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Bihar RERA to Auction Confiscated Land of Defaulting Builder to Refund Homebuyers

Tuesday 10th December 2024

Bihar RERA plans to auction land confiscated from defaulting builders to reimburse affected homebuyers. This initiative aims to recover funds for buyers who have been impacted by stalled or incomplete real estate projects. It represents a proactive step towards enforcing accountability and ensuring justice for homebuyers in Bihar ...

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Himachal RERA Rejects Homebuyers Complaint on Structural Defects Filed 10 Years After Possession

Thursday 5th December 2024

The Himachal Pradesh Real Estate Regulatory Authority (RERA) recently dismissed a structural defect complaint filed by homebuyers over 10 years after they took possession of the property. The authority cited Section 14(3) of the RERA Act, 2016, which limits the defect liability period to five years from the date of possession. Under this provision, promoters are obligated to rectify structural defects reported within five years. Complaints lodged beyond this timeframe are generally not entertained?This decision underscores the importance of timely action by homebuyers to address any construction-related grievances. The five-year defect liability period ensures accountability while providing a clear timeframe for reporting and resolving issue ...

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Homebuyers, Centre Push Karnataka to Empower K-RERA with Recovery Powers

Thursday 5th December 2024

The Union Ministry of Housing and Urban Affairs has urged states, including Karnataka, to adopt a more robust recovery mechanism for the Real Estate Regulatory Authority (RERA), similar to the Gujarat model. This suggestion comes as recovery orders from the Karnataka RERA (K-RERA) have faced significant implementation challenges, leaving numerous homebuyers unable to secure compensation despite favorable rulings.As of now, over ?700 crore in recovery orders remain largely unfulfilled due to lack of enforcement powers for K-RERA. Homebuyers and the central government have been advocating for giving RERA direct authority to enforce these orders, bypassing the need to rely on the state revenue department, which often leads to delays. This has left many buyers in projects like Ozone Urbana in Bengaluru stranded, unable to claim refunds or possession of their homes despite years of legal battles? ...

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MahaRERA Recovers Over ?200 Crore from Developers to Compensate Homebuyers Across Maharashtra

Tuesday 3rd December 2024

MahaRERA has recovered over ?200 crore from developers to compensate homebuyers, issuing more than 1,100 warrants across Maharashtra. Key recoveries include ?46.47 crore in Mumbai city, ?76.33 crore in the suburbs, and ?39.10 crore in Pune. Retired officials have been appointed to expedite proceedings, reinforcing transparency and accountability in the real estate secto ...

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Haryana RERA Mandates Annual Report Submission from Real Estate Developers

Tuesday 3rd December 2024

Haryana RERA (Real Estate Regulatory Authority) has mandated that real estate developers and builders in the state submit annual reports on their projects. This directive aims to enhance transparency, accountability, and the overall monitoring of ongoing and completed developments. The reports will provide updates on project status, financials, and adherence to timelines. The move is expected to strengthen the regulatory framework and protect the interests of homebuyers in Haryana. ...

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Odisha RERA Lists Builders Owing Rs 6 Crore in Unpaid Fine

Monday 2nd December 2024

The Odisha Real Estate Regulatory Authority (RERA) has published a list of builders who have failed to pay fines totaling Rs 6 crore. These fines were imposed due to non-compliance with various regulatory requirements. The builders have been urged to settle the dues, and RERA is taking further steps to ensure enforcement. The penalties are related to violations such as delayed project completions and non-registration of projects under RERA. ...

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Maharashtra RERA Orders Spenta Enclave to Compensate Homebuyers for Delayed Project Delivery

Friday 29th November 2024

The Maharashtra RERA directed Spenta Enclave to pay interest to two homebuyers for delayed possession of flats in its Altavista project in Mumbai. Despite agreements promising possession by late 2018 and 2019, the builder failed to deliver, prompting the buyers to file complaints. The authority ruled under Section 18 of RERA, allowing interest compensation for delays, and recommended additional compensation for one buyer for mental agony. ...

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BAI Calls for Urgent Reforms to Streamline Tamil Nadu RERA Processes

Monday 25th November 2024

The Builders' Association of India (BAI) has urged for significant reforms in Tamil Nadu's Real Estate Regulatory Authority (RERA) processes, citing inefficiencies that are impeding the real estate sector. Key concerns include prolonged project approval times, lack of procedural clarity, and administrative delays. The BAI emphasized the need for a streamlined system to enhance transparency, improve operational efficiency, and foster a more conducive business environment for developers. The reforms are seen as critical to boosting confidence among stakeholders and accelerating growth in Tamil Nadu's real estate market. ...

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MahaRERA Receives Deregistration Requests for 19 Real Estate Projects Across Maharashtra

Monday 25th November 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received applications from prominent developers, including Lodha Group, K Raheja Corp, Puranik, and Lokhandwala Infrastructure, seeking deregistration of 19 real estate projects across Maharashtra. These projects are located in cities such as Mumbai, Thane, Pune, Nashik, and Nagpur. The reasons cited for deregistration include financial difficulties, economic infeasibility, ongoing legal disputes, family disputes, and changes in government regulations restricting construction. MahaRERA has invited public objections to these applications within 30 days from the date of the list's issuance ...

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Bombay HC Orders Maharashtra Civic Bodies to Integrate Websites with RERA Portal

Wednesday 20th November 2024

The Bombay High Court has instructed all municipal corporations and councils in Maharashtra to link their websites with the Maharashtra RERA portal. This integration is intended to ensure better coordination, enhance transparency in the approval of real estate projects, and facilitate compliance with RERA rules. The court emphasized that this measure will help buyers access accurate project information and hold developers accountable. ...

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Telangana RERA Slaps 18 Lakh Penalty on Sterling Homes for Project Delays

Wednesday 20th November 2024

The Telangana Real Estate Regulatory Authority (RERA) has imposed an ?18 lakh penalty on Sterling Homes, a real estate developer, for project delays. This action stems from a complaint by a buyer who alleged that the developer failed to deliver the property on time, violating RERA regulations. The authority ruled in favor of the buyer, emphasizing the importance of adhering to agreed timelines and safeguarding consumer interests in the real estate sector. ...

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Buildox fined for collecting flat booking amount without Telangana RERA approval

Friday 15th November 2024

Buildox, a real estate firm, has been fined for collecting flat booking amounts without obtaining prior approval from the Telangana Real Estate Regulatory Authority (RERA). RERA regulations require developers to register their projects before accepting any payments from homebuyers. The fine serves as a reminder to developers about the importance of complying with RERA rules to ensure transparency and protect consumer interests in the real estate sector. ...

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Telangana RERA Orders Bhrigu Infra to Refund Rs. 20 Lakh

Thursday 14th November 2024

The Telangana Real Estate Regulatory Authority (RERA) has directed Bhrigu Infra, a real estate developer, to refund Rs. 20 lakh to a buyer who had paid for a plot that was not registered as promised. The buyer had entered into an agreement with the developer for the purchase of the plot, but the plot was not registered under RERA, which is mandatory for real estate transactions in the state. RERA found the developer in violation of the rules and ordered the refund of the amount paid along with interest.This decision underscores the importance of RERA registration for developers and offers protection to buyers against such defaults. ...

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Uttar Pradesh Government Seeks List of Builders Handing Over Flats Without Registries

Wednesday 13th November 2024

The Uttar Pradesh government has asked for a list of builders who are handing over flats to buyers without completing the mandatory property registration. This action aims to address concerns about builders bypassing the registration process, which leaves buyers without legal ownership of their properties. The move is part of efforts to protect homebuyers' rights, ensure transparency in property transactions, and hold builders accountable for adhering to legal requirements. ...

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Bhutani Infra acquires Logic City centre in Noida

Tuesday 12th November 2024

Bhutani Infra has acquired the Logix City Center Mall in Noida for around Rs. 1000 crore. Logix City Center is a significant mixed-use development, comprising retail, office, and entertainment spaces.This deal involves a large mixed-use property with retail, office, and entertainment spaces. The acquisition aligns with Bhutani Infra's strategy to expand its presence in the National Capital Region (NCR), and the company plans to rebrand and revamp the property to cater to evolving market demands. The deal highlights the ongoing growth and investment in the commercial real estate sector in NCR. ...

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Maharashtra RERA Mandates Broker Fee Disclosure in Property Sale Agreements

Saturday 9th November 2024

The Maharashtra Real Estate Regulatory Authority (RERA) has mandated that brokers' commission fees must be disclosed in property sale agreements. This new regulation requires real estate brokers to clearly mention their fees in the agreement, ensuring transparency in transactions. By making broker fees visible upfront, RERA aims to avoid disputes and hidden costs in property deals, benefiting both buyers and sellers. The rule seeks to promote greater accountability within the real estate sector and enhance the trust between all parties involved in a property transaction. ...

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Maharashtra RERA Puts Grading of Real Estate Projects on Hold

Saturday 9th November 2024

Maharashtra's Real Estate Regulatory Authority (RERA) has temporarily suspended its grading system for real estate projects. This system was designed to rate projects based on criteria such as legal compliance, project delivery timelines, and customer satisfaction. The decision to put the grading process on hold comes after concerns about the transparency and effectiveness of the system. RERA plans to review and refine the grading methodology before resuming the process. This suspension may impact the way homebuyers assess developers and projects in the state in the short term. This pause in grading is seen as a step towards ensuring more reliable and meaningful ratings in the future, addressing any issues that could affect the credibility of the system. ...

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Builder cant sell properties without basic amenities: Rajasthan HC

Wednesday 9th October 2024

The Rajasthan High Court raised concerns on Wednesday about the sale of plots and houses in privately developed colonies lacking essential services such as drainage, electricity, and water supply. The court directed the state government, development authorities, and urban bodies to ensure that no developer or builder can sell such properties without meeting construction regulations. ...

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Government issues new quality standards for construction materials

Wednesday 9th October 2024

On Friday, the government announced a new quality control order aimed at establishing rigorous quality standards for essential construction materials, including ropes, cordages, geotextiles, and industrial textiles. This initiative is expected to enhance construction worker safety and improve efficiency in construction processes. The new quality control orders (QCOs) will be implemented gradually, allowing Small and Medium-sized Enterprises (SMEs) more time to comply with the updated standards. ...

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Maharashtra government offers 1.33 FSI incentive for rental housing in Dharavi redevelopment

Wednesday 9th October 2024

Maharashtra Government Offers 1.33 FSI Incentive for Dharavi Redevelopment Rental Housing In light of ongoing litigation, the Maharashtra government has recognized that only 50 of the 246 acres of salt pan land will be available for rental housing for ineligible residents in Dharavi's redevelopment. As an alternative, the state is providing developers with an FSI incentive. On Friday, the state housing department issued a resolution allowing the Dharavi Redevelopment Project Private Ltd (DRPPL) to acquire land outside the Dharavi Notified Area (DNA) for rental housing. ...

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Gurugram: Homebuyers of Hero Homes protest against delayed possession of flats

Wednesday 9th October 2024

Hero Homes Homebuyers Protest Delayed Flat Possession Frustrated homebuyers from Hero Homes in Sector 104 gathered at the project site on Sunday to protest against the delayed possession of their flats. With banners and slogans, the buyers voiced their anger over the developer's lack of communication, claiming there have been no updates on the project's completion timeline. ...

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Bengaluru Development Body Enforces Mandatory e-Khata System for Properties

Monday 16th September 2024

Starting from September 13, the Bangalore Development Authority (BDA) requires all properties under its jurisdiction to transition to the e-khata system, replacing the old paper-based khata system. This move impacts over 2 lakh properties in Bengaluru under BDA's purview and aims to improve transparency in property dealings, making it easier to identify double registrations, financial irregularities, and other fraudulent activities. ...

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Gujarat RERA to Relax Quarterly Progress Report Requirements

Monday 16th September 2024

The Gujarat Real Estate Regulatory Authority (GujRERA) is planning to ease the rules for submitting quarterly progress reports (QPR) for real estate projects. The upcoming changes, expected soon, will remove the automatic quarter lock in case of delayed QPR submissions. Instead, developers will face a daily penalty for late submissions, aiming to improve compliance and ensure better transparency for homebuyers. ...

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Will engage with IRP of Jaiprakash Associates on cement asset acquisition: Dalmia Bharat

Saturday 8th June 2024

Dalmia Bharat announced on Friday that it will engage with the interim resolution professional (IRP) of Jaiprakash Associates Ltd (JAL) to discuss acquiring JAL's cement assets.   Source: ET Realty ...

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H-RERA inspects eight underconstruction projects in Gurugram to grant more time for completion

Saturday 8th June 2024

On Friday, the Real Estate Regulatory Authority (RERA) in Gurugram inspected eight under-construction real estate projects that are set to receive extensions for their completion and handover to buyers, an official reported.   Source: ET Realty ...

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Home loan borrowers may have repaid higher amounts

Saturday 1st June 2024

Mortgage disbursals are significantly outpacing the amount of outstanding home loans, signaling rapid industry growth and a marked increase in incomes. This trend has led end-users to prepay liabilities or reduce debt through lump-sum payments ahead of schedule.   Source: ET Realty ...

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Suraksha Group all set to take over Jaypee Infratech

Saturday 1st June 2024

The National Company Law Appellate Tribunal (NCLAT) recently approved Suraksha Group's resolution plan for Jaypee Infratech Limited (JIL). Suraksha Group is expected to take control of the debt-ridden company following a meeting scheduled for next week.   Source: ET Realty ...

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China may impose record fine on PwC over Evergrande auditing work

Friday 31st May 2024

China is set to levy a record fine on PricewaterhouseCoopers LLP and suspend some of the global auditor’s local operations due to its involvement in one of the country's largest alleged financial fraud cases, according to sources familiar with the matter. ...

