#RealEstateNews https://realtyquarter.com Mon, 02 Dec 2024 03:53:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.16 https://realtyquarter.com/wp-content/uploads/2017/11/RQ-logo-fo-web.png #RealEstateNews https://realtyquarter.com 32 32 LIC Housing Finance Labels Agora City Centre as a Stressed Asset https://realtyquarter.com/lic-housing-finance-labels-agora-city-centre-as-a-stressed-asset/ https://realtyquarter.com/lic-housing-finance-labels-agora-city-centre-as-a-stressed-asset/#respond Mon, 02 Dec 2024 03:50:00 +0000 https://realtyquarter.com/?p=8827 VADODARA: LIC Housing Finance Ltd (LICHFL) has officially declared the Agora City Centre, situated on Mangal Pandey Road near VUDA Circle, as a stressed asset. The housing finance giant has subsequently sold the project to an asset reconstruction company (ARC). Despite being envisioned as one of the most luxurious real estate projects in Vadodara, Agora […]

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VADODARA: LIC Housing Finance Ltd (LICHFL) has officially declared the Agora City Centre, situated on Mangal Pandey Road near VUDA Circle, as a stressed asset.

The housing finance giant has subsequently sold the project to an asset reconstruction company (ARC). Despite being envisioned as one of the most luxurious real estate projects in Vadodara, Agora City Centre has been plagued by controversies and challenges since its inception.

The project, developed by Manav Infrastructure under the Pradhan Mantri Awas Yojana (PMAY), was built on land that formerly housed the Sanjaynagar slums.

As part of the redevelopment, high-rise residential buildings were constructed on a portion of the land and allocated to the slum’s former residents. These homes were completed and handed over to the beneficiaries as planned.

The remaining land was set aside for Balaji City Centre, a grand mixed-use development comprising retail, commercial, and residential spaces.

It was also designed to include a high-end clubhouse and other luxurious facilities. Promoted as a unique project and the first of its kind in Vadodara, Balaji City Centre faced significant challenges and controversies from the very beginning.

One of the first allegations against the project was that it had been launched without the necessary permissions. Additionally, constructing a retaining wall within the Vishwamitri River’s boundary raised environmental concerns. Further complications arose over the project’s height, which led to the removal of certain floors.

The project came under scrutiny again after Vadodara Municipal Corporation (VMC) conducted investigations during floods and identified encroachments that were reportedly obstructing the river’s natural flow. This resulted in VMC demolishing the project’s clubhouse, further tarnishing its reputation.

The challenges deepened for Manav Infrastructure following the untimely death of its chairman, Ashish Shah, in 2022. Shah, who passed away due to dengue in Ahmedabad, was the driving force behind the company and the Agora City Centre project. His demise marked a significant setback for the project and its developers.

Amid these ongoing difficulties, LICHFL issued a notice last month, inviting agencies to take over the project’s stressed loan. According to the notice, the developers owed a total of ₹711.2 crore, prompting LICHFL to initiate the process of identifying an ARC to handle the loan.

In accordance with the Securities and Exchange Board of India (SEBI) guidelines, LICHFL disclosed the transaction in a recent statutory filing to stock exchanges.

The bidding process resulted in the identification of CFM Asset Reconstruction Private Ltd as the ARC to manage the stressed loan. CFM Asset Reconstruction paid ₹250 crore to LICHFL for the acquisition of the loan.

This development highlights the financial challenges surrounding the Agora City Centre project. With LICHFL officially transferring the loan, CFM Asset Reconstruction will now take charge of recovering the outstanding debt.

The declaration underscores the significant hurdles faced by this ambitious project and marks a critical step in addressing its financial woes.

