The company announced the launch of its new project-Signature Global Imperial spread over 8 acres of land parcel, which is expected to complete in four years.
Signature Global is planning to invest Rs 310 crore in Gurugram‘s sector 88A to develop an affordable housing project.
The launch of the new project-Signature Global Imperial is announced by the company, which is spread over 8 acres of land parcel.
Pradeep Aggarwal, founder and chairman of the company said, “In spite of ongoing pandemic conditions, the success of each of our affordable housing projects indicates strong pent-up demand for quality homes from trusted brands.”
The project will have over 1,100 units with configuration of 1, 2 and 3 BHK of affordable homes with a price range of Rs 17.56 lakh to Rs 28 lakh.
It is self-funded by the company and is expected to be complete in the next four years.
The discharge plea of a valuer accused in the alleged corruption and fraud case involving DHFL and Yes Bank is been rejected by the special court.
Refusing the plea of Sunil Chaudhary, the special court said, “No grounds exist to discharge the accused. On the contrary, the prima facie evidence and the circumstances are on record to proceed with the accused.”
The prosecution had opposed the discharge plea and alleged that the accused submitted an inflated valuation report of agricultural land in connivance with others to obtain loan fraudulently. The court said that the valuation report made by the accused was not realistic.
The court said, “No project was to be developed at that site. These circumstances are sufficient to infer that pursuant to the criminal conspiracy with fraudulent intention, the accused submitted inflated valuation report. It was only done to facilitate the borrower and DHFL in conspiracy to extend pecuniary benefit in the garb of business loan.”
It is the prosecution’s case that Rana Kapoor of Yes Bank Ltd fraudulently extended financial assistance to DHFL, in lieu of substantial undue benefit to himself and his family members.
On Tuesday the officials said, “The income tax department has gathered “evidence” that real estate group Omaxe allegedly indulged in “unaccounted” cash transactions with customers to the tune of over Rs 3,000 crore.”
The CBDT issued a statement to say that it raided the premises of a leading real estate group active in north India on March 14.
“The search action covered more than 45 premises in Delhi and NCR, Chandigarh, Ludhiana, Lucknow and Indore,” the statement issued by the policy-making body for the tax department said.
The Central Board of Direct Taxes (CBDT) said, “Unaccounted cash of Rs 25 crore and jewellery worth Rs 5 crore has been seized while 11 lockers have been put under restraint. A large number of incriminating evidences including hard copy documents and digital data have been seized during the search.”
“The seized evidences contain unaccounted ‘on-money’ cash receipt data of the group from various customers for more than 10 years,” it said.
The CBDT claimed, the key employees and business heads of various projects have stated the modus operandi of the group and have “admitted” that the group has generated unaccounted income by accepting ‘on-money’ (cash) “unaccounted” cash from its customers which have not been recorded in the regular books of account.
It said, “Evidence of receipt of such on-money exceeding Rs 3,000 crore has been gathered so far.”
The perusal of evidences found that they contain particulars of investors from whom, the group has received “cash loans” amounting to Rs 450 crore, the statement alleged.
Omaxe is one of the leading real estate developers of Delhi/NCR. It also has significant presence in similar products projects of Punjab, Haryana and Uttar Pradesh.
Income Tax officials searched offices, sales galleries and residential premises in the three metros belonging to top officials working for the group, including the Chief Financial Officer (CFO).
According to the sources, on Tuesday the Income Tax Department conducted raids on several premises linked to real estate company Hiranandani Group for suspected tax evasion.
Officials said searches are going on at around 24 locations, including residences of some top officials, in Mumbai, Chennai and Bangalore.
In 1978 Hiranandani Developers was formed by two brothers-Niranjan Hiranandani and Surendra Hiranandani. They have constructed multiple projects in the past four decades mainly in Maharashtra.
Niranjan and Surendra Hiranandani are also running separate real estate companies. While Niranjan Hiranandani is founder chairman and managing director of Hiranandani Communities, Surendra Hiranandani is chairman and director of the House of Hiranandani.
A spokesperson for the company said in a statement, “The group has already clarified that the offshore trust/assets held by the family abroad is fully bonafide and compliant with all laws. Further, all queries of the authorities are being fully addressed and we assure our full cooperation in the matter.”
Analytix Business Solutions, a US-based outsourced solutions provider has leased 70,000 sq. ft. of managed office space in Sun Westbank, developed by Sun Builders Group, located at Ashram Road, Ahmedabad.
The duration of the contract period is nine years.
Realistic Realtors facilitated the office space transaction. The tri-party agreement has been facilitated between Sun Builders Group, Analytix Business Solutions and The Address, a co-working and serviced office space provider.
