Raheja Developers

Raheja Developers Limited
Formerly called
 Raheja Developers Private Limited
Private
Industry Real estate
Founded 1990 (1990) in Delhi, India
Founder Navin Raheja
Headquarters Saket, New Delhi, India
Area served
 National Capital Region
Key people
 Navin Raheja (Chairman and Managing Director)
Nayan Raheja (Executive Director)
Website www.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 by Navin M Raheja in 1990. 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 2008, Raheja Developers planned to build a Special Enterprise Zone (SEZ) in Gurgaon at an estimated cost of ₹4500 crore (US$660 million). The development was to be on a 255-acre (103 ha) site[2] but the project did not advance. In a Gazette Notification of the Government of India on 29 January 2014 the Raheja SEZ was denotified, and the whole SEZ project scrapped.[3]

Development partners

Raheja Developers works with contractors such as Aedas,[4] Callison, Lessard, Meinhardt,[5][6] WSP, Shapoorji-Pallonji,[7] and L&T.[8] Two of its joint-development projects are in collaboration with Tata Group.[9]

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$3.0 million).[10][11][12][13] There is also another joint venture agreement with ECC.[14]

In 2014, Raheja and eight other builders began a collaboration with Haryana Urban Development Authority for the construction of affordable housing in Sohna region of Gurgaon, under the "Housing for all by 2022" policy of the Government of India.[15][16] In October 2015, Raheja slashed the rates offered under the project by about 30-35 percent lower than the existing ones in the location citing sluggish sales.[17]

Awards

Investigations and legal challenges

Raheja Developers were named in a sting operation relating to corruption by investigative portal Cobrapost.[19][20][21][22] Based on the sting operation by Cobrapost, India's highest tax authority, the Central Board of Direct Taxes, has ordered a probe into Raheja Developers, and 34 other developers, caught in the sting operation.[23][24] 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$12 million) was unearthed at that time.[25]

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.[26] However the project could not be started due to the refusal of slum-dwellers to move out to allow in-situ re-development.[27] This policy failure was acknowledged by the DDA.[27] 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.[28] 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.[29] 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.[30][31]

In 2014, the Prime Minister of India's Office ordered a probe relating to alleged irregularities in a Gurgaon housing project named Raheja Atharva.[32] Raheja Developers were quoted as blaming Haryana Urban Development Authority (HUDA) for the delay over construction of infrastructure like road connectivity, water and sewerage. On 16 December 2015, on basis of complaint by the Atharva Owners Welfare Association (Regd.), an inspection was carried out by Mr GR Goyat, Chariman of the State Level Expert Appraisal Committee,[33] and 0.8 acres of the Atharva project was sealed as it was illegally constructed without any Environmental Clearances.[34] Further, the news report states that instead of 520 apartments for which permission had been obtained, around 700 apartments had been constructed without obtaining the Environmental Clearance. And, instead of the 30% green spaces according to the approved plan, the builder had left only around 15% green spaces.

On 15 June 2015 an investigation was ordered into the Raheja residential project Shilas (name of some towers in the Raheja Atharva complex) by the Haryana Urban Development Authority, after an inspection revealed that the fire safety systems in the 700-apartment complex were non-functional.[35]

Forty three buyers of properties in the project Atharva filed a lawsuit against Raheja Developers with the National Consumer Disputes Redressal Commission (NCDRC). [36] Since the first case was filed by 43 buyers of Raheja Atharva on 22 July 2014, an additional 24 cases involving over 750 buyers have been filed by home buyers of Raheja Vedanta, Raheja Navodaya, Raheja Atlantis and additional buyers in Raheja Atharva at the National Consumer Disputes Redressal Commission (NCDRC) as of 3 January 2016, with Raheja being the respondent as shown on the NCDRC website.[37]

On October 07, 2015 a public notice was issued, and published on October 22, 2015 in the Hindustan Times daily newspaper, regarding complaint of Raheja Vedaanta buyers against Raheja Developers Ltd at the National Consumer Disputes Redressal Commission (NCDRC). The notice informed all other buyers, who were not yet part of the Vedaanta case against Raheja Developers to join the 110 buyers who are part of the Case Number 73 of 2015 before NCDRC. [38]

