The Environment Ministry on Monday said there were loopholes in Lavasa Corporation's reply to its notice for alleged violation of norms in its 25,000-hectares hill city project near Pune.
Lavasa had clarified that the development carried out at the Lavasa City were within the framework of the clearance granted by the state environment ministry.
The MoEF will have to pass the order on this issue by December 16.
The legal battle between Lavasa Corporation, an arm of Hindustan Construction Company involved in the development of a hill city in Maharashtra, and the Ministry of Environment and Forests (MoEF) is expected to prolong further.
Infrastructure major HCC's realty arm, Lavasa Corporation, that has floated a firm, MyCity Technology, in partnership with IT major Wipro, today tied-up with networking leader Cisco to provide Information and Communication Technology services in the newly-created Lavasa city.
Firm ready to accept the five preconditions specified by environment ministry.
In a major setback to Ajit Gulabchand's ambitious hill city project, the Union environment ministry has asked the Maharashtra government to initiate action against Lavasa Corporation for violation of green norms.
Lavasa Corporation is rushing to complete its township. No one knows if the promoter is complying with environmental conditions on which it was allowed to resume work.
The project carries an investment tag of over $100 million (Rs 440 crore).
Lavasa Corporation, the real estate arm of Hindustan Construction Company (HCC), filed a draft prospectus with the Securities and Exchange Board of India for an initial public offer (IPO), even after several developers have been keeping similar plans, after filing these, on hold for several months.
Dream hillstation project Lavasa, near Pune, is now a millstone around lenders' neck.
Of the five towns planned, work is progressing in two, Dasve and Mogao.
The company plans to raise Rs 750 crore; other realtors may follow.
Lavasa may be Maharasthra's newest address in real estate development, but villagers there feel they have reason to worry. What's going on?
Even as lenders are getting ready to send more companies to bankruptcy courts from this week, several old cases are still awaiting resolution with no clarity on the completion of the process. This includes some high profile cases from the first list of 40 companies including Videocon Industries, Bhushan Power and Steel and Lavasa Corporation, sent by the Reserve Bank of India (RBI) for resolution. The delay is mainly due to litigation and late clarifications by various government agencies including the Reserve Bank of India and litigation by the Enforcement Directorate.
The markets have reacted negatively, for example, to recent news that Cairn India, of which the Anil Agarwal group company Vedanta owns 60 per cent, will give a $1.25-billion loan (about Rs 7,500 crore) on notably easy terms to Sesa Sterlite, another Anil Agarwal group company.
The IMD issued a 'red alert' for Pune district and asked people to take precautions.
For the AI bid, Interups has joined hands with a few employees of the airline, and plans to raise funds by splitting some of its infrastructure-related assets into an aviation InvIT, which will have underlying assets such as air routes, ground handling, repairs, and training etc.
The 'Diwali Home Buying Fest' would be organised from Nov 3-9.
MahaRERA, the authority under Real Estate (Regulation and Development) Act, 2016, in Maharashtra, has blacklisted 644 housing projects in the state for not meeting project deadlines. The authority has prohibited them from being sold, advertised or marketed in the state. These projects were supposed to be completed and handed over to homebuyers in 2017 and 2018. Even though most of the projects are being developed by local developers, one big name on the list is Lavasa Corporation promoted by HCC whose registration expired in 2017.
The Yatri Niwas Bhagwati Nagar in Jammu serves as the main base camp for the pilgrims from across the country.
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
At present, seven companies are planning to raise Rs 2,965 crore (Rs 29.65 billion) and have Sebi's approval. Another 12 firms, intending to mop-up Rs 5,362 crore (Rs 53.62 billion), have filed draft documents with the capital market watchdog and are awaiting approval, Prime Database managing director Pranav Haldea said.
Lavasa is attempting to create an idea that such a city can be built, and rapidly, and not only restore or preserve the ecology but enhance it as well.
Buoyed by the success of secondary market, IPO market set to see high action
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
After a long time, real estate companies could hit the fund-raising trail. The reason is improvement in investor sentiment.
In an Exclusive Interview to CNN-IBN, Maharashtra Chief Minister Prithiviraj Chavan speaks about the conditional clearance to the controversial Lavasa project, and the tie up with Nationalist Congress Party in the run up to the Brihanmumbai Municipal Corporation elections.
DEA is currently headed on an interim basis by Corporate Affairs Secretary Tapan Ray
Pipeline leanest since 2004; bankers said to be cautious due to fear of rejection by Sebi.
Kolkata need not feel inferior as it has its own "alive only at weekends" Lavasa, says Subir Roy.
Uniparts India and PNC Infratech are the latest companies to file initial public offer papers.
As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks.
In commercial real estate, leasing of office space was higher although the activities were subdued in retail segment.
Funeral and cycles allowances have been retained and revised.
Surat had bagged the fourth rank under the Smart Cities Mission based on its proposal.
If companies manage to raise Rs 10,000 crore, this will be the best year for IPOs since FY11.
For successive governments the Election Commission remains a 'holy cow', where unhealthy precedents are allowed to be nurtured since Independence, says N Sathiya Moorthy.
Eleven things we learnt about Rahul Gandhi's style of functioning from former Union minister Jayanthi Natarajan's November 214 letter to Congress president Sonia Gandhi.
'This is not a Sanjay Baru or Natwar Singh type of book. It's not a memoir. It's not a book to reveal conversations, real or imaginary. This is not a book to position myself at the centre of the world.' Jairam Ramesh on his stint as environment minister.
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