The Address has added 70,000 sq. ft. of super built-up area at Sun Westbank, which is further taken on lease by Analytix Business Solutions with a seating capacity of around 1,000 people.
Nikit Shah, assistant vice president, Realistic Realtors said, “The last two years were challenging due to pandemic as commercial space requirements were declining at a rapid pace. Transactions of such quantum will surely bring back that confidence in the market.”
Yash Shah, founder & CEO, The Address said, “We have ambitious plans for the next three years and are eying to increase our footprints and client base with a great team and leadership hiring that has joined us.”
Godrej Properties Ltd (GPL, a real estate developers said that its township project Riverhills in Mahalunge, Pune, achieved FY 22 sales worth Rs 1,002 crore.
On March 21 Godrej Properties said in a statement that over 1,550 homes, accounting over 1.5 million square feet for their township project, has been sold in the current fiscal year.
Godrej Properties further said that since the opening of the township’s first phase in September 2019, it has sold over 3,600 residences with 3.4 million square feet of area at a booking value of over Rs 2,100 crore.
Mohit Malhotra, MD and CEO, Godrej Properties, said, “We are happy with the overwhelming response received for Riverhills, Mahalunge. The customer’s confidence is a reflection of the increasing demand for community and integrated developments by reputed developers. We will do our best to deliver an outstanding project for all the residents of this township.”
Riverhills is a township with more than 8 hectares of open space. It is one of the first townships in the proposed 283-hectare Mahalunge Maan Hi-Tech City. Mahalunge Maan Hi-Tech City is located near the residential area of Baner and the IT hub of Hinjewadi.
AIPL the developer of The Peaceful Homes went ahead and got the project llayout changes approved in May last year and failed to mention the objections raised by the residents in its undertaking to the department.
The senior town planner (STP) has written to the town and country planning department director to take necessary action against the developer of AIPL The Peaceful Homes located in Sector 70A for keeping several residents in the dark about revisions in the project layout.
The developer got the layout changes approved in May last year but did not mention the objections raised by the residents in its undertaking to the department.
The town and planning department was approached after residents raised complaints against the developer. The complaint says that the developer promised six towers which will be built in a total area of 16 acres whereas it is endeavouring to build all 6 towers in just 11.78 acres. The developer deviated and has wrongly constructed a club and one of the towers on the land meant for a community building, resulting in reduced common area. Work on four towers is now complete, and currently 400 families are residing there.
The STP in its letter mentioned, “The coloniser has to inform the existing allottees of (changes in) all the towers of the scheme but has only informed the allottees of the towers under revision (about the changes). Further, the coloniser has concealed this fact in the undertaking, not informing (the department) about emails (raising objections) submitted by four allottees and the reply submitted by the coloniser.”
A resident, Brigadier TC Malhotra said, “I have filed a complaint about the serious violations by the developer with the departments concerned and on the CM window. Over the years, the developer has done successive revisions in the project, befooling the buyers. It has reduced the common area and increased the population density manifold. It also refused to conduct an audit of the land parcel to find the exact dimensions of our flats. Moreover, it is submitting false undertakings to the government.”
Residents said that the project suffers from several deficiencies related to structural stability and basic amenities such as piped water and power connections.Residents are having some issues with the RWAs too.
Gajender Singh, a resident, said, “There is no transparency and accountability in the functioning of the RWAs, nominated by the developer and consisting of its employees.”
A representative of the developer was quoted as saying, “There has been no wrongdoing, and everything has been done by following proper procedure.”
The HMDA did the auctions for open plots in Bahadurpally and Thorrur in HMDA limits and some plots in Narketpally in Nalgonda, Bhootpur in Mahbubnagar, Kamareddy, Gadwal in Jogulamba Gadwal district, Mavala in Adilabad and Yalal in Vikarabad district.
The open plots in upmarket areas saw a great response but even plots in the surrounding areas of the city and districts sold very quickly on day one of land auctions on Monday. In Bahadurpally, one square yard of land was sold for 30,000, while it was 28,000 per square yard in Thorrur.
The government is expecting earnings to exceed 2,000 crore by the end of four day auction. The first day yielded 179 crore.
The HMDA did the auctions for open plots in Bahadurpally and Thorrur in HMDA limits and some plots in Narketpally in Nalgonda, Bhootpur in Mahbubnagar, Kamareddy, Gadwal in Jogulamba Gadwal district, Mavala in Adilabad and Yalal in Vikarabad district.
According to officials, while the upset price for open plots Bahadurpally was 25,000 per square yard, the average bid price was 30,637 per square yard and it was 28,471 per square yard as against the upset price of 20,000 in Thorrur in Rangareddy and Medchal districts.
