Elan Miracle 1

Elan announces launch of premium mixed use project Elan Miracle

Gurgaon: Leading real estate player Elan Group announced the launch of Elan Miracle, a premium mixed use development project in Gurugram.

Located in Sector 84, Dwarka Expressway, Elan Miracle is well connected to Central Peripheral Road, Southern Peripheral Road and ISBT, as well as enjoys metro connectivity from both sides.

The project covers an area of 7 acres with 1.5 million sq. ft of development area, and is a perfect blend of high street retail with double height shops, hypermarket, food court, superplex and luxury serviced apartments with one of the biggest Club houses in a commercial project.Designed by UHA London- Elan Miracle houses one of the tallest buildings in Gurugram.Shilpa Shetty With Elan Groups Managemt At The Launch Of Elan Miracle

Consisting of approximately 1000 units, the 550- crore project will also house the nation’s largest PVR cinemas. The superplex will boast of 18 screens featuring Premier, Gold Class, IMAX,4D, 5D AND 7D. Elan Group also aims at making a dedicated cricket theme floor in Elan Mircle and former captain of Indian cricket team, Mr. Mahendra Singh Dhoni is the first cricketer to be a part of it.

The project is priced at Rs 14,000 per sq ft for retail spaces whereas service apartments in the project are priced at Rs 9000 per sq ft.

On the occasion, Mr. Ravish Kapoor, Director, Elan Group, said: “We are excited to launch our premium project in Gurugram. We believe that Gurugram is one of the promising real estate markets of the country. The launch of Elan Miracle is in line with our strategy of establishing a strong footprint in large developing markets across the country. The project will offer a contemporary and luxurious lifestyle to the city.”

The construction of the project will begin in the fourth quarter of 2017 and will be completed by 2020.

Besides Elan Miracle, Elan Mercado in Sector 80, and Elan Town Centre in Sector 67, Sohna Road at Gurugram are other two projects by the developer.

Dream Home

Buy your dream home now

Gurgaon: The onset of demonetization appeared to hit the country hard. However, as the economy started to revive post demonetization, people realized the long-term benefits of the move. The demonetization had a considerable impact on the real estate affecting not only developers but also buyers who witnessed price stability in the sector. The real estate market of Gurgaon amply demonstrates how recent government initiatives have helped the sector to become more buyer-friendly.

FOSECA

Court Hauls up AN Buildwell Promoters

A.   Court upholds Customer Rightsupon Siphoning by ANB Promoters.

B.   Promoters and Ex-Directors to face SFIO Enquiry.

C.   Path cleared for Revival of Projects by Customer Associations.

 

It is getting clear with each hearing that the Hon’ble High Court of Delhi is looking into the interest of 1791 customers and creditors of the beleaguered AN BuildwellPvt. Ltd at a holistic level and is not hesitating to set a new direction that will help serve as a precedent towards solutions to the present Real Estate quagmire in the NCR.

A.Court upholds Customer Rights upon Siphoning by ANB Promoters.

  1. Legal representatives of Customer Associations (FOSECA and SWBA) led by Sr. Advocate Sandeep Sethi argued their application under Section 542 for appointment of SFIO.
  2. Adv. Sandeep Sethi took the Court through the various instances of siphoning to companies related to the Promoters and misappropriation from the imprest account by Investor Directors, that subsequently led to the acute cash position of the beleaguered AN Buildwell Pvt. Ltd.
  3. Customer Associations have consistently argued the deliberate nature of the liquidation of AN Buildwell Pvt. Ltd. vide winding up order dated 08.03.2016 in a conspiracy between the Promoters and the SphereInvest Group.
  4. The Bermuda based SphereInvest Group is the largest shareholder of AN BuildwellPvt Ltd, and has admitted its complicity in obtaining the liquidation order in its newsletter to its shareholders overseas.

B.Promoters and Ex-Directors to face SFIO Enquiry.

  1. Hon’ble Justice Mridul came down heavily on the Promoters and Investor Directors, and specific questions were put to Adv. VivekKohli, representing the Promoters:

      i. Whether the money was in fact advanced to Related Parties?

      ii. If so, did this money get utilized for the benefit of AN Buildwell or was it misappropriated?

