Gurugram police filed a cheating case against Orris Infrastructure and its directors. Complainants allege fraud in a land agreement involving agricultural property near Manesar. The builder allegedly transferred allotted plots to third parties despite prior agreements. Legal heirs discovered plot transfers and construction on their land this year. Investigation is underway to verify facts and take legal action.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/H5WVZFT
via IFTTT

Actor John Abraham buys century-old Bandra bungalow for ₹84 crore

Actor John Abraham recently bought a historic bungalow in Bandra West for eighty-four crore rupees. This property, built in nineteen twenty-six, was owned by the DeVitre family. Abraham also purchased a Linking Road bungalow in Khar for seventy-five crore rupees last December. Many Bollywood personalities invest heavily in Mumbai real estate for personal and investment reasons. Celebrities often prefer properties in the Bandra to Andheri suburbs.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/aL960Wr
via IFTTT

Redevelopment agreement not a property receipt, so not taxable: ITAT

Mumbai ITAT ruled agreement registration does not mean property receipt. Tax cannot be levied on future property rights under anti-abuse provisions. The tribunal allowed a taxpayer's appeal against a ₹1.38 crore tax addition. Registration creates contractual rights, not actual property possession or receipt. This decision clarifies tax treatment for ongoing redevelopment projects in Mumbai.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/i710x3F
via IFTTT

ED attaches 389 properties worth ₹240 crore in Grand Venezia money laundering case

The Enforcement Directorate has provisionally attached 389 immovable properties worth ₹240.03 crore in a money laundering case linked to Bhasin Infotech and Infrastructure, Grand Venezia Commercial Towers, Satinder Singh Bhasin and others. The present market value of the attached properties is estimated to be over ₹700 crore.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/VDA7x9M
via IFTTT

SC gives Parsvnath Developers one week to deposit dues to homebuyers, warns next step is jail

The Supreme Court has given Parsvnath Developers one final week to pay homebuyers. Failure to deposit the full amount with 12 percent interest will result in imprisonment. The court expressed strong disapproval of the real estate firm and its directors. This order follows a 20-year struggle by senior citizens for their homes. The court warned that the company's directors would face jail time if non-compliant.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/l2UDYm7
via IFTTT