One square yard in Yalal in Vikrabad was sold for 11,000 and 8,800 in Jogulamba Gadwal district which indicates the real estate boom across the state and not just confined to HMDA limits,
“The response for the land auctions has been very good and the auctions will continue for the next three days,” Arvind Kumar, municipal administration department special chief secretary told TOI.
HMDA has plans to auction plots in various districts in the state till March 17. They are also geared to sell Rajiv Swagruha flats in the city and Khammam. In the layout, one plot was sold for 1, 01,000 per square yard and the lowest at 36,000 per square yard as against the average upset price 30,000 per square yard. In July last year, both HMDA and TSIIC sold land parcels in Kokapet and Khajaguda which fetched 2,000 crore.
Maharashtra government propose to imposing the 1% metro cess on property transactions beginning from April 1, intended to fund metro rail networks and other transportation infrastructure projects in the state. The builders are sceptical about it, they are of the opinion that a new cess will only delay the ongoing recovery of the real estate sector.
Real estate developers have urged the Maharashtra government to put off its plan to impose an additional 1% metro cess on property transactions in the state by at least two years.
Developers’ body Credai-MCHI in a written letter to deputy chief minister Ajit Pawar and revenue minister Balasaheb Thorat are seeking a two-year deferral in the imposition of the cess intended to fund metro rail networks and other transportation infrastructure projects in the state.
The state government is planning to impose the 1% metro cess on property transactions from April 1.
“Its (metro cess’) deferment by at least two years could prove to be a major relief for the sector, especially in an environment where we are facing rising cost pressures due to the cost of raw materials, and the effects of the geopolitical scenario,” said Boman Irani, president of Credai-MCHI.
Developers strongly feel tat a new cess will only disrupt the ongoing recovery of the sector.
“We request the state government to reconsider the proposal for an increase in the 1% metro cess,” said Sandeep Runwal – president of National Real Estate Development Council (Naredco) Maharashtra. “The burden might be shifted to the homebuyers, resulting in a flunk in the sales of the properties and will have a direct impact on the momentum that has been carried out for the last few months.”
“The primary residential markets in Maharashtra, namely MMR and Pune, have had a long upward struggle to remain viable,” said Anuj Puri, chairman of real estate services firm Anarock Group. “Throughout the pandemic, these cities’ developers pulled out all the stops to harness and foster demand. The government’s stamp duty cut was a major positive turning point in the demand cycle, catalysing hugely improved demand while it lasted. By the same coin, a sudden increase in the cost of acquisition will be a significant demand dampener.”
According to Puri, imposing of cess should be re-evaluated as it will hit the property sale and it will lead to significant losses to the exchequer.
Industry experts, however, are of the opinion that charging a 1% metro cess on property registration is a good move and will help support critical transport-related projects in the state.
However, the timing of the decision could be deferred as homebuyers may not be keen on paying more as of now, especially when most of the metro network is yet to be operational. As of now, only one metro route in Mumbai is operational.
The proposed cess is expected to help service loans that funded Mumbai Metro.
The property markets of Mumbai and Pune have been buzzing with activity since the state government announced a reduction in stamp duty rates in 2020 to kick start the real estate sector and other industries linked with it.
The reduced stamp duty has led to a surge in the number of transactions across segments, including luxury, mid-income, and affordable housing. While the lower stamp duty benefit window period ended in 2020, the property markets across key cities in Maharashtra are still witnessing robust activity.
Property registrations in Mumbai continued to show strong growth in February, well above the levels seen two years ago when the city was still recovering from the pandemic. This is also the first time since the stamp duty reduction benefit came to an end last year that the city has seen over 10,000 apartments registered each month. In terms of revenue to the state exchequer, the month has recorded the best February ever with over Rs 561 crore in stamp duty collection, showed data from the Inspector General of Registration, Maharashtra.
In Pune, the government has approved a 31 sq. ft. increase in the size of the dwellings being offered under SRA. Currently the size is of 269 sq. ft. each.
The urban development department has approved a proposal allowing homes measuring 300 sq. ft. each for the slum rehabilitation schemes in the Pune and Pimpri Chinchwad civic limits.
The urban development department on Tuesday issued a notification, allowing a 31 sq. ft. increase in the size of the houses. In Mumbai, the Slum Rehabilitation Authority (SRA) is already offering 300 sq. ft. homes as part of the project.
Meanwhile, the slum dwellers were persistent about an increase in the house area. The SRA in Pune had given different recommendations, including increasing the area of houses. An official said the latest decision would help expedite the rehabilitation projects, as the consent from the slum dwellers might become smooth now.
Rajendra Nimbalkar , chief executive officer of SRA-Pune , said, “It will come into effect with immediate effect in the Pune and Pimpri Chinchwad civic limits. Pune at present has 40 SRA projects that can be expedited following the revision.”
