MahaRERA upholds Lodha stance

18 Jan 2023 CW Team

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.

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

EUROBOND Expands NABL Accreditation to 51 Testing Parameters

EUROBOND, the flagship brand of Euro Panel Products, has expanded the National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation of its in-house laboratory from 16 to 51 mechanical and chemical testing parameters, making it the only Indian aluminium composite panel (ACP) manufacturer with accreditation covering such an extensive testing scope.The expanded accreditation enables the company to independently test coils, coatings, cores, aluminium composite panels (ACP) and metal composite panels (MCP) in accordance with international standards, including IS, ASTM, ..