Darshan Hiranandani has been living in Dubai for the past several years.
The group has said it will cooperate with the ED in this FEMA investigation.
The accused allegedly took money against bookings in 2011.
The Adani group emerged as the highest bidder.
The aim is to prevent subversive and anti-social elements from seeking hideouts in residential areas.
The MD of Maxstar approached Mumbai Police after he came across irregularities in the transactions.
The last date for submission of applications was Friday but it was extended till January 23.
For the final approval, the details of this bid will be sent to the Government and the approval process will take a couple of weeks.
The prosecution said that on the last date, the court had directed the accused to remain present before it on Monday.
The South Mumbai project will be developed over a land parcel of five acres.
The firm has also paid a total stamp duty of Rs 7.13 crore.
He will be produced before a court later in the day, informed sources.
Installation of boards with work timing and duration at the construction site should also be done.
The step is aimed at strengthening the capital base mainly of small housing finance companies (HFC).
This is KSH Infra's second deal for the Pune facility after Morgan Stanley Real Estate Investing.
Pawar requested the Prime Minister's personal attention into the matter.
The court sent them to jail after no further remand was sought by the central investigating agency.
The university has also helped transform Mumbai's St. Xaviers College.
The RBI cut interest rates by a sharper-than-expected 75 basis points in late March.
