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. Source link...
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...
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. Source link...
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. Source link...
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. Source...
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 Enforcement Directorate (ED) searched real estate company BPTP's Delhi-NCR locations concerning a Rs 500 crore foreign exchange violation. The ED is also probing multiple FIRs against the company and its directors, with BPTP extending full cooperation and asserting compliance with all laws. Source link...
Amit Ashok Thepade, director of a Pune-based real estate firm, was arrested from a Mumbai hotel in connection with a Rs 117.06 crore bank loan fraud involving Canara Bank. The Enforcement Directorate (ED) seized Rs 9.5 lakh in cash and jewellery worth Rs 2.3 crore. Source link...
A Gurugram-based realty group, Krrish Realtech, defrauded home buyers. The group collected over Rs 500 crore for housing plots. However, they diverted Rs 205 crore to a Sri Lanka hotel project. The Enforcement Directorate (ED) is investigating Amit Katyal and others. Katyal is already arrested in another case. The ED filed a chargesheet and the court issued a notice. Source link...
India's listed real estate companies witnessed robust sales, reaching nearly Rs 53,000 crore in the April-June quarter, driven by strong residential demand. Prestige Estates led with the highest sales bookings, followed by DLF and Godrej Properties. These top five developers contributed significantly to the total sales, indicating a concentrated market benefiting from increased homebuyer...