 

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Haryana RERA mandates builders to file annual reports within 30 days https://realtyquarter.com/haryana-rera-mandates-builders-to-file-annual-reports-within-30-days/ https://realtyquarter.com/haryana-rera-mandates-builders-to-file-annual-reports-within-30-days/#respond Fri, 29 Nov 2024 16:48:21 +0000 https://realtyquarter.com/?p=8823 GURUGRAM: The Haryana Real Estate Regulatory Authority (HRera) has issued a firm directive to real estate promoters, requiring them to submit annual reports for their under-construction projects within 30 days. This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector. During a […]

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GURUGRAM: The Haryana Real Estate Regulatory Authority (HRera) has issued a firm directive to real estate promoters, requiring them to submit annual reports for their under-construction projects within 30 days.

This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector.

During a recent review meeting, HRera highlighted that numerous promoters had failed to submit these mandatory reports, despite being issued repeated reminders.

Consequently, the authority has begun issuing show-cause notices to defaulting promoters. These notices stipulate a strict deadline for compliance and warn that failure to adhere will result in substantial financial penalties.

In its official order, HRera stressed that failing to file annual reports constitutes a significant breach of the Real Estate (Regulation and Development) Act, 2016 (RERA Act).

Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of ₹5 lakh. Additionally, for non-compliance extending beyond 60 days, an incremental penalty of ₹10,000 per day will be imposed.

The submission of annual reports is a vital obligation under Section 4(2)(l)(d) of the RERA Act. Promoters are required to ensure their project accounts are audited by a certified chartered accountant within six months after the conclusion of each financial year.

This audit must confirm that funds collected for a project are used solely for its intended purpose and that withdrawals correspond accurately to the project’s progress.

HRera has further cautioned that any promoter who provides false information or violates the provisions of Section 4 may face penalties of up to 5% of the estimated project cost, as outlined in Section 60 of the Act.

This measure underscores the critical importance of upholding financial integrity in real estate projects.
The regulator has reiterated that these steps are designed to enhance transparency and accountability within the industry.

Promoters are strongly urged to comply with these statutory requirements promptly to avoid facing severe financial and legal consequences.

HRera’s strict stance reflects its dedication to protecting homebuyers’ interests and ensuring that project funds are managed responsibly. Through these actions, the authority aims to reinforce trust and ethical practices in the real estate sector.

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Requests to Deregister 19 More Projects Are Received by Maharashtra RERA https://realtyquarter.com/requests-to-deregister-19-more-projects-are-received-by-maharashtra-rera/ https://realtyquarter.com/requests-to-deregister-19-more-projects-are-received-by-maharashtra-rera/#respond Tue, 26 Nov 2024 18:34:52 +0000 https://realtyquarter.com/?p=8821 MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received fresh applications for the deregistration of 19 additional projects across the state. Among these are prominent projects such as Lokhandwala’s development at Worli Naka and a Lodha project in Dombivli. This development adds to the growing number of deregistration requests, with MahaRERA having received applications […]

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MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received fresh applications for the deregistration of 19 additional projects across the state.

Among these are prominent projects such as Lokhandwala’s development at Worli Naka and a Lodha project in Dombivli. This development adds to the growing number of deregistration requests, with MahaRERA having received applications for deregistration of nearly 400 projects to date.

Promoters typically file for deregistration under specific circumstances, including when there are zero bookings for the project, financial difficulties, the project’s infeasibility, or new directives issued by planning authorities that affect the viability of the development.

To ensure transparency, MahaRERA has made the list of these 19 projects publicly available on its website, keeping homebuyers informed about the status of these developments.

Of the approximately 400 deregistration applications received, MahaRERA has approved around 200, while the remaining requests are at various stages of review and processing.

According to officials, the reasons cited for deregistration are consistent: projects with no bookings, financial hardships faced by the promoters, project feasibility issues, or challenges arising from planning authority notifications.

For a deregistration request to be considered, it is mandatory that the specific project or phase in question has zero bookings. If the deregistration impacts other phases of a larger project, the developer is required to secure consent from at least two-thirds of the allottees in the affected phases before proceeding with the application.

In February of the previous year, MahaRERA formally outlined the conditions under which projects could be deregistered.

Promoters may withdraw their projects if they cannot commence or complete construction due to reasons such as lack of funds, economic unviability, legal disputes, or changes introduced by planning authorities that adversely affect the project. This policy aims to address stalled projects pragmatically and to offer relief to both developers and buyers.