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ED attaches assets worth over Rs 290 crore of International Amusement

Friday 31st May 2024

The Enforcement Directorate announced on Thursday that it has attached properties valued at over Rs 290 crore belonging to an amusement and recreation services company. This includes assets in the popular GIP Mall in Noida, as part of an ongoing money laundering investigation.   Source: ET Realty ...

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CPC, KITES plan merger to expand footprint in senior living & geriatric care

Wednesday 29th May 2024

Columbia Pacific Communities (CPC), a leading entity in senior living, is set to merge with KITES Senior Care, a geriatric care provider, aiming to expand nationwide to 10,000 senior living units and 2,000 geriatric care center beds outside hospitals within five years.   Source: ET Realty ...

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NCLAT upholds Adani Goodhomes bid with 93% haircut for Radius Estate

Wednesday 29th May 2024

The Insolvency Appellate Tribunal (NCLAT) has confirmed the approval of Adani Goodhomes' resolution plan for Radius Estate, which involves a 93 percent reduction in debt for creditors. A two-member panel, including the NCLAT Chairman, dismissed the objections from two dissenting financial creditors, citing the "commercial wisdom" of the Committee of Creditors (CoC) that approved the payouts to various creditors.   Source: ET Realty ...

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Transit rent paid by builder not income, cant be taxed: Bombay HC

Tuesday 28th May 2024

In a landmark ruling, the Bombay High Court has determined that transit rent, paid by developers to flat owners/tenants during dispossession, is not considered a revenue receipt and thus not taxable for the recipient. Consequently, developers are not required to deduct tax at source (TDS) from these payments.   Source: ET Realty ...

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Godrej & Boyce sells 58,500 sq ft office space in Mumbais Vikhroli to Godrej Industries

Tuesday 28th May 2024

Godrej & Boyce Manufacturing Company has sold an office space of nearly 58,500 sq ft, spread across two floors in one wing of the Godrej One commercial complex in Vikhroli, Mumbai, to Godrej Industries for Rs 157 crore.   Source: ET Realty ...

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Noida authority submits report on cancellation of two commercial plot allotments

Monday 27th May 2024

The Noida Authority has submitted a report to the Uttar Pradesh government regarding the cancellation of two commercial plot allotments due to alleged violations of terms and noncompetitive rates. On May 10, the state government revoked the allotments to Lavish Buildmart and Skyline Propcon, subsidiaries of the Gurgaon-based real estate company M3M, following a complaint about the ineligibility of the realtors.   Source: ET Realty ...

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Awfis Space Solutions IPO fully subscribed on Day 1

Thursday 23rd May 2024

On the first day of bidding, the initial public offering (IPO) of co-working space operator Awfis Space Solutions was subscribed twice over. The Rs 599 crore IPO received bids for 17,446,143 shares compared to the 8,629,670 shares available, according to data from the NSE. Sourcec: ET Realty ...

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L&T Realty inks pact for joint development of 12.2-acre land in Thane

Thursday 23rd May 2024

L&T Realty, the real estate division of engineering giant Larsen & Toubro, has signed an agreement to jointly develop a 12.2-acre land parcel in Thane’s Panchpakhadi area. This project, which involves the rehabilitation of a large slum area, has a total development potential of over 3.12 million square feet. Source: ET Realty ...

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Shriram Properties to jointly develop four-acre land in Yelahanka, Bengaluru

Wednesday 22nd May 2024

Shriram Properties (SPL) has entered into a joint development agreement (JDA) to develop a four-acre land parcel in Yelahanka, Bengaluru. The proposed project will include 270 apartments with a total saleable area of around 3.8 lakh sq ft. It has a potential revenue of over Rs 250 crore and is expected to be completed over the next three years.     Source: ET Realty ...

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Enforcement directorate attaches assets worth Rs 59-crore of IREO, others

Wednesday 22nd May 2024

The Enforcement Directorate (ED) announced on Tuesday that it has attached new assets worth approximately Rs 59 crore belonging to the real estate company IREO and others as part of a money laundering investigation. The agency has been investigating the company and its promoters for several years on allegations of defrauding home buyers by failing to deliver promised flats, plots, and commercial spaces.   Source: ET Realty ...

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Yamuna authority submits complaint against SDS Infracon for diverting Rs 182 crore

Tuesday 21st May 2024

Nearly six years after the Yamuna Authority filed a complaint against SDS Infracon for allegedly diverting Rs 182 crore of homebuyers’ money to other companies, the realty firm will face a reinvestigation following a recent Allahabad High Court order. The case had been closed by the police in 2020, but the closure report was challenged by the Authority.   Source: ET Realty ...

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Project loan provisions to impact earnings due to limited pass-through: Banks to RBI

Tuesday 21st May 2024

Due to intense competition among lenders and the pressure to maintain relationships with large corporate clients, banks will have only a 'limited ability' to pass on the effects of the proposed increase in project loan provisions. This was conveyed by officials from several large banks to the Reserve Bank of India (RBI) last week, according to sources familiar with the matter.  Source: ET Realty ...

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Haryana RERA imposes penalty on Countrywide Promoters for misleading advertisement

Monday 20th May 2024

The Gurugram bench of the Haryana Real Estate Regulatory Authority (HRERA) has fined Countrywide Promoters Private Limited Rs 50 lakh for publishing a misleading advertisement about its Green Oaks project in a newspaper. The authority issued a show cause notice to the promoter after noting the advertisement in an English daily on March 2, according to an official.   Source: ET Realty ...

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MAHARERA to make amenities deadlines disclosure mandatory

Wednesday 1st May 2024

MAHARERA on monday said that developers have to mentioned end dates by which the amenities will be available for use to the buyers.Prospective buyers are often lured by the vision of swimming pool, gym or a community centre, but agreement to sale remains silent regarding usage and specifications of the amenities.  "The proposed order now makes it mandatory to specify the exact date by which these amenities and facilities will be made available to the residents.  Details of amenities like swimming pools, badminton court, spa, gym , table tennis court , squash , basketball court etcwill have to be provided along with deadline.        ...

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DLF acquires 29 acres land in Gurugram for Rs 825 crore

Wednesday 28th February 2024

According to a BSE filing, DLF has entered into an agreement with Deutsche Investments India, DB International (Asia), Singapore, Standard Chartered Bank, Singapore Branch, and the company for the purchase of privately placed, listed, secured, nonconvertible, redeemable bonds with a face value of Rs 600 crore. The bond issuer has defaulted on repayment of the bonds, along with accrued interest. ...

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EaseMyTrip co-founder buys office space in Gurugram for Rs 99 crore

Wednesday 28th February 2024

Rikant Pittie, a co-founder of EaseMyTrip, paid Rs 99 crore for an office building in Gurgaon. The 65,000 square foot office building is located in sector 32, and Egis India is a tenant in part of the property. ...

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SC refuses bail to Radius Groups MD in Yes Bank money laundering case

Wednesday 28th February 2024

On Thursday, Sanjay Chhabria, a realtor, filed a plea with the Supreme Court challenging the Bombay High Court's decision to deny him default bail in the Yes Bank money laundering case. Judges Bela M. Trivedi and Pankaj Mithal's bench stated that the offense is grave and that the high court took all relevant factors into account. ...

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Bollywood writer, director Krishna DK buys duplex for Rs 35.50 crore in Mumbai

Wednesday 28th February 2024

Krishna Kuppuswami Dasarakothapalli, popularly known as Krishna DK, is a Bollywood writer, director, and producer. He paid more than Rs 35.50 crore for a lavish duplex flat in the Goregaon area of Mumbai.   Source: ET Realty ...

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Nisus-BCD Fund invests Rs 60 crore in Project High Cliff

Monday 26th February 2024

A real estate credit fund called Nisus Finance has contributed Rs 60 crore to High Cliff, a late-stage residential development in Bellandur, Bengaluru, through listed nonconvertible debentures. ...

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Registries to begin in Noida with 1,000 flats first to get green light

Monday 26th February 2024

After much anticipation, the city will launch its long-awaited registry of flats, with 1,084 buyers who have already taken possession of their properties receiving the initial go-ahead. ...

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Gurugram: One-time settlement scheme for EDC dues extended till March end

Monday 26th February 2024

The Haryana government on Wednesday gave builders until March 31 to fulfill their outstanding external development costs under a one-time settlement arrangement, the terms of which have also been modified. ...

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Insolvency & bankruptcy code doesnt give immunity to promoters, directors: SC

Monday 26th February 2024

The Supreme Court has ruled that promoters and directors of an insolvent firm are not entitled to the shield of protection under the Insolvency and Bankruptcy Code, and that proceedings may be brought against them. This decision is a relief to homebuyers, many of whom are left in the dark after real estate companies enter insolvency proceedings and a moratorium is imposed under the code. ...

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Ghaziabad: NGT directs Nipun Builders & Developers not to continue with its group housing project

Tuesday 20th February 2024

A relator in Ghaziabad has been instructed by the National Green Tribunal to halt their group housing project because it does not adhere to environmental standards. ...

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Seven builders in Noida agree to pay 25% dues as part of new policy to revive stuck projects

Tuesday 20th February 2024

In order to cover the cost of registering apartments for more than 1,000 customers, seven Noida developers have committed to pay 25% of the total amount owed to the authorities. ...

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Jamshyd Godrej resigns as nonexecutive director of Godrej Properties

Tuesday 20th February 2024

Godrej Properties, a real estate company, announced on Tuesday that Jamshyd Godrej, who was 75 years old, has stepped down as a non-executive director, effective January 24. The resignation is effective as of January 24. ...

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Kolte-Patil acquires two society redevelopment projects in Mumbai

Tuesday 20th February 2024

Two new society redevelopment projects worth a combined 3.06 lakh sq ft of saleable area have been signed by Kolte-Patil Developers in the western suburbs of Mumbai. This translates into a potential top-line of roughly Rs 545 crore. ...

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Sobha approves issuance of equity shares upto Rs 2,000 crore

Thursday 15th February 2024

The issuance of equity shares of Sobha for a sum not to exceed Rs 2,000 crore through a rights issue to the qualified equity shareholders of the firm has been evaluated and approved by the board of directors, according to a BSE filing. ...

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Gulshan Homz buys 2.5-acre land in Noida for Rs 150 crore

Thursday 15th February 2024

For Rs 150 crore, real estate developer Gulshan Homz bought a 2.5-acre plot of land from a bank in Sector 129, Noida, one of the most desirable real estate districts in the National Capital Region, according to two people with knowledge of the transaction. ...

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Keystone Realtors to redevelop two societies in Mumbai

Thursday 15th February 2024

The preferred developer to redevelop the plot and premises of Veena Nagar Cooperative Housing Society & Neel Kamal Ghruh Cooperative Housing Society on a combined land area of around 12,120 square meters in Malad (West), Mumbai, is Keystone Realtors (Rustomjee Group). ...

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Oberoi Realty net profit dips 48.74% in Q3 FY24

Thursday 15th February 2024

For the quarter that concluded on December 30, 2023, Oberoi Realty's net consolidated profit decreased by 48.74 percent. According to a BSE filing, the company's profit after tax for the third quarter of FY24 was Rs 360.15 crore, compared to Rs 702.57 crore for the same quarter in the previous fiscal year. ...

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DDA released Rs 460 crore to 2,300 bidders in recent and ongoing housing scheme in record time

Monday 12th February 2024

According to an official statement on Sunday, the Delhi Development Authority has released more than Rs 460 crore to over 2,300 bidders in record speed for its recent and current housing initiative.   ...

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Government seeks information on Gurugram civic body colony takeover for audit

Monday 12th February 2024

Nearly two years after the Department of Town and Country Planning (DTCP) mandated that nine approved colonies be turned over to MCG, the Haryana government's principal accountant general (audit) has requested information in order to conduct an inquiry. ...

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Centre to take final call on Maharashtra Registration Act amendment

Monday 12th February 2024

Registration department officials stated on Saturday that in order for sub-registrars in the state to decline registration of property documents that violate federal or state regulations, the central government would need to change the Registration Act, 1908. ...

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BNY Mellon inks lease deal for Pune office with Prestige Group

Monday 12th February 2024

The Prestige Group in Pune and global financial services company BNY Mellon have inked one of the largest release agreements in India, covering almost a million square feet, enabling the American financier to combine several offices located throughout the city into a single site. ...

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Noida authority own panel to inspect old buildings before safety audit

Friday 9th February 2024

A committee consisting of three DGM officials has been established by the Noida Authority to look into requests for structural evaluations of older units. After the builder or Apartment Owners Association (AOA) files a request to have the apartments audited, the committee will take over. ...

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Halan family buys apartments in South Mumbai Mahalaxmi for Rs 104 crore

Friday 9th February 2024

Investors in stocks For around Rs 104 crore, the Halan family purchased eight exquisite sea-view apartments totaling 16,000 square feet in the upscale Mahalaxmi neighborhood in south Mumbai. ...

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HC asks Supertech chairman to respond to EDs plea challenging interim bail

Friday 9th February 2024

The Enforcement Directorate (ED) filed a plea contesting a decision giving R K Arora, the chairman and promoter of the prominent real estate company Supertech Group, interim bail on medical grounds in connection with a money laundering case. The Delhi High Court on Friday requested Arora's answer to the motion. Arora was notified by Judge Manoj Kumar Ohri and requested to provide a response to the petition. ...

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Gurugram: Another Chintel Paradiso tower declared unsafe, evacuation ordered

Friday 9th February 2024

A district administration commission has deemed another Chintels Paradiso Society tower in Gurugram's Sector 109 dangerous, an official said on Friday. According to a study provided by an IIT Delhi team, Tower J became the sixth of the housing unit's eight towers to be deemed unfit for habitation on Friday. ...

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Edelweiss fund to provide Rs 350 crore debt to Adarsh Developers entity

Wednesday 7th February 2024

According to two persons with knowledge of the situation, Edelweiss Special Opportunities Fund gave Bengaluru-based real estate firm Shreshta Infra Projects Pvt Ltd a Rs 350 crore loan facility, in part to finish two projects and repay loans raised from Oaktree Capital. ...

