Raheja Developers

Raheja Developers Limited, (RDL), formerly Raheja Developers Private Limited, is an Indian real estate development company with its headquarters in Delhi, India.

Raheja Developers Limited
FormerlyRaheja Developers Private Limited
TypePublic
IndustryReal estate
Founded1990 (1990) in Delhi, India
FounderNavin Raheja
HeadquartersSaket,
New Delhi
,
India
Area served
National Capital Region
Websitewww.raheja.com

RDL was incorporated in 1990 by its current Chairman and Managing Director Navin Raheja.[1]

Nayan Raheja was named among the "The Most Promising Business Leaders of Asia 2020-21".[2]

In 2020, Raheja Developers appointed Achal Raina as its Chief Operating Officer.[3]

History

Raheja Developers Limited was incorporated by Navin Raheja in 1990.[4] The group has worked with contractors such as Aedas,[5] Shapoorji-Pallonji[6] and two of its joint-development projects were in collaboration with Tata Group.[7] It had also collaborated with Dubai-based Arabtec Construction.[8]

In 2008, Raheja Developers planned to build a Special Enterprise Zone (SEZ) in Gurgaon at an estimated cost of $660M US. The development was to be on a 255-acre (103 ha) site,[9] but the project did not advance. The Government of India announced denotification of the SEZ project on 29 January 2014.[10]

In Aug 2020, Nayan Raheja, Director, was listed in the 40 Under 40 Most Influential Indians 2019-20' by AsiaOne Magazine.[1]  

Geographies Covered

Raheja Developers is operational in 12 major cities across India including Gurgaon, Bangalore, Mumbai, Delhi, Mewat and Dharuhera.[11]

Awards

In Feb 2020, Raheja Developers was awarded the prestigious “CNBC Awaaz - CRISIL Real Estate Awards”.[12]

In Feb 2020, Raheja Revanta, the tallest residential towers by Raheja Developers, was awarded the Luxury Project of the Year by CNN News 18 Real Estate Business Excellence Awards. The project is being built by Arabtec, the makers of Burj Khalifa, Dubai. Raheja Vanya, located in Gurugram, bagged the Green Project of the Year Award 2020.[12]

In Feb, 2020, Raheja Vanya, was awarded the Green Project of the Year 2020.[12]

In June 2020, The Economic Times awarded Raheja Developers as the winner of 'Best Iconic Brand in India for Real Estate'.[13]

In Oct 2020, Raheja Developers was awarded the “Best Employer” in the real estate category by IBRF, a Bengaluru based marketing and research firm.[14]

Controversies

In 2010, a raid by Indian Income Tax authorities led to a recovery of tax evasion amounting to ₹80 crore (US$11 million).[15]

In 2014 investigative portal Cobrapost conducted a sting operation against several real estate developers.[16][17] It alleged that Raheja was one among the several developers willing to accept black money.[18] Based on this, the Central Board of Direct Taxes ordered a probe into Raheja and 34 other developers.[19][20]

In 2014, the Prime Minister of India's Office ordered a probe relating to alleged irregularities in a Gurgaon housing project named Raheja Atharva.[21] Subsequently, the State Level Expert Appraisal Committee investigated,[22] and 0.8 acres of the Atharva project was sealed as it was illegally constructed without any Environmental Clearances.[23]

In October 2019, one of Raheja's projects were imposed with a heavy fine, for flouting pollution norms.[24]

In July 2019, Raheja Developers faced insolvency proceedings under the Section 7 of Insolvency and Bankruptcy Code, 2016, on a complaint filed by home buyers on alleged delay in delivery of flats. On enquiry, the NCLAT bench observed that the home buyers had filed the application with intent of refund of money.[25] [26]

The NCLAT reserved its order in the case in September 2019, further removing the Interim Resolution Professional (IRP) in January 2020, thus allowing the board of directors to take back control of the company.[27][28]

References
  1. ANI. "Nayan Raheja named amongst 40 Under 40 Most Influential Indians 2019-20 by AsiaOne Magazine". BW Businessworld. Retrieved 11 January 2021.
  2. "Raheja Developers Limited - Company, directors and contact details". Zauba Corp. Retrieved 19 February 2020.
  3. Hasan, Abid; Ltd, People Matters Media Pvt (22 July 2020). "Raheja Developers appoints Achal Raina as COO". People Matters. Retrieved 11 January 2021.
  4. "Business Week: Raheja Developers Ltd". Business Week. Retrieved 26 November 2014.
  5. "Tata Housing to develop 200 lakh sq. ft". The Hindu. Retrieved 10 June 2017.
  6. "Bhoomi Poojan of – RAHEJA SHILAS". MagicBricks. Retrieved 18 October 2010.
  7. "Rahejas to ink JVs with Tata Housing, 2 Dubai firms". Financial Express. Retrieved 1 November 2011.
  8. "Raheja forms JV with Dubai's construction firm Arabtec". Livemint. Retrieved 5 November 2011.
  9. "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.
  10. "Raheja Denotification" (PDF). SEZindia.nic.in. Govt of India. Retrieved 3 January 2016.
  11. "Raheja Developers to deliver 7,000 units in next 1-2 years". ANI News. Retrieved 4 February 2021.
  12. "Raheja Developers bags multiple awards at CNN News 18 Real Estate and Business Excellence Awards". www.aninews.in. Retrieved 21 February 2020.
  13. "Raheja Developers adjudged 'Best Iconic Brand in India for Real Estate' by Economic Times". ANI News. Retrieved 11 January 2021.
  14. ANI. "Raheja Developers adjudged 'Best Employer' in the Real Estate Category by IBRF". BW Businessworld. Retrieved 11 January 2021.
  15. Saini, Manveer. "Tax evasion worth Rs 80cr unearthed". Times of India. Retrieved 5 January 2015.
  16. "Black money rampant in realty deals, reveals sting op - Times of India". The Times of India. Retrieved 26 October 2017.
  17. Reporter, BS (28 November 2014). "Cobrapost stings realtors". Business Standard India. Retrieved 26 October 2017.
  18. "Operation Black Ninja". Cobrapost. Archived from the original on 11 December 2014. Retrieved 11 December 2014.
  19. "Black Money: CBDT orders I-T Probe against select real estate firms". www.livemint.com. Mint. Retrieved 11 December 2014.
  20. "Cobrapost sting: CBDT orders probe against real estate firms over black money allegations". Financial Express. Retrieved 11 December 2014.
  21. Hussain, Shabana. "PMO asks Haryana to probe complaints against Raheja Developers". Forbes India Magazine. Retrieved 19 December 2014.
  22. "Gazette of India" (PDF). Ministry of Environment, Forest and Climate Change. Retrieved 3 January 2016.
  23. "SEAC Seals Site of Raheja Builder". Amar Ujala. Amar Ujala Newspaper. Retrieved 3 January 2016.
  24. Arora, Shilpy (7 October 2019). "Gurugram: Five builders flout pollution norms, fined". The Times of India. Retrieved 9 October 2019.
  25. Babar, Kailash; Vyas, Maulik (27 July 2019). "Raheja Developers to face insolvency proceedings". The Economic Times. Retrieved 25 September 2019.
  26. "NCLT starts insolvency proceedings against Raheja Builders". Livemint. 9 September 2019. Retrieved 25 September 2019.
  27. www.ETRealty.com. "NCLAT reserves orders in Raheja Developer's insolvency case - ET RealEstate". ETRealty.com. Retrieved 21 February 2020.
  28. "Delayed delivery of flats: Raheja group regains control of firm as IRP removed". epaper.timesgroup.com. Retrieved 21 February 2020.
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