01^st May 2024, New Delhi: Max Estates Limited, the real estate arm of the Max Group, today announced a strategic investment of INR 388 Crore from New York Life Insurance Company, America’s largest mutual life insurer[1].

Upon the transaction’s close, New York Life will acquire 49% stakes in two SPVs of Max Estates that hold Max Towers and Max House (Phase I & II). Both are rent yielding operational commercial real estate projects located in Noida and Delhi, respectively. Max Estates will hold 51 % in the two SPVs after the transactions are concluded.

Max Estates will use a bulk of these funds to finance its expansion into the high – growth residential market and to capitalise on market opportunities.

This strategic investment will further enable Max Estates to deliver on its aspired growth trajectory of acquiring at least 2 million square feet of development opportunity every year and redefine the future of residential and commercial real estate in the NCR.

Max Estates believes that this latest round of strategic investment by New York Life is an affirmation that Max Estates has the ability to execute at scale bringing real well-being to real estate in India.

New York Life owns 22.67% share in the listed entity – Max Estates. It also owns 49% stakes in Max Estates’ new commercial projects in Delhi-NCR.

It includes Max Square, which is already operational on Noida Expressway in Noida; and two under construction projects Max Square Two located adjacent to Max Square and a project located on main Golf Course Extension Road, Gurugram.

Commenting on this development, Sahil Vachani, VC & MD of Max Estates said, “We are excited to announce that our ever-growing partnership with New York Life Insurance is even stronger now. This collaboration further strengthens Max Estates’ financial capacity to deliver world-class commercial and residential projects in Delhi-NCR and ensures a balanced approach to capital structure to fund company’s growth trajectory. 

It signifies continued confidence from institutional investors in the growth potential of the company and its ability to unlock significant value for all stakeholders with right market-product combination in the real estate sector in India.’’

With a proven track record of delivering world-class commercial and residential properties, Max Estates has established itself as a leading player in the Indian real estate landscape with focus on Delhi NCR. The Company has completed a full cycle from investment to part monetization, showcasing its ability to raise capital and monetize rent-yielding assets.

About Max Estates Limited:

Established in 2016, Max Estates Limited is the real estate arm of the Max Group. With the purpose of ‘Enhancing Quality of Life through spaces it creates’, it has chosen to create premium commercial and residential spaces in Delhi NCR.

The company has developed a very well diversified portfolio of real estate across the two asset classes in Delhi NCR and in this pursuit has partnered with New York Life Insurance Company (NYL) particularly for commercial office platform.

Its marquee projects include a one-of-its-kind commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House – a re-development of office campus, Max Square, located on a primary office vector – Noida Expressway and, 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.

It has two under construction commercial office projects – Max Square Two, adjacent to Max Square and a project located on main Golf Course Extension Road marking its entry in commercial office segment in Gurgaon.

On the residential front, the company has successfully launched and sold its first project in Delhi NCR in CY 2023, Estate 128, which is being developed in Noida and second project is to be launched in first half of CY 2024 in Gurugram. Max Estates also has a real estate services & management company – Max Asset Services. Max Estates Limited is listed on NSE and BSE.

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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.

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The house is situated on a 780-square-yard lot, with the first four floors being registered separately. According to documents obtained by CRE Matrix, a real estate data analytics firm, all floors were sold for Rs 15 crore each, with the exception of the first floor, which was sold for Rs 14.85 crore.

“Gehlot completed the redevelopment and built independent floors after purchasing the property from another seller.”This property is likely to be resold by Indiabulls. They took over to make sure the title was clear”—according to a source close to the deal.

The email inquiry was not returned by Indiabulls. Arjun Gehlot, Sheela Gehlot’s son, did not return calls or messages. Last year, Raj Singh Gehlot paid Rs 80 crore for a 575-square-yard bungalow in New Delhi’s Lutyens Zone’s Golf Links neighborhood.

The Lutyens Bungalow Zone and South Delhi, New Delhi’s equivalents of Greenwich and Mayfair in London, have seen the highest number of property registrations in three years, with uber-rich investors acquiring assets in areas where demand typically exceeds supply. There was a high demand for ultra-luxurious properties in areas such as Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar, and Shanti Niketan.

