OSB's director faces FIR for fund misuse & licence violations in Gurugram

Haryana authorities have filed an FIR against Ocean Seven Buildtech and its director, Swaraj Singh, for financial fraud and license violations in affordable housing projects. The company allegedly collected payments without completing construction, leading to stalled projects and financial distress for buyers.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/xWUsk7z
via IFTTT

K Raheja eyes 1.5-acre South Mumbai's Famous Studios parcel in ₹650 crore agreement

Famous Studios, a landmark in South Mumbai since 1946, is likely to change ownership. K Raheja Corp is in advanced discussions to acquire the 1.5-acre property. The deal is structured as a joint development agreement. It has a development potential of around 4 lakh sq ft. Piramal Realty's previous attempt to redevelop the studio failed.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/I2oqhYR
via IFTTT

SC ropes in ex-IB chief to examine Supertech insolvency case amid fund diversion allegations

The Supreme Court is seeking assistance from Rajiv Jain to investigate Supertech Realtors' insolvency, following allegations of fund siphoning by director Ram Kishore Arora across 21 projects. The court refused to halt insolvency proceedings, noting widespread investigations into Supertech's projects. Arora is contesting the insolvency, citing a settlement offer, while the Bank of Maharashtra denies any agreement.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/w7or5La
via IFTTT

CapitaLand to sell Chennai unit leased to Apple supplier

CapitaLand is divesting a 750,000 sq ft industrial unit in Chennai leased to Pegatron, a key Apple supplier, with potential bids reaching ₹600 crore. Brookfield, Hines, and Hillhouse Capital are among the interested parties. The facility is significant for iPhone manufacturing in India, producing around 750,000 units, including refurbished models.

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

Gaursons Group to mortgage mall to clear ₹315 crore dues for registry of over 2,000 flats

GNIDA has conditionally approved Gaursons Group's proposal to mortgage part of Gaur City Mall to secure farmer compensation dues. This move aims to enable the execution of approximately 2,100 pending sub-lease deeds across three housing projects, offering relief to residents awaiting legal ownership. An independent valuation will assess the mall's security value before registries can proceed.

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

Welspun moves NCLT against Lavasa's top bidder Valor

The interlocutory application, filed through a Welspun subsidiary, also highlighted links between Valor's promoters and another defaulting debt-laden jeweller, links the plea claimed automatically disqualify the bidder to participate in any resolution process.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/HDGgc4E
via IFTTT

ED arrests Sahiti Infratech's ex-director in ₹800 crore laundering case

The Enforcement Directorate (ED) has arrested Sandu Purnachandra Rao, a former director at Sahiti Infratec Ventures, for allegedly defrauding homebuyers of ₹360 crore. Rao is accused of collecting over ₹800 crore through illegally launched projects and misappropriating ₹126 crore. He was remanded to 15-day judicial custody, joining B. Lakshminarayan, who was previously arrested in connection with the scam.

from Top Real Estate News | Latest Realty & Real Estate Industry Information and Updates: ET Realty : ETRealty.com https://ift.tt/u8FDLi0
via IFTTT