“MahaRERA conducts a thorough scrutiny of each deregistration application,” stated a MahaRERA official. “This includes examining the project’s accounts and CA certifications to ensure that the interests of homebuyers are not compromised.

Only after all these criteria are met does the regulatory authority approve the deregistration.”
The regulatory body has emphasized that deregistration is considered a practical option for promoters struggling to proceed with their projects.

“When promoters are unable to initiate or complete construction, keeping the project registered serves no purpose. Deregistration is a necessary measure in such situations,” said a senior MahaRERA official.

However, MahaRERA has also provided avenues for recourse to affected parties. Any aggrieved individual or entity can file a complaint regarding the deregistration of a project. MahaRERA assures prompt hearings of such complaints, ensuring that due notices are served to the promoters involved.

Once a decision is reached, the terms and conditions set by MahaRERA in the deregistration order are binding on the promoter. This structured approach ensures that while deregistration addresses the concerns of promoters facing genuine challenges, it also upholds the interests of homebuyers, maintaining transparency and accountability in Maharashtra’s real estate sector.

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Telangana RERA Penalizes Sterling Homes ₹18 Lakh for Project Delays. https://realtyquarter.com/telangana-rera-penalizes-sterling-homes-%e2%82%b918-lakh-for-project-delays/ https://realtyquarter.com/telangana-rera-penalizes-sterling-homes-%e2%82%b918-lakh-for-project-delays/#respond Sat, 23 Nov 2024 15:21:55 +0000 https://realtyquarter.com/?p=8817 HYDERABAD: The Telangana Real Estate Regulatory Authority (RERA) has levied a penalty of ₹17.9 lakh on Sterling Homes Private Limited for failing to complete the “Sterling Orchids” residential project within the timeline specified under its RERA registration. Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with […]

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HYDERABAD: The Telangana Real Estate Regulatory Authority (RERA) has levied a penalty of ₹17.9 lakh on Sterling Homes Private Limited for failing to complete the “Sterling Orchids” residential project within the timeline specified under its RERA registration.

Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with a grace period extending to December 2023.

However, with significant delays, RERA has directed the developer to finish all pending work within 90 days from November 14, 2024.

The action follows a complaint filed by flat buyers Allam Nagaraju, S. Arun Kumar, and others, who alleged multiple violations, including delays in project delivery and deviations from the approved construction plan.

According to the complainants, Sterling Homes did not adhere to the sanctioned plan, particularly in constructing the clubhouse and ensuring a compound wall to separate the project from its adjacent Phase II development.

They also accused the developer of misleading buyers by sharing amenities between Phase I and II without prior disclosure. Further, they alleged that Sterling Homes relocated the Sewage Treatment Plant (STP) in violation of the approved plan and began work on Phase II before completing Phase I, thereby compromising the rights of Phase I buyers.

In response, Sterling Homes defended itself in its submission to Telangana RERA (TGRERA), citing external factors such as regulatory hurdles, heavy rainfall, labour shortages, and disruptions caused by the pandemic as reasons for the delays.

The developer maintained that the deviations from the approved plan were minor adjustments made to ensure structural integrity and had been approved by the relevant authorities.

Sterling Homes denied allegations of malafide intent, asserting that Phase II construction was initiated only after securing the necessary approvals and that buyers had been informed about the shared amenities.

It further claimed that financial constraints, exacerbated by the complainants’ alleged non-payment of dues, contributed to the delays in completing Phase I.

In its ruling, RERA ordered the developer to complete all remaining work in the Sterling Orchids Phase I project, including promised amenities, strictly in line with the sanctioned plan, within 90 days.

Additionally, RERA mandated Sterling Homes to pay interest at a rate of 10.95% per annum to the complainants for the amounts already paid, as outlined in the Agreement of Sale.

At the same time, the complainants were directed to clear any pending sale consideration amounts within 45 days to facilitate the project’s progress. Both parties have been instructed to fulfill their respective obligations to ensure the project’s timely completion and prevent further disputes.

