Latest news with #PalaisRoyale
Time of India
3 days ago
- Business
- Time of India
RERA to issue warrants to recover 90 crore in Palais Royale dispute
Mumbai: The MahaRERA adjudicating officer has issued four orders to issue warrants for recovery of interest amounting to about Rs 90 crore from Honest Shelters Pvt Ltd, the present promoters of the Palais Royale project at Worli. The orders, which are with respect to four flats in the project, have been passed after IIFL Finance Ltd filed an application regarding non-compliance of a Jan 16 order. The adjudicating officer also passed orders to issue warrants for recovery of interest for delayed possession with regard to three other flats of IIFL in the same project. The adjudicating officer, Ashok Alaspurkar, passed the orders on different dates, including Aug 4, July 28 and July 27, for the issue of warrants to recover varying interest amounts against the promoter in connection with the seven flats of IIFL Finance. Earlier, on Jan 16, MahaRERA had issued a common order directing Honest Shelters to hand over possession of the flats in the project IIFL Finance Ltd to pay interest for delayed possession of the flats, and also directed the official liquidator to hand over possession of the flats in his custody to the promoter for completion of construction. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Later, the complainant, IIFL Finance, reported non-compliance of the order on March 21 and filed an execution application. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo In response, the promoter argued that the adjudicating officer lacked jurisdiction to execute the authority's order, but MahaRERA dismissed these arguments. The adjudicating officer stated that, considering the facts and circumstances, the Jan 16 order must be implemented as per its operative directions. He held that the complainant is entitled to interest on amounts paid for the various flats until Jan 16, and also to further interest from Jan 17 until handing over possession after obtaining occupation certificate. The Palais Royale project was acquired by Honest Shelters from Shree Ram Urban Infrastructure following an auction conducted by Indiabulls Housing Finance in 2019. IIFL acquired the flats from the original purchasers through a deed of transfer cum assignment for breach of the terms and conditions of the mortgage deeds relating to the flats. MahaRERA concluded that the former allottees of IIFL flats had fully paid for their flats as per agreements and that IIFL is an allottee in respect of the said flats, further holding that the promoter failed to hand over possession along with the occupancy certificate by the date specified in the agreements. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
India Today
5 days ago
- Business
- India Today
Mumbai regulatory body acts against Palais Royale developer over Rs 100 crore dues
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has initiated strong enforcement measures against Palais Royale's developer, Honest Shelters Pvt Ltd, over unpaid interest exceeding Rs 100 crore owed to finance & investment services companies IIFL Finance Ltd and IIFL Management Services a January 16, 2025 directive, MahaRERA instructed the developer to hand over eight luxury flats in the Worli-based Palais Royale tower, complete with occupancy certificates, and to clear interest liabilities as per Section 18 of the Real Estate (Regulation and Development) Act, authorities had given a 60-day deadline for compliance. 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 process may involve attaching the company's assets, freezing accounts, or other statutory enforcement professionals say the order underlines MahaRERA's readiness to use its full authority to protect buyers and financiers from prolonged marketed as India's tallest premium residential project, the Palais Royale development has faced more than a decade of delays, legal disputes, and investor latest action is being seen as a significant step towards providing long-awaited relief to 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 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 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
Mint
10-08-2025
- Business
- Mint
IIFL scores big win over Palais Royale delay. Stranded homebuyers may take cues.
Mumbai: In a significant win for IIFL Finance Ltd, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed the developer of Mumbai's iconic Palais Royale project to pay the company interest for delayed possession of seven apartments. As per the order dated 4 August, directed to the project's current developer Honest Shelters Pvt. Ltd, the interest payable to IIFL is about ₹33.61 crore for one apartment alone. The total amount payable to IIFL under the order exceeds ₹100 crore, said a company executive. Mint could not independently confirm this. Honest Shelters and its advocates did not respond to Mint's queries. The Palais Royale project, which has been delayed for over 15 years, has changed many developers. IIFL, one of the lenders to the project, was given possession of eight flats in lieu of the unpaid dues by the developer. This was before Honest Shelters took charge of the project. Execution applications were filed for only seven apartments, and for the eighth flat an appeal is pending before the Maharashtra Real Estate Appellate Tribunal, the IIFL Finance executive said. Honest Shelters had failed to comply with MahaRERA's 16 January order directing it to hand over possession of the eight apartments to IIFL Finance with occupancy certificates and pay interest for the delay. The developer had argued that the MahaRERA adjudicating officer didn't have the power to enforce an earlier order, but the authority rejected this claim, saying the forum holds the power to execute such orders. 'This decisive action by MahaRERA sends a strong message to errant developers and reinforces that commitments to buyers and financiers must be honoured," said Binay Kumar Mishra, chief legal officer, IIFL Finance. 'IIFL will continue to take all legal steps necessary to protect its interests and ensure timely possession of the flats." MahaRERA's judgement could also set a precedent for interest payouts to well-heeled homebuyers at Palais Royale, strengthening their rights and holding large developers accountable for delays. Homebuyers in Palais Royale include the promoters of Metro Brands, Amit Rathi of the Anand Rathi wealth management group, and actor Sachiin Joshi. Multiple delays The Palais Royale project was taken over by Pune-based Honest Shelters in 2019 after the original builder, Shree Ram Urban Infrastructure Ltd, went bankrupt. Located in Mumbai's Worli area, Palais Royale, which received regulatory nod for construction in 2005, is India's tallest and most luxurious residential tower. But the project has faced one delay after another, and many buyers are still waiting for their homes. The latest missed deadline was in December, after two previous extensions during the covid years. Even under the original promoter, the project was delayed several years due to litigation with a non-profit organisation. On 4 August, MahaRERA's adjudicating officer Ashok Alaspurkar passed an order asking Honest Shelters to pay interest from 1 January 2014 to 16 January 2025. The authority had directed that the amount be paid in one payment within 60 days. It had also stated that if possession of the apartments was further delayed, the complainant could approach the court for an additional interest that would have to be paid from 17 January 2025 until the flat was handed over with the occupancy certificate. As per court documents, the interest has been calculated based on a property value of ₹29.48 crore. However, the property's value has appreciated multifold and is currently listed at ₹77 crore on a real estate listing website. The project has so far received occupancy clearance for 53 floors, as per reports.
