Among these assets, EMAAR India Ltd’s properties are valued at approximately Rs 501.13 crore, while those of MGF Developments Ltd are valued at around Rs 332.69 crore.

These properties, which consist of land, are located in 20 villages across Haryana’s Gurugram district and in Delhi. The attachment was carried out by the ED’s Delhi-based unit.

The ED’s investigation centers around alleged money laundering activities linked to license no. 97/2010, dated September 18, 2010, which was issued by the Department of Town and Country Planning (DTCP) for a Residential Plotted Colony in sectors 65 and 66 of Gurgaon.

The investigation was initiated based on an FIR filed by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.

This FIR targeted Bhupinder Singh Hooda, the then Chief Minister of Haryana, Trilok Chand Gupta, then Director of DTCP, EMAAR MGF Land Limited, and 14 other colonizer companies.

The case involves allegations of cheating landowners, the public, and the state of Haryana, as well as the Haryana Urban Development Authority (HUDA).

The allegations include issuing notifications under section 4 of the Land Acquisition Act, 1894, and subsequently under section 6 of the same Act, which coerced landowners to sell their land to these colonizer companies at prices lower than the market rate before the notification under section 4.

The ED further alleges that the accused fraudulently and dishonestly obtained Letters of Intent (LOIs) and licenses on the notified land, thereby causing financial losses to the landowners, the public, and the state of Haryana, while unlawfully benefiting themselves.

According to the ED, on June 2, 2009, the Haryana government issued a notification under section 4 of the Land Acquisition Act, 1894, covering 1417.07 acres of land, which included sectors 58 to 63 and sectors 65 to 67 of Gurugram.

Subsequently, on May 31, 2010, a notification under section 6 was imposed on approximately 850.10 acres of this land. During the period from June 2, 2009, to May 31, 2010, nearly 600 acres were released from acquisition proceedings by the Haryana government, facilitating the grant of LOIs and licenses.

On April 22, 2009, EMAAR MGF Land Limited, a joint venture between EMAAR Properties PJSC, Dubai, and MGF Developments Limited, submitted an LC-1 application for a license to develop a residential plotted colony on 112.46 acres of land in sectors 65 and 66 of Gurugram.

Land measuring 70.406 acres, which was initially notified under section 4, was subsequently released from acquisition proceedings by the DTCP, and an LOI for 108.006 acres was granted to the company on May 31, 2010, after receiving internal approval from the Haryana government.

The ED states that license no. 97/2010 was eventually granted to EMAAR MGF Land Limited on November 18, 2019.

The ED’s investigation revealed that EMAAR MGF Land Limited executed six backdated development agreements with farmers for 27.306 acres of land. Although these agreements were falsely claimed to have been executed in April 2009, they were signed in March 2010.

The investigation further exposed that these collaboration agreements were backdated and fabricated, and were falsely represented as having been entered into before the notification under section 4 was issued, to avoid complications in obtaining the license from the DTCP.

As a result, EMAAR MGF Land Limited generated proceeds of crime in the form of a license on 25.887 acres of land, which is currently valued at Rs 1229.17 crore.

The investigation also revealed that the actual intent behind the land acquisition was never to benefit HUDA. Instead, it was a scheme designed to coerce farmers into selling their land to developers under the guise of agreements, driven by the looming threat of acquisition proceedings.

Later, EMAAR MGF Land Limited was split into EMAAR India Limited and MGF Developments Limited, holding 60.11 percent and 39.89 percent shares, respectively, in the combined properties.

Consequently, the ED has provisionally attached immovable properties valued at Rs 501.13 crore corresponding to EMAAR India Ltd’s 60.11 percent share of the remaining proceeds of crime (PoC), and Rs 332.69 crore corresponding to MGF Developments Ltd’s 39.89 percent share of the remaining PoC.

The post ED Attaches 401.65 Acres of Land Worth Rs 834.03 Crore Belonging to Emaar India and MGF Developments appeared first on .

Mr. Ankush Kaul, Chief Business Officer at Ambience Group

This exclusive event offers a rich experience to discerning buyers seeking luxury homes that provide an unparalleled lifestyle, blending comfort and grandeur. A series of interactive sessions will be held with Ambience Group’s representatives, followed by a tour of the apartments and projects from an entirely new perspective, where the new zones will be unveiled for those who have yet to become acquainted with the project.

