Delhi-based real estate developer Sanskar Homes has acquired an 800 square yard property in south Delhi’s Westend for Rs 71 crore.
The company, promoted by Ravi Arora, intends to develop residential floors on the property.
Earlier the company, which focuses on luxury floors, had acquired a bungalow from Mobius Foundation chairman Pradip Burman for about Rs 75 crore.
Earlier, Sanskar Projects and Housing Pvt Ltd was dragged to the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code over a default of more than Rs 5 crore by its financial creditor Realpro Realty Solutions.
There has also been a public notice issued by the buyer of a Jor Bagh property against the developer for breach of property development agreement.
Sanskar Homes did not respond to an email query till press time.
According to experts, plot acquisition in the prime south Delhi market has increased as demand for luxury apartments with amenities has gone up.
The builders are acquiring old assets, constructing four floors and selling them independently.
“Demand certainly exists for luxury floors but after the recent order by the Real Estate Regulatory Authority (RERA), it has become difficult for local builders to start the construction immediately after acquiring land,” said an industry expert. “Now, if a builder is carrying construction where the plot size is over 500 metre, irrespective of the number of units, he has to get it registered with RERA.”
Builders not registering projects with RERA had become a nuisance as buyers couldn’t take any action in case of delay in delivery.
According to a copy of the sale deed, Sanskar Homes has paid Rs 4.26 crore as stamp duty for the property.