Ambience Group has been selling real estate assets to reduce debt. Elan Group recently paid approximately Rs 200 crore for a 7.65-acre land parcel in Gurgaon from Ambience Group.
Furthermore, the company is attempting to sell a land parcel in Noida for approximately Rs 700 crore.

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“The government is promoting the use of wind- and solar-based charging methods for electric vehicles.

He said we’re also working on solar-powered electric highways that will allow heavy-duty trucks and buses to be charged while they’re on the road. An electric highway is a road that provides power to vehicles passing through it, including overhead power lines.

Gadkari also stated that the government is actively supporting toll plazas to use solar energy. The minister stated that the road ministry has conducted route optimization exercises all over the expressways and has constructed a modern alignment.

“We are trying to construct 26 green-field expressways,” Gadkari said, highlighting that indeed, architecture boosts economic growth, creates new businesses, and encourages job growth.
With the release of the PM Gati Shakti Grand Plan, he asserts that developments will be resolved rapidly and logistical support will be reduced.

The minister welcomed private investors from the United States to invest in India’s logistics, ropeways, and cable car sectors, stating that India and the United States are natural partners.

He stated that 3 crore trees would be planted along national highways, and that the government is implementing tree planting practises during highway construction and expansion.
“So far, we’ve planted 27,000 trees on national road projects,” he says.
According to Gadkari, the government is working on a new policy called “Tree Bank” that will require authorities such as the National Highways Authority of India (NHAI) and the National Highways and Infrastructure Development Corporation Limited (NHIDCL) to keep a tree bank account of trees planted during project development.

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Qudify is an enterprise SaaS product which was launched in February 2022 with a meeting room and desk booking interface designed for employees. Within five months of its launch, they had traction of 40+ clients, 500+ users, and a 400+ monthly booking rate. With their latest product, a QR-based visitor self-check-in, they have acquired paid clients within the 1st month and generated more than 500 digital passes for guests and employees.

Visitor management system software that regulates workplace accessibility is a necessity in the modern day workplace. Qudify, provides hassle-free visitor check-ins to digitalize the use of future-ready workspaces, enhance employee experience and increase workplace safety by minimizing contact between employees and guests. Additionally, it keeps a time-stamped record of visitor movement, enabling good contact tracking in the event that it is required. Therefore, it is essential for a company to guarantee that an effective visitor management system is in place, all throughout the company.

The goal of Qudify is to improve workplace effectiveness and create a hassle free experience through digitization. Its visitor control system keeps track of who enters and exits your office and contributes to improving workplace safety and experience. The more traditional methods of visitor tracking, such as manually entering the information or maintaining an Excel spreadsheet, are eerily replaced by this solution.

Mr. Paras Arora, Founder & CEO, Qdesq said “In the presence of the changing times, if businesses wish to meet demands for staff/customer safety and convenience, they must invest in visitor management systems. As a leading provider of flexible office spaces and SAAS services, Qdesq is always looking for new approach to make their systems simpler and more effective for companies, as well as to offer a smooth and hassle-free experience for employees, contractors, and visitors. The demand for more visitor control over who enters the premises is anticipated to fuel the expansion of visitor management systems for large businesses.”

About Qdesq:

Qdesq is India’s largest marketplace & the fastest platform to discover, evaluate & book flexible workspaces with a presence across 60+ cities in India, covering 3800+ venues, transacting 4500+ desks a month, with plans to scale across 100+ cities in India, and achieve a monthly run rate of 10,000 desks booking a month by the end of this year i.e. 2022.

The mission of Qdesq is to redefine the commercial real estate (CRE) Industry’s Narrative from square feet to per-seat basis, from a rigid process of workspace acquisition to agile and on-demand. The company was founded with the concept of creating a one-stop solution for managed workspace procurement with a ‘Customer-First’ attitude.

www.qdesq.com

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December 29, New Delhi: Kashmere Gate Metro Station, a gateway between the charms of Old Delhi and the modern, contemporary New Delhi, gets a new identity with a mural at Eldeco Junction. As the commuters enter the premises of the metro station, they get welcomed with artwork transcending the boundaries of time. Depicting the past, present, and the future, this 1238 sq ft of artwork portrays the changing face of Kashmere Gate over time, where one who has lived in Delhi for a long, can identify with every phase.

