Daily Real Estate News Digest (26th Feb 2018)










Promoter of Prithvi Builders arrested for 2012 bank loan fraud 

Developer Rashmikant Shah of Prithvi Builders was arrested in connection with an alleged bank loan fraud dating back to 2012.

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DTCP audit reveals Rs 3.5 crore fraud by Gurugram's Suncity projects

The special audit report on funds collected by the builder from the residents of suncity in sector 54 has revealed gross financial irregularities that go up to Rs. 3.5cr. The audit report of DTCP says that the interest free maintenance security amount was collected by the coloniser & not by the maintenance agency & was spent for personal use, instead of providing value-added services within the society.

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PNB scam: ED attaches immovable properties of Nirav Modi worth over Rs 500 crore

The ED attached 21 properties, including a penthouse & farmhouse of Nirav Modi & his group worth over Rs. 523cr in fresh action against the beleaguered jeweller in the alleged Rs. 11,400cr fraud in the PNB.

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Lodha Group aims to reduce debt by more than Rs.1,000 crore this fiscal

Lodha Group plans to reduce its high debt levels by more than Rs. 1,000cr & deliver around 11,000 homes & offices to customers in 2017-18 up 53% from the preceding year.

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