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Lessor has to pay GST on rent if property is used for commercial purposes

Wednesday 7th February 2024

The Rajasthan bench of the Authority for Advance Rulings has ruled that if a lessee (who is registered for GST purposes) uses a residential property for commercial activities, then GST (Goods and Services Tax) is chargeable on the rent. ...

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Gurugram: Structural audit of 22 highrises held up as builders yet to pay fee

Wednesday 7th February 2024

Due to the developers' failure to pay the survey price, the structural assessment of 22 highrise societies that the district administration requested last year has been delayed for the last six months. The developers are now receiving notifications from the deputy commissioner informing them that if they continue to wait, they risk legal action. ...

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Give 64 acres in Mulund for rental homes for Dharavi squatters, Maharashtra tells BMC

Wednesday 7th February 2024

In order to build rental homes for Dharavi locals, the Dharavi Redevelopment Project Private Ltd (DRPPL) has requested an additional 18 acres of Mulund octroi property in addition to a 46-acre land block in Mulund. BMC owns both of the land lots. ...

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Now, pay stamp duty on carpet area for homes in West Bengal

Monday 5th February 2024

In compliance with the directives of the Real Estate Regulatory Authority (RERA), the state has modified the module for registering houses and apartments. Instead of being registered according to super built-up area, as was the case up until this week, houses and apartments in the state will henceforth be recorded according to carpet area. ...

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Table Space, Runwal ink 10-year, Rs 333-crore Mumbai office lease deal

Monday 5th February 2024

In the Andheri district of Mumbai, managed workspace provider Table Space and real estate developer Runwal have reached an agreement for the long-term lease of more than 1.31 lakh square feet of office space in the developer's commercial tower. The period of the lease is more than ten years. ...

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MahaRERA mandates single registration number for each standalone project

Monday 5th February 2024

To protect the interests of homeowners, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has enforced a single registration number for each standalone project. In response to instances when developers obtained two or more MahaRERA registration numbers for the same or different phases of a real estate project, the regulatory body has implemented this procedure. ...

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NCLAT set asides show cause notice against lenders over liquidation of SARE Realty Projects without bids

Monday 5th February 2024

On Wednesday, the National Company Law Appellate Tribunal (NCLAT) overturned an NCLT judgment that had issued a show cause notice and recommended SARE Realty Projects' liquidation without considering other options, such as finding a buyer. ...

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BIS comes out with model building regulation for seamless adoption across nation

Saturday 3rd February 2024

The 'model building regulations' that the Bureau of Indian Standards (BIS) announced on Tuesday are straightforward and easy to apply, which will facilitate their widespread acceptance throughout the nation. The National Building Code (NBC) 2016 and other current national and international building laws were studied in order to produce the model building regulation, Standardized Development and Building laws 2023. ...

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Palava City annual revenue may top Rs 8,000 crore in a few years: Lodha

Saturday 3rd February 2024

Real estate giant Lodha, listed as Macrotech Developers, anticipates that in the coming years, development of residential and commercial properties, including offices, a life sciences hub, warehousing, and industrial spaces, will lead to the scaling up of its integrated smart township Palava City, which is spread over nearly 5,000 acres near Mumbai, and generate revenues worth $1 billion, or over Rs 8,000 crore, annually. ...

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Delhi court grants 30-day interim bail to Supertech chairman

Saturday 3rd February 2024

In a money laundering case, R K Arora, the chairman and promoter of the prominent real estate company Supertech Group, was given temporary parole by a Delhi court on Tuesday for a period of one month due to medical reasons. The accused was given relief by Judge Devender Kumar Jangala in exchange for two sureties and a personal bond of Rs. 1 lakh each. ...

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Omaxe raises Rs 450 crore from Kotak Mahindra Bank

Saturday 3rd February 2024

The lending facility that Omaxe Group acquired from Varde Partners on behalf of Omaxe Heritage has been closed. The entire loan sum of Rs. 440 crore, including interest, has been reimbursed by the corporation. ...

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Ghaziabad: Supertech Estate developer builds 110 extra flats, GDA starts probe

Thursday 1st February 2024

The developer of Supertech Estate in Vaishali is the subject of an investigation by the Ghaziabad Development Authority (GDA) for reportedly chopping out 110 more apartments from larger units. Additionally, it was discovered that the developer had built apartments in a section of the original plan designated as a green belt. ...

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Dharavi residents to get 350 sq ft flats after redevelopment: Adani group

Thursday 1st February 2024

On Monday, the Adani group announced that it would provide new, 350 square foot apartments to qualified residents of the Dharavi slum clusters. According to the Adani group, which is working with the Maharashtra government to rehabilitate the Dharavi slums, the flat size was "17% more" than what is typically provided as part of such projects. ...

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Amitabh Bachchan buys 10,000 sq ft plot worth Rs 14.5 crore in Ayodhya

Thursday 1st February 2024

Bollywood star Amitabh Bachchan has acquired a 10,000 square foot plot in an Ayodhya project being constructed by Mumbai-based real estate company House of Abhinandan Lodha for approximately Rs 14.5 crore, according to sources on Monday. The agreement was confirmed by the House of Abhinandan Lodha, but no financial information was disclosed. ...

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Sobha pays Rs 121 crore to Chintels India for land in Gurugram project

Thursday 1st February 2024

For land that is a part of their joint venture project in Gurgaon, Bangalore-based real estate developer Sobha Ltd has paid Gurgaon-based developer Chintels India Pvt Ltd Rs 121 crore. The property is a component of Sobha International City, a joint venture between the two enterprises. ...

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MahaRERA plans three-tier audit of housing projects

Wednesday 31st January 2024

In order to guarantee that there are no complaints from buyers and that developers are complying with the regulations, the Maharashtra Real Estate Regulatory Authority, or MahaRERA, will be inspecting housing developments at three different levels. ...

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Ghaziabad: House tax may rise by up to Rs 5,000 from April 2024

Wednesday 31st January 2024

As the civic corporation is set to make property tax equivalent with the DM circle rate, homeowners may have to pay an additional Rs 5,000 in taxes every year as of the start of the new fiscal year. ...

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Delhi-NCR air pollution: Centre bans non-essential construction work

Wednesday 31st January 2024

In response to the region's deteriorating air quality, the central government on Sunday issued an order prohibiting unnecessary development projects and the use of BS-III gasoline and BS-IV diesel four-wheelers in Delhi-NCR. ...

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UP-RERA directs the promoters to file backlog of quarterly progress reports

Tuesday 30th January 2024

The promoters of all registered projects have been directed by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) to submit an updated quarterly progress report (QPR) on their projects, including any backlogs, on the authority's website within a period of 15 days. ...

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Maison Sia founder buys luxury pad for Rs 116 crore in Mumbai Worli

Tuesday 30th January 2024

The founder and CEO of the upscale home décor company Maison Sia, Vratika Gupta, paid over Rs 116.42 crore for a seaview luxury apartment in a super-luxury residential tower on Dr. Annie Besant Road in Mumbai's affluent Worli neighborhood. This is the first single residential transaction with a price tag of more than Rs 100 crore this year. ...

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Migsun Group sells retail space in Delhi to Dmart for Rs 108 crore

Tuesday 30th January 2024

The national capital's commercial project's 47,000 square feet of retail space was sold to Dmart for Rs 108 crore, according to a statement released by real estate company Migsun Group on Friday. According to a statement, Dmart has purchased space at the project in Delhi's sector 22, Rohini. ...

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IDFC FIRST Bank leases 1.4 lakh sq ft in Bengaluru

Tuesday 30th January 2024

In order to grow and streamline its operations in Bangalore, IDFC FIRST Bank has leased more than 1.4 lakh square feet of office space in Koramangala. According to a published lease document, the recently leased property charges a rental of Rs 135 per square foot and has a total lease period of nine years. ...

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Supertech chairman seeks interim bail in money laundering case on medical grounds

Monday 29th January 2024

In a money laundering case, R K Arora, the chairman and promoter of the significant real estate company Supertech Group, asked a Delhi court on Wednesday to give him temporary release for a period of three months, citing a number of medical conditions. Arora informed Judge Devender Kumar Jangala of Additional Sessions that he needed "urgent medical assistance" because he had lost about 10 kg since his detention. ...

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Gurugram: Adani Oyster Grande owners protest outside builder office

Monday 29th January 2024

Residents of Adani Oyster Grande organized a protest on Tuesday at the developer's office in Sector 49, objecting to the transfer of maintenance to the RWA and requesting that interest-free maintenance security (IFMS) charges not be transferred. ...

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Nuvama, Cushman form JV to launch Rs 3,000 crore commercial realty fund

Monday 29th January 2024

A joint venture between Nuvama Asset Management and the international commercial real estate services company Cushman & Wakefield was established on Wednesday. This venture will introduce a commercial real estate fund valued at Rs 3,000 crore. The new company will be called Cushman & Wakefield Management and Nuvama. ...

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NCLAT rejects Union Bank plea to oppose Darwin Platform Group bid for Lavasa Corp

Monday 29th January 2024

On Wednesday, the National Company Law Appellate Tribunal dismissed Union Bank of India's request to contest Darwin Platform Group's acquisition proposal for Lavasa Corporation. ...

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CBI names Chintels Indias CMD, seven more in Paradiso cave-in chargesheet

Wednesday 24th January 2024

In a supplemental chargesheet presented to a Panchkula court on Tuesday, the CBI accused Chintels India CMD Ashok Solomon and seven other individuals in connection with its investigation into the February 2022 collapse of flats at Paradiso, the Sector 109 housing complex, in which two residents died. ...

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MahaRERA brings in three-level scrutiny for housing projects registrations

Wednesday 24th January 2024

Housing developments that are registered will undergo a three-level inspection by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to guarantee that there are no complaints from buyers and that developers are complying with the regulations. ...

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NCR: Six builders made Rs 600 crore cash transactions to evade tax

Wednesday 24th January 2024

Six real estate companies in Delhi-NCR were the target of IT raids on their premises on the sixth day. According to officials, the companies transacted in cash worth more than Rs 600 crore. To avoid paying taxes, the businesses allegedly sold apartments in residential and commercial developments for cash. ...

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Noida: Rudra Buildwell Homes promoter hospitalised after arrest over pending dues

Wednesday 24th January 2024

Following his arrest for failing to pay debts of Rs 40 crore, a real estate firm promoter complained of chest trouble and was admitted to the hospital, according to officials on Tuesday. ...

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Can HIRA and RERA co-exist inWest Bengal? Government to decide

Tuesday 23rd January 2024

The government is investigating whether it is possible for two different Acts—one passed by the Centre and the other by a state—that address real estate sector regulation to coexist. The subject matter pertains to the Real Estate (Regulation & Development) Act, 2016 (RERA), a piece of legislation issued by the central government, and the Housing & Industrial Regulation Act, 2017 (HIRA), a law passed by the government of West Bengal.   ...

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No timeline set for Chintels Paradiso rebuilding so far: Flat owners

Tuesday 23rd January 2024

Residents of Sector 109's Chintels Paradiso stated the Supreme Court hasn't provided any relief since the day the apartments were vacated, despite the court's decision for time-bound repair of the flats and request that the developer provide rental assistance to the affected flat owners. Furthermore, they stated that no schedule for reconstruction has been set. ...

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Signature Global sale bookings up 47% to Rs 1,263 crore in Q3 FY24

Tuesday 23rd January 2024

Due to robust housing demand, real estate company Signature Global reported on Monday a 47% increase in sales bookings to Rs 1,262.73 crore for the third quarter of this fiscal year. A year ago, its sales bookings totaled Rs 856.77 crore. ...

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NCLT approves amalgamation, arrangement between JP Infra (Mumbai) entities

Tuesday 23rd January 2024

The plan of amalgamation and arrangement of JP Infra (Mumbai), a real estate company situated in Mumbai, and its related companies, Four D Estates, Four D Buildspace, and JP Infra Realty, has been accepted by the National Company Law Tribunal (NCLT). ...

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Execution of sale agreement must before demanding over 10% of unit cost: UP-RERA

Saturday 20th January 2024

The promoters and home buyers are advised by the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) to execute a registered agreement for sale before the promoter can demand more than 10% of the unit cost or before the allottee can pay any amount over 10% of the unit cost. ...

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Promoters must sale apartments according to carpet area only: UPRERA

Saturday 20th January 2024

The promoters have been instructed by the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) to guarantee that flats and apartments be sold based only on the carpet area. According to the RERA Act's requirements and other contracts/legal agreements, there is no basis for the term "super area." ...

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New circle rates in Gurugram likely from next month

Saturday 20th January 2024

The city's circle rates are anticipated to change before the end of this month and take effect on February 1. Although no announcement has been made thus far, the new tariffs were intended to go into effect on January 1. Properties will currently be registered based on the current rate. ...

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Builders of 52 projects in Greater Noida say yes to rehab deal, time to pay 25% dues

Saturday 20th January 2024

The recalculated dues of 52 stalled projects in Greater Noida were approved in principle by the developers during a meeting with Manoj Kumar Singh, the UP Industrial Development Commissioner (IDC) on Sunday. The IDC stated that any differences should be settled in a matter of two days. ...

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Sobhas sales bookings up 37% to Rs 1,952 crore in Q3 FY24

Thursday 18th January 2024

Due mostly to Bengaluru's robust home demand, real estate company Sobha Ltd. reported a 37% increase in sales bookings at Rs 1,951.6 crore in the third quarter of this fiscal year. A year ago, its sales bookings were valued at Rs 1,424.7 crore. ...

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Macrotech Developers sale bookings up 12% to Rs 3,410 crore in Q3 FY24

Thursday 18th January 2024

Due to increased demand for its residential homes, real estate company Macrotech Developers reported on Friday a 12% increase in its sale bookings to Rs 3,410 crore for the December quarter of this fiscal year. Macrotech Developers, which sells its real estate under the Lodha brand, had Rs 3,040 crore in sale bookings during the same time last year. ...

