Mantri Group

The unsecured creditors of Mantri Realty, a property developer have demanded that company should pay back their loan with interest rate in single transaction, however; the amount is about Rs.300 crore, as per the people who are working with Mantri Realty. According to resources, the payment was defaulted for two years and due to that company reached out to the lenders with an aim to settle the case outside of Bombay High Court. Apart from that Bombay High Court has also appointed the official in an order to liquidate the assets of company.

Sunil Mantri, the MD and Chairman of Mantri Realty, has approached the investors and he is looking for the possibilities to settle the dues with certain negotiations and payments in some installments, but still clients are insisting the company to do one stroke payment. However; people are still waiting for terms and conditions on repayment¸ as per the statement of Anil Agarwal, a lawyer representing case of 10 of the 35nsecured lenders who moved the Bombay High Court against the Mantri Realty. Till now Sunil Mantri hasn’t respond to the calls and email of media, who want to hear the MD of Group, but in response of the text message he sent the number of lawyers of Group who are legally handling the case from the side of developer.

According to recent news, the court ordered Sunil Mantri to deposit his passport and official liquidator has taken possession at the company’s registered office which is located at the Marine Lines in Mumbai. As per sources, there are about 30-40 cases which are against Mantri Group and they are interrelated, however; they are under the section 138 of Negotiable Instruments Act, 1888. Directors; Pankaj Arekar, Deepankar Salvi and Ranjit Ranehave been asked not the leave country without written permission of court. In Year 2012 to 2013, the Mantri Realty had borrowed Rs.300 crore at 24 to 36 percent annual interest rate from private financiers.

In January 2014, the company stopped paying interest as well as principal amount and soon after that all the financiers moved to the Bombay High Court. Mantri Realty has residential projects in all the seven major cities and buyers are worried after the appointment of the official liquidator, whereas; as per the legal experts, there are chances that home buyers could face the problem if their agreements are yet to be registered and court will order to wind up the company. The next hearing of the case is scheduled on January 25.

Porperty Channel – MagicBricks Now

OK

Times Network is ready to launch India’s first housing and property channel known as “MagicBricks Now” and it is going on air from November 1, 2015.

On last Wednesday, officials from Times Network formally announced in New Delhi that they are ready to launch India’s first property channel “MagicBricks Now”. It is all set to go on air from November 1, 2015, and announcement was made in the presence of Union Minister of Urban Development, M Venkaiah Naidu.

According to M Venkaiah Naidu, “I am happy that now onwards there will be more focus on real estate sector and first time investors or buyers will have place to learn something in real estate sector. News and views should remain separate and it is expected that it will help to create the platform for the housing sector and it will help to tie up the government and real estate builders with an aim to create houses for all segments, to get succeed in central government’s mission “Housing for all by 2022”.

Why property channel?

In present the advertising market of real estate in India is about Rs 2,500 crore of which more than Rs 900 crore is garnered by the Times Group itself, especially in the print segment. And now by launching new channel MagicBricks Now”, the Times Group is attempting to increase the market share of real estate advertising as well as want to educate people about real estate trends and pricing factor. Faye D’Souza, the channel’s editor explained that how this new channel will focus on the end consumer with an aim to serve as a platform for the real estate development and infrastructure sector. The more he added that MagicBricks Now” will have singular focus i.e. to educate the end consumer.

How this new channel will deliver information and analysis?

This new channel will showcase rich array of programs which will range from debates to news bulletins and leadership insights to experts views and all about real estate market. These things will help the Times Group to keep the end consumer informed and on the same time to serve as a common meeting ground for experts, first time buyers, sellers, big investors, and real estate developers  who are looking for serious business in real estate sector.

MK Anand, MD and CEO of Times Network stated while explaining the positioning of the channel, “MagicBricks Now has been launched with sole ambition to guide the consumer through process and decision making process with the help of views, analysis and debate of real estate leaders and experts. In present, real estate is of paramount importance in the life of normal people and real estate market is full of jargon, confusion and complexities. “MagicBricks Now” will be first and best unbiased, trustworthy and most authoritative property channel in the Indian property market to help the consumers”.

Channel Programs:

The channel programs will include The Home Buyer’s Guide, The Vastu show, Real Estate Tycoon’s, The Property Guide, Property Hotline, The Interiors Show, of course, ‘The News’, every hour. However; the main spotlights of the channel will on the relevant issues such as; local civic amenities, national property, sustainability, and environment issues will make the channel accessible to all. The marketing campaigns for channel will be unfold post Diwali and MK Anand expects that there will be more viewership for MagicBricks Now in comparison of other English News channels. He expects the channel to reach on the break even in next 4 to 5 months.

While speaking about the association with Times Network to create new channel “MagicBricks Now” Sudhir Pai, CEO of MagicBricks.com stated that “Now onwards we will be the part of MagicBricks Now and we are delighted to be a part of this initiative. Our endeavor is to make our brand ubiquitous across media with an aim to provide real and trustworthy analysis and in-depth information to the consumers. And with this association we will leverage the visual appeal of television to communicate with end users through rich data and experts view”.

The channel will have four partners; Hiranandani, Magicbricks, Mantri and Lotus Green.