  • If not utilized for the benefit of AN Buildwell, then was it returned?
  1. The Court took the view that if the money with interest was not returned then it is diversion, and then shouldn’t the Directors as per winding up order of 08.03.2016, constituting the ex-management of AN BuildwellPvt Ltd face SFIO and criminal prosecution?
  2. The ex-management of ANB, ie Mr. Surender Kumar Hooda, Mr. Sunil Gandhi, Mr. Michael Collins and Mr. VipenKapur have been given 3 weeks to file their reply.

C.Path cleared for Revival of Projects by Customer Associations.

  1. Hon’ble Justice Mridul took a view that companies cannot be reverted to wrongdoers who have harmed the interests of the company or siphoned money of the public at large in response to Adv. VivekKohli’s contention that an SFIO enquiry would derail the Promoter’s Scheme.
  2. Any attempt to derail proceedings by the Promoters by referring to the need for building plans etc. were quickly thwarted by Hon’ble Justice Mridul, who clearly stated ‘you do not need a map to a place you won’t have to go to’.
  3. The Court has also ordered the PL (Provisional Liquidator) to file replies on the amended Revival Schemes filed by Customer Associations as well as Promoters.
  4. The Revival Scheme filed by Customer Associations has the support of majority of customers and creditors and is self-sufficient through funds and resources mobilized by them, thereby paving the way for a historic precedent to set in the coming few days.

 The Delhi High Court vide its order dated 08.03.2016, ordered winding up of the company. The liquidation has been deliberately obtained by the company to escape its liability to fulfill obligation towards customers and also to cover up its acts of mismanagement. If the liquidation happens, it will adversely affect the interest of approximately 1800 customers and other creditors of the company.

Funds have been siphoned off from AN Buildwell by its promoters, Surinder Kumar Hooda (18.81 crores), Sunil Gandhi (18.6 crores) and a shareholder, Sphere Invest Group 4.63 crores), in various projects like Green Edge Infrastructure Pvt Ltd, Inspire InfratechPvt Ltd, NalandaRealtechPvt Ltd and CharmwoodRealtechPvt Ltd, etc.

AN Buildwell, which has its registered office at 504, 5th floor, BhikajiCamaBhawan, 11, BhikajiCama Place, New Delhi, promoted two projects namely, one IT Park named “Spire Edge” at CP-04, Sector-08, IMT Manesar and a residential project “Spire Woods” at Sector-103, Gurgaon. As of now there are 517 customers in Spire Woods and 1274 customers in Spire Edge.

Vacation Home

Trend of owning second or vacation homes on a rise

Gurgaon: Owning a second home had been traditionally preferred by elite as it was considered a status symbol. The concept of owning a second home has evolved out of city life becoming more chaotic and property developers coming up with holiday home projects in the vicinity of cities and rise in people with higher disposable incomes. “The second home market has evolved wherein apart from consideration of having a holiday getaway, today buyers are looking at earning steady income and decent returns. Majority of these buyers continue to be from upper- income segment and include NRIs, retired government officials and high net-worth individuals having large disposable incomes,” says Deep Kantawala, head, ICS Real Estate Partners and CFO, ICS Group.

Both Site Front Top View Recovered

Introducing MOX@Techzone will ensure ground level success for programs like Make in India, Digital India and Skill India: Ferguson

-World Trade Center,Noida(WTC Noida)is promoting Techzone I as a MOX Hub in Greater Noida and has approached the Government of Uttar Pradesh for support and partnership

 

-With Vivo Mobile and Viridian E-Spark Accelerator already a part of WTC Noida, the world’s largest WTC, WTC Noida has received expressions of interestfrom many other domestic and International players to invest in the region.

 

-Techzone I, Greater Noida, is poised to emerge as a significant MOX hub, taking advantage of its strategic locational advantages and the fact that 15 mobile companies are already operating from Noida/Greater Noida region. 

 

New Delhi: Mobile Open Exchange Cluster (MOX) is a focused mobile ecosystem that builds on 3 pillars, i.e. infrastructure, hardware and software, and addresses the challenges faced by technology companies through access to skilled human resources and enabling synergies.