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Seven penthouses, 138 super HIG flats booked on first day in DDA eauction

Thursday 18th January 2024

As part of the DDA's new housing project, 274 units total—including 138 super HIG flats and seven penthouses—were reserved on Friday, according to officials. The homes are being auctioned through an online auction. The e-auction for these apartments started on Friday, and registration for them opened on November 30. ...

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DHC Advisorys co-founder buys duplex in South Mumbai Breach Candy for Rs 85 crore

Thursday 18th January 2024

For more than Rs 85 crore, Dilip Bhikhalal Desai, cofounder and chairman of the professional services company DHC Advisory LLP, bought a luxury duplex property with a view of the sea in a superpremium building directly across from the Breach Candy Club in South Mumbai's affluent Breach Candy neighborhood. ...

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DDAs two-day live e-auction for 2,093 flats begins

Monday 15th January 2024

Delhi Development Authority (DDA) will conduct a two-day live e-auction for 2,093 flats starting at 11 am on Friday. The authority received earnest money deposits from 3,055 applicants participating in the auction. ...

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Income tax demand of Rs 4,000 crore looms over Shree Cement

Monday 15th January 2024

The Income Tax department is set to issue a ?4,000 crore tax demand on Shree Cement after a survey revealed wrongful claims of certain deductions by the company. A demand notice is expected to be sent to Shree Cement. ...

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ED gets custody of Ornate Spaces MD accused of duping several flat buyers

Monday 15th January 2024

City-based builder Vijay Machindar was remanded in Enforcement Directorate custody till January 12 in a Rs 700 crore money laundering case. He faces allegations of cheating flat buyers and was arrested under the Prevention of Money Laundering Act. ...

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Noida: I-T department searches Bhutani Infra, Group 108, Logix Group premises

Monday 15th January 2024

The Income Tax department conducted searches on prominent real estate groups in Noida, Uttar Pradesh, including Bhutani Infra, Group 108, Logix, and others, as part of a tax evasion investigation. ...

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Adanis to fund Dharavi project via internal accruals, SPV stake sale

Saturday 13th January 2024

The Adani group, leading the redevelopment of Dharavi slums, plans to fund the entire project through internal accruals and potential equity sale in the special purpose vehicle (SPV) created for the project. The company recently appointed three firms, including renowned architect Hafeez Contractor, as city planners to present a draft development plan for Asia's largest slum cluster earlier this week. ...

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Sunteck Realty, 24 other entities express interest for bankrupt HDIL

Saturday 13th January 2024

Around 25 entities, including Sheth Developers and Sunteck Realty, have shown interest in taking over the bankrupt Housing Development and Infrastructure (HDIL). ...

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ED opposes interim bail plea of Supertech chairman in money laundering case

Saturday 13th January 2024

The Enforcement Directorate opposed an application by R K Arora, chairman and promoter of Supertech Group, seeking interim bail on medical grounds in a money laundering case, during a hearing in a Delhi court on Wednesday. ...

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Noida: Developers of stalled projects to be apprised of recalculated dues this week

Saturday 13th January 2024

The authorities of Noida and Greater Noida are scheduled to meet with defaulting builders of stalled projects this week to inform them of recalculated dues and establish a payment schedule before the industrial development commissioner (IDC). ...

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Gurugram: DTCP razes six illegal colonies, frees 15-acre agriculture land

Wednesday 10th January 2024

In an effort to combat illegal colonies in and around the city, the enforcement wing of the town and country planning department (DTCP) has demolished six such colonies, spread over 15 acres of valuable agricultural land. ...

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Over 2,000 residential plots near airport? Yamuna Authority starts survey

Wednesday 10th January 2024

The Yamuna Authority has commenced a survey to acquire approximately 3,778 acres of land spanning four upcoming sectors. Among these, Sector 5 is designated for residential purposes, Sector 6 for industrial use, and Sectors 7 and 8 for mixed land use. ...

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MahaRERAs action on noncompliance prompts increase in quarterly project updates

Wednesday 10th January 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is observing a rise in the number of projects adhering to the mandatory Quarterly Progress Reports (QPR) even before receiving any notice from the regulator. ...

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Godrej Properties subsidiary receives GST demand and penalty order worth Rs 22.54 crore

Wednesday 10th January 2024

Oasis Landmarks LLP, a subsidiary of Godrej Properties, has been served an order on December 31, 2023, by the Excise and Taxation Officer, Gurgaon (East), Haryana. The order demands Rs. 10.45 crore for GST, along with Rs. 11.04 crore in interest and a penalty of Rs. 1.05 crore under Section 73(9) of HGST/CGST Act, 2017, read with section 20 of IGST Act, 2017. ...

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Ghaziabad development body asks nine builders to complete EWS flats or face project cancellation

Tuesday 9th January 2024

The Ghaziabad Development Authority (GDA) has warned nine group housing developers to complete EWS and LIG flats promptly or face project cancellation. Out of the 7,030 EWS units and an equal number of LIG units planned by the developers, only 2,691 EWS units and 2,474 LIG units are currently ready. ...

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Homebuyers urge MahaRERA to build regulations to ensure construction quality

Tuesday 9th January 2024

Homebuyers and citizens' groups are urging the Maharashtra Real Estate Regulatory Authority (MahaRERA) to establish a framework for developers to uphold construction quality. On December 4, the authority sought public suggestions on its proposed regulatory framework through a consultation paper. ...

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Mumbai: Ahuja developers booked for cheating home buyer

Tuesday 9th January 2024

The Santacruz police have recently filed a new case of cheating against Ahuja developers, directors, and their Chinese partners. They are accused of cheating a flat buyer of Rs 1.33 crore by not registering the agreement and selling the booked flat to a third party. ...

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Godrej Properties buys four-acre land parcel in Bengaluru

Tuesday 9th January 2024

Godrej Properties (GPL) has acquired a four-acre land parcel outright in Yeshwanthpur, Bengaluru. The project is expected to yield approximately 0.7 million sq ft of saleable area, mainly consisting of premium residential apartments. The estimated revenue potential is Rs 1,000 crore, with the possibility to increase to Rs 1,250 crore if an additional 1-acre land is acquired, making it a total of about five acres. ...

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Kochi corporation issues demolition notice to flat at Kaloor

Monday 8th January 2024

Despite possessing the necessary building permit, residents of a Kochi apartment complex face a quandary as the corporation issues a demolition order for the Regal Royal flat complex at Kaloor. ...

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Maharashtra CM lays foundation stone for cluster development at Wagle estate

Monday 8th January 2024

Chief Minister Eknath Shinde lays the foundation stone for cluster development at Wagle estate, emphasizing his 15-20 years of dedication to the project since his initial election as MLA. ...

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Mumbai: Property tax bills uploaded by BMC citing hike send citizens into tizzy

Monday 8th January 2024

The BMC's property tax bills for 2023-24, uploaded on Friday, cause confusion and concern among citizens and public representatives due to an unexpected hike. ...

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John Abraham buys bungalow in Mumbai Khar for over Rs 70.83 crore

Monday 8th January 2024

Bollywood actor and entrepreneur John Abraham invests over Rs 70.83 crore in a Khar bungalow on Linking Road, boasting a vast 5,416 sq ft built-up area. ...

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Amitabh Bachchan leases four offices in Mumbai Andheri to Warner Music India

Friday 5th January 2024

Amitabh Bachchan has entered a long-term agreement, leasing out four office properties on an entire floor in a commercial tower in Oshiwara, Mumbai's Andheri suburb, to Warner Music India for a total tenure of five years. ...

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Promoters of Kolte-Patil Developers sell stake worth Rs 111 crore

Friday 5th January 2024

On Friday, three promoters of Kolte-Patil Developers, Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte, divested a 3% stake in the Pune-based realty firm for Rs 111 crore through open market transactions. ...

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Industry experts expects about 10% rise in property prices in 2024

Friday 5th January 2024

The Indian real estate sector experienced a resurgence in 2023, with the midsegment and luxury-segment leading the way. Anarock data reveals that approximately 4,76,530 units were sold across the top seven cities, including Bengaluru, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai Metropolitan Region (MMR), and Pune, compared to 3,64,870 units in 2022. ...

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ED attaches more assets of Kunal Builders & Developers who sold slum flats to celebrities

Friday 5th January 2024

The Enforcement Directorate (ED) has provisionally attached properties worth Rs 6.93 crore belonging to builder Shailesh Savla. This action is part of a money laundering case linked to the rehabilitation of slum dwellers at Juhu Taj slum society. ...

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Maharashtra government scraps affordable housing in special development zones

Tuesday 2nd January 2024

The state issued a notification on Thursday, restoring No-Development Zones (NDZs) in the city, scrapping affordable housing in these areas, now termed Special Development Zones (SDZs) limited to high-density slums. NDZs will have a low floor space index of 0.025, permitting tourism development, educational institutions, groundplus-one residential structures, and IT parks. ...

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Why Gurugram civic body building tax bills are coming back

Tuesday 2nd January 2024

Municipal Corporation of Gurgaon (MCG) faces revenue challenges due to discrepancies in residents' property tax data. Many residents returned assessment bills, noting the mismatch with their properties. ...

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Ghaziabad: Five months since cavein, no walls yet around plots dug up for a mall

Tuesday 2nd January 2024

Despite an FIR against Mahagun India Pvt Ltd and Sparsh Builder Pvt Ltd directors for neglecting a GDA complaint, the realtors haven't erected retaining walls on a plot intended for a mall's basement. In July, a section of Gaur Global Village Society's service road in Crossings Republik, overlooking the abandoned pit, collapsed, posing a threat to nearby buildings. ...

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Ahmedabad civic body to auction off eight plots in January 2024

Tuesday 2nd January 2024

The civic body disclosed auction dates for eight plots, including a Bodakdev plot valued at Rs 333.14 crore. After a failed attempt to auction plots in February, the civic body, on November 29, decided to reauction eight new plots. ...

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Maharashtra deputy CM hints at probe intoWakad land -TDR scam

Saturday 30th December 2023

Deputy Chief Minister Ajit Pawar has indicated the possibility of an investigation into allegations of irregularities in the Transfer of Development Rights (TDR) deal for reserved land development in the Wakad area of Pimpri Chinchwad. ...

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Delhi: Signature View Apartment residents defy MCD eviction notice

Saturday 30th December 2023

Following an eviction notice issued by MCD to residents of Signature View Apartment, the building's Residents Welfare Association (RWA) has urged the civic body to redirect the notice to the Delhi Development Authority (DDA). This request is made as DDA has been in discussions with residents regarding an eviction deal. ...

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IBBI prepares list of 787 insolvency professionals to expedite resolution process

Saturday 30th December 2023

The bankruptcy regulator has compiled a provisional list of 787 insolvency professionals (IPs). This list will be shared with the adjudicating authority, streamlining the selection process for overseeing resolution or liquidation cases. The goal is to minimize administrative delays, expedite insolvency resolution, and prevent further erosion of stressed asset value, according to a senior official. ...

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Separate authority for redevelopment in new housing policy: Maharashtra minister

Saturday 30th December 2023

The housing minister, Atul Save, recently announced the state government's plan to establish a dedicated monitoring authority for redevelopment projects. This initiative aims to ensure the timely completion of projects, with a focus on citizen demands, especially in cities like Mumbai, Pune, and Thane. ...

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Fundraise by Damji Shamji Realty rated D a sign of junk bond market breaking free

Thursday 28th December 2023

Despite defaulting on repayments, Indian companies find success in the debt market as a real estate firm with a D rating raises ?95 crore through private bond placement, signaling the emergence of India's junk bond market. ...

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Noida, Greater Noida authority paves way to restart stuck housing projects

Thursday 28th December 2023

Approval from Noida and Greater Noida authorities for recommendations by a committee led by former NITI Aayog chairman Amitabh Kant clears the path for the revival of over 200,000 stalled flats in the region. ...

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BofA leases 1.1 million sq ft office space in Chennai

Thursday 28th December 2023

Bank of America (BofA) secures 1.1 million sq ft of office space in Chennai, a significant move for its offshore operations, highlighting its commitment to DLF Downtown, Taramani. ...

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Kansai Nerolac Paints to sell land parcel to Aethon Developers for Rs 726 crore

Thursday 28th December 2023

Kansai Nerolac Paints' board greenlights a deal with Aethon Developers, a subsidiary of Runwal Developers, to sell its land parcel and building in Lower Parel, Mumbai, for Rs. 726 crore. ...

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Mumbai: Sai Estate consultant properties seized over loan default

Wednesday 27th December 2023

Sai Estate consultant and the four Wadhwani brothers had their properties seized by the court commissioner due to a loan default of Rs 62.5 crore from the Mumbai District Central Cooperative Bank, following the SARFAESI Act, 2002. ...

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MMRDA picked for development of Malad land at meet chaired by Maharashtra CM, DCM

Wednesday 27th December 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) received approval, chaired by CM Eknath Shinde and deputy CM Devendra Fadnavis on December 12, to transfer 1,387 hectares across Aksa, Daravli, Erangal, Madh, Malvani, and Marve to them, free of encumbrances. ...

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Hand over Indirapuram to Ghaziabad civic body by Feb 2024, Uttar Pradesh CM tells GDA

Wednesday 27th December 2023

Chief Minister Yogi Adityanath instructed the Ghaziabad Development Authority (GDA) to finalize the handover of the Indirapuram township to the civic body by February of the upcoming year. ...

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Fine Future scam: Seven attached properties auctioned for Rs 4 crore

Wednesday 27th December 2023

In connection with the Fine Future scam, District Revenue Officer Dr. M Sharmila auctioned seven properties for Rs 3.83 crore. The Economic Offences Wing (EOW) had previously attached 140 properties of Fine Future's managing directors and agents, who defrauded investors of ?189.15 crore. ...

