The sector regulator has recalled refinancing support worth nearly Rs 500 crore —a punitive action that has set off a sweeping leadership overhaul at the company. ET was the first to report on April 13 that managing director and CEO Sachinder Bhinder was being asked to step down, with Manu Singh — former home loans head at Kotak Mahindra Bank — set to take over. A week later, on April 20, the...
Construction on Brigade Enterprises' Rs 2,000-crore housing project in Perumbakkam has been halted. The Tamil Nadu government found work began without mandatory permission from the Tamil Nadu State Wetland Authority. The project is alleged to be within the Pallikaranai Ramsar Wetland Site. The environmental clearance was revoked. Brigade Enterprises plans to appeal the order. Source link...
Homebuyers in Greater Noida face significant delays in property registration due to an ongoing strike by lawyers and deed writers protesting the UP government's e-registration initiative. Despite a clarification limiting e-registration, the deadlock persists, leaving hundreds of buyers unable to legally own their purchased properties and incurring financial burdens. Source link...
US retail giant Target Corporation secures a significant office space in Bengaluru. The company will occupy over 8.3 lakh square feet at Embassy Manyata Business Park. This long-term lease, valued at approximately Rs 1,250 crore, highlights the growing presence of global capability centers in India's tech hub. The deal underscores sustained demand for Grade A office spaces in Bengaluru. Source...
Essel Group chairman Subhash Chandra is selling a prime bungalow in Lutyens' Delhi for ₹1,260 crore. This deal is one of the most expensive property transactions in India. The property was bought in 2015 for ₹304 crore. Deal formalities are expected to conclude by December 30, 2026. Other high-value deals are also underway in the exclusive Lutyens' Bungalow Zone. Source link...
The Enforcement Directorate conducted searches across Maharashtra and Delhi in a money laundering probe linked to alleged irregularities in a corporate insolvency resolution process. The investigation targets Suraksha Asset Reconstruction Company, Suraksha Realty, Khyati Realtors, their associates, and a former YES Bank employee, focusing on fraudulent loan grants and asset takeovers. Source link...
The Enforcement Directorate has attached fresh assets worth approximately Rs 503 crore in a money-laundering probe against Raheja Developers and its promoter, Navin M Raheja. This action is part of an investigation into alleged fraud against homebuyers, with the agency claiming substantial funds were diverted. The total value of attached assets now stands at around Rs 1,617.29 crore. Source link...
The Supreme Court has agreed to hear a plea demanding a scheme where builders and lenders share equal loss if subvention plan flats aren't delivered. This comes after a homebuyer alleged being forced to pay EMIs for a non-delivered flat. The court also sought a structured debt-relief plan for stalled projects. Source link...
The response came after a Division Bench of Justices R I Chagla and Farhan P Dubash recorded SEBI's statement that it was examining representations submitted by petitioner Chayan Upadhyay regarding whether Respondent including Embassy Property Developments Pvt Ltd, its Directors satisfy the "fit and proper person" criteria under the SEBI (Real Estate Investment Trusts) Regulations, 2014,...
An NGO has petitioned the state government to cancel approvals for a residential project in Perumbakkam. Arappor Iyakkam alleges the site is within the protected Pallikaranai marshland. The NGO states construction violates wetland rules and a Supreme Court order. They demand immediate stoppage of work and action against officials who granted permissions. Source link...