Raheja Developers
{{Use Indian English|date=March 2015}}
{{Use dmy dates|date=August 2015}}
{{Infobox company
| name = Raheja Developers Limited
| logo = Raheja Developers.svg
| type = Public currently under insolvency proceedings.
| founded = {{start date and age|1990}} in Delhi, India
| founder = Navin Raheja
| hq_location = Saket
| hq_location_city = New Delhi
| hq_location_country = India
| area_served = National Capital Region
| industry = Real estate
| website = {{URL|http://www.raheja.com}}
| former_name = Raheja Developers Private Limited
}}
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 in 1990 by Navin Raheja, who currently serves as chairman.
Currently, the company is under insolvency proceedings as the Principal Bench of the National Company Law Tribunal (NCLT) has stated the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. This order came on 19 November 2024. NCLT had also appointed an Interim Resolution Professional (IRP), uspending the board of the realty firm and putting it under the protection of moratorium against lenders, as per the provisions of the Insolvency & Bankruptcy Code.
History
Raheja Developers Limited was incorporated by Navin Raheja in 1990. The group has worked with contractors such as Aedas,{{Cite news |url=http://www.thehindu.com/todays-paper/tp-business/Tata-Housing-to-develop-200-lakh-sq.-ft./article15274906.ece |title=Tata Housing to develop 200 lakh sq. ft. |newspaper=The Hindu |access-date=10 June 2017}} Shapoorji-Pallonji and two of its joint-development projects were in collaboration with Tata Group.{{Cite news |url=http://www.financialexpress.com/news/rahejas-to-ink-jvs-with-tata-housing-2-dubai-firms/868625 |title=Rahejas to ink JVs with Tata Housing, 2 Dubai firms |publisher= Financial Express |accessdate=1 November 2011}} It had also collaborated with Dubai-based Arabtec Construction.{{Cite news |url=http://www.livemint.com/Companies/LgS46TKU8Eg2FFmpSjE1NN/Raheja-forms-JV-with-Dubai8217s-construction-firm-Arabtec.html |title=Raheja forms JV with Dubai's construction firm Arabtec |publisher= Livemint |accessdate=5 November 2011}}
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 {{convert|255|acre|ha|adj=on}} site, but the project did not advance. The Government of India announced denotification of the SEZ project on 29 January 2014.{{cite web|title=Raheja Denotification|url=http://www.sezindia.nic.in/writereaddata/notifications/Raheja%20denotificaiton%20full.pdf|website=SEZindia.nic.in|publisher=Govt of India|accessdate=3 January 2016}}
In 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, but now a dispute has developed between Raheja Developers and Arabtec and the matter of contract-termination reached the Delhi High Court. [https://indiankanoon.org/doc/105525322/ IndianKanoon: Raheja Developers Ltd vs Arabtec Construction (India) on 14 May, 2020]
Raheja Vanya, located in Gurugram, bagged the Green Project of the Year Award 2020.
