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Raheja Developers

Raheja Developers Limited, (RDL), formerly Raheja Developers Private Limited, is an Indian real estate development company with its headquarters in Delhi, India.

RDL was incorporated in by Navin Raheja, who currently serves as chairman.

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    • Currently, the company is under insolvency proceedings as the Principal Bench of the National Company Law Tribunal (NCLT) has stated the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. This order came on 19 November NCLT had also appointed an Interim Resolution Professional (IRP), uspending the board of the realty firm and putting it under the protection of moratorium against lenders, as per the provisions of the Insolvency & Bankruptcy Code.

    History

    Raheja Developers Limited was incorporated by Navin Raheja in The group has worked with contractors such as Aedas,[1] Shapoorji-Pallonji and two of its joint-development projects were in collaboration with Tata Group.[2] It had also collaborated with Dubai-based Arabtec Construction.[3]

    In , Raheja Developers planned to build a Special Enterprise Zone (SEZ) in Gurgaon at an estimated cost of $M US.

    The development was to be on a acre (&#;ha) site, but the project did not advance. The Government of India announced denotification of the SEZ project on 29 January [4]

    In , Raheja Revanta, the tallest residential towers by Raheja Developers, was awarded the Luxury Project of the Year by CNN News 18 Real Estate Business Excellence Awards.

    The project is being built by Arabtec, the makers of Burj Khalifa, Dubai, but now a dispute has developed between Raheja Developers and Arabtec and the matter of contract-termination reached the Delhi High Court. IndianKanoon: Raheja Developers Ltd vs Arabtec Construction (India) on 14 May,

    Raheja Vanya, located in Gurugram, bagged the Green Project of the Year Award

    Controversies

    In , a raid by Indian Income Tax authorities led to a recovery of tax evasion amounting to ₹80 crore (US$&#;million).[5] In investigative portal Cobrapost conducted a sting operation against several real estate developers.[6][7] It alleged that Raheja was one among the several developers willing to accept black money.[8] Based on this, the Central Board of Direct Taxes ordered a probe into Raheja and 34 other developers.[9][10]

    In , the Prime Minister of India's Office ordered a probe relating to alleged irregularities in a Gurgaon housing project named Raheja Atharva.[11] Subsequently, the State Level Expert Appraisal Committee investigated,[12] and acres of the Atharva project was sealed as it was illegally constructed without any Environmental Clearances.[13]

    In October , one of Raheja's projects were imposed with a heavy fine, for flouting pollution norms.[14]

    In July , Raheja Developers faced insolvency proceedings under the Section 7 of Insolvency and Bankruptcy Code, , on a complaint filed by home buyers on alleged delay in delivery of flats.

    On enquiry, the NCLAT bench observed that the home buyers had filed the application with intent of refund of money.[15]&#;[16]

    The NCLAT reserved its order in the case in September , further removing the Interim Resolution Professional (IRP) in January , thus allowing the board of directors to take back control of the company.[17][18]

    References

    1. ^"Tata Housing to develop lakh sq.

      ft". The Hindu.

      Navin m raheja biography of michael jordan for kids Jordan stated:. Archived from the original on May 12, Archived from the original on February 17, Archived from the original on April 10,

      Retrieved 10 June

    2. ^"Rahejas to ink JVs with Tata Housing, 2 Dubai firms". Financial Express. Retrieved 1 November
    3. ^"Raheja forms JV with Dubai's construction firm Arabtec". Livemint. Retrieved 5 November
    4. ^"Raheja Denotification"(PDF).

      Short biography of michael jordan: Archived from the original on February 17, Retrieved April 7, — via Google Books. He inspired generations of players to push themselves to the limits, to strive for greatness, and to leave an indelible mark on the sport they love. Article Talk.

      . Govt of India. Retrieved 3 January

    5. ^Saini, Manveer. "Tax evasion worth Rs 80cr unearthed".

      Navin m raheja biography of michael jordan Article Talk. In addition to his work with Nike, Jordan has also ventured into other business ventures, including ownership of the Charlotte Hornets NBA franchise. In his rookie season, Jordan averaged an impressive December 15,

      Times of India. Retrieved 5 January

    6. ^"Black money rampant in realty deals, reveals sting op - Times of India". The Times of India. Retrieved 26 October
    7. ^Reporter, BS (28 November ). "Cobrapost stings realtors". Business Standard India.

      Navin m raheja biography of michael jordan basketball player Jordan co-owns an automotive group which bears his name. Retrieved 1 November He led the team in scoring with He inspired generations of players to push themselves to the limits, to strive for greatness, and to leave an indelible mark on the sport they love.

      Retrieved 26 October

    8. ^"Operation Black Ninja". Cobrapost. Archived from the original on 11 December Retrieved 11 December
    9. ^"Black Money: CBDT orders I-T Probe against select real estate firms". . Mint.

      Biography of larry bird Retrieved August 12, His 8, free throw attempts are the 11th-highest total in NBA history. Business Standard India. Controversies [ edit ].

      Retrieved 11 December

    10. ^"Cobrapost sting: CBDT orders probe against real estate firms over black money allegations". Financial Express. Retrieved 11 December
    11. ^Hussain, Shabana. "PMO asks Haryana to probe complaints against Raheja Developers". Forbes India Magazine. Retrieved 19 December
    12. ^"Gazette of India"(PDF).

      Ministry of Environment, Forest and Climate Change. Retrieved 3 January

    13. ^"SEAC Seals Site of Raheja Builder". Amar Ujala. Amar Ujala Newspaper. Retrieved 3 January
    14. ^Arora, Shilpy (7 October ). "Gurugram: Five builders flout pollution norms, fined". The Times of India.

      Retrieved 9 October

    15. ^Babar, Kailash; Vyas, Maulik (27 July ). "Raheja Developers to face insolvency proceedings". The Economic Times. Retrieved 25 September
    16. ^"NCLT starts insolvency proceedings against Raheja Builders". Livemint. 9 September Retrieved 25 September
    17. ^ "NCLAT reserves orders in Raheja Developer's insolvency case - ET RealEstate".

    18. Short biography of michael jordan
    19. Navin m raheja biography of michael jordan s life
    20. Books on michael jordan

      21. . Retrieved 21 February

    21. ^"Delayed delivery of flats: Raheja group regains control of firm as IRP removed". . Retrieved 21 February