+
MahaRERA upholds Lodha stance
Real Estate

MahaRERA upholds Lodha stance

The Lodha Group and Terraform Realty Group, formerly known as the Everest Group, have been given permission by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to market, advertise, and sell their joint venture project Lodha Bellevue in South Mumbai's Mahalaxmi area. As a result of a petition submitted by the Urban Infrastructure Venture Capital Fund, the regulator had previously held the registration of this project in limbo. (UIVCF) and had also forbidden the joint business from engaging in sales activities.

A complaint was made against real estate developers by the Urban Infrastructure Opportunities Fund (UIOF), a branch of the UIVCF, citing egregious violations of the Real Estate (Regulation and Development) Act, 2016.

Both Terraform Realty Group and Lodha Group run businesses in the J under the names Money Magnum Nest and Macrotech Developers, respectively.

Bradbury Mills, a 7-acre parcel of property near to Dagdi Chawl between Rippon Road and Haines Road in Mahalaxmi, is owned by Money Magnum Nest.

UIVCF and other investors put $3 million into three Everest Group projects in 2007-2008. The investors sued the developer for non-performance of these projects in arbitration in 2012–2013. Macrotech Developers and Money Magnum Nest had a contract to jointly develop this land that was signed in October 2021.

UIOF claimed a number of infractions were committed by the promoters in an earlier complaint and a letter to MahaRERA chairman Ajoy Mehta, demonstrating that the RERA registration was obtained through deceitful means.

The fund claimed that the project had only gained layout approval and that no building proposal had been filed to the civic authority; as a result, the project had not yet received commencement certificate (CC) and notification of disposal (10D) as of the registration date.

The Lodha Group and Terraform Realty Group, formerly known as the Everest Group, have been given permission by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to market, advertise, and sell their joint venture project Lodha Bellevue in South Mumbai's Mahalaxmi area. As a result of a petition submitted by the Urban Infrastructure Venture Capital Fund, the regulator had previously held the registration of this project in limbo. (UIVCF) and had also forbidden the joint business from engaging in sales activities. A complaint was made against real estate developers by the Urban Infrastructure Opportunities Fund (UIOF), a branch of the UIVCF, citing egregious violations of the Real Estate (Regulation and Development) Act, 2016. Both Terraform Realty Group and Lodha Group run businesses in the J under the names Money Magnum Nest and Macrotech Developers, respectively. Bradbury Mills, a 7-acre parcel of property near to Dagdi Chawl between Rippon Road and Haines Road in Mahalaxmi, is owned by Money Magnum Nest. UIVCF and other investors put $3 million into three Everest Group projects in 2007-2008. The investors sued the developer for non-performance of these projects in arbitration in 2012–2013. Macrotech Developers and Money Magnum Nest had a contract to jointly develop this land that was signed in October 2021. UIOF claimed a number of infractions were committed by the promoters in an earlier complaint and a letter to MahaRERA chairman Ajoy Mehta, demonstrating that the RERA registration was obtained through deceitful means. The fund claimed that the project had only gained layout approval and that no building proposal had been filed to the civic authority; as a result, the project had not yet received commencement certificate (CC) and notification of disposal (10D) as of the registration date.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code