Lodha Group provides an update on its June 2022 acquisition of G Corp Homes Private Limited for development in Bengaluru. While RERA authorities initially upheld Lodha’s compliances, the Karnataka Real Estate Appellate Tribunal has directed further compliance. Lodha intends to challenge this order and remains confident in obtaining favorable remedies regarding the aforementioned matter.
G Corp Homes Acquisition Update
Lodha Group has announced an update regarding its acquisition of 100% stake in G Corp Homes Private Limited (G Corp) in June 2022. This acquisition was aimed at developing the remaining phases of a project in Bengaluru, which were subsequently launched after securing the necessary approvals from relevant authorities, including RERA.
Regulatory Compliance and Tribunal Order
Initially, RERA authorities had supported G Corp’s compliance measures and dismissed a related complaint. However, the company has recently received an order from the Karnataka Real Estate Appellate Tribunal, which directs Karnataka RERA to seek further compliance from G Corp.
Lodha’s Response and Outlook
Lodha Group plans to challenge the tribunal’s order in an appropriate forum. The company remains confident that it will secure suitable remedies against the said order, indicating a positive outlook on resolving the compliance directives.
Source: BSE
