real estate developers

Mumbai: The State Expert Appraisal Committee (SEAC) has picked on two major construction projects for carrying out work without obtaining environment clearance (EC). The projects include the commercial tower-cum-parking lot that is being jointly developed by Reliance Industries and Wadhwa developers at Bandra-Kurla Complex (BKC) and the central library and residential project by Indiabulls group at Kalina. Noting that the developers in both cases have “initiated the construction work without obtaining the prior environmental clearance (EC)”, the SEAC has directed the state environment department to look in to the “violation and take necessary action”. While officials were unwilling to be quoted due to the ongoing election code of conduct, a

What the Emaar scam is all about On the orders of the AP High Court following a petition filed by Congress MLA P Shankar Rao, the CBI filed an FIR on August 17, 2011, against BP Acharya, directors of Emaar Properties, Dubai, Emaar Hills Township Pvt Ltd, Emaar-MGF Land Pvt Ltd, directors of Stylish Homes real Estate Pvt Ltd, unknown public servants of AP government, and others and charged them with criminal conspiracy, cheating, criminal breach of trust, showing forged documents as genuine under the Prevention of Corruption Act. The allegation is that BP Acharya and others named in the FIR entered into a criminal conspiracy to cheat APIIC during

NEW DELHI: DLF, the country’s biggest real estate firm, will sell a convention centre project in Delhi and its wind power business for about 1,800 crore early next fiscal, a senior company executive said. The developer, which had a debt of over 22,000 crore at the end of September, is hoping to raise 3,000 crore in the current fiscal and about 3,500 crore in 2012-13 by selling its non-core businesses. The executive, who did not want to be named, said DLF is close to finalising a joint venture agreement for the convention centre at Dwarka, in west Delhi, with a Japanese company that executes mega mall projects. The source declined

New Delhi: Indiabulls Real Estate has sold a 9.36 per cent stake in a subsidiary developing Bharat Textile Mills land in Mumbai to IL&FS Trust for Rs 200 crore. Indiabulls had bought 8.39 acres of Bharat Textile Mills land in 2010 for Rs 1,580 crore from National Textile Corporation. Its wholly-owned arm, Indiabulls Infraestate Ltd, is developing the land. In a filing to the Bombay Stock Exchange, Indiabulls Real Estate informed that IL&FS Trust Company and its group of investors have invested Rs 200 crore to pick up a 9.36 per cent stake in Indiabulls Infraestate. The deal was struck at a valuation of Rs 2,136 crore, which is at