Latest news with #Hiranandani
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Business Standard
3 days ago
- Business
- Business Standard
Lower home loan EMIs spark increased buyer interest amid repo rate cuts
House purchase affordability across the key Indian markets has improved in the first half of the calendar year 2025 (H1 CY25) Prachi Pisal Mumbai Listen to This Article Real estate developers across India's top markets are reporting a rise in buyer enquiries, as banks slash home loan rates in response to recent repo rate cuts. 'On the demand side, there has been a marked increase in enquiries from potential homebuyers, particularly in the mid-income segments (homes priced between ₹40 lakh and ₹1.5 crore),' said Niranjan Hiranandani, chairperson of Hiranandani group and of the National Real Estate Development Council, under the Ministry of Housing and Urban Affairs. Home purchase affordability improved across key Indian markets in the first half (H1) of calendar year (CY) 2025, after the Reserve Bank
Time of India
30-06-2025
- Business
- Time of India
Hiranandani Group targets 15–20% growth in FY26; to launch new township in Alibaug
NEW DELHI: Hiranandani Group is aiming for a 15–20% growth in the financial year 2025-26, backed by new launches, redevelopment activity, and ongoing platform developments. Speaking exclusively to ETRealty, Niranjan Hiranandani , chairman of the company said that they will launch a 225-acre hospitality-focused township project in Alibaug by September 2025, featuring villas, plots, serviced apartments, water sports, and multiple hotels. The group will also launch four redevelopment projects in the current financial year, of which two are expected to start soon, with additional ongoing activity in Chennai and Bengaluru. Hiranandani said the real estate market continues to witness consolidation, with mid-segment players struggling to compete due to capital and regulatory constraints. He noted that the sector has seen a visible decline in volume, largely driven by a sharp drop in affordable housing demand—down by 20–25% over the past 18–24 months. However, mid and upper-segment housing has remained resilient, with year-on-year market growth averaging 12% between April 2024 and March 2025. He also flagged challenges in Mumbai 's redevelopment economics, citing that close to 50% of unit sale value in such projects goes towards government levies, including stamp duty, development premiums, and additional FSI charges, making affordable housing delivery economically unviable in several parts of the city. On the commercial front, Hiranandani noted that grade-A office spaces are seeing high occupancy levels, and their positive spillover effects on residential demand are expected to materialize over the next six to 12 months. The group is also expanding its industrial and warehousing footprint under the GreenBase platform, a joint venture with Blackstone. The platform currently includes 250 acres in Pune, 110 acres in Chennai, 70 acres in Bhiwandi, and 50 acres in Vasai. Two new projects are expected to be added during the year. In the data center segment, Hiranandani said over ₹7,000 crore has been invested in three data centres across Navi Mumbai, Panvel and Greater Noida.
Time of India
05-06-2025
- Business
- Time of India
Special court closes Powai land case against Niranjan Hiranandani, others
MUMBAI : A special court Monday closed criminal proceedings against developer Niranjan Hiranandani and others in the alleged Rs 30,000 crore Powai Area Development Scheme (PADS) land scam case. The judge observed that prosecuting the accused would not be in keeping with justice and that there was no prima facie case after the state Anti-Corruption Bureau submitted a closure report saying there was no evidence of corruption, monetary gratification, dishonest intention, or criminal conspiracy. The case relates to allegations that prime public land leased at concessional rates for affordable housing was diverted to construct luxury real estate and commercial premises by private developers, notably Niranjan Hiranandani, managing director of the Hiranandani group . "Having perused the closure report, I find that no material or anything incriminating, which could connect the accused…with the alleged crime has been found…in my opinion it would thus, be futile to unnecessarily prosecute the accused.., sans any material against them," special judge Shashikant Eknathrao Bangar said in a 119-page order made available on Tuesday. The judge said the closure reports are based on cogent investigation, verified compliance, and supported by judicial orders of the Bombay high court. Pointing to the HC's orders in three related PILs alleging breach of agreement with govt and misuse of FSI and development rights, the judge said allegations concerning breach of affordable housing obligations, amalgamation of flats, and sale of flats were conclusively examined and remedied. The judge noted that the high court had constituted a three-member joint committee to verify compliance and accepted reports in 2016 and 2017, which confirmed that out of 2,200 flats of 80 sqm, 1,337 were constructed, 12 locked, and 887 remained to be completed as per the plan and timeline. "The directions for completion of the remaining flats were passed with monitoring provisions. Any further breach or non-compliance was made subject to the court's ongoing supervision, obviating the need for separate criminal proceedings…the ACB rightly concluded that no prosecutable offence remained. There was no material to show abuse of public office or conspiracy," the judge said, adding that the probe was a 'fair' one. The ACB, through public prosecutor Ramesh Siroya, submitted before the court that sale of larger flats and amalgamation, though deviating from the spirit of the Agreement, was retrospectively regularised through the high court hearing the PILs. The agreement dated 19 Nov 1986, was executed between the state, MMRDA, and the developer for an area of 232 acres. Based on activist Santosh Daundkar's plea alleging that Hiranandani and others were involved in irregularities in the housing project, a court in 2012 ordered a probe. The ACB filed an FIR against Hiranandani and senior urban development department officer Thomas Benjamin and others under the