 

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Buildox Fined for Accepting Flat Booking Amount Without Telangana RERA Approval https://realtyquarter.com/buildox-fined-for-accepting-flat-booking-amount-without-telangana-rera-approval/ https://realtyquarter.com/buildox-fined-for-accepting-flat-booking-amount-without-telangana-rera-approval/#respond Mon, 18 Nov 2024 19:21:22 +0000 https://realtyquarter.com/?p=8814 HYDERABAD: The Telangana Real Estate Regulatory Authority (TG RERA) has penalized Buildox Private Limited with a fine of ₹1.6 lakh and directed the refund of ₹2 lakh to a flat buyer for allegedly collecting a booking amount without obtaining the necessary approvals. The complainant, Sharath, alleged that Buildox was promoting and accepting payments for a […]

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HYDERABAD: The Telangana Real Estate Regulatory Authority (TG RERA) has penalized Buildox Private Limited with a fine of ₹1.6 lakh and directed the refund of ₹2 lakh to a flat buyer for allegedly collecting a booking amount without obtaining the necessary approvals.

The complainant, Sharath, alleged that Buildox was promoting and accepting payments for a project named The Continent located at Kondapur/Hafeezpet without RERA registration.

Sharath revealed that he discovered the project through Facebook, which led to a WhatsApp chat with a person named Kamal. This interaction was followed by a meeting at the Buildox office with a representative, Damodara Prasad, who introduced himself as a director of Hexasky Infra Projects managing Buildox sales.

Assured of the project’s authenticity and promised possession by 2028, Sharath paid a token amount of ₹2 lakh in February. However, he later discovered that the project lacked mandatory approvals and the land was embroiled in legal disputes. Consequently, he filed a complaint with TG RERA.

In its defense, Buildox denied all accusations, asserting that the Facebook page advertising the project was unauthorized and fraudulent.

The company claimed it neither had a project named The Continent nor any association with individuals named Kamal or Damodara Prasad. Additionally, Buildox stated they had not received any payments related to the project. The company further alleged that their attempt to refund ₹2 lakh was obstructed due to a block imposed by the complainant.

Upon reviewing the evidence, TG RERA concluded that Buildox failed to substantiate its claims, including the justification for receiving funds, and did not comply with interim orders to provide bank statements.

The authority determined that Buildox had violated Section 3 of the Real Estate (Regulation and Development) Act, 2016, by marketing and collecting payments without the required approvals.

On November 11, TG RERA imposed a penalty under Section 63 of the Act, instructing Buildox to refund the ₹2 lakh booking amount to Sharath within 15 days. The authority also cautioned the company that failure to comply would result in additional action under Section 63.

 

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Supreme Universal launches the second phase of Supreme Villagio in Somatane, Pune https://realtyquarter.com/supreme-universal-launches-the-second-phase-of-supreme-villagio-in-somatane-pune/ https://realtyquarter.com/supreme-universal-launches-the-second-phase-of-supreme-villagio-in-somatane-pune/#respond Fri, 08 Nov 2024 17:56:09 +0000 https://realtyquarter.com/?p=8789 The overall projected revenue of the project are INR ₹500 Crore  Introducing an inventory of 70 new villas in the second phase Mumbai, 06 November 2024 – Supreme Universal, a prominent name in Mumbai and Pune’s real estate landscape, is proud to announce the launch of the second phase of its luxury villa township, Supreme Villagio, […]

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  • The overall projected revenue of the project are INR ₹500 Crore 

  • Introducing an inventory of 70 new villas in the second phase

  • Mumbai, 06 November 2024 – Supreme Universal, a prominent name in Mumbai and Pune’s real estate landscape, is proud to announce the launch of the second phase of its luxury villa township, Supreme Villagio, situated  in Somatane, Pune.

    Following the tremendous success of the first phase launched in early 2023, which saw nearly 100 villas sold, the company is now introducing an additional 70 exclusive 4 BHK villas. The second phase aims to cater to the ever-growing demand for sumptuous in the Pune region, drawing interest from both domestic and international buyers.