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MahaRERA resolves 15,000 complaints in seven years

Tuesday 26th December 2023

Maharashtra's real estate regulatory authority, in the past seven years since the initiation of the Real Estate (Regulation and Development) Act, has successfully resolved 15,423 consumer complaints, ranking among the top three states in addressing homebuyers' grievances, according to a report from the Ministry of Housing and Urban Affairs. ...

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Delhi residents miffed at mandatory geo-tagging of properties

Tuesday 26th December 2023

The Municipal Corporation of Delhi has mandated the geotagging of properties to obtain real-time information on taxable properties within its jurisdiction. Property owners are required to complete geotagging by January 31 next year to qualify for a 10% property tax rebate. However, this move has caused discontent among property owners, who argue that the civic body did not adequately prepare before announcing this measure. ...

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Mumbai: MMRCL gets 38,000 sq ft Mahim plot on lease for commercial use

Tuesday 26th December 2023

The Mumbai Metro Rail Corporation Limited (MMRCL) has secured a 38,650 square feet plot at Naya Nagar, Mahim, for commercial development. The plot has been granted on a 30-year lease. ...

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ICICI Securities leases over 1.88 lakh sq ft office in Mindspace Juinagar for 12 years

Tuesday 26th December 2023

ICICI Securities, the financial services arm of ICICI Bank, has acquired more than 188,000 sq ft of office space in the Mindspace Juinagar information technology park in Navi Mumbai through a long-term lease spanning over 12 years. ...

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Greater Noida Sky Garden project to be revived under the new policy of UP government

Saturday 23rd December 2023

Shree Radha Sky Garden in Greater Noida becomes the first project approved for revival under the recently approved policy of the Uttar Pradesh government for stressed projects, benefiting over 2,000 homebuyers. ...

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Uttar Pradesh: 24 months or 46? Zero-period relief for developers isnt a blanket one

Saturday 23rd December 2023

The state government emphasizes the significance of implementation in reviving stalled projects, quoting, "The role of decision in success is 5%, and the role of implementation 95%." ...

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Over one lakh complaints by homebuyers resolved by RERA of various states

Saturday 23rd December 2023

Real Estate Regulatory Authority (RERA) in various states has resolved up to 1,16,300 cases of homebuyers till November this year. Uttar Pradesh led with 38% of cases, followed by Haryana (18%) and Maharashtra (13%). ...

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Awfis Space Solutions files DRHP with Sebi

Saturday 23rd December 2023

Awfis Space Solutions (Awfis) has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering comprising a fresh issue of up to Rs 160 crore and an offer for sale of equity shares. ...

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Delhi HC asks Centre to consider representation for linking property with Aadhaar

Saturday 23rd December 2023

The Delhi High Court has asked the Centre to consider a plea seeking the linking of immovable and movable property documents with Aadhaar numbers to curb corruption, black money generation, and 'benami' transactions. ...

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Bombay HC refuses to condone delay by Radius Group MD in filing revision plea

Saturday 23rd December 2023

The Bombay High Court has rejected realtor Sanjay Chhabria's petition seeking condonation of delay in filing a revision petition against a special court's order allowing his arrest in the Yes Bank-DHFL fraud case. ...

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Sachin Tendulkar company leases two apartments in Mumbai Bandra

Saturday 23rd December 2023

SRT Sports Management, managed by cricketer Sachin Tendulkar and his wife Anjali Tendulkar, has acquired two apartments on Mount Mary Road in Mumbai's Bandra suburb through a lease agreement. ...

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NCLT admits insolvency plea against Ansal Properties promoter

Saturday 23rd December 2023

The National Company Law Tribunal (NCLT) has accepted a personal insolvency application by Indian Bank against Pranav Ansal, the promoter of Ansal Properties and Infrastructure, according to a court order. ...

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Kalpataru group company raises Rs 525 crore to complete 10 Mumbai towers

Thursday 21st December 2023

A Kalpataru group subsidiary secured ?525 crore in debt facilities from PAG, a global alternative investment firm, spanning 3.5 years. The funds aim to finalize the construction of 10 residential towers in a Mumbai suburb, as per informed sources. ...

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Blackstone exits Embassy REIT; sells entire 23.5% stake for Rs 7,100 crore

Thursday 21st December 2023

Blackstone has reportedly divested its entire 23.5% stake in Embassy Office Parks REIT, garnering around Rs 7,100 crore in a block deal on stock exchanges. The units were sold at approximately Rs 316 per share, with SBI Mutual Fund emerging as a new investor alongside existing unitholders. ...

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Only 18% MahaRERA recovery warrant orders executed

Thursday 21st December 2023

Maharashtra Real Estate Regulatory Authority (MahaRERA) data reveals that out of 1,123 recovery warrant complaints, only 204 have been executed by 13 district collectorates in the state over the past six years. This represents an 18% resolution rate, resulting in the recovery of Rs 137.74 crore out of the total Rs 736.66 crore. ...

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Toro Investment plans GIFT Citys maiden realty fund worth Rs 1,600 crore

Thursday 21st December 2023

Toro Investment Managers, a financial services company, is in the process of raising a real estate Alternative Investment Fund (AIF) totaling Rs 1,600 crore. Notably, this marks the inaugural fund of its kind to be established within the Special Economic Zone of India's offshore hub, Gujarat International Finance Tec-City (GIFT City). ...

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Blackstone to sell $833 million stake in Embassy REIT

Wednesday 20th December 2023

Blackstone Inc. plans to divest its entire 23.59% stake, valued at $833 million, in Embassy Office Parks, India's largest real estate investment trust, marking the exit four years after its initial listing, as per a Reuters term sheet and a source with direct knowledge. ...

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Suraj Estate Developers IPO subscribed 2.42 times on day two of offer

Wednesday 20th December 2023

On the second day of bidding, Suraj Estate Developers' Initial Public Offering (IPO) garnered 2.42 times subscription, with bids for 1,99,30,592 shares against the 82,35,293 shares on offer, according to NSE data. ...

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Uttar Pradesh government approves Amitabh Kant Committee proposals

Wednesday 20th December 2023

The Uttar Pradesh cabinet has approved the implementation of recommendations from the Amitabh Kant Committee report on real estate projects on Tuesday, a move that could offer relief to numerous homebuyers in the state. ...

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Stability more important than profitability: Shesh Rao, co-founder, BHIVE

Wednesday 20th December 2023

Shesh Rao Paplikar, the co-founder & CEO of BHIVE Workspace, reflects on his nearly decade-long journey, acknowledging both successes and mistakes. He highlights creating growth, wealth, and quality spaces for the company, its employees, investors, partners, and tenants. ...

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Mumbai: 13 years after offer to builder, Mhada lets CHS selfredevelop

Tuesday 19th December 2023

Thirteen years after Mhada issued an offer letter to a builder for the redevelopment of a Chembur building, the Bombay High Court has cleared the way for its self-redevelopment. Mhada, represented by advocate P G Lad, informed the HC about issuing an offer letter to the Chembur Nishant Cooperative Housing Society (CHS). ...

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Suraj Estate Developers IPO subscribed 71% on first day of subscription

Tuesday 19th December 2023

Suraj Estate Developers' initial share sale garnered a 71% subscription on the first day, with bids for 58,50,946 shares against the offered 82,35,293 shares, according to NSE data. ...

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Property tax on building only after completion of work: Karnataka HC

Tuesday 19th December 2023

The High Court observed that property tax on a building can be levied once it is completed. Until then, the levy would only be on the vacant/open land. In response to a petition by M/s BM Habitat, Justice Suraj Govindaraj directed Mysuru City Corporation to collect property tax for the petitioner's multiplex building on Vinobhanagar Road, Jayalakshmipuram, from April 25, 2011, the date of the occupancy certificate. ...

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ED registers case against Tulsiani Builders CMD & MD for loan fraud

Tuesday 19th December 2023

The Enforcement Directorate has registered a case under the Prevention of Money Laundering Act (PMLA) against Tulsiani Builders' Chief Managing Director Anil Kumar Tulsiani and Director Mahesh Tulsiani. The case involves a loan of Rs 4.63 crore obtained by submitting forged documents. ...

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ED attaches Neomax Properties assets worth Rs 207 crore in money laundering probe

Monday 18th December 2023

The Enforcement Directorate announced on Sunday that it has seized immovable properties worth Rs 207 crore in Tamil Nadu. This action is part of a money laundering investigation related to an alleged fraud committed by a Madurai-based group. The ED's inquiry originates from an FIR filed by the Tamil Nadu Police's Economic Offences Wing (EOW). ...

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Gurugram: Structural audit of highrises stuck, builders yet to pay fee for second round

Monday 18th December 2023

The progress of the second round of structural audits for 15 city high-rises is stuck as multiple developers have yet to pay the required fees for necessary tests to assess construction quality and standards. Over the past six months, the district administration and the Department of Town and Country Planning (DTCP) have issued several reminders to developers to submit the fees, officials reported on Sunday. ...

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Noida authority CEO meets builders, asks them to clear water dues

Monday 18th December 2023

In a joint meeting with five builders on Saturday, the Authority has instructed a builder to remit Rs 1.07 crore as water dues. The meeting, attended by builders and residents' bodies, directed water department officials to ensure that Sethi Buildwell Pvt Ltd settles the dues promptly. ...

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SC upholds Palais Royales 2019 sale to Pune Honest Shelters

Monday 18th December 2023

Dozens of high net worth individuals who invested tens of crores a decade ago to secure luxury apartments in the 3,500-crore Palais Royale, a skyscraper in Worli, may find a glimmer of hope. Standing at 294m (56 floors), it ranks among the tallest residential towers in the country. ...

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Haryana government proposes steep hike in circle rates

Friday 15th December 2023

The Haryana government is proposing a 30%-80% increase in circle rates for land and properties in the city, with finalization expected by month-end. Objections and suggestions can be submitted until December 17. ...

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Government rolls back three-tier property guideline value in Chennai

Friday 15th December 2023

A week after introducing a new three-tier guideline value for apartment complexes in Chennai and its suburbs, the state government has decided to retract the order and revert to the street and road-based composite value for registration. ...

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Mumbai: BMCs credit notes worth Rs 450 crore under lens as no GST paid

Friday 15th December 2023

The BMC's credit note policy, involving payments of Rs 450 crore to builders for constructing 35,000 tenements for project-affected persons, is under scrutiny for non-payment of GST. ...

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Conciliation bench a must to resolve complaints quickly: Haryana RERA chairman

Friday 15th December 2023

Arun Kumar, the new chief of the Haryana Real Estate Regulatory Authority's city bench, directed senior officials on his first day to resolve allottees' complaints within the stipulated time limit. ...

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Uttar Pradesh government changes rules, developers cant build first & regularise later

Thursday 14th December 2023

The new guidelines from the UP government regarding purchasable floor area ratio (FAR) declare any additional FAR as illegal. If applied after construction, it is subject to demolition—an established practice in the NCR region. In multi-storey buildings, developers were previously allowed to purchase FAR in case of slight deviations from the sanctioned layout map. ...

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NCLT Mumbai approves sale of Reliance Communications real estate assets

Thursday 14th December 2023

The NCLT Mumbai has granted approval for the sale of certain real estate assets of telecom company Reliance Communications, according to a regulatory filing on Wednesday. ...

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Two promoter entities offload 4.1% stake in Sunteck Realty for Rs 288 crore

Thursday 14th December 2023

Two promoter entities, Satguru Infocorp Services and Starlight Systems, have sold their entire 4.1% stake in Mumbai-based real estate developer Sunteck Realty for Rs 288 crore through open market transactions. ...

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Cant tax flat agreement & stamp duty value difference: ITAT

Thursday 14th December 2023

The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled in favor of a taxpayer who, along with her husband, jointly purchased a flat. The tribunal stated that the sum of Rs 24.3 lakh, representing her share of the difference between the agreement value and the stamp duty value at the time of registration, cannot be taxed in her hands. ...

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UP-RERA directs builders to get project accounts audited within six months of financial year end

Wednesday 13th December 2023

Promoters are required to audit project accounts and upload the audited balance sheet on the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) website within six months of the financial year's end. In case of significant discrepancies or complaints, the authority may appoint an auditor from its panel to audit the project accounts, with the promoter bearing the associated costs. ...

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NCLT admits IIFL Finance claim against Satra Properties as financial debt

Wednesday 13th December 2023

The National Company Law Tribunal (NCLT) has accepted IIFL Finance's application to recognize its claim against Satra Properties as financial debt in an ongoing dispute with Vistra ITCL (India), the property developer's financial creditor. ...

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Provident Housing looks to invest Rs 750-1,000 crore in FY25

Wednesday 13th December 2023

Provident Housing, a 100% subsidiary of Puravankara, intends to invest Rs 600 crore in acquiring new land parcels. Additionally, it plans to allocate Rs 750-1,000 crore in the financial year 2024-25 for the development of these acquired land parcels. ...

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Ashiana Housing plans to invest Rs 650-700 crore in FY24

Wednesday 13th December 2023

Ashiana Housing plans to invest between Rs 650-700 crore in land and construction during the financial year 2023-24, aiming for area bookings totaling Rs 1,500 crore. The company aims to add 7-8 million sq ft in the next three years. ...

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Mumbai: Shreenath Developers director sent to police custody

Tuesday 12th December 2023

Niraj Ved, a builder associated with Shreenath Developers, faced arrest by Pant Nagar police for allegedly deceiving a flat buyer. Ved appeared before a local court on Monday and was remanded in two days of police custody. The arrest followed an FIR filed by a flat buyer who claimed non-delivery of a 1,640 sq ft flat in a Ghatkopar project after paying the builder Rs 3.31 crore. ...

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Cognizant plans to sell office assets in Hyderabad, Bengaluru

Tuesday 12th December 2023

Cognizant Technologies, a software services firm, is strategically divesting its office assets in Hyderabad and Bengaluru to transition to an asset-light model and leverage non-core real estate. ...