Yahoo
14-02-2025
- Business
- Yahoo
Council on Tall Buildings and Urban Habitat 2025 Trends & Forecasts Report Reveals Shifting Global Skyline and New Market Realities
Chicago, Feb. 05, 2025 (GLOBE NEWSWIRE) -- The Council on Tall Buildings and Urban Habitat (CTBUH) today released its , which delivers an in-depth analysis of the current state and trajectory of tall building construction worldwide. The report captures key industry movements, including new geographic milestones, economic opportunities and challenges and the ongoing evolution of skyscraper design and function. It is an essential resource for architects, engineers, developers, urban planners and other professionals navigating the ever-changing international tall building landscape. "The global tall building industry is experiencing a dynamic transformation," explained CTBUH CEO Javier Quintana de Uña. "We continue to witness significant completions and milestones—such as Africa's first-ever supertall building—and we're encouraged by an accelerating trend for renewing and repositioning older structures, a movement that simultaneously preserves architectural heritage and advances the prospect of more sustainable urban development.' Key findings from the 2025 Trends and Forecasts report: The global count of 200m+ buildings now exceeds 2,400, doubling since 2017. 2024 marked the 11th consecutive year with over 100 completions of 200m+ buildings. Iconic Tower, Cairo (393.8m), became Africa's first supertall (300m+) building and the tallest completion of 2024. For the first time, buildings in Egypt and Türkiye entered the World's 100 Tallest Buildings list, marking a significant geographic diversification in high-rise construction. A record 256 stalled or 'on hold' projects worldwide contributed to fewer completions in 2024, signaling continued challenges into 2025. 'There's a need for vigilance, too,' continued Quintana de Uña. 'The rise in stalled projects underscores the volatility in today's construction landscape. As we move forward, resilience and adaptability will be crucial in shaping the future of vertical urbanism." Geographic and functional shifts China remains a dominant player in the worldwide tall building arena, accounting for more than 60% of global 200m+ completions in 2024. But the composition of the World's 100 Tallest Buildings is evolving: Asia's share declined slightly from 63% in 2023 to 61% in 2024, while the Middle East gained one entry, and Africa rejoined the rankings for the first time since 1985. Mumbai completed five tall buildings this year, the most of any city outside China. From 2020 to 2024, the city added 32 buildings over 200 meters, matching Hangzhou, which ranks 20th globally for such structures. Some projects in Mumbai faced long construction pauses before resuming, highlighting opportunities for future completions. One example is Palais Royale, an imminently anticipated 300m+ tower that began in 2008 and started delivering residences after receiving a partial occupancy permit in October. Functional shifts are also apparent: Two new hotel buildings entered the World's 100 Tallest Buildings list, displacing mixed-use projects, while office and residential tall buildings remained steady at 36 and 10, respectively. Buildings under 200 meters tall are increasingly being converted or repurposed to meet changing market demands and sustainability goals. With office vacancy rates rising, many of these buildings are being transformed into residential, hotel, or mixed-use spaces. This shift highlights a growing industry preference for adapting and reusing existing structures rather than tearing them down, making better use of underutilized buildings in more flexible and resilient ways. Economic and supply chain pressures The tall building sector is feeling the impact of rising interest rates, post-pandemic supply chain corrections and tightened financing. Delays in construction timelines have increased, and developers worldwide are reassessing their portfolios amid uncertain economic conditions. "The combination of financial uncertainty and evolving urban demand is reshaping the global skyline," said Jason Barr, Professor of Economics at Rutgers University-Newark and a member of the CTBUH Height and Data Committee. "We are witnessing a recalibration period where developers are more cautious, and this is reflected in the number of stalled projects." Predictions for 2025 At least 135 buildings 200 meters or taller are expected to be completed, with 12 to 20 reaching supertall status (300m+). Jeddah Tower, the world's first planned 1,000-meter building, resumed construction in late 2024, signaling renewed optimism for megatall (600m+) projects. While market pressures persist, new geographic entries and advancements in construction technology will shape the next wave of tall buildings. The CTBUH 2025 Trends & Forecasts report provides a wide range of interactive data—including breakdowns of the World's 100 Tallest Buildings by region, function, material, and average height trends—that help industry professionals keep abreast of these developments. Council on Tall Buildings and Urban Habitat The Council on Tall Buildings and Urban Habitat (CTBUH) is a global nonprofit organization dedicated to smarter, more sustainable cities and a more viable future for global populations. Specifically, CTBUH focuses on the critical role of density in addressing climate change. CTBUH is headquartered in Chicago and has offices in Shanghai, China, and Venice, Italy. CTBUH's worldwide membership network includes companies from fields such as real estate development, architecture, engineering, cost consulting, building management and construction, among others. In addition to hosting leading industry events, CTBUH produces research and reports on issues of significant consequence to its membership. Its most utilized asset is the database, a comprehensive compendium of detailed figures, images and technical information on more than 40,000 tall buildings throughout the world. CTBUH is best known to the public for developing international standards for measuring tall building height and is recognized as the arbiter of the 'World's Tallest Building' designation. For more information, please visit . CONTACT: Charles Mutscheller The Council on Tall Buildings and Urban Habitat cmutscheller@