Furthermore, this carnival will offer prospective buyers a plethora of high-end lifestyle benefits coupled with convenient facilities. With unique benefits such as “Ambience Connect,” which is the most powerful card in real estate offering privileges across Malls, Hotels, Schools & Golf, Creacions Club membership along with added parking space, and finally being privy to some Limited-Edition Inventory, the group aims to make luxury living more accessible for discerning buyers, thus providing the best value for the buyers’ investment.

The offer has been announced for the Ambience Group’s luxurious residential project, Ambience Creacions, located in Sector 22, Gurugram. The project offers 3-4 bedroom units with sizes from 2800 sq. ft. to 4000 sq. ft., adorned with beautifully designed interiors and robust infrastructure with international standard designs and features. The prices for Ambience Creacions start at Rs. 5.15 Cr* onwards.

Ankush Kaul, Chief Business Officer of Ambience Group, said, “We are thrilled to announce the Leap to Exclusivity Offer, which promises to offer prospective buyers a first-hand experience of our luxurious projects. At Ambience, we provide our customers with exquisite homes that reflect their unique style and taste. We believe that Leap to Exclusivity Carnival will be a significant platform for buyers to discover the affluent lifestyle that Ambience Creacions has to offer.”

Ambience Creacions is prominent for its quality architecture situated along urban infrastructure and great connectivity. It is an integrated complex with a furnished club equipped with modern sports amenities, a sprawling clubhouse, multiple social interactive zones, a yoga studio, and many other recreational features. The project comprises high-end 3-4 BHK apartments and penthouse.

Designed for discerning global citizens, Ambience Creacions is just a short distance away from Indira Gandhi International Airport, encompasses many cultural features, and is home to other natural elements.

The renowned Ambience Group also operates eminent malls in Gurugram and Vasant Kunj and office developments in Gurugram. The Group also owns lavish hotels, including The Leela Ambience Hotel & Residences, Gurugam, and The Leela Ambience Hotel and Convention Centre, East Delhi.

The Delhi-headquartered Ambience Group has positioned itself to offer premium architecture and design to its buyers, offering an ideal environment and the choicest comforts of life in one place.

The post Ambience Group Announces “Once in a Leap Year Opportunity” for Homebuyers. appeared first on .

The raids started at 5 a.m. on September 14 and are still going on, according to sources in the income-tax division on Tuesday.

The source stated that in addition to documentation used to track down unpaid taxes, the tax authorities also seized jewelry and cash totaling Rs. 4 crores.

The raids started at 5 a.m. on September 14 and are still going on, according to sources in the income-tax division on Tuesday. The source stated that in addition to documentation used to track down unpaid taxes, the tax authorities also seized jewelry and cash totaling Rs. 4 crores.

“We anticipated between Rs 100 and Rs 150 crore in tax evasion. This entails much more. The department has seized related documents, a top I-T officer told TOI.

According to allegations, the developers under investigation marked significant transactions on informal receipts rather than bills, which aren’t noted in accounting systems.

An IT insider claimed that one developer who owns a network of schools had faked parent signatures on transactions to pass them off as charitable contributions and escape taxes.

When the I-T department discovered that the overall taxes being collected from real estate companies were less than they ought to be, particularly in Gurgaon, where construction is a significant industry, they began to look into the sector.

Gurgaon ranked ninth among Indian cities in terms of income tax contributions, according to a TOI study from earlier this month. One-fourth of the Rs 40,000 crore in taxes paid by the city’s 4.5 lakh taxpayers in 2022–23 came from the IT sector.

Data from the I-T department showed that despite being a major industry in the NCR, real estate and construction only accounted for 8% of taxes in the previous fiscal year.

According to officials, the department will scan all documents collected after the raid to wrap up its investigation and, if guilty, will levy fines for tax evasion. Police and 150 members of the CRPF are providing security for I.T. teams to make sure the raids are not halted.

The post The income tax division searches five builders and discovers “Rs 400 crore tax evasion.” appeared first on .

According to the rules of the Prevention of Money Laundering Act (PMLA), a provisional order was issued on Tuesday to attach 25 immovable assets located in Rudrapur, Uttarakhand, and the “Meerut Mall” in Meerut, Uttar Pradesh.

It stated that the total market value of the attached assets is Rs. 40.39 crores.

A number of FIRs filed by the police in Delhi, Haryana, and Uttar Pradesh led to the money laundering case against the Super tech organization.

