Jump to content

Raheja Developers: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Ncrboy (talk | contribs)
49 edits
m Water is Big issue in Gurgaon Today
Aarvig (talk | contribs)
124 edits
m →‎History: NAREDCO important news added as it indicates about its history to be known.
Line 20: Line 20:


In 2008, Raheja Developers planned to build a Special Enterprise Zone (SEZ) in [[Gurgaon]] at an estimated cost of {{INRConvert|4500|c}}. The development was to be on a {{convert|255|acre|ha}} site<ref>{{cite news|title=Raheja to invest Rs 4,500 cr to develop engg SEZ in Gurgaon|url=http://articles.economictimes.indiatimes.com/2008-08-20/news/28434188_1_raheja-sezs-land-owners-special-economic-zone|accessdate=14 March 2015|agency=Press Trust of India|date=20 August 2008|location=New Delhi}}</ref> but the project did not advance, allegedly due to unfavourable government policies.{{cn|date=June 2015}}
In 2008, Raheja Developers planned to build a Special Enterprise Zone (SEZ) in [[Gurgaon]] at an estimated cost of {{INRConvert|4500|c}}. The development was to be on a {{convert|255|acre|ha}} site<ref>{{cite news|title=Raheja to invest Rs 4,500 cr to develop engg SEZ in Gurgaon|url=http://articles.economictimes.indiatimes.com/2008-08-20/news/28434188_1_raheja-sezs-land-owners-special-economic-zone|accessdate=14 March 2015|agency=Press Trust of India|date=20 August 2008|location=New Delhi}}</ref> but the project did not advance, allegedly due to unfavourable government policies.{{cn|date=June 2015}}

In 2011 Mr Navin M Raheja was elected as President<ref>{{cite news|title=The Indian Express: Raheja Developers Ltd|url=http://archive.indianexpress.com/news/navin-m-raheja-elected-as-naredco-president/852104/|publisher=The Indian Express|accessdate=26 September 2011}}</ref> of National Real Estate Development Council(NAREDCO) and in 2013 he became the Chairman of NAREDCO for restoring the growth in real estate.<ref>{{cite news|title=Equity Bulls: Raheja Developers Ltd|url=http://www.equitybulls.com/admin/news2006/news_det.asp?id=128270|publisher=Equity Bulls|accessdate=30 September 2013}}</ref><ref>{{cite web|title=NAREDCO: Raheja Developers Ltd|url=http://www.naredco.in/aboutus-governance.asp?links=ab5|publisher=NAREDCO|accessdate=2013}}</ref>


== Development partners ==
== Development partners ==

Revision as of 06:25, 9 July 2015

Raheja Developers Limited
Company typePrivate
IndustryReal estate
Founded1990 (1990)
FounderNavin Raheja
Headquarters
New Delhi, India
Key people
Navin Raheja (Chairman and Managing Director),
Nayan Raheja (Executive Director)
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, and was incorporated in 1990 by Navin Raheja. The company has been subject to investigations and legal challenges on several occasions.


History

Raheja Developers Limited was incorporated by Navin Raheja in 1990.[1] In August 2014, the company announced that it might convert to a public limited company with a share listing in 2015.[2]

In 2008, Raheja Developers planned to build a Special Enterprise Zone (SEZ) in Gurgaon at an estimated cost of ₹4,500 crore (US$540 million). The development was to be on a 255 acres (103 ha) site[3] but the project did not advance, allegedly due to unfavourable government policies.[citation needed]

In 2011 Mr Navin M Raheja was elected as President[4] of National Real Estate Development Council(NAREDCO) and in 2013 he became the Chairman of NAREDCO for restoring the growth in real estate.[5][6]

Development partners

Raheja Developers works with contractors such as Aedas,[7] Callison, Lessard, Meinhardt,[8][9] WSP, Shapoorji-Pallonji,[10] and L&T.[11] Two of its joint-development projects are in collaboration with Tata Group.[12]

In 2011, Raheja took a 37 per cent stake in a joint venture company called Arabtec Raheja, where the majority partner was Dubai-based Arabtec Construction, the firm which built the world's tallest tower Burj Khalifa in Dubai. The joint venture was formed to build a series of tall towers in India's National Capital Region with an estimated value of ₹204 million (US$2.4 million).[13][14][15][16] There is also another joint venture agreement with ECC.[17]

