Real Estate News Updates for May 6
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Piramal Group is seeking buyers for its distressed real estate portfolio comprising loans amounting to ?1,812 crore and outstanding security receipts of ?782 crore, two people aware of the development said.
Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) have jointly invited bids for their real estate portfolios.
Piramal declined to comment on the development.
Its real estate loan portfolio comprises Ozone Holdings, Niraj Kumar Associates, ASF Insignia & Black Canyon SEZ, Bhoruka Power Corporation, and Gulam Mustafa Enterprises. It also includes security receipts issued by CFM Asset Reconstruction Company and Omkara ARC.
The Economic Offences Wing (EOW) on Friday took custody of Dharmesh and Rajeev Jain, the directors of Nirmal Lifestyle, in a Rs 43-crore cheating case filed in 2021, and produced them before a local court, which remanded them in police custody till Monday.
The EOW informed the court that the Jains had allegedly failed to hand over flats to around 54 buyers in three Nirmal Lifestyle projects - Zircon, Amethyst and Turquoise - thus cheating them of Rs 43 crore. The three housing projects are not yet complete.
This is the second similar cheating case against the Jains. Last week, they had been arrested on the complaint filed by 34 flat buyers in their Mulund projects for failing to hand over flats and duping them of a total Rs 11 crore.
The district administration has executed only 39 out of 277 recovery warrant orders so far, stated a report of the Maharashtra Real Estate Regulatory Authority.
The total amount to be recovered from the errant realtors against the 277 orders issued over the past six years amounts to Rs170.37 crore.
Of this, only Rs32.92 crore has been recovered from the 39 executed till now, stated the Maharashtra Real Estate Regulatory Authority (MahaRERA)’s report for the Pune district.
Senior officials of MahaRERA stressed that the process of execution of the orders in Pune district had been slow. “We have been following up with all the officials of the district administration in this regard. We would be reaching out to the district administration again to speed up the execution of the recovery warrant orders,” said a MahaRERA official.
Members of around 1,000 cooperative housing societies in the city that are more than 30 years old are waiting for the implementation of the single-window system announced in September 2019 for clearance of self-redevelopment projects.
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Under self-redevelopment, residents of the society shoulder the onus of construction by appointing a developer and ensuring control over the project.
Recently, a society in Sahakarnagar had to wait for over a year to get the necessary clearances for self-redevelopment. This is the reason why many other societies have adopted a wait and watch policy, said state housing federation members.
Residents of Supertech Ecovillage 1 in Uttar Pradesh's Greater Noida West have resorted to an indefinite sit-in to protest the lack of basic amenities.
Protestors’ demands include better electrical infrastructure, along with rates at par with Noida Power Company Limited (NPCL) for an increase in per kilowatt power load if required by residents, basement drainage cleaning to avoid flooding during rains, completion of car parking and rationalising high charge for covered parking.
Residents also demand a lift audit, proper water drainage system and STP construction and the implementation of authority policy with regard to pets and stray dogs in the complex.
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