    Supreme Villagio, spread over 16 acres, offers premium residential experience, elite accommodations and natural surroundings. The first phase of the project, launched in early 2023, quickly gained traction among high-end homebuyers and investors.

    Close to 100 villas were sold out within a year, and the project is set for delivery early next year. This overwhelming response encouraged Supreme Universal to advance plans for the second phase, offering an additional 2.5 lakh sq. ft. of opulent living space.

    Vishal Jumani, Joint Managing Director of Supreme Universal, expressed their excitement for the second phase: “The first phase of Supreme Villagio surpassed our expectations in demand and sales, generating significant interest from local and NRI buyers.

    The second phase is already generating inbound demand from high-net-worth individuals (HNWIs) and investors from cities such as Pune, Mumbai, Ahmednagar, Aurangabad, Jaipur, Delhi and NRI markets like US, UK, UAE, Singapore and Australia.

    The project’s unique location, the upcoming Navi Mumbai Airport, and the 105 km Eastern Ring Road add immense value to this development as an affluence investment opportunity.”

    Supreme Villagio sets a new benchmark in villa living, standing out as a premier residential development. Situated 600 meters above sea level, it enjoys the same altitude and natural climate as Lonavala, offering residents fresh air, lush green surroundings, and a peaceful lifestyle away from the bustle of city life.

    The project is well-connected to Pune’s major hubs, including Baner, Hinjewadi, and PCMC, as well as to the Mumbai-Pune Expressway and Old Mumbai-Pune Highway, ensuring easy access to both Mumbai and Pune.

    In terms of amenities, the project boasts a grand central boulevard, a majestic clubhouse, a large swimming pool, manicured gardens, and a range of recreational activities. With its proximity to reputed schools, hospitals, and entertainment hubs such as Phoenix Mall in Wakad, Supreme Villagio offers residents an integrated, lifestyle-focused living experience.

    The newly launched second phase includes 70 exclusive 4 BHK villas designed to elevate luxury living. Each villa has Private top terrace, two parking spaces, lift provisions, and a helper’s room. Several units are strategically placed facing the green spaces and central boulevard, providing breathtaking views and seamless access to the project’s premium amenities.

    “The second phase has been designed to meet the evolving needs of top-tier homebuyers. Our focus is creating a living space with state-of-the-art facilities, a connection to nature, and a peaceful retreat,” added Mr Jumani.

    Located near the Gahunje Cricket Stadium and surrounded by several landmarks, such as the Prati Shirdi Temple and Japalouppe Equestrian Centre, Supreme Villagio offers a serene and healthy lifestyle. It is also well-suited for weekend leisure activities such as golfing, paragliding, and equestrian sports, with coaching centers nearby.

    Mr Jumani, “Supreme Villagio is naturally gifted with beautiful weather and offers a lifestyle emphasizing well-being, leisure, and privacy. This project is ideal for buyers looking to escape the concrete jungle and reconnect with nature while enjoying all the conveniences of modern living.”

    Supreme Villagio’s remarkable first-phase achievements have set the stage for its impressive second phase, further solidifying its reputation as a pioneer in redefining luxury residential standards.

    Supreme Universal remains committed to creating spaces that offer elegance and comfort while meeting the growing demand for high-quality, nature-immersed living experiences in Pune’s most sought-after neighborhoods.

    About Supreme Universal:
    Supreme Universal is a leading real estate developer with a legacy of crafting splendor spaces across Mumbai and Pune. Known for its architectural brilliance and abundant experiences, Supreme Universal continues to deliver on its commitment to transforming spaces into exceptional living environments.

