Mumbai regulatory body acts against Palais Royale developer over Rs 100 crore dues
The developer's failure to meet these terms led to IIFL filing execution applications. Acting on these, MahaRERA's adjudicating officer has now issued recovery warrants under Section 40(1) of the RERA Act, enabling the District Collector to recover the amount as arrears of land revenue.This process may involve attaching the company's assets, freezing accounts, or other statutory enforcement actions.Legal professionals say the order underlines MahaRERA's readiness to use its full authority to protect buyers and financiers from prolonged defaults.Once marketed as India's tallest premium residential project, the Palais Royale development has faced more than a decade of delays, legal disputes, and investor grievances.The latest action is being seen as a significant step towards providing long-awaited relief to stakeholders.Binay Kumar Mishra, Chief Legal Officer at IIFL Finance, said that the decision reaffirms the obligation of developers towards their commitments and assured that IIFL will continue pursuing legal avenues to safeguard its interests.With each of the eight flats estimated at around Rs 80 crore in market value — making their total worth nearly Rs 650 crore — and interest dues topping Rs 100 crore, attention now turns to how swiftly the Collector's office can execute the recovery.Industry watchers say the case could influence how stalled and defaulting projects are tackled across Maharashtra in the future.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
27 minutes ago
- Mint
Microsoft launches probe into claims that Israel used its Azure cloud services to spy on Palestinians
Microsoft has launched an 'urgent' probe into allegations that the Israel military has used the company's technology to facilitate mass surveillance on Palestenians. According to a report by Guardian, the Microsoft investigation comes after the news outlet's earlier report that the Satya Nadella-led tech firm's Azure cloud platform was utlised to store a vast collection of everyday Palestinian mobile phone calls by the Israeli Unit 8200 spy agency. Microsoft in a statement said 'using Azure for the storage of data files of phone calls obtained through broad or mass surveillance of civilians in Gaza and the West Bank' would be prohibited by its terms of service. The investigation is being overseen by lawyers at the US firm Covington & Burlin. This is the second time Microsoft has launched an external probe against the Israeli military using its technology. The first enquiry was commissioned earlier this year to look into allegations that the Israeli military was using Microsoft's technology during its attacks on Gaza. In May, the company said it 'found no evidence to date' the Israeli military did not comply with its terms of service or used Azure 'to target or harm people' in Gaza. However, the recent report by Guardian apparently sent shockwaves among senior Microsoft employees about whether some of its Israel-based employees may have held back on information regarding how Unit 8200 uses Azure. According to Guardian's joint investigation with the Israeli-Palestinian publication +972 Magazine and the Hebrew-language outlet Local Call, Israel's Unit 8200 made use of a customised and segregated area within Azure and stored recordings of millions of calls made daily in Gaza and the West Bank. Since the report, Guardian said that Microsoft has been trying to assess what data Unit 8200 stores in Azure. Israel's offensive has killed more than 61,000 Palestinians, according to figures from the health ministry in Hamas-run Gaza which the United Nations considers reliable. The Israeli government's plans to expand the war have sparked an international outcry as well as domestic opposition.
Time of India
an hour ago
- Time of India
‘Make in India' milestone: Electronics exports jump 47% in Q1; 99% of mobiles now made domestically
India's electronics exports have hit a major milestone, recording a sharp jump in the first quarter of the financial year 2025-26. Union commerce and industry minister Piyush Goyal announced on social media platform X that exports touched $12.4 billion, marking a surge of more than 47% compared with the same period in 2024-25. "Our electronics exports have seen a surge of over 47% in Q1 of 2025-26 over the same quarter in 2024-25. It is a sweet success story for 'Make In India', which has led to an exponential growth in our electronics production from $31 Bn to $133 Bn in a decade beginning 2014-15," the minister wrote. Highlighting the government's efforts to boost self-reliance or making India Aatmanirbhar in manufacturing, Goyal said India has grown from just two mobile manufacturing units in 2014 to more than 300 today. "One of the greatest journeys has been our transformation from a mobile importer to becoming the world's second-largest mobile phone manufacturer. The electronics sector has also generated large-scale employment opportunities with solar modules, networking devices, charger adapters, and electronic parts, also playing a key role in strengthening our exports," his post read. The data shared by the minister also showed that exports of electronic goods had risen eight-fold over the past decade, jumping from Rs 38,000 crore in 2014-15 to Rs 3.27 lakh crore in 2024-25. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo In 2014-15, only 26% of mobile phones sold in India were made locally, with the rest imported. Now, that figure has completely flipped, with 99.2% of all mobile phones sold in the country being manufactured domestically. The value of mobile phone manufacturing has also soared, from Rs 18,900 crore in FY14 to an astonishing Rs 4,22,000 crore in FY24, according to Goyal. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
News18
an hour ago
- News18
Great News For Barcelona! 2 Big Stars Registered Before Start Of La Liga
Barcelona have been able to register Marcus Rashford and Joan Garcia for their LaLiga opener against Mallorca. In an excellent, positive news for Barcelona, they have registered new forward Marcus Rashford and goalkeeper Joan Garcia in time to feature in the Spanish champions' LaLiga opener at Mallorca on Saturday. Barca announced on Saturday that Rashford and Garcia are both part of coach Hansi Flick's squad for the trip across the sea. Rashford signed last month from Premier League giants Manchester United on loan with an option to buy, while Garcia joined from rivals Espanyol in June. The Catalans have found themselves scrambling to register players for the past few years due to financial fair play rules complications. Experts blame it on their high spending on player signings and wages in proportion to their sales and other revenue. Rashford and Garcia's profiles are now listed on LaLiga's website. However, notably, left-back Gerard Martin and keeper Wojciech Szczesny are absent. It suggests Barcelona could be unable to register them together and might be staggering the process over the next few days. Barca have had to get creative to ease their registration woes. It included some curious internal negotiations involving captain Marc-Andre ter Stegen, with the German keeper initially refusing to sign a long-term medical leave agreement that would clear 80% of his wages and help the club comply with financial rules. He was stripped of captaincy while dealing with injuries and only got it back upon agreeing to the deal. Barca were said to be confident that their sale of future proceeds from VIP seats at the Camp Nou for €100m in December last year would help get the registrations over the line. But that's not it, the club's board also agreed on emergency financial action at a recent meeting to get a bank influx of €7million (Around Rs. 71 crore) with club executives putting their personal wealth at risk as a guarantee. According to The New York Times, Barca are yet to resolve their issues completely, including a €1.3bn (Around Rs. 11,376 crores) of debt from when Laporta returned as president in 2021. Barca, at the same time, continue to blame La Liga for differential treatment against them. (With agency inputs) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
