Real estate
Justice Served: Gurgaon Developer Faces Strict Penalties for Four-Year Project Delay
In a significant victory for consumer rights, Gurgaon Developer has been held accountable for a staggering four-year delay in delivering a commercial property. The Haryana Real Estate Regulatory Authority (HRera) has delivered a decisive verdict against Shine Buildcon Pvt Ltd, ordering them to compensate the aggrieved buyer and immediately move to transfer possession of the unit.
The case revolves around a commercial unit in the ’70 Grandwalk’ project, which the buyer had been waiting for since their initial investment. The gurgaon developer attempts to justify the extreme delay by citing events like demonetization and the COVID-19 pandemic were dismissed by the authority. HRera concluded that these circumstances did not warrant such a prolonged failure to deliver on their contractual obligations.
As a consequence of their findings, HRera has imposed a two-pronged penalty on the builder. Firstly, the firm must pay the complainant interest at a rate of 11.1% per annum for the entire period of the delay. Secondly, they have been given a strict 30-day deadline to hand over the possession of the unit, contingent on the buyer clearing any outstanding dues.
The regulatory body also uncovered that the gurgaon developer had imposed charges that were not part of the original buyer’s agreement. In its ruling, HRera mandated that all fees must be strictly aligned with the initial contract, protecting the buyer from any illicit financial demands.
This ruling sends a powerful message to the real estate industry, reinforcing that regulatory bodies are actively protecting the interests of homebuyers and that developers cannot expect to get away with unreasonable delays and unfair practices. It serves as a beacon of hope for other buyers who may be facing similar struggles with delayed projects.
Source : TOI
Real estate
Namo Realtech’s Expansion Goals Get a ₹350 Crore Boost from BGO and Aditya Birla Sun Life AMC
Namo Realtech is celebrating a significant financial milestone, having secured ₹350 crore in debt funding. This strategic investment comes from a collaboration between BGO and Aditya Birla Sun Life AMC, and it’s earmarked to fuel Namo Realtech’s ambitious expansion plans within the real estate sector.
The fresh capital will be instrumental in accelerating the launch of several new projects that are already in advanced stages of planning. Mohit Jain, the Managing Director of Namo Realtech, expressed his enthusiasm, stating, “This funding is a game-changer for us. It empowers us to bring our pipeline projects to life more quickly and forge new strategic partnerships.”
This investment marks another successful deal for the BGO and Aditya Birla Sun Life AMC platform. Since its inception in June 2022, the platform has been actively providing structured credit solutions for promising real estate ventures. To date, it has committed $100 million across ten deals, which span a collective 7.8 million square feet. The platform is on a clear growth trajectory, with a target of deploying $1 billion in capital by the year 2028.
Among the exciting developments on the horizon for Namo Realtech is a planned residential project in the thriving city of Gurugram, which will be a joint venture with Max Estates.
The successful transaction was expertly handled by a team of advisors from AZB & Partners, Quantum, and Trilegal, ensuring a smooth process for all parties involved.
Source : – NBM&CW
Real estate
Gurugram Property Investment: Are You Missing the Real Investment?
When you picture real estate gold in Gurugram Property Investment, what comes to mind? Is it the dazzling skyscrapers along Golf Course Road or the exclusive gates of The Camellias? For years, that’s been the dream. But what if I told you the smartest money is quietly moving away from these hotspots?
It turns out the glitter of Gurugram’s Property Investment in luxury market might be fading a bit. According to real estate advisor Aishwarya Shri Kapoor, the big, branded properties are becoming crowded, and the incredible returns they once promised are starting to shrink. It’s like arriving at a party just as the music is winding down.
So, where’s the real action? It’s happening in places that might not even be on your map yet. Think about the developing stretches along NH-48, the Southern Peripheral Road (SPR), and the new phase of the Dwarka Expressway. These aren’t the glamorous areas you see on billboards. They’re the places where the groundwork is being laid for the future.
And the numbers are compelling. In some of these up-and-coming sectors, property values have jumped by over 30% since 2020. In others, plot values have nearly doubled in just three years. We’re talking about the kind of growth that can genuinely build wealth. It’s a powerful reminder that sometimes, the biggest opportunities are hidden in plain sight, long before they become trendy.
The strategy here is simple but brilliant: think like a pioneer. Bet on the plan, not the polish. Invest where you see roads and infrastructure being built, not where the influencers are already taking selfies. Remember, Golf Course Road was once just a “dusty brochure,” and areas like DLF Phase 5 were considered “too far out.”
For savvy investors, this is a golden chance to get in on the ground floor. This is where the next chapter of Gurugram’s story is being written—not in the glossy towers, but in the quiet, promising plots where real growth is taking root.
Source: BT
business
DLF Chairman Rajiv Singh is India’s wealthiest real estate businessman: Report.
New Delhi, May 23 (PTI) DLF Chairman Rajiv Singh has retained his position as the richest real estate tycoon in India, with a net worth of Rs 59,030 crore, according to the Grohe-Hurun India Real Estate Rich List 2023.
The report, which was released on Tuesday, ranked 100 people from 67 companies and 16 cities. It found that the wealth of 61% of the people on the list increased, while 36 saw a decrease in assets. Additionally, 25 new faces joined the list.
Mangal Prabhat Lodha of Macrotech Developers (Lodha Group) and his family were ranked second on the list, with a net worth of Rs 42,270 crore. Arjun Menda and family of Bengaluru-based RMZ Corp secured the third spot with a net worth of Rs 37,000 crore. Chandra Raheja and family of K Raheja Corp secured the fourth position with a wealth of Rs 26,620 crore.
Anas Rahman Junaid, managing director and chief researcher, Hurun India, said that the rise of new entrepreneurs in the real estate sector is evident from the fact that 25% of the people on the list are first-time entrants.
“The real estate sector is one of the most important sectors in the Indian economy, and the rise of new entrepreneurs is a positive sign for the sector,” Junaid said. “These entrepreneurs are bringing new ideas and innovation to the sector, which is helping to drive growth.”
The report also found that Maharashtra and Gujarat accounted for 40% of the wealth on the list. The top 10 cities on the list were Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Kolkata, Chennai, Ahmedabad, Lucknow, and Gurgaon.