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    MahaRERA Grants Relief to Over 70 Buyers of Ruparel Skygreens Due to Delayed Possession. https://realtyquarter.com/maharera-grants-relief-to-over-70-buyers-of-ruparel-skygreens-due-to-delayed-possession/ https://realtyquarter.com/maharera-grants-relief-to-over-70-buyers-of-ruparel-skygreens-due-to-delayed-possession/#respond Tue, 17 Sep 2024 11:52:52 +0000 https://realtyquarter.com/?p=8651 MUMBAI: In a recent ruling, the MahaRERA has offered relief to more than 70 homebuyers who had purchased apartments in the Ruparel Skygreens project in Borivli. The promoter had failed to deliver the properties to the allottees, including those who had opted for the subvention scheme and the construction link plan scheme, by the agreed-upon […]

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    MUMBAI: In a recent ruling, the MahaRERA has offered relief to more than 70 homebuyers who had purchased apartments in the Ruparel Skygreens project in Borivli.

    The promoter had failed to deliver the properties to the allottees, including those who had opted for the subvention scheme and the construction link plan scheme, by the agreed-upon dates and the MahaRERA completion deadline of December 2021.

    MahaRERA Chairman Ajoy Mehta has directed the promoter to refund the full amounts received from certain allottees, including interest for some and without interest for others.

    Additionally, the promoter must execute and register cancellation deeds, cancel the allotment letters and agreements for sale, and refund the payments made by the allottees.

    For some, possession of the flats, along with the occupancy certificate (OC) and interest for the delay, must be handed over, based on the specific reliefs sought by each allottee.

    However, MahaRERA dismissed a few complaints due to issues of maintainability and insufficient evidence. The authority also vacated an earlier order that had barred Piramal Capital & Housing Finance Limited from taking any coercive action.

    This decision was made as MahaRERA had already determined the rights of the allottees and defined the obligations of the promoter.

    MahaRERA does not have jurisdiction over the tripartite agreement between the allottee, promoter, and lender, but it did instruct all parties to adhere strictly to the terms of this agreement. Complaints had been raised that the finance company had initiated proceedings under the SARFAESI Act.

    The MahaRERA order acknowledged the complexities involved in executing real estate projects, noting that such challenges are well-known to developers undertaking these projects.

    One complainant sought a refund due to significant delays in possession of a flat booked in 2017, which was supposed to be handed over by December 2021 according to the agreement.

    The complainant highlighted that the promoter had assured that under the subvention scheme, they would bear the cost until physical possession was provided, relieving the complainants of any financial burden.

    Another complainant reported that a substantial loan had been disbursed by the finance company to the promoter on behalf of the homebuyers.

    Additionally, a separate complainant noted that they had booked and registered an agreement for sale in March 2018, with possession promised by December 2021. As of now, there has been no progress on the construction of the C wing.

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    Piramal Capital Recognized as Creditor in Radius Project’s Mumbai Development. https://realtyquarter.com/piramal-capital-recognized-as-creditor-in-radius-projects-mumbai-development/ https://realtyquarter.com/piramal-capital-recognized-as-creditor-in-radius-projects-mumbai-development/#respond Fri, 09 Aug 2024 19:34:53 +0000 https://realtyquarter.com/?p=8590 MUMBAI: The National Company Law Tribunal (NCLT) has confirmed the validity of the charge held by Piramal Capital & Housing Finance on Radius Estate Projects’ 5.4-acre development in Santacruz, Mumbai. This ruling, announced on Wednesday, settles a disputed issue involving creditors, including J.C. Flowers Asset Reconstruction and Piramal Capital & Housing Finance, by clarifying the […]

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    MUMBAI: The National Company Law Tribunal (NCLT) has confirmed the validity of the charge held by Piramal Capital & Housing Finance on Radius Estate Projects’ 5.4-acre development in Santacruz, Mumbai.

    This ruling, announced on Wednesday, settles a disputed issue involving creditors, including J.C. Flowers Asset Reconstruction and Piramal Capital & Housing Finance, by clarifying the financial responsibilities related to the Avenue 54 project.

    Radius Estate Projects, previously Vishwaroop Realtors, faced a legal conflict over loans initially totaling Rs 700 crore, secured by mortgages on the project’s land and assets.