Kashmere Gate Metro station has stood a witness to transformation over the past few months. In November, realty developers Eldeco along with Kapoor Developers launched Eldeco Junction, the first Retail Hub of Kashmere Gate Metro. Now, to make it more vivacious, they have contracted an artist, Do, who has painted an elaborate mural on the wall adjacent to the entry gate of the station.

Nikunj aka Do, an artist based out of Delhi, has been working since 2014, while studying for a Bachelor of Visual Arts (Applied Arts) at Maharaja Sayajirao University, Vadodara. Do’s work is extremely contextual and draws on influences by studying the local characteristics of a space and its people. The artist also works together with his partner Sid aka Khatra. Together their diverse work consists of Anamorphosis Art, Graffiti, Imaginative Characters and 3D Graffiti. Independently he has worked in the projects such as St+art Mumbai & Patna with a tribute to front line workers being the latest and realized the latest commissioned digital artwork for Runwaysquare x Gucci.

This mural has created a buzz and been drawing the attention of commuters, artists, and art lovers alike. Kashmere Gate, a crossroad between past, present, and future, is depicted perfectly in this artwork showing the never-ending energy between people and the place. In the background, the artist proposes a calming landscape mindful of the gates and where they lead to the magical land of Kashmir. The treatment suggests an almost day-dreamy approach to the artwork, aiming at infusing calm and contemplation in contrast with the high level of energy of the site. The mural also includes local elements of local flora and fauna to infuse a sense of peace and offer an experience akin to a frozen moment in time within this buzzing hub.

Eldeco Junction was launched with a vision to create a family destination where people can come and enjoy some quality time along with great food and shopping. This mural adds an aspect of beauty and exquisiteness to this vision. It relates to each commuter by making them feel included in an integral proud part of the city.

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Mumbai – December 13, 2021: Smartworks, India’s leading Enterprise-focused Managed office space provider, today announced the launch of its new venture, Smartworks Technology Services. The new venture aims to launch a Building Operating Platform and Workspace Management SaaS product targeted at landlords and organizations globally, centered on new workplace management and experience models.

The Workplace Management SaaS product will integrate Technology with flexibility, safety, privacy and security while prioritizing employee health, well-being and productivity. The Building Operating Platform will allow landlords to manage their office assets more efficiently and sustainably. The company has also announced the appointment of Anuj Nangpal as the Chief Executive Officer to head this new venture. He will also serve as Chief Information Officer, Smartworks and will oversee digital transformation for business growth. Anuj joins Smartworks Technology Services from a US$ 100 Mn global fund investing in Proptech – JLL Spark and has over two decades of experience in Real Estate Technology, Venture Capital, Corporate Strategy and Mergers & Acquisitions.

With Smartworks Technology services’ suite of solutions, companies can seamlessly manage their office space by improving speed, productivity and operational efficiencies. The offerings will enable enterprises to make faster and smarter data-based real estate decisions such as space allocation, optimization and utilization, and transformation of their employees’ overall office experience. The cloud platform will integrate all the siloed Technology and applications used to run buildings and empower the building owners to make predictive interventions, enhancing the efficiency of the building and the experience of the tenants.

On the announcement, Neetish Sarda, Founder Smartworks, said, “Technology has been at the core of our managed offices since our inception and will now serve as a key enabler towards spearheading our enterprise-focused workspace solutions to the next level of growth. We are excited to step into new business horizons and offer these SaaS platforms to organisations globally to manage all their real estate needs. Built in-house for improved performance and efficiency, our 400+ clients are already benefiting from these technology solutions. Additionally, these SaaS solutions have also been sold to external enterprise clients.”

On his appointment, Anuj Nangpal, CEO, Smartworks Technology Services, said, “I am excited to join the Smartworks team and look forward to working closely with a talented team. As a leader in the managed office space, Smartworks has built a profitable business model that is redefining the future of work. Uniquely positioned to capitalize on the changing workspace dynamics, we aim to build on the company’s existing strengths while identifying new opportunities for growth and innovation.”

As a leader in Managed office space and proven track record of successfully creating a digital ecosystem in its spaces, Smartworks, with approx. 5 Mn sq. ft. area under management has been setting the tone for flexible workplaces in terms of configured offices, interactive designs to amenities, to member experience through its digital ecosystem.