The ED claimed that the company and its directors engaged in a “criminal conspiracy” to defraud people by collecting money from potential buyers as an advance against booked apartments in their real estate projects and failing to uphold its agreed-upon obligations to deliver the apartments’ possession on schedule.

As a result, the FIRs claim that the business “defrauded” the public.

The ED claimed that an investigation determined the money was obtained by Supertech Ltd and associated entities from homeowners as well as project-specific term loans from banks and financial organizations for the purpose of building projects and flats.

But according to the report, these funds were “misappropriated and diverted” to buy land in the names of other group companies, which were then again pledged as security to borrow money from banks and other financial institutions.

According to the ED, the Supertech group also “defaulted” on its payments to banks and other financial institutions, and as a result, around 1,500 crores of these loans are today NPAs (non-performing assets).

The post ED seizes more than Rs 40 crore worth of Supertech Group assets due to allegations of money laundering. appeared first on .

The sum also includes arrears owed to the authority by the Chandigarh Railway Station. The amount was calculated by taking into account all previous arrears.

Furthermore, the civic body authority has written to officials from the Punjab and Haryana governments, as well as the Chandigarh administration, requesting that unpaid taxes be paid. The Chandigarh administration’s engineering department owes the MC an additional tax of around Rs 9.29 crore.

A list of the amount, as well as the specific buildings in question, is attached. After extensive discussions with senior MC officials, the DO letter to the railways and specific letters to the two state governments were written. The Chandigarh Railway Station is one of the government offices with the highest tax burden.

“Discussions were held with officials from the Chandigarh Railway Station. The matter was thoroughly discussed, taking into account all of the records, amounts, and financial aspects involved.

While they did pay some amount in previous years, they did not pay the entire sum calculated by the civic body authority. The majority of the arrears have not been paid, leaving the authority with no choice but to send them a recovery notice,” according to sources.

This is not the first time the MC and the Chandigarh Railway Station have disagreed over taxes. According to sources, the railway authority maintained that because they were a government department, they were not required to pay the tax amount calculated by the MC.

The MC, on the other hand, claims that even government organizations must pay taxes to the government.

The post The Chandigarh civic body has requested that the railways, the UT, Punjab, and Haryana governments pay property tax. appeared first on .

The project’s revenue potential is estimated to be around Rs 2,500 crore.

In Kurukshetra, the company recently purchased approximately 62 acres of land outright. This project will provide approximately 1.4 million sq. ft. of residential development plotted.

It also formed a partnership with Neelkamal Realtors Tower (NRTPL) to develop property in Byculla Division, Mumbai, at Cadastral Survey No. 1906. The project is being created by the company through a special purpose vehicle, Godrej Residency (GRPL), in which the company will hold 50.01% and NRTPL will hold the remaining 49.99%.

It previously signed an agreement to develop 14.27 acres of land in Gurugram. The proposed development will primarily consist of premium residential apartments and has an estimated revenue potential of Rs 3,000 crore.

The post Gurugram-based Godrej Properties has purchased nine acres of land. appeared first on .

Officials promised that random inspections of building plans and actual constructions would occur and that if violations occurred, the architect in question would be held accountable and even blacklisted. However, at any given time, the checks would be limited to only 10% of the sites.

The current procedure for obtaining an оc is time-consuming and tedious.
Architects must now submit DTCP applications for the buildings they intend to design. A team visits the house and inspects whether the construction complies with the Haryana Building Code, 2017 after the documents have been scrutinized at multiple levels. The оc is only granted after the DTCP team has approved it. The process might take weeks or months to finish.

Allowing architects to grant OCs, according to TL Satyaprakash, director-general of DTCP, will expedite the entire process. In the signed order, he wrote, “It has been made the decision that the architect will be the authority responsible for issuance of occupation certificate in conformity with Haryana Building Code 2017 under self-certification policy.”

It also established the standard procedure that architects must follow prior to receiving the certificate. “First, the building owner must make a request to the architect in accordance with HBC 2017.” “The architect should document all such applications.” Second, the architect must notify the department in writing that he has not received a show cause notice and is not on any government agency’s blacklist.”

According to the order, the architects must thoroughly examine all documents, including the approved building plan, any deviations noted on it, photos of the front and back areas, internal finishing, and the structural ability certificate. Under the self-certification policy, the architect may grant the OC if the building is “complete in all respects.”

After receiving all of the required documents, the architects will have eight days to grant the OC. They will have three days after receiving the OCs to submit copies of the certificate and all other records to the DTCP.