    In 2016, a mortgage deed was executed in favor of IDBI Trusteeship to secure a loan from Yes Bank, later transferred to J.C. Flowers Asset Reconstruction. Additional loans raised the total to Rs 700 crore, with further charges on the property.

    By 2018, Diwan Housing Finance Limited (DHFL), which was later acquired by Piramal Capital & Housing Finance, had sanctioned a total of Rs 2,000 crore in project loans to Sumer Radius Reality, the developer’s arm.

    The conflict arose when Sumer Radius Realty and other joint developers defaulted on loan repayments, but a mortgage was created for Avenue 54 in favor of DHFL without the necessary No Objection Certificate (NOC) from Yes Bank, the original mortgage holder.

    J.C. Flowers Asset Reconstruction contended that the charges created for DHFL, now Piramal, were illegal and sought to exclude Piramal from being recognized as a financial creditor of Radius Estate Projects.

    The NCLT, after careful consideration, ruled in favor of Piramal Capital & Housing Finance, acknowledging that while the initial NOC from Yes Bank was conditional and later revoked, the subsequent mortgages and financial arrangements by DHFL/Piramal were legitimate. The tribunal found J.C. Flowers Asset Reconstruction’s claims to invalidate these charges to be unsubstantiated.

    The NCLT’s decision confirms that Piramal holds legally binding charges over the Avenue 54 Project, solidifying its position as a significant financial creditor.

    J.C. Flowers Asset Reconstruction was represented by advocate Rohit Gupta, while the company’s resolution professional Vithal M. Dahake was represented by Amir Arsiwala, and Piramal Capital & Housing by Ryan Dsouza.

    In June 2023, Piramal Capital & Housing sold a Rs 3,656 crore bad loans portfolio to Omkara ARC, including loans to Radius Estate Projects.

    This ruling has substantial implications for all parties involved in the Avenue 54 Project. For Piramal Capital & Housing Finance, it reinforces their creditor rights and secures their financial interests.

    For Radius Estate Projects, it clarifies their financial obligations and the priority of creditor claims, highlighting the importance of adhering to proper financial procedures and obtaining necessary approvals when creating charges on mortgaged properties.

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    BHIVE Workspace expands its footprint in Brigade Metropolis, with a second strategic lease of 42,000 sq. ft. https://realtyquarter.com/bhive-workspace-expands-its-footprint-in-brigade-metropolis/ https://realtyquarter.com/bhive-workspace-expands-its-footprint-in-brigade-metropolis/#respond Sat, 03 Aug 2024 03:21:44 +0000 https://realtyquarter.com/?p=8560 Bengaluru, July XX, 2024 – BHIVE Workspace, India’s leading provider of managed office spaces, is pleased to announce a significant expansion with the leasing of 42,000 square feet of premium Grade-A office space in Garudacharapalya, Mahadevapura. This marks our second collaboration with Brigade Group, following our purchase in Summit A on the 8th floor of […]

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    Bengaluru, July XX, 2024 – BHIVE Workspace, India’s leading provider of managed office spaces, is pleased to announce a significant expansion with the leasing of 42,000 square feet of premium Grade-A office space in Garudacharapalya, Mahadevapura.

    This marks our second collaboration with Brigade Group, following our purchase in Summit A on the 8th floor of the same development that has been running for the past 1 year.

     

     

    Brigade Group is one of India’s leading property developers with nearly four decades of expertise in developing many landmark buildings and transforming skylines across nine cities. With over 280 buildings developed across Residential, Office, Retail, and Hotels, Brigade has delivered around 86 Million square feet.

    Brigade Group is a leader in various real estate sectors including residential, commercial, retail, and hospitality with a well-established reputation in developing over 30 million square feet across major Indian cities.

    This collaboration leverages Brigade’s legacy of quality and excellence, providing BHIVE with strategically located, premium real estate that supports its expansion and service offerings in key business areas.

    Transforming the Business Landscape in Mahadevapura

    Our new facility, located on the 7th floor of Summit B, is designed to support 1200+ seats and includes features like collaboration zones, tech-enabled conference rooms, dedicated parking spaces, etc. echoing BHIVE’s commitment to providing accessible and state-of-the-art managed office space solutions.

