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Gujarat Real Estate Updates

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  • Re : Gujarat Real Estate Updates

    Gujarat HC upholds order allowing redevelopment of society in Vejalpur

    The case involved Swami Vivekanandnagar Cooperative Housing Society where out of 78 flat owners, 74 (93%) consented to redevelopment citing dilapidated condition of buildings which were constructed in 1969.
    • TNN
    • January 24, 2023, 09:39 IST

    AHMEDABAD: A division bench of the Gujarat high court on Monday upheld a single judge’s order permitting redevelopment of a housing society in Vejalpur area because more than 75% of flat owners had consented to redevelopment and the Ahmedabad Municipal Corporation (AMC) too has accorded the development permission for new construction.

    The case involved Swami Vivekanandnagar Cooperative Housing Society where out of 78 flat owners, 74 (93%) consented to redevelopment citing dilapidated condition of buildings which were constructed in 1969.

    The single judge on June 21, 2022 cleared the path for redevelopment of the society by ascertaining that the conditions laid down for redevelopment under section 41A of the Gujarat Ownership Flats Act were fulfilled. The single judge rejected the objections raised by dissenting members who were in minority.

    In 2019, the society members decided to go for redevelopment and signed an MoU with Excel Life Space LLP. Due to resistance from four members, the issue reached the HC by when the law was amended making the provision that 75% members’ consent is required for redevelopment.

    The HC ordered the AMC to decide on the society’s application for redevelopment. The civic body granted development permission to the society if the existing construction is pulled own and new buildings are put up on the plot.

    The single judge had accepted the majority’s view that if redevelopment proposal is accepted, all members will get a bigger house within three years without spending any amount from their pockets. Since the dissenting members are minuscule, the requirement of section 41A for redevelopment stand fulfilled.

    By rejecting the dissent by minority group, the single judge also ordered them to vacate their flats to pave way for demolition of the buildings.











    Vejalpur: Hc Upholds Order Allowing Redevelopment, Real Estate News, ET RealEstate (indiatimes.com)
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    • Re : Gujarat Real Estate Updates

      BigBloc Construction's net profit up 81.56% in Q3 FY23

      Read more at:
      https://realty.economictimes.indiati...-fy23/97286932



      BigBloc Construction's total consolidated income stood at Rs 49.54 crore in Q3 FY23, a dip of 6.32 per cent from Rs 52.88 crore it recorded in the similar quarter last year.


      NEW DELHI: BigBloc Construction, manufacturer of Aerated Autoclaved Concrete (AAC) blocks, bricks and panels, has reported a growth of 81.56 per cent in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 7.68 crore in Q3 FY23 as against Rs 4.23 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

      The company's total consolidated income stood at Rs 49.54 crore in Q3 FY23, a dip of 6.32 per cent from Rs 52.88 crore it recorded in the similar quarter last year.

      The company plans to set up two greenfield plants with combined capacity of 8 lakh cubic meter per annum-5 lakh cubic meter per annum plant at Wada, Palghar and 3 lakh cubic meter per annum in joint venture with Thailand's SCG Group in Kapadvanj, near Ahmedabad.

      Post completion of both expansion, company's total capacities will increase to 13.75 lakh cubic meter per annum . It also expects to generate around 2.5 to 3 lakh tons of carbon credit every year post the expansion.

      For the nine months ended December 2022, company reported consolidated net profit of Rs. 24.67 crore growth of 186.7% year-on-year as compared to the net profit of Rs. 8.60 crore during nine months of FY22. Total income during nine months of FY23 was reported at Rs. 153.70 crore, rise of 25.3% year-on-year as compared to total income of Rs. 122.68 crore reported during nine months of FY22.
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      • Re : Gujarat Real Estate Updates

        AMC may declare Ahmedabad free of garbage

        TNN / Jan 25, 2023, 06:20 IST


        AHMEDABAD: On Wednesday, the city civic body will discuss a proposal to declare Ahmedabad a garbage-free and water-surplus city during its standing committee meeting.

        The solid waste management department of the AMC has prepared a proposal which states that 75% of the Pirana biomining project is complete.

        According to Harshad Solanki, director of AMC's solid waste management department, 75 lakh tonnes of the garbage from Pirana dumping site has been processed and disposed of. Sources said that the proposal is aimed at getting a five-star ranking in the upcoming Swachhata Sarvekshan.









        AMC may declare Ahmedabad free of garbage | Ahmedabad News - Times of India (indiatimes.com)

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