In 2014, Raheja and eight other builders began a collaboration with Haryana Urban Development Authority for the construction of affordable housing in Sohna City,[18] under the "Housing for all by 2022" policy of the central government.[19]

Awards

  • Euromoney real estate polls in the UK - The Best Developer of India (2011, 2012 and 2013)[20]


Company Planning

  • Raheja Developers Planning IPO in a Year.[21]
  • Water is big issue in Gurgaon today - # 2-FEb-2014. [22]

Raheja Developers were named in a sting operation relating to corruption by investigative portal Cobrapost.[23][24][25][26] The Central Board of Direct Taxes has ordered a probe into the company and 34 other developers caught in the sting.[27][28] Raheja Developers Ltd were also target of a tax raid by Indian Income Tax authorities in February 2010; tax evasion amounting to ₹80 crore (US$9.6 million) was unearthed at that time.[29]

In 2009 Raheja won a contract from Delhi Development Authority (DDA) to improve the slums at Kathputli Colony in Shadipur, where the company would build 2,800 flats for the poor people of the area and in return receive 10 per cent of the land for commercial use,[30] but even 5 years later Rahejas have not been able to start any re-development work as the slum-dwellers refused to move out to allow in-situ re-development; this policy failure was acknowledged by the DDA.[31] Raheja Developers were the focus of criticism in 2014 after an election candidate of the Aam Aadmi Party (AAP) alleged that the contract was a scam created by the DDA and the company.[32] Out of the 5.22 hectares i.e., 52,000 sq m of land, 60 per cent (31,200 sq m) was marked for the rehabilitation of the colony, and the rest 40 per cent of land (20,800 sq m) was given to Raheja Developers.[33] AAP further alleged that the contract was a way to give the company prime real estate at a low cost under the guise of assisting the slum dwellers, who state that they were forcibly evicted from their homes.[34][35]

In 2014, the Prime Minister of India's Office ordered a probe relating to alleged irregularities in a Gurgaon housing project named Raheja Atharva.[36] Forty three buyers of properties in the project Atharva first filed a lawsuit against Raheja Developers with the National Consumer Disputes Redressal Commission (NCDRC)[37] on 22 July 2014, and an additional 24 cases by home buyers of Raheja Atharva, Raheja Vedanta, Raheja Navodaya, and Raheja Atlantis have since been filed by around 600 buyers at the NCDRC as of 12 June 2015, with Raheja being the respondent as shown on the NCDRC website.[38]

On June 15, 2015 an investigation was ordered into the Raheja residential project Shilas by ATP Mr RS Bhat, of the Haryana Urban Development Authority, after an on-site inspection by the Fire Department revealed that the fire safety systems in the 700 apartment complex were non functional.[39]

Forbes India has alleged that Raheja Developers indulged in strategic lawsuit against public participation to stifle criticism of its business practices.[40]