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Shriram Properties plans to enter into fractional ownership

Tuesday 12th December 2023

Shriram Properties (SPL) is exploring entry into the fractional ownership model, anticipating significant traction. Additionally, SPL plans to extend its presence in Pune and monetize a 60-acre land parcel in Kolkata. ...

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Indian Bank offers to sell Rs 610- crore bad loans

Tuesday 12th December 2023

Indian Bank, under state control, aims to cleanse its financial records by selling bad loans totaling ?610 crore by the end of the fiscal year. Among these loans are those tied to Ashvi Developers, LMJ International, and ACCIL Corporation, with the bank anticipating recovery of at least 25% of the value. ...

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Layout revised, government panel wants work to resume on Noida Sports City after two years

Monday 11th December 2023

The UP assembly's public accounts committee has urged the Noida Authority to prioritize the review of a revised layout submitted by the Sports City developer in Sector 150 and grant approval if it complies with all requirements. ...

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Sebi mulling framework for issuance of subordinate units by REITs, InvITs to sponsors

Monday 11th December 2023

Sebi is planning to introduce a framework for the issuance of subordinate units by REITs and InvITs to sponsors and their associates. The regulator has also suggested a framework for unit-based employee benefits (UBEB) related to REITs and InvITs. ...

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Mumbai: Srinath Builders director arrested for failing to hand over flat

Monday 11th December 2023

Niraj Vaid (54), the director of Srinath Builders, was arrested by the police on Sunday from his Ghatkopar residence in connection with a cheating case filed earlier this year. Approximately 10 cheating and forgery cases have been registered against Niraj and his relatives, primarily in Ghatkopar, Tilak Nagar, Bhandup, and Mulund. ...

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Canada TD Bank India HQ lease in Mumbai BKC sets new record

Monday 11th December 2023

Mumbai's office property market has achieved a new milestone with the highest-ever lease rentals in the country. Toronto-Dominion (TD) Bank has renewed its lease for India headquarters at Maker Maxity in Mumbai's Bandra-Kurla Complex (BKC) business district at Rs 604 per sq ft per month, surpassing the previous benchmark of Rs 565 per sq ft, according to individuals with direct knowledge of the development. ...

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Jaypee buyers requests UP CM to approve proposal of out of court settlement for farmers compensation

Saturday 9th December 2023

More than 20,000 Jaypee homebuyers have appealed to the Uttar Pradesh Chief Minister to approve the proposed out-of-court settlement between Yamuna Expressway Industrial Development Authority (Yeida) and Suraksha for farmers' compensation.   ...

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Adani Group to invest over Rs 1,700 crore to expand cement business in Uttarakhand

Saturday 9th December 2023

Adani Group, on Friday, announced an investment exceeding Rs 2,500 crore in Uttarakhand. The investment includes expanding cement plant capacities, installing smart electricity meters, and exploring possibilities for developing an aero-city and knowledge city in the northern Indian state, as stated by group director Pranav Adani. ...

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Karnataka government tables bill in assembly proposing hike in stamp duty

Saturday 9th December 2023

In an effort to boost revenue, the Karnataka government introduced The Karnataka Stamp (Amendment) Bill, 2023 in the Legislative Assembly on Thursday. The bill, presented by Rural Development Minister Priyank Kharge on behalf of Revenue Minister Krishna Byre Gowda, aims to increase stamp duty rates and include stamp duty on bank guarantees. ...

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Chintels India MD gets bail from CBI court

Saturday 9th December 2023

Chintels India CMD Ashok Solomon, along with the project manager and three others, among the eight accused in the case of a Sector 109 society's vertical collapse last year, were granted bail by a CBI court on Friday. ...

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Central government amends rules to allow demarcation of non-processing area under IT SEZs

Friday 8th December 2023

On December 6, 2023, the Ministry of Commerce and Industry amended the Special Economic Zones Rules-2006. The amendment allows the demarcation of a portion of the built-up area within an SEZ unit on a floor-by-floor basis as a non-processing or non-SEZ area. ...

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Delhi court initiates process to declare Nivas Promoters director absconder

Friday 8th December 2023

In a separate development, a Delhi court is in the process of declaring builder Rahul Chamola, Director of 'Nivas Promoters Pvt Ltd,' an "absconder." This stems from allegations of cheating home buyers in a Greater Noida project, as NBWs against him remain unexecuted. ...

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Hyderabad: All 50 criminal cases related to Sahiti Infra moved to CCS

Friday 8th December 2023

A Telangana high court order has led to Hyderabad police's CCS investigating 50 criminal cases against Sahiti InfraTec Ventures and its MD, Lakshmi Narayana. The accusations involve cheating numerous individuals through false promises of property deals in various projects. ...

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Listed REITs have failed to sparkle

Friday 8th December 2023

In 2023, REITs listed on domestic stock exchanges have faced challenges, with a delay in commercial real estate recovery, an IT sector slowdown, and higher interest rates limiting returns. Listed REIT prices have mostly declined this year. Investment advisors, however, anticipate improved prospects in 2024 if the government eases occupancy rules in SEZs. ...

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Hindustan Construction Company sells 2.35 lakh sq meters land for Rs 95 crore

Thursday 7th December 2023

Hindustan Construction Company (HCC) has finalized a 'deed of conveyance' for the sale of a land parcel spanning 2,35,870 sq meters in Village Karnala (Tara), Maharashtra. The company has successfully sold the land for Rs 95 crore to Oak and Stone Construction.   ...

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Brigade Group to jointly develop two lakh sq ft office space in Bengaluru

Thursday 7th December 2023

Brigade Group has entered a joint development agreement with a landowner for the construction of grade-A office space on Sankey Road in Bengaluru. The project, with a developable area of approximately 0.20 million sq ft, is valued at around Rs 500 crore in gross development value (GDV). ...

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NFRA bans two auditors for up to 10 years for lapses in DHFL FY18 audits

Thursday 7th December 2023

The National Financial Reporting Authority (NFRA) has penalized two partners from Mumbai-based Chaturvedi & Shah LLP (C&S) for alleged professional lapses in auditing the FY18 accounts of the now-defunct Dewan Housing Finance Corporation Ltd (DHFL). This action is part of the ongoing regulatory measures against the auditors of the crisis-hit housing finance company. ...

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Actis, Mahindra Lifespace to make partial exit worth Rs 120 crore from Mahindra Homes

Thursday 7th December 2023

Actis and Mahindra Lifespace Developers, the real estate and infrastructure arm of the Mahindra Group, are jointly making a partial exit exceeding Rs 120 crore from Mahindra Homes. The developer has submitted an application to the National Company Law Tribunal (NCLT) to reduce equity share capital and facilitate the exit of both entities. ...

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Seller PAN-Aadhaar not linked? Pay 20% TDS on property purchase

Wednesday 6th December 2023

Ensure that when buying property, both your Aadhaar and PAN cards are linked, and verify that the seller has done the same. Failure to do so may result in a 20% TDS on your property purchase instead of the standard 1%. As per the Income-Tax Act, if the property is valued at Rs 50 lakh or more, the buyer must pay 1% TDS to the government and 99% to the seller, who can later claim it as credit. ...

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Byju reducing real estate footprint, vacates two offices in Bengaluru

Wednesday 6th December 2023

Edtech giant Byju's has relinquished 6,20,000 sq ft of office space in Bengaluru to cut costs and raise capital amid crises. The surrendered office assets include 550,000 sq ft in Kalyani Tech Park, Whitefield, and 70,000 sq ft in IBC Knowledge Park, relinquished between 2022 and 2023. ...

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Falsely named in duping case by Samir Kochhar &Varun Bangera: Architects

Wednesday 6th December 2023

Architects Pronit Nath and Amisha Nath, based in the city, refute allegations in a Rs 1 crore cheating case filed by actor Samir Kochhar and his friend Varun Bangera. They claim it was the accusers who defaulted on payment for two flats. ...

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Oberoi Realty completes acquisition of 6.4 acres land in Thane for Rs 196 crore

Wednesday 6th December 2023

Oberoi Realty has successfully acquired approximately 6.4 acres of land for around Rs. 196 crore, paid in full. ...

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UP-RERA issues standard directions for advertisements of projects

Tuesday 5th December 2023

Following a directive from the Uttar Pradesh government regarding real estate project advertisements, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has instructed all stakeholders to adhere to specified standard guidelines for promotions and advertisements. ...

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Brigade Enterprises to jointly develop four acres project in Mysuru

Tuesday 5th December 2023

Brigade Enterprises has engaged in a joint development agreement with landowners to construct a residential project spanning four acres in Kurubarahalli, Mysuru. The project's developable area is approximately 0.40 million sq ft, with a gross development value (GDV) of Rs 300 crore. ...

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MahaRERA to set framework for quality assurance of real estate projects

Tuesday 5th December 2023

In response to a query, Minister Kishore mentioned that the Maharashtra Real Estate Regulatory Authority (MahaRERA) aims to implement a robust framework for quality assurance, mirroring Singapore's Building and Construction Authority (BCA), marking the first such initiative by an Indian regulatory authority. ...

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Over 340 proposals cleared till Nov 16 to complete stalled real estate projects: Government

Tuesday 5th December 2023

The government, as of November 16 this year, greenlit 342 proposals to revive stagnant real estate projects, benefiting over 2 lakh homebuyers and unlocking projects valued at Rs 94,367 crore. Union Minister Kaushal Kishore revealed these approvals under the Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH) investment fund. ...

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About 5,000 registries across 20 projects in past four months: Greater Noida development body

Monday 4th December 2023

Over the last four months, the Greater Noida Industrial Development Authority (GNIDA) has completed almost 5,000 property registrations. This followed developers of more than 20 housing projects settling their outstanding payments and obtaining occupation certificates from the Authority.   ...

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Ericsson in talks to pick up over five lakh sq ft workspace on lease from Skootr in Gurugram

Monday 4th December 2023

Ericsson, the Swedish telecom equipment manufacturer, has entered agreements to lease up to 525,000 square feet of office space from Skootr at the Vatika One on One building in Gurgaon. This marks one of the most significant managed workspace deals in the country, as disclosed by three individuals familiar with the matter. ...

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Everest Food promoters buy two more flats in Mumbai Worli for Rs 143.50 crore

Monday 4th December 2023

Everest Food Products' promoter group, renowned for the Everest spice brand, has acquired two additional sea-view luxury apartments in a high-end residential tower on Dr. Annie Besant Road in Mumbai's upscale Worli area, totaling a transaction value exceeding Rs 213 crore, with the latest purchase amounting to over Rs 143.50 crore. ...

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Land fee illegal , HC asks YEIDA to return over Rs 60 crore to Logix Infrabuild

Monday 4th December 2023

The Allahabad High Court directed the Yamuna Expressway Industrial Development Authority (YEIDA) to refund over Rs 60 crore to Logix Infrabuild, stating that the deduction was made "illegally" despite the developer surrendering the allocated land for a township. ...

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Greater Noida: Rs 2 crore dues not cleared, movie theatre sealed in Grand Venice Mall

Thursday 30th November 2023

The district administration in Greater Noida sealed a "cinema hall" at Grand Venice Mall on Monday. This action followed the developer's failure to settle dues of at least Rs 2 crore against recovery certificates issued by the Uttar Pradesh Real Estate Regulatory Authority (Rera) and the consumer forum. ...

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Delhi RERA withdraws order banning registration of new property after meeting LG

Thursday 30th November 2023

The Delhi Real Estate Regulatory Authority reversed its September order instructing sub registrars not to register properties violating building bylaws. This decision came shortly after top officials met with Lt Governor V K Saxena on Tuesday. Saxena had earlier convened a meeting at Raj Niwas with the chairman, members of Delhi RERA, chief secretary, and divisional commissioner to address the issue. ...

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Maharashtra government cuts transfer fee for slum rehabilitation flats by 50%

Thursday 30th November 2023

In a significant relief for slum dwellers, the state cabinet decided on Wednesday to slash the flat transfer fee in slum rehabilitation units by 50%. Currently set at Rs 1 lakh, the transfer fee will now be reduced to Rs 50,000. Officials clarified that Slum Rehabilitation Authority (SRA) flats are provided free of cost to slum dwellers. ...

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Piramal Group can get back 75% at least of Rs 600-crore loan

Thursday 30th November 2023

The Piramal Group has secured a binding bid from CFM ARC for the sale of Tridhaatu Realty, ensuring a minimum 75% recovery in the structured deal. CFM ARC proposed a ?450 crore payment for the ?600-crore bad loan, employing a 15:85 structure with 15% in cash and the remainder in security receipts, which are quasi debt instruments paid to the lender upon recovery. ...

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Gurugram: 21 floors in two buildings sealed for violating occupation norms

Friday 24th November 2023

The District Town Planner Enforcement (DTPE) sealed 21 floors across two apartment buildings for allegedly running commercial activities in violation of occupation certificate norms. Additionally, Malibu Town Club faced closure following complaints about illegal construction within its premises.   ...

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Allotted land not available, Rudra Buildwell gets zero period relief

Friday 24th November 2023

Another real estate company, similar to the Ace group, received a 'zero period' waiver from the Allahabad high court. This waiver was granted due to the company's inability to acquire unencumbered land for its project, which is essential for construction to proceed. ...

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Three entities sell Home First Finance shares for Rs 753 crore

Friday 24th November 2023

Home First Finance Company's two promoters and a Warburg Pincus affiliate sold shares worth Rs 753 crore through open market transactions. The company's promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, offloaded shares on the BSE in two tranches each. ...

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NCLAT admits SBI plea against Lavasa Corporation resolution

Friday 24th November 2023

The insolvency process for Lavasa Corporation took a new turn as the National Company Law Appellate Tribunal's principal bench granted State Bank of India's petition to set aside a lower court's approval of the resolution plan by Darwin Platform Infrastructure (DPIL). ...

