MAAD Realtors And Infra

The National Company Law Tribunal has scrapped the insolvency proceedings against realty arm of Sikka Group, Sikka Infrastructure, after the homebuyers who had initiated the move submitted they had settled the matter with the realtor. Last month, the tribunal had initiated insolvency case against Sikka Infrastructure over project delays.

In an audit of 28 builder accounts by the Yamuna Expressway Industrial Development Authority (Yeida), two parties have been found guilty of diverting funds collected form homebuyers. The two developers who have been found to be diverting funds are SDS Infracon and Green Bay Infrastructure. While SDS Infracon is accused of diverting Rs 182.44 crore it collected from homebuyers, Green Bay misused Rs 173.10 crore collected from the same source.

Authorities in Noida have already upped the ante against builders, responsible for causing real estate mischief in once the poster boy of affordable realty, Noida property market. It is known for entirely different reasons today. The Shahberi building collapse tragedy of July 17 that took nine lives and affected scores of other lives has triggered a reaction from authorities which buyers only wished for while offenders escaped so far, somehow.

Because of a slowdown in sales, the rising cost of construction and labour, the developers have been hit hard. The burden of the borrowings taken at high interest rates have further eaten into their profitability or have been passed on to the homebuyers. As the Union Budget will be presented on February 1, the real estate stakeholders are now putting forth their wishlist, hoping for some concessions and an industry status.

Mr. Kushal Dev Rathi, Managing Director, The ECNON Group, is a self made Entrepreneur, who successfully carries a vast experience of more than a decade in the Port Folio of Sales & Marketing. He is one of the youngest entrepreneurs in India who has dared to dream big. In the year 2012, Mr. Kushal Dev took a major decision of his career by collaborating with another real estate firm i.e. Nine O Nine realtors to form a new real estate company ECNON. Today with his immense dedication and devotion, he has earned himself a position of Managing Director in ECNON. Besides, he also holds an expertise in Leasing of Commercial properties as well as Sale Purchase of Agricultural land & Farm Houses. Kushal Dev strongly believes that, “as progression is the law of nature, promotion is the law of career.” Adhering to this belief, he desires to take ECNON to great heights and give it a distinctive position in the field of Real Estate.