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Adani Realty’s Ten BKC to Be Delivered in 2024

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Mumbai, Maharashtra, India – Business Wire India

The Hon’ble National Company Law Tribunal (“NCLT”) has on 9th January 2023 approved the resolution plan submitted by Adani Goodhomes Pvt. Ltd. for the takeover of Radius Estates & Developers Pvt. Ltd, viz. the special purpose vehicle for the Ten BKC Project.

Ten BKC is a centrally located landmark residential project in Mumbai launched in 2015-16. The project was at an early stage of construction but got stalled in January 2020 on account of the various difficulties faced by Radius Estates & Developers Pvt. Ltd. The Society terminated its arrangement with the developer and were willing to continue with the project inter-alia if the construction resumed immediately. The situation was further aggravated when certain financial creditors dragged Radius Estates & Developers to the Hon. NLCT, under the Insolvency and Bankruptcy Code.

This left 176 Society Members and approx. 400 homeowners in a precarious position with little visibility on completion of the project. Several of them had taken mortgage loans and were living on rent causing severe duress and financial burden. Given the project was still at an early stage of construction with more than 220 slabs yet to be cast, the incoming developer would have had to incur huge costs of over Rs. 1,000 Cr costs to complete the project.

With the support of the existing joint venture partner MIG (Bandra) Realtors & Builders Pvt. Ltd., Adani Goodhomes stepped in and submitted a resolution plan to keep the project afloat. Adani Goodhomes submitted a resolution plan to complete the project without charging any additional consideration to the homeowners.

Despite the complexities, the resolution plan submitted by Adani Goodhomes was approved by an overwhelming 83% of the Committee of Creditors in December 2021 post which Adani Goodhomes infused fresh funds for immediate resumption of construction. In the interest of the project, besides the consideration as per plan, Adani Goodhomes gave up claims to over Rs. 200 Cr of assets, over and above claims of Rs. 800 Cr from Radius companies that the COC would be entitled to.

Some minor creditors, who represent ultra-HNI investors, have been continuously opposing the plan, despite having received much higher returns in the past. The Hon’ble NCLT nod offers a respite for stuck & distressed real estate projects and has set a precedent, giving hope to many such affected homeowners. Had Adani Realty not stepped in, Radius Estates & Developers would have gone into liquidation, leaving all homeowners in a lurch.

Homebuyers are relieved with Adani Goodhomes’ takeover of the project. Mr. Ravi Shetty (Chairman, Society) said, “Adani taking over the project has ensured a complete turnaround for the members of the Society who, now more or less, are assured of getting their homes back. It has been over 8 years since we vacated our homes. More than 60% of the members are 70 years and above and, therefore, seeing the light at the end of the tunnel has made all the difference. Almost 2,000 labor working on the site is a huge thing for the Society. It is our endeavor to get our homes back and therefore, we were extremely keen about having a solid developer like Adani in place who would see us through.”

Dr. Abhaya Kumar (homeowner at Ten BKC) said, “All stakeholders have demonstrated transparency in their working through the IBC process. This has given us confidence that our homes will be delivered on time. Adani Realty is a trusted brand in real estate and always prioritizes customers’ best interests. The tower is ready and we expect the project to be delivered next year.”

Mr. Ashish Yakhmi (homeowner at Ten BKC) added, “Adani’s intent to develop & complete the project gave me peace of mind, knowing that my investment is safe. We greatly appreciate Adani Realty stepping in and starting construction immediately thereby helping us realize our dream of owning a home in Bandra.”

Spread across 5 acres, Ten BKC is one of the largest integrated residential complexes in the upscale neighborhood of Bandra. The project features 15 wings with apartments ranging from 2 BHK to 6 BHK triplexes, with configurations from 1,080 sq. ft to 6,068 sq. ft. The property will also include 2.9 acres of open spaces, 5-basement car parking, a sky gym, a 45,000 sq. ft luxury entrance lobby, a luxurious clubhouse with a 30-meter lap pool, a kids’ play area and much more.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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A week-long celebration this Republic Day at Phoenix United

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Lucknow, 27 January 2023: Phoenix United, Lucknow celebrated the 74th Republic Day with grand week-long shopping and entertainment activities from January 25th to 27th. The patrons of Phoenix United dived into entertaining activities organized at the mall with an ambience filled with laughter as Stand-Up Comedian, Rajat Chauhan was right there to fill their day with fun and laughter.

Fancy Dress Competition

Followed by the stand-up comedy show was a Fancy Dress Competition where the Children were all decked up for a perfect platform for parents to let their children’s ideas meet creativity.

The Tricolor Tattoo competition
The Tricolor Tattoo competition

The Tricolor Tattoo competition was a complete package of madness, creativity, and love for the tricolor. Each design was distinctive in its own way and the tricolor blended magnificently. Not only this, but people also grabbed their hands on the lucrative deal offered at Phoenix United and won instant prizes worth Rs.3499 on shopping of Rs. 6999 or more from participating brands.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s), etc., stated/featured in the same.

