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Business Standard
14 minutes ago
- Business Standard
Lohia Worldspace to launch ₹200 cr luxury villa project in UP's Moradabad
Realty firm Lohia Worldspace will invest about Rs 200 crore to develop a 10-acre housing project in Moradabad, Uttar Pradesh, marking its entry into real estate business. This will be the company's first real estate project, comprising 175 luxury villas. Lohia Worldspace is the real estate arm of the diversified Delhi-based Lohia Global, a privately held company with an annual revenue of around Rs 1,200 crore. Established in 1979, the Group has four businesses - handicraft exports, electric vehicles, tiles and solar energy. Now, it has entered into real estate business to monetise its land bank of around 200 acres across various cities in North India. "Our vision with Lohia Worldspace is to create homes that are modern, meaningful, and rooted in thoughtful design," said Pyush Lohia, Director, Lohia Worldspace. The project cost is estimated at Rs 200 crore and expected to be delivered by 2029. Pyush said there is a huge demand for premium homes in Moradabad market. Last year, Lohia Global announced its entry into real estate and said it would invest Rs 1,000 crore over the next five years to develop real estate projects across India. These projects will primarily be located on premium land parcels already owned by the group. "Moradabad isn't just where we begin. It's where our roots are. We are proud to invest in the city's future by offering something that uplifts its people, infrastructure, and aspirations," said Pyush. He said the company would launch more projects in Moradabad in coming years and also enter Delhi property market.
Time of India
27 minutes ago
- Time of India
Gang busted for Rs 50 lakh loan fraud using forged salary slips; 2 held in Indore
INDORE: Vijay Nagar police busted a gang involved in large-scale loan fraud using forged salary slips of a reputed company and arrested two men in this connection on Saturday. 'The accused were operating a sophisticated scam by exploiting loopholes in the banking system and presenting themselves as salaried employees of Blue Star Company to secure personal and vehicle loans worth several lakhs from multiple banks,' said ACP Aditya Patle. 'The fraud came to light following a complaint from HDFC Bank, which reported suspicious documents submitted during a loan application. The documents included fake salary slips and account statements showing regular salary credits from Blue Star Company,' he said. During the investigation, it was found that the accused had opened a current account in the name of Blue Star using forged GST and business registration documents under the name of an AC technician associated with the company. They regularly transferred fixed amounts from this fake company account to their own and their associates' accounts, portraying them as monthly salaries. The arrested accused have been identified as Ravi Kumar Pal (32), a resident of Sadar Pur, Noida, and Devendra Singh (30), a resident of Aanshal Town, Meerut. Both confessed during interrogation to having obtained documents like Aadhaar and PAN cards in fabricated names. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why seniors are rushing to get this Internet box – here's why! Techno Mag Learn More Undo 'Devendra, for instance, opened a private bank account in the name of a fictitious person, Dev Sharma, and used that to secure an Rs 11 lakh loan from another private bank by showing fake salary credits,' he said. 'Ravi Pal used similar tactics by manipulating Aadhaar-linked mobile numbers. He convinced an acquaintance, Shailesh Ahirwar, to link his (Ravi's) number to Shailesh's Aadhaar card. Later, he used OTPs to update Shailesh's address to Indore and created a fake PAN card in Shailesh's name with his own photograph. Using this identity, he opened a bank account, produced forged salary slips, and secured another Rs 11 lakh loan from a private bank,' he said. The accused are believed to have previously defrauded several banks of nearly Rs 50 lakh. Encouraged by past success, they attempted another loan using similar methods when HDFC's internal verification raised suspicion, prompting a police complaint. Both accused have been produced before court and are currently in police custody for further interrogation. Investigators are now probing the extent of the scam and identifying other possible accomplices.
Time of India
33 minutes ago
- Time of India
No more shortcuts! Roads ministry tightens stricter rules for highway projects; aims to ensure quality, speed
NEW DELHI: The ministry of roads has implemented stricter qualification requirements for bidding on road projects under hybrid annuity model (HAM) and engineering, construction and procurement (EPC) mode. These enhanced criteria aim to ensure superior construction quality of highways and expressways whilst securing timely project completion. The revised guidelines, detailed in a circular from the ministry of road transport and highways, specify higher financial prerequisites for bidders, enhanced scrutiny of sub-contracting experience, and revised definitions for highways and core sector projects. The modifications arrive as the government prepares to allocate 124 road projects for 2025-26, valued at Rs 3.5 lakh crore, with HAM accounting for over 80 projects. For HAM projects, the financial capacity requirement has increased to 20% from 15% of estimated project cost, whilst consortium member net worth requirements have risen to 10% from 7.5%. "This will ensure large companies with deep pockets bid for projects and deliver quality construction within the set timelines," ET reported, quoting an industry executive. Regarding EPC projects, bidder net worth requirements have doubled to 10%, whilst annual turnover prerequisites have increased to 20% of estimated project cost. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Поза во сне может многое рассказать о вашем характере! Удивительные Новости Undo The updated highways definition excludes railways, metro rail and ports, which now fall under the core sector classification for both HAM and EPC projects. The government is re-evaluating eligibility norms for highway and infrastructure projects after a high number of delays caused by earlier relaxed financial thresholds. These lower thresholds were introduced to allow smaller contractors to participate, but many lacked the financial strength and capacity to deliver on time. According to CareEdge Ratings, 55% of the 374 hybrid annuity model (HAM) projects awarded between 2015 and 2024 were delayed by more than six months. Earlier in Parliament, union road transport minister Nitin Gadkari stated that as of March 2024, 419 out of 952 ongoing road projects, about 44% were running behind schedule due to various factors including financial constraints and delays in clearances. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