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NCDRC enforces Parsvnath Developers to refund, monitors timely payments

Thursday 23rd November 2023

Addressing consumer concerns about non-compliance with orders from consumer commissions, the NCDRC, through continuous monitoring, has compelled a major real estate player to compensate a flat buyer with around Rs 80 lakh. ...

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Sebi board likely to discuss regulation of realty platforms, delisting changes

Thursday 23rd November 2023

On November 25, the Securities and Exchange Board of India's board is expected to discuss proposals on regulating investment platforms offering fractional real estate ownership and changing delisting rules, aiming to enable companies to go private at a fixed price. ...

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NCLT allows 936 days exclusion from Lok Housing resolution process

Thursday 23rd November 2023

The NCLT has granted an exclusion of 936 days from the 270-day Corporate Insolvency Resolution Process (CIRP) for Lok Housing and Constructions, marking one of the lengthiest exclusions for any company. ...

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Mumbai: Actor Samir Kochhar and Karishma Tanna husband duped by builder

Thursday 23rd November 2023

Mumbai Police has filed a case against a builder couple accused of duping actor Samir Kochhar and Varun Bangera, Karishma Tanna's husband, of over Rs 1 crore. The allegations involve taking advance payment for two flats. ...

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Haryana RERA benches yet to appoint a chairman

Wednesday 22nd November 2023

While the Haryana Chief Minister's Office (CMO) is actively preparing for next year's Lok Sabha and assembly elections, crucial state organizations—such as the Haryana Human Rights Commission (HHRC), Haryana Electricity Regulatory Commission (HERC), and the Gurgaon and Panchkula benches of Haryana Real Estate Regulatory Authority (HRera)—are currently without leadership. ...

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WeWork enters financing agreements with certain lenders

Wednesday 22nd November 2023

WeWork announced securing commitments for up to $682.5 million in debtor-in-possession financing from certain lenders on Tuesday, following its recent filing for bankruptcy protection. ...

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Unregistered Navi Mumbai projects get MahaRERA notices

Wednesday 22nd November 2023

In the last 1.5 years, a coalition of small-scale developers, with support from property brokers, has elevated land speculation in Navi Mumbai. After securing Cidco plots in auctions by quoting exorbitant rates—sometimes three to four times the reserved price—they proceeded to sell apartments without the necessary permissions or allotment letters from Cidco.   ...

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DLF buys office space in Gurugram for Rs 81 crore

Wednesday 22nd November 2023

DLF Building and Services Pvt Ltd, an entity within the DLF group, has acquired 31,254 sq ft of high-end office space at Horizon Centre on Golf Course Road in Gurgaon for Rs 81 crore, as revealed by documents on FloorTap.com, a commercial property marketplace. ...

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MahaRERA suspends registration of 248 projects over failure to update reports

Tuesday 21st November 2023

MahaRERA has taken decisive action by suspending the registration of 248 projects, including three MHADA projects in Pune and Beed. These projects, registered in February, face suspension due to their failure to update quarterly progress reports. Additionally, registration for 224 projects registered in March is on the verge of suspension for similar non-compliance regarding quarterly project reports. ...

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Delhi-RERA order stalls registration of properties

Tuesday 21st November 2023

Property registrations in Delhi came to an abrupt standstill on Monday following a directive from the Real Estate Regulatory Authority (RERA). The directive instructed all sub-registrars not to register new properties that contravene the maximum number of dwelling units permitted on a certain plot size under the Unified Building Bye Laws for Delhi, 2016 (UBBL). ...

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Uttar Pradesh set to unveil plan to revive stalled projects

Tuesday 21st November 2023

The Uttar Pradesh government is gearing up to unveil a rehabilitation package for legacy stalled projects. The package, based on recommendations from an expert panel led by former Niti Aayog CEO Amitabh Kant earlier this year, is highly anticipated by realtors and homebuyers. It is expected to include a rescheduling scheme enabling builders to settle dues owed to the state in manageable instalments. ...

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Everest Food Products promoters buy flat in Mumbai Worli for Rs 73.50 crore

Tuesday 21st November 2023

The promoter group of Everest Food Products, renowned for its Everest spice brand, has successfully purchased a sea-view luxury apartment in Mumbai's plush Worli locality. This upscale residence, located on the 37th habitable floor of the Oberoi Three SixtyWest tower, spans an impressive 6,130 sq ft carpet area. The transaction, valued at over Rs 73.50 crore, reflects a premium rate exceeding Rs 1.16 lakh per sq ft. ...

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Book builders if stop-work notice ignored, BMC chief tells squads

Saturday 18th November 2023

BMC chief I S Chahal directed 96 squads to file FIRs against developers ignoring air pollution mitigation measures. Despite stop-work notices, some construction sites continue without pause. ...

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Delhi HC grants bail to ex-Amrapali Group director in four cases

Saturday 18th November 2023

Delhi High Court granted bail to former Amrapali Group director Ajay Kumar in four cheating and fraud cases filed by police on complaints from homebuyers in Greater Noida. Homebuyers allege stalled projects despite payment. ...

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Priyanka Chopra sells two Mumbai apartments to director Abhishek Chaubey

Saturday 18th November 2023

Priyanka Chopra Jonas, busy with Hollywood projects, sold two Mumbai apartments in Andheri to director Abhishek Chaubey for a total of Rs 6 crore. ...

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One-time, 50% Covid rebate to buy extra FSI to stay till projects completed: Bombay HC

Saturday 18th November 2023

The Bombay High Court has ruled that the 50% rebate for developers on additional Floor Space Index (FSI) during the pandemic, granted by the state government, applies until project completion. The court directed BMC to renew building permissions without insisting on differential premiums. ...

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Realty prices in Mumbai may rocket on back of Dharavi revamp TDR

Friday 17th November 2023

A recent notification from the state urban development department mandates city builders in Mumbai to incorporate transfer of development rights (TDR) from the Dharavi redevelopment project. The directive specifies that 40% of TDR utilized in a building project must originate from the Dharavi initiative. Market observers express concerns about a potential surge in real estate prices in Mumbai when TDR from the Dharavi redevelopment project becomes accessible.   ...

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Adani Unit, ArcelorMittal, JSWin race to buy Vadraj Cement

Friday 17th November 2023

In the context of the Insolvency and Bankruptcy Code process, Adani group, JSW Cement (owned by Sajjan Jindal), and ArcelorMittal Group are potential buyers for Vadraj Cement, an ABG Shipyard group company. The Bombay High Court had ordered Vadraj Cement's winding up in August 2018 following a legal dispute with a trade creditor, Beumer Technology India. ...

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Brigade Group to develop over 14 acres land in Yelahanka, Bengaluru

Friday 17th November 2023

Brigade Group has entered into a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs for the development of a 14-acre land parcel in Yelahanka, Bengaluru. The project aims to create a residential housing space with a total area of approximately two million sq ft, carrying a gross development value (GDV) of Rs. 2,100 crore. ...

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Suraksha Realty directors buy Rs 100-crore apartments in Mumbai Worli

Friday 17th November 2023

Paresh Parekh and Vijay Parekh, directors of Suraksha Realty, recently acquired two luxury apartments in Mumbai's Worli area for a combined sum of Rs 100 crore. These residences, situated on the top floors of Naman Xena, offer 6,458 sq ft of carpet area each on the 26th and 27th floors of the ongoing construction project. ...

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Control of Aamby Valley stays with the Sahara Group

Thursday 16th November 2023

Sahara Group asserts full control over its real estate assets, including Aamby Valley City near Mumbai and Pune, following the passing of founder Subrata Roy at the age of 75 in Mumbai. The group emphasizes that these assets are operating at their full potential. ...

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Puravankara acquires rights for three-acre redevelopment project in Mumbai

Thursday 16th November 2023

Puravankara, a realty developer, has obtained redevelopment rights for two housing societies spanning three acres in Andheri, Mumbai, with a potential gross development value of Rs 1,500 crore. This acquisition marks Puravankara's entry into the redevelopment business in the western region. ...

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Mumbai: BMC draws flak for nod to 10,000 PAP flats on private plot in three days

Thursday 16th November 2023

Criticism arose over the BMC's swift decision to change the reservation of a 20-acre private open plot in Andheri (West) and, within three days, approve a developer's proposal for commercial exploitation under a different scheme, providing flats for project-affected persons (PAPs). The plot's ownership changed twice in three months, and the PAP project request was swiftly approved. ...

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Mumbai: Royal Realtors partner who cheated buyers of Rs 11 crore gets three years jail

Thursday 16th November 2023

A 50-year-old developer was sentenced to three years in prison by a magistrate's court for defrauding flat purchasers in a redeveloped Byculla building, totaling nearly Rs 11 crore. The primary complainants, a mother-son duo, had paid the full amount of Rs 57 lakh for a 1,000 sq ft flat in 2012. ...

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Delhi HC asks DDA if forged property allotment case be given to CBI

Tuesday 14th November 2023

The Delhi High Court has inquired with the Delhi Development Authority (DDA) about whether the allocation of 128 properties in Delhi, based on forged recommendation letters, should be referred to the Central Bureau of Investigation (CBI). This query arises in response to a plea from Govind Saran Sharma, seeking the execution of conveyance deeds or title documents for one of the properties. ...

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Gurugram: 10 realtors flout GRAP norms, to cough up fines, DTCP warns of strict action

Tuesday 14th November 2023

The enforcement wing of the town and country planning department (DTCP) has opted to levy penalties on developers for violating GRAP norms. Additionally, the department has introduced helpline numbers for residents to report offenders. DTCP has issued warnings to developers in licensed colonies, urging compliance with GRAP norms and cautioning of potential action for detected violations during inspections. ...

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Housing rental grow up to 30% across top seven cities during Jan-Sept 2023

Tuesday 14th November 2023

In the first nine months of 2023, housing rents in the top seven cities, including IT/ITeS hubs Bengaluru, Hyderabad, and Pune, rose by over 30%, as per ANAROCK Research data. Residential rentals in prominent areas of Bengaluru surged by more than 30% during the same period. ...

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WeWork refuses to sell India unit stake to Embassy; talks continue

Tuesday 14th November 2023

WeWork Inc. has declined WeWork India's offer to repurchase its 27 percent stake in the local business. However, sources indicate that discussions between the majority owner of the local unit and WeWork Inc may result in a different outcome. ...

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Star Housing Finance raises Rs 60 crore capital for expansion

Friday 10th November 2023

Star Housing Finance (Star HFL), a home finance company, has received board approval for a capital raise of Rs 60 crore, pending shareholders' approval. This capital infusion aims to support the company's growth and expansion plans, as indicated in a filing with the Bombay Stock Exchange (BSE). ...

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SC grants three months interim bail to HDIL promoter

Friday 10th November 2023

In the Punjab and Maharashtra Cooperative (PMC) Bank scam case involving Rs 4,300 crore, the Supreme Court granted HDIL promoter Rakesh Wadhawan interim bail for three months on medical grounds. The bench of justices Aniruddha Bose and Bela M Trivedi considered Wadhawan's medical condition when approving the bail. ...

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Signatureglobal (India) posts net loss of Rs 19.92 crore in Q2 FY24

Friday 10th November 2023

Signatureglobal (India) reported a net consolidated loss after tax of Rs 19.92 crore for the quarter ending September 30, 2023. In the corresponding quarter of the previous fiscal year, the company had incurred a loss after tax of Rs 59.25 crore, as stated in a BSE filing. The company's net consolidated total income for Q2 FY24 was Rs 121.16 crore, reflecting a 10.70% decrease from the Rs 135.68 crore recorded in the similar quarter last year. ...

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NDTV leases 1.28 lakh sq ft at Max Square in Noida

Friday 10th November 2023

Max Estates, the real estate branch of the Max Group, has disclosed that NDTV secured a lease for approximately 128,000 sq ft at Max Square in Noida. Skootr also secured a lease for around 103,000 sq ft of super built-up area in the same building. The project's total leasable area is approximately 0.7 million sq ft, with New York Life Insurance Company holding a 49% stake. ...

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WeWork filed for bankruptcy protection

Thursday 9th November 2023

WeWork, a flexible workspace provider, filed for bankruptcy protection in the United States on Monday due to substantial debt and increased losses stemming from reduced demand for office space among cost-conscious customers. WeWork, once valued at $47 billion and attracting investments from notable entities like SoftBank, Benchmark, and major Wall Street banks such as JPMorgan Chase, has faced financial challenges leading to this decision.   ...

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Nexus Select Trust net profit declines 27.18% in Q2 FY24

Thursday 9th November 2023

In financial news, Nexus Select Trust reported a 27.18 percent decrease in its net consolidated profit for the quarter ending on September 30, 2023. Their profit after tax for Q2 FY24 was Rs 251.46 crore, down from Rs 345.34 crore in the same quarter the previous fiscal year. The company's net consolidated total income for Q2 FY24 was Rs 557.32 crore, reflecting a 34.38 percent decline from the Rs 849.30 crore recorded in the corresponding quarter of the previous year. ...

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Maharashtra government to acquire Air India building for Rs 1,601 crore

Thursday 9th November 2023

The Maharashtra government has made a decision to purchase the iconic Air India building at Nariman Point in Mumbai for Rs 1,601 crore during a cabinet meeting chaired by Chief Minister Eknath Shinde. Additionally, the government has agreed to waive around Rs 250 crore of unrealized income and interest associated with the property. ...

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Kinnteisto LLP buys office spaces for Rs 739 crore in Mumbai BKC and Andheri

Thursday 9th November 2023

Kinnteisto LLP, backed by Rekha Jhunjhunwala, has acquired prime office space worth approximately Rs 740 crore in Mumbai's commercial towers located in the Bandra-Kurla Complex (BKC) and Andheri, adding to their real estate portfolio. Rekha Jhunjhunwala, the wife of the late billionaire stockholder Rakesh Jhunjhunwala, is renowned for her investments, and Rakesh was often likened to India's Warren Buffett for his four-decade-long investing career in Mumbai. ...

