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CENTURY REAL ESTATE SECURES `450 CR. INVESTMENT Revealing the company’s optimistic growth, Ravindra Pai, the
FROM EDELWEISS, SURPASSES `1000 CR. SALES Managing Director at Century Real Estate, said, “It is humbling to
MILESTONE see the confidence our partners and customers have bestowed
Century Real Estate, an integrated, full-service real estate on us that has led us to becoming one of the leading trusted real CONSTRUCTION
development company based out of Bengaluru, has successfully estate developers of Bengaluru.
closed a funding round with Edelweiss, securing `450 crore in We are very positive that FY 24/25 will be the biggest ever year as
investment capital. Signifying a robust growth trajectory, the yet for the company, as we look forward to developing multiple
company has further announced a sales revenue milestone of luxury & aspirational projects across very prime locations in
`1000 crore in FY 2023/24 registering 4x growth in a span of 4 Bengaluru.”
years. “The multi-fold growth in our sales revenues over the past few
This achievement underscores the company’s strong momentum, years, and the wonderful response we’ve been getting for our
which has led to this funding from Edelweiss Group, who earlier projects, has been very encouraging for the company. Our
had invested with the group in the year 2015 indicating a growing commitment to innovation and Thinking Ahead at Century,
partnership with marquee financial institutions aimed at more leads us to create new-age products that exceed expectations
progress and development. and resonate with customers of today. With our new launches
The infusion of `450 crore will primarily be allocated towards the seeing some of the fastest sellouts in the industry and a minimal
development of a new luxury project in the heart of Bengaluru. inventory overhang of under 5% across our projects now, we are
A part of the funds will also be used towards Century Trails encouraged to bring in many of our very prime land parcels
and Century Wintersun Phase II, underlining the company’s into the market this year.” - Maninder Chhabra, Director, Sales,
commitment to delivering innovative and high-quality residential Marketing, & CRM.
spaces. Century Real Estate has completed more than 10 mn sft of
Century, further has unlocked a 72-acre land parcel in northern residential, commercial and plotted projects across Bengaluru,
Bengaluru aimed at developing a residential project in the vicinity and over 20 mn of residential & commercial projects are currently
of the international airport at Devanahalli. under various stages of planning & development.

MAHARERA FLAGS 212 PROJECTS FOR MISSING have 76 such projects, with North Maharashtra having 31,
CONSTRUCTION UPDATES, RAISING CONCERNS Vidarbha 21, and Marathwada 20.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has Developers are required to submit quarterly and annual
flagged 212 projects launched between January and April 2023 statements to MahaRERA to ensure regular monitoring of
for failing to update the regulator on their construction status, construction progress, financial expenditures, and other critical
raising concerns about their progress and the potential risk to aspects of the project. This also allows homebuyers to access
homebuyers due to delays and lack of compliance. relevant information about projects they have invested in or are
Under MahaRERA’s regulations, all projects must submit quarterly considering investing in. MahaRERA has the authority to suspend
progress reports in a specified format. The regulator stated projects and freeze their bank accounts if they do not comply
that these 212 projects failed to provide any information on with these requirements.
their construction status, casting doubt on their adherence to Among the projects registered with MahaRERA between January
timelines and regulatory obligations. In a statement, MahaRERA and April 2023, 886 did not submit Quarterly Progress Reports.
emphasized, “It is evident that these developers are not Following this, notices were issued to these projects, providing a
taking their projects and regulations seriously, as required. This 30-day window for rectification. Despite this, 244 projects failed
negligence in fulfilling compliance and commitments towards to update their reports even after paying penalties. Efforts are
homebuyers poses a significant risk.” To protect homebuyers and ongoing to ensure these projects comply with the requirements,
warn them about potential risks, MahaRERA published a district- with MahaRERA warning of further action if needed.
wise list of these projects on its website. Out of the total flagged projects, 60 were registered in January
Pune has the highest number of flagged projects at 47, followed 2023, 58 in February 2023, 40 in March 2023, and 56 in April
by Nashik and Palghar with 23 each. Thane has 19 such projects, 2023. MahaRERA’s continued enforcement actions highlight its
Raigad has 17, Sambhaji Nagar has 13, and Nagpur has 8. The commitment to ensuring compliance and protecting the interests
Mumbai Metropolitan Region and the Konkan region together of homebuyers.

MMRDA SET TO ACQUIRE CONSULTANT FOR SLUM Authority (SRA). SRA’s responsibilities will include conducting a
REDEVELOPMENT survey of the slum dwellers and facilitating the transfer of vacant
The Mumbai Metropolitan Region Development Authority possession of the land to MMRDA.
(MMRDA) is in the process of appointing an architectural and Spanning across 33.15 hectares of land, Ramabai Nagar
project management consultant (PMC) for the redevelopment accommodates approximately 16,575 slum tenements. As part
of the Rama Nagar slum pocket situated along the Eastern of the project, these slum dwellers will undergo rehabilitation,
Express Highway at Ghatkopar. Bids have already been floated while MMRDA will acquire 5,000 tenements to accommodate
by MMRDA to engage these consultants for the project, which will project-affected individuals displaced by various ongoing works
be jointly executed in collaboration with the Slum Rehabilitation in Mumbai.

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