Prevention of Corruption Act and the IPC. In 2013, the ACB sought to close the case on the grounds that there wasn't sufficient evidence. Daundkar opposed the move. The ACB's closure report, which was rejected by the court on Jan 4 2018, led to a directive for further investigations. Following this, a second closure report was submitted on Aug 30, 2019. Daundkar challenged this report too and sought a reinvestigation. He alleged malafide transfer of the investigating officer, who was purportedly preparing to file a chargesheet against top officials and the builder. Daundkar argued that the final report was a result of administrative interference and suppression of crucial material. He contended that the final report is based heavily on the HC's civil PIL orders and ignores criminal aspects. He sought a fresh probe by an independent agency. The ACB said the allegations were not supported by documentary evidence or witness statements. "There are around 8,000 residents (approx) residing in PADS. None of the residents have filed any criminal complaints over the years pertaining to the development carried out in PADS," it submitted. It also pointed out that Daundkar had neither purchased any commercial premises nor was a resident or investor in the development. The judge rejected Daundkar's plea against the closure report, saying it reiterated allegations already considered in PILs and brought no new substantive material.
Hindustan Times
05-06-2025
- Politics
- Hindustan Times
Legal battle ends in Hiranandani Gardens case
MUMBAI: The curtain has come down on the legal battle over alleged corruption in the development of Hiranandani Gardens, the landmark township built by Lake View Developers of the Hiranandani Group in Powai. The case revolved around the allegation that the developer had used 233 acres of government land earmarked for affordable housing to build luxury apartments and sold them at a premium. A special court trying cases under the Prevention of Corruption Act on Monday accepted the second closure report submitted by the Maharashtra Anti-Corruption Bureau (ACB), which stated that there was no criminality involved in the implementation of the Powai Area Development Scheme (PADS), also called 'Hiranandani Gardens'. The verdict brings relief to developer Niranjan Hiranandani, former urban development department secretary TC Benjamin and others who were named as accused in the case. 'In my opinion, this is not a fit case to proceed against the accused persons and I am inclined to accept the closure report for the reasons mentioned herein above,' said Judge Shashikant Bangar of the special court while accepting the second closure report filed by the ACB. The special court had rejected the ACB's first closure report filed in 2018, and ordered a further investigation. While accepting the second closure report on Monday, the court noted that none of the allegations levelled by the complainant against the developer and others had been proved to be true by the investigation. The First Information Report (FIR) was filed in 2012 on a complaint by activist Santosh Daundkar, who alleged that Hiranandani had colluded with Benjamin and officials of the Mumbai Metropolitan Region Development Authority (MMRDA) and the Brihanmumbai Municipal Corporation (BMC) to build luxury housing on government land earmarked for affordable houses. The project, called the Powai Area Development Scheme (PADS), goes back to 1986, when the state had handed over 233 acres on an 80-year lease at a rate of 40 paise per acre, in return for constructing affordable housing. Daundkar alleged that Hiranandani had violated the agreement by building a posh residential complex. He also alleged that the builder had failed to hand over 15% of the developed flats to the state government, in accordance with the agreement. The ACB filed its second closure report on August 30, 2019, which means the investigation had concluded and no offence was made out against the accused. They had neither engaged in any illegal activities or fraud in PADS, nor had the developer violated the tripartite agreement or gained any illegal profit, nor had the government suffered any loss, the report stated. The court observed that the ACB had twice investigated the case, adding that 'it is clear that the said investigating officers have taken all relevant records, papers, documents from MMRDA and other authorities and they have collected all the relevant witness statements of the officials'. The special court said that based on orders passed by the high court, the developer had built 1,511 flats of 40sq m and 887 flats of 80sq m each, and handed over possession of 256 flats to MMRDA in 2022. 'The investigation has been carried out fairly, and as per the directions of this court,' said Special Judge Shashikant Bangar. After the ACB filed its second closure report, Daundkar had filed a protest petition, alleging that the investigating officer Pramod Bhosale, who was in the process of filing a charge sheet, was transferred midway. This amounted to administrative interference and resulted in suppression of crucial material. He alleged that the officials failed to prevent the misuse of government land and monitor the PADS implementation. However, the special court said, 'The protest petition lacks merit in view of the binding adjudication by the Hon'ble High Court of Bombay.' The court, however, said the dispute is purely civil in nature. 'There is no alleged breach of terms of the tripartite agreement, any other irregularities and illegal acts found to be committed by the accused/respondents. The investigating officer found that there are no sufficient and concrete grounds to proceed against the accused/respondent persons to file a charge sheet against the said accused persons,' the court added. The high court in 2016 and 2017 had accepted the reports that of 2,200 flats of 80sq m, 1,337 flats were constructed, 12 were locked, and 887 remained to be completed, as per the plan and timeline. 'In view of the accepted compliance framework and absence of mens rea or criminal intent proven during investigation, the ACB rightly concluded that no prosecutable offence remained.' The court held that there was no material to show abuse of public office or conspiracy by the public authorities or developers.
