Mumbai, November xx, 2021: Shri Sandeep Runwal, Managing Director of Runwal Group, took over as a President of the National Real Estate Development Council (NAREDCO) Maharashtra, an apex body of India’s real estate industry. Naredco was established as an autonomous self-regulatory body under the aegis of the Ministry of Housing and Urban Poverty Alleviation, Government of India. It functions as a development & promotion council for the housing & real estate sector in India and plays a vital role in the formulation of national policies and agendas for real estate development and fiscal reforms. With support from the Government and prominent industry bodies, NAREDCO has an objective to create and sustain an environment conducive to the growth of the real estate sector in India. Mr. Niranjan Hiranandani, National Vice Chairman, NAREDCO and Chairman & Managing Director of Hiranandani Communities handed over the delegation letter to Shri Sandeep Runwal, President, NAREDCO Maharashtra to envoy the responsibilities going forward.

With a clear vision of bringing holistic development of the real estate sector across Maharashtra, Mr. Runwal aims to work closely with the Government bodies, to ensure success of ‘Housing For All’ initiative that aims to promote affordable housing in our country. Mr. Runwal shall be playing a massive role in streamlining the governmental processes to ensure timely delivery of homes by the developers to the buyers. His constant effort would be towards making the home loan available to all income groups so that no person is deprived of buying their dream home. He will also focus on the formation of new chapters, to expand the presence of NAREDCO across Maharashtra. His aim is to build trust between the customers and the developers by enhancing transparency, efficiency, and effectiveness in the sector.

Shri Sandeep Runwal, President, NAREDCO Maharashtra said that “With the support from the Government, NAREDCO Maharashtra would create a demand recovery that will push housing sales; particularly in the affordable segment that will drive the “Housing For All momentum”. Taking over this baton, I will try and undertake various aggressive development measures and, make my maximum contribution in strengthening the industry’s role in the economic development of the country. With the same zeal, my priority would be to revive the country’s major real estate market of Maharashtra and implement novel ideas to bring positive changes among the customers’ behaviour towards the sector.’’

Mr Sandeep Runwal is the Managing Director of Runwal Group and spearheads the group across a portfolio of residential, commercial and organized retail. An alumnus of Harvard Business School and IIM Bangalore, he has led the organisation with a consistent emphasis on quality, execution, and timely delivery for over 30 years. He’s been awarded Young Turks’ by CNBC TV 18 and ‘Lords of the Land’ in his career profile.

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bogus invoices of around Rs 685 crore busted

On the basis of specific intelligence as well as further data mining/analysis on GSTN and E way bill portals, the officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in availing invoices/E-way bills issued on the GSTIN of fake/dummy firms and getting Refund of IGST on the strength of such fake Invoices.

A case was booked against M/s. Baan Ganga Impex having their Principal Place of Business at L-10A, Ganga  Tower, Mahipalpur, New Delhi-110037 (GSTIN 07AAMFB0425A1Z4).

From preliminary scrutiny of the seized documents, the data/information available on E-way Portal/GSTN portal, it is found that M/s Baan Ganga Impex, New Delhi has availed Invoices from non-existing 48 entities creating a web of suppliers among themselves and passing on ITC to each other. Finally, the ITC from all the suppliers is passed on to M/s Baan Ganga Impex which in turn avails refund on the strength of export of goods procured from the unregistered suppliers.  The nexus has used fabricated vehicle numbers to generate e-way bills which were found to be of two wheelers, buses, JCB, private cars and Ambulance etc.

In total M/s Baan Ganga Impex has availed the invoices from the fake entities amounting to Rs. 685 crore (approx.) involving GST of Rs. 50 crore (approx.) and succeeded to get refund of Rs. 35 crores (approx).

Shri Rakesh Sharma, Partner of M/s Baan Ganga Impex being the main beneficiary of the said nexus and dealing with all operational activities of the firm, has been arrested on 09.11.2020 and was produced before the Metropolitan Magistrate, Saket Courts on 09.11.2020, after the medical examination and COVID test.  Shri Rakesh Sharma has been sent to judicial custody for 14 days by the Metropolitan Magistrate. Further investigations are in progress.

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