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'''Raheja Developers Limited''', (RDL), formerly Raheja Developers Private Limited, is an Indian [[real estate development]] company with its headquarters in [[Delhi]], India.
'''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 1989 and is currently facing [[Insolvency and Bankruptcy Code, 2016|insolvency proceedings]] as of July, 2019.<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/services/property-/-cstruction/raheja-developers-to-face-insolvency-proceedings/articleshow/70406616.cms|title=Raheja Developers to face insolvency proceedings|last=Babar|first=Kailash|date=2019-07-27|work=The Economic Times|access-date=2019-09-25|last2=Vyas|first2=Maulik}}</ref><ref>{{Cite web|url=https://www.livemint.com/industry/infrastructure/nclt-starts-insolvency-proceedings-against-raheja-builders-1568007172533.html|title=NCLT starts insolvency proceedings against Raheja Builders|last=|first=|date=2019-09-09|website=Livemint|language=en|url-status=live|archive-url=|archive-date=|access-date=2019-09-25}}</ref>
RDL was incorporated in 1989 and was facing [[Insolvency and Bankruptcy Code, 2016|insolvency proceedings]] as of July, 2019<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/services/property-/-cstruction/raheja-developers-to-face-insolvency-proceedings/articleshow/70406616.cms|title=Raheja Developers to face insolvency proceedings|last=Babar|first=Kailash|date=2019-07-27|work=The Economic Times|access-date=2019-09-25|last2=Vyas|first2=Maulik}}</ref> until [[National Company Law Appellate Tribunal|NCLAT]] (National Company Law Appellate Tribunal) had reserved orders on Sep 2019.<ref>{{Cite news|url=https://realty.economictimes.indiatimes.com/news/regulatory/nclat-reserves-orders-in-raheja-developers-insolvency-case/71262824|title=NCLAT reserves orders in Raheja Developer's insolvency case|last=|first=|date=|work=ET Reality|access-date=}}</ref> The Appellate Tribunal instructed a stay on any publication calling for claims and constitution of creditors.<ref>{{Cite news|url=https://www.moneycontrol.com/news/india/nclat-asks-raheja-developers-to-settle-dispute-with-financial-creditors-4383681.html|title=NCLAT asks Raheja Developers to settle dispute with financial creditors|last=|first=|date=|work=Money Control|access-date=}}</ref>


== History ==
== History ==

Revision as of 12:20, 22 October 2019

Raheja Developers Limited
FormerlyRaheja Developers Private Limited
Company typePrivate
IndustryReal estate
Founded1989 (1989) in Delhi, India
FounderNavin Raheja
HeadquartersSaket,
New Delhi
,
India
Area served
National Capital Region
Websitewww.raheja.com

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 1989 and was facing insolvency proceedings as of July, 2019[1] until NCLAT (National Company Law Appellate Tribunal) had reserved orders on Sep 2019.[2] The Appellate Tribunal instructed a stay on any publication calling for claims and constitution of creditors.[3]

History

Raheja Developers Limited was incorporated by Navin Raheja in 1989.[4] The group has worked with contractors such as Aedas[5] Shapoorji-Pallonji,[6] and two of its joint-development projects were in collaboration with Tata Group.[7] It had also collaborated with Dubai-based Arabtec Construction.[8]

In 2008, Raheja Developers planned to build a Special Enterprise Zone (SEZ) in Gurgaon at an estimated cost of $660M US. The development was to be on a 255-acre (103 ha) site[9] but the project did not advance. The Government of India announced denotification of the SEZ project on 29 January 2014; the entire project was scrapped.[10]

In 2010, a raid by Indian Income Tax authorities led to a recovery of tax evasion amounting to ₹80 crore (US$9.6 million).[11]

In 2014 investigative portal Cobrapost conducted a sting operation against several real estate developers.[12][13] It alleged that Raheja was one among the several developers willing to accept black money.[14] Based on this, the Central Board of Direct Taxes ordered a probe into Raheja and 34 other developers.[15][16]

In 2014, the Prime Minister of India's Office ordered a probe relating to alleged irregularities in a Gurgaon housing project named Raheja Atharva.[17] Subsequently, the State Level Expert Appraisal Committee investigated,[18] and 0.8 acres of the Atharva project was sealed as it was illegally constructed without any Environmental Clearances.[19]

In October 2019, one of their projects were imposed with a heavy fine, for flouting pollution norms.[20]

References

  1. ^ Babar, Kailash; Vyas, Maulik (27 July 2019). "Raheja Developers to face insolvency proceedings". The Economic Times. Retrieved 25 September 2019.
  2. ^ "NCLAT reserves orders in Raheja Developer's insolvency case". ET Reality.
  3. ^ "NCLAT asks Raheja Developers to settle dispute with financial creditors". Money Control.
  4. ^ "Business Week: Raheja Developers Ltd". Business Week. Retrieved 26 November 2014.
  5. ^ "Tata Housing to develop 200 lakh sq. ft". The Hindu. Retrieved 10 June 2017.
  6. ^ "Bhoomi Poojan of – RAHEJA SHILAS". MagicBricks. Retrieved 18 October 2010.{{cite web}}: CS1 maint: url-status (link)
  7. ^ "Rahejas to ink JVs with Tata Housing, 2 Dubai firms". Financial Express. Retrieved 1 November 2011.{{cite news}}: CS1 maint: url-status (link)
  8. ^ "Raheja forms JV with Dubai's construction firm Arabtec". Livemint. Retrieved 5 November 2011.{{cite news}}: CS1 maint: url-status (link)
  9. ^ "Raheja to invest Rs 4,500 cr to develop engg SEZ in Gurgaon". New Delhi. Press Trust of India. 20 August 2008. Retrieved 14 March 2015.
  10. ^ "Raheja Denotification" (PDF). SEZindia.nic.in. Govt of India. Retrieved 3 January 2016.
  11. ^ Saini, Manveer. "Tax evasion worth Rs 80cr unearthed". Times of India. Retrieved 5 January 2015.
  12. ^ "Black money rampant in realty deals, reveals sting op - Times of India". The Times of India. Retrieved 26 October 2017.
  13. ^ Reporter, B. S. (28 November 2014). "Cobrapost stings realtors". Business Standard India. Retrieved 26 October 2017.
  14. ^ "Operation Black Ninja". Cobrapost. Archived from the original on 11 December 2014. Retrieved 11 December 2014.
  15. ^ "Black Money: CBDT orders I-T Probe against select real estate firms". www.livemint.com. Mint. Retrieved 11 December 2014.
  16. ^ "Cobrapost sting: CBDT orders probe against real estate firms over black money allegations". Financial Express. Retrieved 11 December 2014.
  17. ^ Hussain, Shabana. "PMO asks Haryana to probe complaints against Raheja Developers". Forbes India Magazine. Retrieved 19 December 2014.
  18. ^ "Gazette of India" (PDF). Ministry of Environment, Forest and Climate Change. Retrieved 3 January 2016.
  19. ^ "SEAC Seals Site of Raheja Builder". Amar Ujala. Amar Ujala Newspaper. Retrieved 3 January 2016.
  20. ^ Arora, Shilpy (7 October 2019). "Gurugram: Five builders flout pollution norms, fined". The Times of India. Retrieved 9 October 2019.{{cite web}}: CS1 maint: url-status (link)
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