    The location offers strategic advantages, as it is situated in a vibrant area known for its tech industry presence and excellent connectivity.

    Visionary Expansion and Strategic Insights

    “We are excited about strengthening our partnership with Brigade Group,” said Shesh Rao Paplikar, Founder and CEO of BHIVE Group.

    “This new signing supports our strategic vision to enhance our presence across Bengaluru’s key business hubs. The location’s proximity to essential amenities and transport links like the Metro Station, which is just a minute’s walk away, positions us well to cater to top-tier businesses.”

    Robust Growth and Future Projections

    This lease is part of BHIVE’s broader strategy to expand our managed office space portfolio by an additional 1 million square feet during the current financial year.

    Already, we have added two to three properties to our portfolio as part of this plan, significantly increasing our market presence.

    BHIVE Workspace’s continued growth is supported by a strong financial performance with the company projecting a revenue target of ₹348 Crore for FY 2024-25, doubling our growth trajectory while maintaining profitability in the competitive managed office space market.

     

    About BHIVE Workspace

    BHIVE Workspace stands as a pioneer in the managed office space sector in India, offering an extensive network of prime locations near key metro stations in Bengaluru and Mumbai.

    With more than 27 managed offices and enterprise coworking spaces encompassing over 1.8 million square feet and 46,000 seats, BHIVE serves a diverse clientele, including MNCs, entrepreneurs, and businesses of all sizes.

    We are committed to further expanding our footprint, providing innovative workspace solutions that meet the evolving needs of modern businesses.

    The post BHIVE Workspace expands its footprint in Brigade Metropolis, with a second strategic lease of 42,000 sq. ft. appeared first on .

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    UP-RERA Directs Authorities to Halt Issuance of Temporary Occupancy Certificates https://realtyquarter.com/up-rera-directs-authorities-to-halt-issuance-of-temporary-occupancy-certificates/ https://realtyquarter.com/up-rera-directs-authorities-to-halt-issuance-of-temporary-occupancy-certificates/#respond Sat, 13 Jul 2024 03:47:10 +0000 https://realtyquarter.com/?p=8507 NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has instructed competent authorities to cease issuing temporary completion certificates (C.C.) or occupancy certificates (O.C.), as these are not permissible under current laws. In addition, UP-RERA has mandated that all industrial and housing development authorities must specify the names of the relevant towers or blocks […]

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    NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has instructed competent authorities to cease issuing temporary completion certificates (C.C.) or occupancy certificates (O.C.), as these are not permissible under current laws.

    In addition, UP-RERA has mandated that all industrial and housing development authorities must specify the names of the relevant towers or blocks for which a part-C.C. or O.C. is being issued. This should be done alongside listing the names of all towers or blocks within the project or project phase.

    The authority has noticed that competent authorities have been issuing part-C.C. or O.C. documents with project particulars that do not match the names provided by promoters during RERA registration or in the sale agreements (BBA) between promoters and homebuyers.

    Sanjay Bhoosreddy, Chairman of UP-RERA, stated, “It has come to our attention that the names of completed towers, blocks, or units listed in part-C.C.s or O.C.s issued by some planning authorities do not match the names given by promoters to UP-RERA at registration.

    This discrepancy creates doubts among homebuyers and the regulatory authority. With due diligence at the planning authorities’ level, this issue can be easily resolved.”

    These mismatched part-C.C.s or O.C.s cause homebuyers to question the completion status of their units or towers when it comes to executing conveyance deeds and taking possession.

    To avoid these issues, UP-RERA has advised planning authorities to obtain the marketing names of the project, its towers, and blocks, along with the number of units from the promoter.

    This information should be included in the application for map sanctioning and when granting completion or occupancy certificates. This approach aims to eliminate any doubts regarding the project’s or its towers’ and blocks’ completion status.

    The post UP-RERA Directs Authorities to Halt Issuance of Temporary Occupancy Certificates appeared first on .

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