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A remarkable symposium to accelerate Indian economic growth

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New Delhi (India), January 30: Business Connect gladly announces to all its congruent readers that it has successfully hosted one of its signature events, i.e. Indo-Global Entrepreneurship Forum 2023, on 21st January 2023. In line with the hosting’s inclusive theme- 5G to 5T – Achieving Sustainable Economic Goals under UN SDG with Education, it has been able to create a spur across the business community where dignitaries and leaders from different walks of life came together to discuss the subject as per their respective reasonings. As the guests arrived at the venue in succession, the event witnessed the gracious presence of the Bollywood actress- Padmini Kolhapure, who was the chief guest at the forum.

Moreover, the forum was glittering with the presence of Onkareshwar Pandey- Editorial Director, His Excellency Roger (Rajendran) Latchman Consul-General Of Georgia, Dr. Prajapati Trivedi-Special Envoy for SDG Implementation at the Commonwealth Secretariat, MR. ASHWANI KUMAR, IAS – Advisor, BRICS, India, New Delhi, PROF. (MS.) SUSHMA YADAV – Member- UGC, Ministry of Education, Govt of India, New Delhi, SHADAM MAHMOOD KHAN – Dy Director/ Sr. Research Officer ( Infrastructure Connectivity) Niti Aayog, Govt. Of India, DR. RATNESH – Executive Director, UN Global Compact Network, India, (UNGCNI), New Delhi, Ms SHAILZA TANEJA, Former Senior Official, UN, DR. MANOJ KUMAR PATAIRIYA -Director, CSIR-National Institute of Science Communication And Information

Resources (CSIR-NISCAIR), Ministry of Agriculture, Govt of India, New Delhi, DILEEP SANGHANI – Chairman – NCUI, IFFCO, GUJCOMASOL, SH MURARI TIWARI – The Chairman, Bar Council of Delhi, DR. RAHUL SINGH Professor & Chair of Strategy, Innovation and Entrepreneurship, Chair of CESTour centre at Birla Institute of Management Technology, India. Co-founder, Asia Africa Forum on Corruption, Indonesia, MAJ GEN RAJAN KOCHHAR – Vice Chairman National Council of News and Broadcasting, New Delhi, and DR. PARVEZ HAYAT, IPS, Independent External Monitor for SBI & BEL, Chief Compliance Officer, New Delhi.

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Medanjali Healthtech raises $ 1 million from Dubai-based investors

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India, 31st January 2023: Bihar-based health-tech company Medanjali Healthtech recently garnered a whopping $1 million in seed funding from a family-run business in Dubai. The substantial fund will be dedicated to advancing the company’s noble and innovative cause of disrupting the healthcare system by expanding a robust network of “phygital” (physical and digital: hybrid) health centres across the country, particularly in rural areas where the upkeep and running as well as the establishment of healthcare infrastructure still remain challenges. Further, the fund will also be used to bolster the start-up’s operations, procurement, and infrastructure.

The social cause-oriented enterprise, founded by Brajesh Sharma and Sameer Chandrakar in August 2022, has in January launched its pilot operations via the 5 Medanjali Health Clinics (MHCs) in Bihar Marhaura, Nagra, Garkha, Parsa, Masrak, located in the Chhapra district. The clinics are part of the tech-powered rural healthcare model of the initiative, which leverages the latest AI and analytics technology to not only bring together expert healthcare professionals and rural beneficiaries but also expedite last-mile caregiving services.

About the funding round, Brajesh Sharma, Co-Founder shared on an elated note, “We are extremely delighted by this round of funding, which has massively boosted our cause to deliver quality and affordable rural healthcare, a prevalent concern in a country such as India.” Rural India remains the nation’s backbone in terms of population, labor, and food security, while healthcare services remain deficient and must be improved. With this fund, we are one step ahead of our goal to disrupt the healthcare system in India via our “phygital”—physical and digital—hybrid clinics.

Echoing his thoughts, Sameer Chandrakar, Co-Founder said, “Medanjali clinics will change the way we perceive healthcare.” “The digital interface, combined with the quality in-chamber facilities, will enable patients, especially those from remote villages, to access high-quality consultation at an affordable price, regardless of their geographical location.”

Furthering its cause of disease prevention and cure at the grassroots, Medhanjali Healthcare Pvt. Ltd. plans to establish clinics across the 534 panchayat blocks in Bihar within the next 2 years and become one of the foremost technology-based healthcare start-ups. Powering the revolutionary initiative stands a proactive team of 42, who are collectively working towards a massive expansion to an additional 50 clinics in the Chhapra, Siwan, and Gopalganj regions.

For more information, please visit: http://www.medanjali.com/

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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