Satyaprakash’s order acknowledged that architects might violate their “professional ethics” by granting the certificates. “As a result, each district’s DTP (district town planner) will be required to examine 10% of the OCs obtained from architects.”

Architects may lose their licenses and be blacklisted if violations are discovered after the OCs have been granted. “The department may also suggest to the registrar’s office that such architects’ floors/buildings not be enrolled.”

The post Haryana architects can now issue OCs for houses in plotted colonies. appeared first on .

For the execution of the property, a policy has been framed under which the tenant will have to pay less than the present collector rate to get the ownership right, an official statement said.

The person should have completed 20 years of being in possession of the property as of December 31, 2020 to avail the scheme, according to a policy.

He also said that for this, a scheme, which will be applicable for urban areas, will be notified on Monday.

“Once the eligible people apply, they will be given relaxation in collector rate—if they are in possession of the property for more than 50 years, they will get a rebate of 50 per cent on collector rate,” he said.

The chief minister said after applying under the scheme, the applicant will have to deposit 25 per cent of the collector rate charge within 15 days and the remaining 75 per cent in the next 45 days.

“Once full payment is made and subject to fulfilment of all laid down conditions, the ownership of the property, which is the house/shop, will be transferred in their name,” The Chief Minister said.

The Chief Minister said if the municipality has rented or leased any land or building to one or more occupiers, the amount will have to be paid as per the fixed floor-wise formula.

The chief minister said that the state government has restructured and redesignated the Command Area Development Authority (CADA) as Micro Irrigation and Command Area Development Authority (MICADA).

This has been done to promote micro-irrigation and for effective implementation of the works pertaining to canals, he said.

The main objective of MICADA is to ensure maximum use of available water in irrigation and an amount of ₹3,700 crore will be spent on pavement of canals, Khattar said.

The post Haryana Offers Ownership Rights To Municipal Tenants. appeared first on .

On April 26, the Haryana government said small residential industrial construction sites employing up to 10 workers, within the Municipal Corporation, municipalities, and rural areas, do not need permission to operate during the lockdown.

A letter was issued by the Haryana Labour Department to the administrative secretaries, to the division commissioner and to the deputy commissioners of the state, apprising of the same.

“No approval needed for small residential industrial construction sites employing up to 10 workers within municipal corporation boundaries, municipalities and rural areas where staff are accessible on-site and no employees are required to be brought in from outside,” stated the Labor Department in the letter.

The government said district magistrates are going to monitor their districts’ situation. “In this regard, the District Magistrates will ensure appropriate compliance along with monitoring, supervision of SOPs by those individuals,” he added.

The state has reported 289 confirmed COVID-19 cases, which include 176 recovered to discharged cases and 3 deaths, according to the Ministry of Health and Family Welfare.

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Real estate developers body is looking for a 12-month deferral of housing loan instalments, a 2-year moratorium on project loans, issuance of building plans and other permits that are being supported by payment of fees, and other steps to help the real estate industry in UP and Haryana.

The National Real Estate Development Council (NAREDCO-UP) has written to Finance Minister Nirmala Sitharaman urging them to support the sector in this tough period.

“Because of the impact of Covid-19, housing sales are almost zero. There are no buyers in the sector; of course, the valuation of housing prices is zero. We have requested Finance Minister for some relief package,” said Supertech Chairman RK Arora, who also serves as Naredco-UP presidents.

To address the impact of the pandemic, NAREDCO said it is important that all project loans disbursed by the banks be given unconditional 2-year moratorium during which time, no project account should be considered as NPA and no recovery action should be taken against any developer. It has also asked for the removal of all NCLT/DRT cases against the developers.

To alleviate liquidity for retail home buyers who have taken home loans but require liquidity assistance owing to a pandemic condition, the body has demanded a 12-month deferment for EMI to pay home loan instalments. Penal interest can be permitted through this time of waiver of the additional interest.

CREDAI has stated that the industry is already facing a severe shortage of construction materials owing to import constraints and the closure of state borders leading to supply chain problems and strong rise in material prices. Because of the Covid-19 virus building sites is also locked-down.

For a year starting on February 15, the entity has sought an exemption from payment of interest on external development charges and internal development charges. It has also stated that the phase of the required approvals for the construction of a project must be conducted with urgency without the requirement of Bank Guarantee(s) and other charges.

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