Tag: Gurugram

Latest StoriesRegulatory

ED Files Chargesheet Against Gurugram Realty Firm for PMAY Fraud

NEW DELHI: The Enforcement Directorate is anticipated to file a chargesheet soon against a Gurugram-based real estate firm and its promoters in a multi-crore money laundering inquiry linked to alleged discrepancies in the Pradhan Mantri Awas Yojna (PMAY) and fraud against homebuyers, official sources revealed on Sunday. Swaraj Singh Yadav, the Managing Director and “key person” of Ocean Seven Buildtech Pvt. Ltd. (OSBPL), was arrested by the federal agency on November 13 and is currently in judicial custody. The ED has accused Yadav of “fraudulently diverting” and laundering Rs 222 crore of homebuyers’ funds received under PMAY by canceling and…

IndustryLatest Stories

Smartworld Developers Buys 6 Acres in Noida for ₹414 Crore

Representative AI image NEW DELHI: Gurugram-based Smartworld Developers has successfully acquired a 24,000 sq. meter (approximately six-acre) land parcel in Sector 98, Noida, through auction for ₹414 crore. The estimated development cost of the project is around ₹2,000 crore, with a projected revenue of approximately ₹3,000 crore. The company plans to develop a mixed-use project featuring branded residences, high-street retail, and serviced homes. The company reported ₹6,400 crore in sales for FY25, marking an impressive 60% year-on-year growth. They have delivered 6.5 million sq. ft. of space, with another 20 million sq. ft. currently under development. With assets under management…

Latest StoriesRera

Haryana RERA Orders Chintels to Refund Homebuyer with Interest

Certainly! Here’s a rewritten version of the content: — The Haryana Real Estate Regulatory Authority (Ha-RERA) has mandated builder Chintel to refund the buyer, Kumar Mangalam Dalmia, with an interest rate of 10.85% per annum. Dalmia, a complainant against the Chintel Paradiso housing society, had approached the RERA court in Gurugram, seeking a complete refund of his principal amount along with interest based on the current market value of his flat in Chintel Paradiso, Sector 109, Gurugram. In February 2022, a tragic collapse at Chintel Paradiso resulted in the loss of lives. Despite paying over Rs 1 crore for his…

Latest StoriesRera

Haryana RERA Orders Builder to Compensate Buyer 11% Interest

GURUGRAM: The Haryana Real Estate Regulatory Authority (H-RERA) has ordered Godrej Real View Developers to pay a compensation of 10.8% per annum to a couple from Lucknow for the delayed possession of their flat in Godrej Meridien-I, located in Sector 106. This decision, made by member Ashok Sangwan, follows a complaint from Malik Ram and Sarita Verma of Gomti Nagar, Lucknow. They approached H-RERA under Section 31 of the Real Estate (Regulation and Development) Act, 2016. H-RERA dismissed the builder’s claims regarding Covid-19 and pollution-related construction bans as force majeure events, highlighting that these do not justify the delay beyond…

Latest StoriesRegulatory

ED Alleges Experion Developers Misused IBC in Land Deal

NEW DELHI: The Enforcement Directorate (ED) has accused the real estate developer Experion Developers of improperly utilizing the Insolvency and Bankruptcy Code provisions to acquire 9.3 acres of land in Gurugram’s Sector 62. As part of a Prevention of Money Laundering Act (PMLA) investigation involving Religare Finvest, the ED attached assets owned by the corporate debtor, Dignity Buildcon, which was subsequently purchased by Experion. The ED has filed a petition with the National Company Law Tribunal (NCLT) requesting a review of its May 2023 decision that permitted Experion to take over Dignity Buildcon through the insolvency procedure. The ED highlighted…

Latest StoriesRera

Haryana RERA reinstates flat, orders MRG Infrabuild to pay 10.9% interest

Sure! Here’s a rewritten version of your content: GURUGRAM: The Haryana Real Estate Regulatory Authority (HRera) has overturned the cancellation of a flat in an affordable housing project located in Sector 89. The authority has ordered the developer, MRG Infrabuild, to reinstate the unit and compensate for delays at a rate of 10.9% per annum. The authority’s findings indicated that the builder failed to adhere to legal timelines and wrongfully cancelled the unit, despite the buyer having paid more than the total sale price. The issue revolves around a flat in The Meridian project, which was allotted to Amit Kumar…

Latest StoriesResidential

Ashiana Housing to invest ₹750 crore in Gurugram project

Sure! Here’s a rewritten version of your content: NEW DELHI: Ashiana Housing is set to invest over ₹750 crore in its new residential project, Ashiana Aaroham, located in Sector 80, Gurugram. The funding for this project will come from internal accruals, support from the IFC, customer advances, and financing backed by ICICI Pru NCD. Covering an area of 10.8 acres, the land for this development is fully owned by Ashiana Housing, and it plans to construct 542 units across six towers. Phase 1 of the project will involve an investment of approximately ₹250 crore and will feature 182 units, with…

Latest StoriesRegulatory

Gurugram: Ornamental Realtors Hit with FIR Over License Issue

GURUGRAM: The district town planner (enforcement) has requested an FIR against a builder due to alleged violations concerning its commercial colony license in Sector 61. Ornamental Realtors Pvt Ltd’s license, which was valid for eight years, expired on August 26, 2017. The request for an FIR has been shared with high-ranking officials at both district and state levels, indicating the government’s commitment to closely monitoring licensed colony projects. Officials noted that Ornamental Realtors Pvt Ltd repeatedly failed to comply with various statutory obligations, leading the enforcement wing to refer the matter to the Haryana State Enforcement Bureau police. This action…

IndustryLatest Stories

Gurugram Housing Project License Expires; SU Estates Faces FIR

Representative AI image GURUGRAM: The Department of Town and Country Planning (DTCP) has instructed the police to file an FIR against SU Estates for neglecting to renew its group housing license for a 20-acre project located in Sector 58/63. The license allowed the developer to create a residential group housing colony in Ullahwas as part of the Gurgaon-Manesar Urban Complex. The license, initially issued in 2009, expired in August 2017, yet the developer never submitted a renewal application or the necessary documents according to Rule 13 of the 1976 Urban Areas Rules. A notice issued on October 17 was reportedly…

InfrastructureLatest Stories

Geofencing to Monitor Land Use Changes in Sultanpur Park

GURUGRAM: The eco-sensitive zone surrounding Sultanpur National Park is undergoing digital geofencing, creating five concentric rings around the area to monitor land-use changes and construction in real time. “Each ring has its own set of prohibitions, regulations, and activities to be encouraged,” stated divisional wildlife officer (DWO) RK Jangra in an interview with TOI on Monday. Restrictions include no mobile towers within 3km, no new wood-based industries nearby, and no construction within 300 meters of the park. The 5km eco-sensitive zone encompasses 22 villages, with mapping of the outermost ring already underway. The timeline for implementing the alert system will…