= Controversies =
In 2010, a raid by Indian Income Tax authorities led to a recovery of tax evasion amounting to {{INRConvert|80|c}}.{{cite web|last=Saini|first=Manveer|title=Tax evasion worth Rs 80cr unearthed|url=http://timesofindia.indiatimes.com/city/chandigarh/Tax-evasion-worth-Rs-80cr-unearthed/articleshow/5586071.cms|website=Times of India|accessdate=5 January 2015}}
In 2014 investigative portal Cobrapost conducted a sting operation against several real estate developers.{{Cite news|title=Black money rampant in realty deals, reveals sting op - Times of India|work=The Times of India|url=http://timesofindia.indiatimes.com/india/Black-money-rampant-in-realty-deals-reveals-sting-op/articleshow/45302456.cms|access-date=26 October 2017}}{{Cite news|last=Reporter|first=BS|date=28 November 2014|title=Cobrapost stings realtors|work=Business Standard India|url=http://www.business-standard.com/article/companies/cobrapost-stings-realtors-114112700275_1.html|access-date=26 October 2017}} It alleged that Raheja was one among the several developers willing to accept black money.{{cite web|title=Operation Black Ninja|url=http://cobrapost.com/index.php/news-detail?nid=7299&cid=23|publisher=Cobrapost|accessdate=11 December 2014|archiveurl=https://web.archive.org/web/20141211004306/http://cobrapost.com/index.php/news-detail?nid=7299&cid=23|archivedate=11 December 2014}} Based on this, the Central Board of Direct Taxes ordered a probe into Raheja and 34 other developers.{{cite web|title=Black Money: CBDT orders I-T Probe against select real estate firms|url=http://www.livemint.com/Home-Page/DYeHASvLZQDDovzYg2U6FP/Black-money-CBDT-orders-IT-probe-against-select-real-estat.html|website=www.livemint.com|publisher=Mint|accessdate=11 December 2014}}{{cite web|title=Cobrapost sting: CBDT orders probe against real estate firms over black money allegations|url=http://www.financialexpress.com/article/economy/blackmoney-cbdt-orders-probe-against-select-real-estate-firms/13999/|publisher=Financial Express|accessdate=11 December 2014}}
In 2014, the Prime Minister of India's Office ordered a probe relating to alleged irregularities in a Gurgaon housing project named Raheja Atharva.{{cite web|last1=Hussain|first1=Shabana|title=PMO asks Haryana to probe complaints against Raheja Developers|url=http://forbesindia.com/article/special/pmo-asks-haryana-to-probe-complaints-against-raheja-developers/39249/1|publisher=Forbes India Magazine|accessdate=19 December 2014}} Subsequently, the State Level Expert Appraisal Committee investigated,{{cite web|title=Gazette of India|url=http://envfor.nic.in/sites/default/files/Notification%20Haryana%20(1)(1).pdf|website=Ministry of Environment, Forest and Climate Change|accessdate=3 January 2016}} and 0.8 acres of the Atharva project was sealed as it was illegally constructed without any Environmental Clearances.{{cite web|title=SEAC Seals Site of Raheja Builder|url=http://epaper.amarujala.com/gr/20151218/06.html?format=html|website=Amar Ujala|publisher=Amar Ujala Newspaper|accessdate=3 January 2016}}
In October 2019, one of Raheja's projects were imposed with a heavy fine, for flouting pollution norms.{{Cite web|last=Arora|first=Shilpy|date=7 October 2019|title=Gurugram: Five builders flout pollution norms, fined|url=https://timesofindia.indiatimes.com/city/gurgaon/five-builders-flout-pollution-norms-fined/articleshow/71470905.cms|access-date=9 October 2019|website=The Times of India}}
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.{{Cite news|last1=Babar|first1=Kailash|last2=Vyas|first2=Maulik|date=27 July 2019|title=Raheja Developers to face insolvency proceedings|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/services/property-/-cstruction/raheja-developers-to-face-insolvency-proceedings/articleshow/70406616.cms|access-date=25 September 2019}} {{Cite web|date=9 September 2019|title=NCLT starts insolvency proceedings against Raheja Builders|url=https://www.livemint.com/industry/infrastructure/nclt-starts-insolvency-proceedings-against-raheja-builders-1568007172533.html|access-date=25 September 2019|website=Livemint}}
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.{{Cite web|last=www.ETRealty.com|title=NCLAT reserves orders in Raheja Developer's insolvency case - ET RealEstate|url=https://realty.economictimes.indiatimes.com/news/regulatory/nclat-reserves-orders-in-raheja-developers-insolvency-case/71262824|access-date=21 February 2020|website=ETRealty.com}}{{Cite web|title=Delayed delivery of flats: Raheja group regains control of firm as IRP removed|url=https://epaper.timesgroup.com/olive/apa/timesofindia/SharedView.Article.aspx?href=TOIDEL/2020/01/23&id=Ar01020&sk=78DE2394&viewMode=text|access-date=21 February 2020|website=epaper.timesgroup.com}}