References

  1. ^ "Business Week: Raheja Developers Ltd". Business Week. Retrieved 26 November 2014.
  2. ^ "Raheja Developers planning IPO in a year". The Hindu. Mumbai. PTI. 20 August 2014. Retrieved 22 January 2015.
  3. ^ "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.
  4. ^ "The Indian Express: Raheja Developers Ltd". The Indian Express. Retrieved 26 September 2011.
  5. ^ "Equity Bulls: Raheja Developers Ltd". Equity Bulls. Retrieved 30 September 2013.
  6. ^ "NAREDCO: Raheja Developers Ltd". NAREDCO. Retrieved 2013. {{cite web}}: Check date values in: |accessdate= (help)
  7. ^ "Tata Housing to develop 200 lakh sq. ft". The Hindu. Retrieved 8 August 2008. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  8. ^ "Lessard Design". Lessard Design. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  9. ^ "Times of India Publications". Times of India. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  10. ^ "Bhoomi Poojan of – RAHEJA SHILAS". MagicBricks. Retrieved 18 October 2010. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  11. ^ "RAHEJA ARANYA - OVERVIEW". Times of India. Retrieved 7 November 2013. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  12. ^ "Rahejas to ink JVs with Tata Housing, 2 Dubai firms". Financial Express. Retrieved 1 November 2011. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  13. ^ "Raheja Developers inks a joint venture with Arabtec". The Economic Times. 11 November 2011. Retrieved 14 March 2014.
  14. ^ "Raheja Developers in JV to build tallest towers in NCR". India Today. 5 November 2011. Retrieved 14 March 2015.
  15. ^ "Raheja forms JV with Dubai's construction firm Arabtec". Livemint. Retrieved 5 November 2011. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  16. ^ "RAHEJA REVANTA - OVERVIEW". Times of India. Retrieved 6 November 2013. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  17. ^ "RAHEJA OMA - OVERVIEW". The Times of India. Retrieved 7 November 2013. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  18. ^ "List of Affordable Housing Licences in Haryana". Town & Country Planning, Haryana. Retrieved 13 February 2015.
  19. ^ "Affordable segment moves into focus as others". Indian Express. Retrieved 3 January 2015. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  20. ^ "DIPP circulates Cabinet note on relaxing FDI in housing sector". The Indian Express. 21 September 2013. Retrieved 6 February 2015.
  21. ^ Plnning IPO in a Year, Raheja Developers (20-Aug-2014). "Raheja Developers Planning IPO in a Year". Business Standard. Retrieved 8 July 2015. {{cite news}}: Check date values in: |date= (help); External link in |ref= (help)
  22. ^ Gurgaon today, Water is a big issue (2-Feb-2014). "Water is a big issue in Gurgaon today". The Economic Times. Retrieved 8 July 2015. {{cite news}}: Check date values in: |date= (help); External link in |ref= (help)
  23. ^ "Operation Black Ninja". Cobrapost. Retrieved 11 December 2014.
  24. ^ "Raheja Developers BUSTED in Sting Operation By Cobrapost Regarding Black Money". Qubrex News. Retrieved 18 December 2014.
  25. ^ "Black money rampant in realty deals, reveals sting op". Times of India. Retrieved 11 December 2014.
  26. ^ "Cobrapost Stings Realtors". Business Standard. Retrieved 11 December 2014.
  27. ^ "Black Money: CBDT orders I-T Probe against select real estate firms". www.livemint.com. Mint. Retrieved 11 December 2014.
  28. ^ "Cobrapost sting: CBDT orders probe against real estate firms over black money allegations". Financial Express. Retrieved 11 December 2014.
  29. ^ Saini, Manveer. "Tax evasion worth Rs 80cr unearthed". Times of India. Retrieved 5 January 2015.
  30. ^ "DDA's slum makeover plan takes off with Kathputli Colony". Mandakini Gahlot indianexpress.com. Retrieved 7 October 2009.
  31. ^ "Consensus clause for slum projects". Times News Network. Retrieved 10 March 2015.
  32. ^ "AAP's Police complaint on Kathputli Colony scam". Retrieved 20 November 2014.
  33. ^ Tauhid, Sadafut. "Kathputli Colony: The Illusion of Rehabilitation". Ritimo. Retrieved 23 January 2015.
  34. ^ ALI, MOHAMMAD. "'DDA granted undue benefits to Kathputli Colony redeveloper'". Retrieved 20 November 2014.
  35. ^ "Delhi: Kathputli Colony facing threats of evictions and police action". Retrieved 20 November 2014.
  36. ^ Hussain, Shabana. "PMO asks Haryana to probe complaints against Raheja Developers". Forbes India Magazine. Retrieved 19 December 2014.
  37. ^ "Forty three (43) Raheja Atharva Buyers Sue Raheja Developers (Gurgaon) In National Consumer Commission". GurgaonScoop. Retrieved 26 December 2014.
  38. ^ "NCDRC Case Status" (Case Status: NCDRC; From Date 22/07/2014 To Date 12/06/2015; Field - Respondent - Raheja). National Consumer Disputes Redressal Commission. Retrieved 13 February 2015.
  39. ^ "Shilas Project Main Khameian Milne Per Raheja Builders Ko Notice". Dainik Bhaskar - Daily Newspaper. Retrieved 19 June 2015.
  40. ^ Hussain, Shabana. "It's Builders Vs Buyers in the Indian Real Estate Industry". Forbes India. Retrieved 5 January 2015.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Raheja_Developers&oldid=670637769"