Time of India
05-06-2025
- Business
- Time of India
Spl court closes Powai land case against Hiranandani
Mumbai: A special court Monday closed criminal proceedings against developer Niranjan Hiranandani and others in the alleged Rs 30,000 crore Powai Area Development Scheme (PADS) land scam case. The judge observed that prosecuting the accused would not be in keeping with justice and that there was no prima facie case after the state Anti-Corruption Bureau submitted a closure report saying there was no evidence of corruption, monetary gratification, dishonest intention, or criminal conspiracy. The case relates to allegations that prime public land leased at concessional rates for affordable housing was diverted to construct luxury real estate and commercial premises by private developers, notably Niranjan Hiranandani, managing director of the Hiranandani group. "Having perused the closure report, I find that no material or anything incriminating, which could connect the accused…with the alleged crime has been found…in my opinion it would thus, be futile to unnecessarily prosecute the accused.., sans any material against them," special judge Shashikant Eknathrao Bangar said in a 119-page order made available on Tuesday. The judge said the closure reports are based on cogent investigation, verified compliance, and supported by judicial orders of the Bombay high court. Pointing to the HC's orders in three related PILs alleging breach of agreement with govt and misuse of FSI and development rights, the judge said allegations concerning breach of affordable housing obligations, amalgamation of flats, and sale of flats were conclusively examined and remedied. The judge noted that the high court had constituted a three-member joint committee to verify compliance and accepted reports in 2016 and 2017, which confirmed that out of 2,200 flats of 80 sqm, 1,337 were constructed, 12 locked, and 887 remained to be completed as per the plan and timeline. "The directions for completion of the remaining flats were passed with monitoring provisions. Any further breach or non-compliance was made subject to the court's ongoing supervision, obviating the need for separate criminal proceedings…the ACB rightly concluded that no prosecutable offence remained. There was no material to show abuse of public office or conspiracy," the judge said, adding that the probe was a 'fair' one. The ACB, through public prosecutor Ramesh Siroya, submitted before the court that sale of larger flats and amalgamation, though deviating from the spirit of the Agreement, was retrospectively regularised through the high court hearing the PILs. The agreement dated 19 Nov 1986, was executed between the state, MMRDA, and the developer for an area of 232 acres. Based on activist Santosh Daundkar's plea alleging that Hiranandani and others were involved in irregularities in the housing project, a court in 2012 ordered a probe. The ACB filed an FIR against Hiranandani and senior urban development department officer Thomas Benjamin and others under the Prevention of Corruption Act and the IPC. In 2013, the ACB sought to close the case on the grounds that there wasn't sufficient evidence. Daundkar opposed the move. The ACB's closure report, which was rejected by the court on Jan 4 2018, led to a directive for further investigations. Following this, a second closure report was submitted on Aug 30, 2019. Daundkar challenged this report too and sought a reinvestigation. He alleged malafide transfer of the investigating officer, who was purportedly preparing to file a chargesheet against top officials and the builder. Daundkar argued that the final report was a result of administrative interference and suppression of crucial material. He contended that the final report is based heavily on the HC's civil PIL orders and ignores criminal aspects. He sought a fresh probe by an independent agency. The ACB said the allegations were not supported by documentary evidence or witness statements. "There are around 8,000 residents (approx) residing in PADS. None of the residents have filed any criminal complaints over the years pertaining to the development carried out in PADS," it submitted. It also pointed out that Daundkar had neither purchased any commercial premises nor was a resident or investor in the development. The judge rejected Daundkar's plea against the closure report, saying it reiterated allegations already considered in PILs and brought no new substantive material.