Forbes India has alleged that Raheja Developers[39] 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 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.
  3. ↑ "Raheja Denotification" (PDF). SEZindia.nic.in. Govt of India. Retrieved 3 January 2016.
  4. ↑ "Tata Housing to develop 200 lakh sq. ft.". The Hindu. Retrieved 8 August 2008.
  5. ↑ "Lessard Design". Lessard Design.
  6. ↑ "Times of India Publications". Times of India.
  7. ↑ "Bhoomi Poojan of – RAHEJA SHILAS". MagicBricks. Retrieved 18 October 2010.
  8. ↑ "RAHEJA ARANYA - OVERVIEW". Times of India. Retrieved 7 November 2013.
  9. ↑ "Rahejas to ink JVs with Tata Housing, 2 Dubai firms". Financial Express. Retrieved 1 November 2011.
  10. ↑ "Raheja Developers inks a joint venture with Arabtec". The Economic Times. 11 November 2011. Retrieved 14 March 2014.
  11. ↑ "Raheja Developers in JV to build tallest towers in NCR". India Today. 5 November 2011. Retrieved 14 March 2015.
  12. ↑ "Raheja forms JV with Dubai’s construction firm Arabtec". Livemint. Retrieved 5 November 2011.
  13. ↑ "RAHEJA REVANTA - OVERVIEW". Times of India. Retrieved 6 November 2013.
  14. ↑ "RAHEJA OMA - OVERVIEW". The Times of India. Retrieved 7 November 2013.
  15. ↑ "List of Affordable Housing Licences in Haryana". Town & Country Planning, Haryana. Retrieved 13 February 2015.
  16. ↑ "Affordable segment moves into focus as others". Indian Express. Retrieved 3 January 2015.
  17. ↑ "Raheja cuts price for housing project in Sohna to Rs 2500/sq ft". The Economic Times (New Delhi). PTI. 29 October 2015. Retrieved 15 December 2015.
  18. ↑ "DIPP circulates Cabinet note on relaxing FDI in housing sector". The Indian Express. 21 September 2013. Retrieved 6 February 2015.
  19. ↑ "Operation Black Ninja". Cobrapost. Retrieved 11 December 2014.
  20. ↑ "Raheja Developers BUSTED in Sting Operation By Cobrapost Regarding Black Money". Qubrex News. Retrieved 18 December 2014.
  21. ↑ "Black money rampant in realty deals, reveals sting op". Times of India. Retrieved 11 December 2014.
  22. ↑ "Cobrapost Stings Realtors". Business Standard. Retrieved 11 December 2014.
  23. ↑ "Black Money: CBDT orders I-T Probe against select real estate firms". www.livemint.com. Mint. Retrieved 11 December 2014.
  24. ↑ "Cobrapost sting: CBDT orders probe against real estate firms over black money allegations". Financial Express. Retrieved 11 December 2014.
  25. ↑ Saini, Manveer. "Tax evasion worth Rs 80cr unearthed". Times of India. Retrieved 5 January 2015.
  26. ↑ "DDA’s slum makeover plan takes off with Kathputli Colony". Mandakini Gahlot indianexpress.com. Retrieved 7 October 2009.
  27. 1 2 "Consensus clause for slum projects". The Times of India (New Delhi). TNN. 10 March 2015. Retrieved 15 December 2015.
  28. ↑ "AAP's Police complaint on Kathputli Colony scam". Retrieved 20 November 2014.
  29. ↑ Tauhid, Sadafut. "Kathputli Colony: The Illusion of Rehabilitation". Ritimo. Retrieved 23 January 2015.
  30. ↑ ALI, MOHAMMAD. "‘DDA granted undue benefits to Kathputli Colony redeveloper’". Retrieved 20 November 2014.
  31. ↑ "Delhi: Kathputli Colony facing threats of evictions and police action". Retrieved 20 November 2014.
  32. ↑ Hussain, Shabana. "PMO asks Haryana to probe complaints against Raheja Developers". Forbes India Magazine. Retrieved 19 December 2014.
  33. ↑ "Gazette of India" (PDF). Ministry of Environment, Forest and Climate Change. Retrieved 3 January 2016.
  34. ↑ "SEAC Seals Site of Raheja Builder". Amar Ujala. Amar Ujala Newspaper. Retrieved 3 January 2016.
  35. ↑ "Shilas Project Main Khameian Milne Per Raheja Builders Ko Notice". Dainik Bhaskar - Daily Newspaper. Retrieved 19 June 2015.
  36. ↑ "Forty three (43) Raheja Atharva Buyers Sue Raheja Developers (Gurgaon) In National Consumer Commission". GurgaonScoop. Retrieved 26 December 2014.
  37. ↑ "NCDRC Case Status" (Case Status: NCDRC; From Date 22 July 2014 To Date 3 January 2016; Field - Respondent - Raheja). National Consumer Disputes Redressal Commission. Retrieved 13 February 2015.
  38. ↑ "Public Notice Regarding Complaint 73 of 2015 by Raheja Vedaanta Buyers at National Consumer Disputes Redressal Commission". Hindustan Times. Retrieved 22 October 2015.
  39. ↑ "Business Week: Raheja Developers Ltd". Business Wire India. Retrieved 21 October 2015.
  40. ↑ Hussain, Shabana. "It’s Builders Vs Buyers in the Indian Real Estate Industry". Forbes India. Retrieved 5 January 2015.
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