With this launch, Smartworks has also elevated Nitiraj Shekhawat, Vice-President, Technology, to the Chief Technology Officer of Smartworks Technology Services in addition to his existing responsibilities.

The company also plans to hire over 100 employees in the next two years. The technology company is currently hiring various experience levels and roles in UI/UX, Full-stack developers, BI, React, DBA and product managers.

About Smartworks:-Smartworks is India’s largest provider of flexible workspaces, with a footprint of approx. 5 million sq. ft. across 32+ locations in 9 cities (Delhi-NCR, Kolkata, Bengaluru, Mumbai, Hyderabad, Chennai and Pune) and caters to more than 400 organizations across Fortune 500 companies, large enterprises, SMEs and established unicorns/startups. Founded in April 2016 by Neetish Sarda and Harsh Binani, Smartworks is redefining the Indian office experience by leveraging its robust physidigital platform to deliver tastefully designed, fully serviced, tech-enabled, flexible and affordable workspaces. The seamless blending of the physical and digital platform provides a superior customer experience. It enables both enterprises and their employees to access a host of products and services delivered conveniently at the workspace. Central to this ambition is the company’s motto, ‘Workspaces that work for you, with the vision of creating the perfect environment for enterprises to focus on their core work while ensuring their employees are happy and productive.

For more information, log in to www.smartworksoffice.com

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The Securities and Exchange Board of India (Sebi) said on Monday that it will auction up to 97 properties of the firms on September 25 at a reserve price of more than Rs 350 crore. Also, this auction will be an e-auction (online).

Land parcels, office space, a parking lot, and a shop in Maharashtra are among the properties up for auction.

In addition, the regulator will auction four cars owned by Royal Twinkle, Twinkle Hospitality, and Citrus Resorts for a total reserve price of Rs 8.28 lakh. Indica, Skoda Superb Elegance, and Mahindra Logan are among the vehicles included.

Apart from these, on September 17 the regulator would auction a few properties of the firms at a reserve price of Rs 68.54 crore.

Around 540 crore rupees worth of assets were auctioned off between November 2019 and January 2021.

According to a Supreme Court decision from December 2019, a committee headed by retired Justice J P Devdhar was directed to sell 114 properties owned by these firms within six months.

Citrus Check Inns and its directors were fined Rs 50 lakh by the Securities and Exchange Board of India (Sebi) in December 2018 for failing to comply with its decision prohibiting them from collecting public funds.

Several investor complaints had been filed with Sebi against Citrus, stating that Royal Twinkle directors were now administering their collective investment scheme (CIS) through Citrus.

After a four-year suspension in August 2015, Royal Twinkle and its four directors were found guilty of unlawfully generating more than Rs 2,656 crore in the name of timeshare schemes.

Furthermore, it had ordered the firm and its employees to refund the money as well as the promised returns to the investors within three months.

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According to Divisional Commissioner Sanjiv Khirwar’s recommendations released last week, all sub-registrars must ensure strict compliance with the requirements of the Registration Act, 1908, and the Indian Stamp Act, 1899, as well as any related legislation and directives issued by the Revenue Department.

Documents that must be registered include sale deed, gift deed, division deed, mortgage deed, lease deed for a duration longer than one year, and other non-testamentary instruments.

All additional documents must be submitted for registration within four months of execution. If a document is provided after the permitted limit, the registrar may grant it in exchange for a tenfold fine. According to the rules, the delay in such situations would not exceed four months.

They stated that no one other than the document’s parties and witnesses will be permitted to visit the sub-registrar’s office or present the documents.

Aadhaar numbers or enrolment slip will be used to identify the persons involved in the registration procedure. If they do not have both an Aadhaar card and an enrollment slip, they should be invited to register for Aadhaar card enrolment at the Centre immediately and be given the enrolment slip, they said.

According to the guidelines, the sub-registrar must certify that the person executing the papers has admitted to the execution of the instrument and is fully aware of the salient characteristics of the instrument’s contents.

The sub-registrars indicated that they will sign the endorsement under sections 52 and 58 of the Registration Act as soon as the interested parties submit the fully completed instrument.

