A Delhi court granted interim protection from arrest to Raheja Developers' chairman and managing director. The court stated non-bailable warrants should not be issued mechanically. The Enforcement Directorate sought warrants after the accused allegedly failed to join investigations. The accused's lawyers argued they had previously cooperated with the probe. The court will hear the matter...
Luxury rentals in Delhi's Lutyens Bungalow Zone are soaring as a severe shortage of homes for sale pushes affluent families, diplomats and corporate executives towards leasing premium properties. Rentals in areas such as Golf Links and Sunder Nagar have doubled in some pockets over the past few years, with monthly rents touching ₹20 lakh amid tight supply and robust demand. Source link...
In a decisive ruling, the National Consumer Commission has mandated that legal heirs must either provide flats or refund payments to homebuyers within six weeks. The heirs' claims of ignorance regarding the payments and ongoing civil suits were dismissed as baseless by the commission. The ruling reinforces that the failure to deliver possession creates an ongoing cause for legal action. Source...
DLF's consolidated total income declined 46.1 per cent to ₹1,605.56 crore during the quarter. Its sales bookings stood at ₹657 crore, while its net cash position improved to ₹15,200 crore. Source link...
Telangana RERA ordered penalty proceedings against Pacifica Constructions for booking a flat before project registration. The authority found the promoter violated the Real Estate Act by booking units prematurely. Allottees alleged delays and quality defects in their apartment after booking. The promoter cited Covid-19 extensions and a registered sale deed for delays. RERA restrained the promoter...
Assetz Ltd has filed preliminary papers for an initial public offering. The Bengaluru-based developer plans to raise approximately Rs 1,200 crore through this IPO. This public listing will mark the debut of one of Bengaluru's fastest-growing residential developers. The company has also expanded its project pipeline by acquiring new land parcels. Assetz is further exploring entry into the Mumbai...
The Delhi High Court has asked the Enforcement Directorate for its stance on a plea. Nayan Raheja seeks to quash a money laundering case filed in 2022. This case stems from the delayed delivery of approximately 4,600 residential flats. The allegations involve diverting substantial funds collected from homebuyers for non-construction purposes. The court has scheduled further hearings after reviewing...