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

Real Estate

31 Oct 2025

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..