If there is an error in the document, the sub-registrar will send a system-generated deficiency notice via the Delhi Online Registration Information System (DORIS) the same day. They said that the document would not be held pending for any reason after the flaw has been corrected or the time limit specified in the memo has expired.

The guidelines provide that if the sub-registrar gets information concerning a property dispute, it must be submitted to DORIS on the same day.

According to the instructions, the sub-registrar should simply provide the relevant party with an online system-generated notification via DORIS, giving them three days to produce any stay order from the appropriate court of law.

They stated that the sub-registrar should not keep any document waiting based on a complaint lodged by any party unless a court grants a stay order to maintain the status quo or stop the transfer of the property.

Any document that is free of dispute and discrepancy must be registered by the day after the day of the presentation of documents, and the registered document must be provided on the same day.

After the conditions of sections 34, 35, 58, and 59 of the Registration Act have been met, the certificate of registration is to be endorsed. A certificate of registration serves as proof that the document was properly registered.

The sub-registrar will eventually provide the certificate of registration under Section 60 of the Act and sign it once the document has been scrutinized and is complete in all respects and created in accordance with the law, according to the rules.

They also call for frequent inspections of sub-registrar offices. Every month, the responsible registrar would compile a consolidated evaluation report of all inspections and send it to the Inspector General of Registration (IGR).

The inspection teams will count the number of papers brought for registration at an office on a specific day, as well as the number of documents provided on time.

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“The construction of Omaxe Chowk is progressing at a breakneck speed despite the multiple hindrances on account of construction ban due to pollution in 2019 and lockdowns due to the two waves of the COVID-19 pandemic in 2020 and 2021,” said Mr. Shravan Govil, CEO, Omaxe Heritage Pvt. Ltd. (100% subsidiary of Omaxe Ltd.).

The company is using advanced construction technologies like composite steel frame structure sourced from JSPL to expedite construction and grant strength & durability to the structure.

“We are committed to the commencement of multi-level parking before the deadline in order to ease the movement of people and goods in Chandni Chowk,” added Mr. Govil.

Currently, the phase 1 structure is ready. In Phase 2, 80% erection work is complete and excavation work has been completed in Phase 3.

At one of Asia’s largest and busiest wholesale and retail hubs Chandni Chowk, Omaxe is constructing a multi-level parking cum commercial project. The project will accommodate 2100+ cars and 81 tourist buses in five floors of parking – 3 underground and 2 overground. Besides this, three floors will be dedicated for retail spaces and a food court. The project also proposes a direct entry from Chandni Chowk metro station and is located in the heart of Chandni Chowk from where the most-visited markets, religious & tourism destinations and Old Delhi Railway Station are at 5-10 min walk.

The company has also signed a MOU with Honeywell Automation India Limited (HAIL) for supply and installation of air purification systems at Omaxe Chowk – the first Mall in Delhi-NCR to have a centralised air filtration system – which will endeavour to maintain AQI level below 50.

“The next-generation project will not only give a modern facelift to Chandni Chowk but will also herald modernisation of the region and provide convenience to shoppers and businesses,” Mr. Govil added.

A slew of amenities like washrooms, lifts and escalators, CCTV surveillance and fire fighting system among others will give shoppers and businesses a new-age shopping experience in Omaxe Chowk. 

This project is being developed by Omaxe Heritage Pvt. Ltd.

About Omaxe Ltd.:

With 126.8 million sq. ft. of delivered space in real estate and construction contracting (till December 2020), Omaxe is today one of India’s leading and trusted real estate companies. The brand ‘Omaxe’ was founded in 1987 by visionary first-generation entrepreneur Mr.Rohtas Goel to undertake construction and contracting business. Subsequently, the company diversified into the real estate sector in 2001 and got listed on both stock exchanges (BSE and NSE) in 2007.

Today, the company is present in 27 cities across 8 states namely Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, and Himachal Pradesh and possesses a the diversified product portfolio that includes Hi-Tech Townships, Integrated Townships, Group Housing, Shopping Malls, Office Spaces, SCOs, and Hotel. It is currently undertaking 21 real estate projects – 5 Group Housing, 9 Townships, 7 Commercial Malls/office spaces/Hotels/ SCOs.

The company has also successfully blended business excellence with social commitment. The company through Omaxe Foundation takes up many CSR projects in the field of health, education, community development, etc.

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