HBS seeks Rs 1,600 cr from society in Mumbai which called off deal

24 Jun 2021 CW Team

Worli’s Shiv Shahi housing society terminated the redevelopment agreement of HBS Realtors for failing to execute the redevelopment project. After which, the builder has sought Rs 1,600 crore from the housing society.

Last month, according to the report, 192 members of Shiv Shahi society chose to appoint Oberoi Realty after the previous builder, HBS Realtors, left them high and dry.

HBS Realtors (Wondervalue Realty) stated that the termination of its development deal was “illegal” and made a counterclaim of Rs 1,600 crore in the ongoing arbitration tribunal case filed by the developer against the society.

Wondervalue Realty’s counterclaim said that the illegal termination of the development agreements by the respondent (society) has led to the claimant (developer) not being able to complete the redevelopment project.

If the project had been proceeded with and if the claimant had been allowed to finish the construction according to the development agreements, the claimant would have gained profit from the stated project. The claimant alleges damages by way of loss on future profits of Rs 863 crore.

In 2009, the society, located on a prime three-acre plot, had signed the deal with Wondervalue. In 2014, 12 buildings were brought down. However, in 2019, the builder did not pay the rents (displacement hardship allowance) of Rs 70,000 to Rs 80,000 a month, leaving the families in the lurch.

Earlier this year, the society approached Oberoi Realty to take over the project, to which Oberoi Realty agreed.

Wondervalue, justifying its counterclaim, stated that over the years, it had spent Rs 747 crore on the redevelopment project, and it would lose Rs 863 crore on future profits.

Image Source

Also read: India, ADB ink $484 mn loan to improve road infra in Tamil Nadu

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..