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MahaRERA initiates action against 370 projects in state

Wednesday 8th November 2023

In the state, 370 projects have received show-cause notices and fines totaling Rs 33 lakh for failing to display MahaRERA registration numbers and QR codes. Of these, 173 projects are from the Mumbai region, followed by 162 from Pune region and 35 from Nagpur. ...

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IBBI proposes changes to rules for insolvency resolution process

Wednesday 8th November 2023

The Insolvency and Bankruptcy Board of India (IBBI) has introduced several key changes to address issues in the insolvency resolution process for real estate projects. These changes include mandatory project registration with the Real Estate Regulatory Authority, the exclusion of properties in the possession of homebuyers from liquidation proceedings, maintaining separate bank accounts for each real estate project, executing registration/sublease deeds with Committee of Creditors (CoC) approval during resolution, and allowing the CoC to consider separate plans for each project. ...

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Delhi development body to offer 36,000 flats around Diwali

Wednesday 8th November 2023

Around Diwali, the Delhi Development Authority is set to launch its largest housing scheme, offering over 36,000 newly constructed flats in Dwarka, Lok Nayak Puram, and Narela. These flats will include 14 penthouses, 170 super HIG, 3,000 HIG, 4,700 MIG, 20,000 LIG, and 8,430 EWS flats. ...

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SoftBank makes another bet on WeWork, hoping landlords will too

Wednesday 8th November 2023

WeWork's $3 billion debt-to-equity swap deal with creditors is the latest attempt by SoftBank, its top shareholder, to revive the troubled office space provider and recover some of its significant investments. The success of this endeavor hinges on WeWork's ability to renegotiate expensive long-term leases signed during prosperous times, which it is now struggling to pay, potentially leading to a bankruptcy filing on Monday. ...

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No registration for 182 realty projects, says MahaRERA

Tuesday 7th November 2023

The MahaRera has rejected requests to lift the suspension on the registration of 182 projects that failed to meet the conditions of quarterly progress report updates. Promoters of 222 projects had sought to have the suspension lifted, claiming they had paid penalties and updated their quarterly reports. ...

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Jaiprakash Associates defaults on Rs 4,258 crore loans

Tuesday 7th November 2023

The Jaypee Group's primary company, Jaiprakash Associates, announced a default on loans totaling Rs 4,258 crore, including both principal and interest amounts. This default occurred on October 31, with a principal default of Rs 1,733 crore and interest default of Rs 2,525 crore. ...

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DB Realty divests 100% stake in Real Gem Buildtech for about Rs 231.42 crore

Tuesday 7th November 2023

DB Realty has entered into a share purchase agreement to sell its entire 100% stake in equity and preference shares of Real Gem Buildtech to Kingmaker Developers, a company within the Rustomjee Group, for approximately Rs 231.42 crore. ...

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SoftBank WeWork, once most valuable U.S. startup, succumbs to bankruptcy

Tuesday 7th November 2023

WeWork, a startup backed by the SoftBank Group, filed for bankruptcy protection in the United States on Monday. This move comes as a recognition by SoftBank, which owns around 60% of WeWork, that the company's survival depends on renegotiating its expensive leases during bankruptcy, as its strategy of providing office-sharing space to companies did not yield the expected results. ...

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REITs, InvITs collect Rs 18,658 crore in April-September 2023

Monday 6th November 2023

Driven by strong demand for infrastructure investment, attractive returns, and supportive government policies, the mobilization of funds through listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in India reached Rs 18,658 crore during the April-September period of the current fiscal year. This impressive figure follows a total collection of Rs 2,596 crore through listed InvITs in the entirety of the 2022-23 fiscal year, although no funds were raised through listed REITs, as reported by the Securities and Exchange Board of India (SEBI).   ...

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DRI conducts search operation at Havells India corporate office

Monday 6th November 2023

The Directorate of Revenue Intelligence (DRI) recently conducted a search operation at the headquarters of Havells India, a prominent manufacturer of electrical goods and appliances. The DRI, acting as the primary agency for combatting smuggling and cases of commercial fraud, conducted this search in relation to alleged misclassification in the import of Heating Elements, as stated by the company. ...

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Mumbai: More than 460 building sites get directives from civic body

Monday 6th November 2023

Following an extensive inspection of approximately 815 construction sites, the BMC has issued written directives to 461 of these sites, instructing them to adhere to air pollution control guidelines. The civic body has also issued a warning, indicating that stop-work notices or site closures may occur if the specified environmental norms are not promptly met. Construction projects have been given a specific timeframe within which to align with these regulations. ...

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Brookfield Properties Equinox Business Parks refinances Rs 2,100 crore debt

Monday 6th November 2023

Brookfield Properties, a global real estate services company under Brookfield Asset Management, has successfully refinanced a debt of Rs 2,100 crore associated with its commercial property, Equinox Business Park in Mumbai. The company secured these funds from Punjab National Bank to replace the previous debt, which was initially provided by Housing Development Finance Corporation (HDFC) in two separate installments in 2018 and 2020. ...

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Provident Housing in talks with HDFC Capital to raise over Rs 1,000 crore

Friday 3rd November 2023

Provident Housing Ltd (PHL), a wholly-owned subsidiary of Puravankara Ltd, is currently in discussions with HDFC Capital Advisors to secure over Rs 1,000 crore in funding to support its expansion plans. The proposed capital infusion will be in the form of equity and will be utilized for the construction of middle-income housing projects in the southern regions of Bangalore, Chennai, and Hyderabad, as well as for venturing into new markets. ...

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Godrej Properties net profit grows by 7.41% in Q2 FY24

Friday 3rd November 2023

Godrej Properties has announced a 7.41 percent increase in its consolidated net profit for the quarter ending on September 30, 2023. In Q2 FY24, the company's profit after tax reached Rs 72.64 crore, compared to Rs 67.63 crore in the same period of the previous fiscal year, as stated in a filing with the BSE. ...

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Berger Paints net profit increases by 33% in Q2 FY24

Friday 3rd November 2023

Berger Paints India has posted a 33.08 percent growth in its consolidated net profit for the quarter ending on September 30, 2023. The company's profit after tax in Q2 FY24 reached Rs 292.13 crore, compared to Rs 219.51 crore in the corresponding quarter of the previous fiscal year, according to the company's BSE filing. ...

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Aptus Value Housing Finance net profit up 20% in Q2 FY24

Friday 3rd November 2023

Aptus Value Housing Finance India has reported a 20.04 percent increase in its consolidated net profit for the quarter ending on September 30, 2023. In Q2 FY24, the company's profit after tax stood at Rs 148.01 crore, compared to Rs 123.30 crore in the same quarter of the previous fiscal year, as per the company's BSE filing. ...

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MCD changes building plan sanction fee, houses to cost more in east & south Delhi

Thursday 2nd November 2023

The Municipal Corporation of Delhi (MCD) has decided to impose a compensatory regulatory charge, an additional fee for obtaining building plan approval for all properties, including residential ones, aimed at strengthening civic infrastructure. This fee was previously applied only in areas under the erstwhile north corporation, and there has been ongoing demand for its implementation across the entire MCD jurisdiction since the unification of the three civic bodies. ...

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Punjab & Haryana HC grants bail to M3M group MD in money laundering case

Thursday 2nd November 2023

In a significant development, the Punjab and Haryana High Court has granted regular bail to Roop Bansal, Managing Director of M3M, in a money laundering case, declaring his arrest as "illegal." This decision has led to an embarrassment for the Enforcement Directorate (ED). ...

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Housing policy draft to be cleared in December: Maharashtra housing minister

Thursday 2nd November 2023

The housing policy draft in Maharashtra, which is expected to be approved in December, will emphasize skilled manpower, rental housing programs for migrant workers, and colonies for senior citizens. It will also offer incentives for affordable housing and streamline approval processes, as announced by State Housing Minister Atul Save. ...

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Builders, RWAs liable to pay GST for over-charging electricity tariff from flat owners

Thursday 2nd November 2023

Real estate developers and Resident Welfare Associations (RWAs) will be required to pay 18% GST on electricity bills when they charge more than the power tariff prescribed by Discoms to flat owners. The Central Board of Indirect Taxes and Customs (CBIC) has provided clarification regarding the application of GST on the reimbursement of electricity charges received by entities like real estate companies, malls, airport operators, etc., from their lessees or occupants. ...

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Mumbai air pollution: Cant meet 30- day deadline for smog guns, say builders

Wednesday 1st November 2023

On Monday, builders requested more time from the BMC to implement mandatory measures at project sites to combat pollution, including 35ft-high metal sheets, sprinklers, anti-smog guns, and air quality index (AQI) monitors. Representatives of a developer's organization, along with local MLA Mihir Kotecha, met with the T ward officer and other civic officials to seek this relaxation. ...

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SC issues notice to ED on bail plea of Supertech chairman

Wednesday 1st November 2023

The Supreme Court issued a notice to the Enforcement Directorate regarding the bail plea of Supertech's chairman, who alleges that his arrest by the agency violated the apex court's order. He claims that he has not been provided with the grounds for his arrest. ...

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WeWork plans to file for bankruptcy as early as next week

Wednesday 1st November 2023

WeWork is reportedly planning to file for bankruptcy as early as next week due to its significant debt and substantial losses. The company, backed by SoftBank Group, has seen its shares decline by 96% this year, with a 32% drop in extended trading after the news was first reported by the Wall Street Journal. ...

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Maharahstra housing ministry to help revive stuck realty projects

Wednesday 1st November 2023

The Housing Minister of Maharashtra, Atul Save, has announced that the Maharashtra Real Estate Regulatory Authority will review and revive 7,500 stalled real estate projects in the next two weeks. This initiative is based on recommendations from a committee led by former NITI Aayog CEO Amitabh Kant, which called for state intervention or a rehabilitation policy to address stuck projects. The committee submitted its report to the Ministry of Housing and Urban Development in August. ...

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Dont ban non-polluting infrastructure work, say NCR builders

Monday 30th October 2023

With deteriorating air quality affecting the National Capital Region (NCR), real estate developers are urging the government not to impose bans on construction-related activities that do not contribute to pollution. They emphasize the need to meet project deadlines. According to the revised graded response action plan (GRAP) for the NCR, in the event of "severe" air quality conditions (stage III), authorities will be required to implement a ban on construction and demolition activities in the region. ...

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Delhi government digitises land records to make property sales safe

Monday 30th October 2023

To combat fraudulent property transactions, eliminate corruption, and prevent delays in the registration of sale deeds, the Delhi government's revenue department has initiated an effort to make all land records easily accessible to the general public. Officials have disclosed that digitized records related to various types of land and properties, including gram sabha, enemy, evacuee, custodial, prohibited, acquired, and earmarked properties, have been centralized and integrated with the Delhi Online Registration Information System (DORIS) portal of the revenue department. ...

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Mumbai air pollution: BMC asks some builders to stop work over foul air

Monday 30th October 2023

Under pressure, the BMC has initiated the issuance of stop-work notices to builders who fail to adhere to their recent anti-air pollution guidelines. Reports indicate that a minimum of three to four construction sites, including one in Mulund and another in Santacruz, have received these stop9-work notices. For instance, Prestige City in Mulund (West) received a stop-work notice from the T ward office, which stated that a specialized team tasked with enforcing air pollution control measures visited the construction site and discovered that the builder had not met 13 specified conditions. ...

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Macrotech Developers posts net profit of Rs 202.8 crore in Q2 FY24

Monday 30th October 2023

Macrotech Developers has reported a net consolidated profit after tax of Rs 202.8 crore for the quarter ending on September 30, 2023. This marks a significant turnaround from the net consolidated loss after tax of Rs 932.9 crore registered during the same quarter in the previous fiscal year, as reported in a filing to the BSE. However, the company's net consolidated total income for Q2 FY24 was Rs 1,755.1 crore, representing a slight decrease of 0.35% compared to the Rs 1,761.2 crore recorded in the corresponding quarter of the previous year. ...

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Mumbai: BMC scraps credit note deal with DBS Realty for PAP tenements

Friday 27th October 2023

The BMC has revoked a contract it had previously awarded to DBS Realty in March of the previous year. This contract was for the construction of 4,000 tenements intended for project-affected people (PAPs) in Chandivali, under the new "credit note" policy. The reason for this cancellation was the developer's failure to transfer the land title as required. DBS Realty was responsible for acquiring the necessary land and ensuring the land title was transferred to the BMC before commencing construction. ...

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Indian Bank to wind up Ind Bank Housing after RBI cancels CoR

Friday 27th October 2023

The public sector Indian Bank will wind up its subsidiary, Ind Bank Housing Ltd, following the cancellation of the certificate of registration (CoR) for the Housing Finance Company (HFC) by the RBI. Indian Bank's MD & CEO, S L Jain, confirmed in Chennai that Ind Bank Housing had remained inactive for the past two decades. ...

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ED attaches assets worth over Rs 70 crore of DHFL promoters

Friday 27th October 2023

The Enforcement Directorate has announced the attachment of assets, including diamond jewelry and flats, valued at over Rs 70 crore, belonging to DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan. This action is part of a money laundering investigation related to an alleged bank loan fraud case. ...

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Embassy REIT net profit increases by 68.67% in Q2 FY24

Friday 27th October 2023

Embassy Office Parks REIT (Embassy REIT) has reported a significant increase of 68.67 percent in its net consolidated profit for the quarter ending on September 30, 2023. Its profit after tax reached Rs 216.67 crore in Q2 FY24, compared to the Rs 128.46 crore recorded in the same quarter of the previous fiscal year, as stated in a filing with BSE. ...

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Goldman,Warburg sell - Good Host Spaces for Rs 2,700 crore to Alta Capital

Thursday 26th October 2023

In the most extensive student housing deal ever conducted in India, the real estate investment and asset management firm Alta Capital has acquired a 100% stake in the country's largest student housing platform, Good Host Spaces, previously owned by Goldman Sachs and Warburg Pincus. This acquisition was valued at $320 million, which is nearly 2,700 crore Rupees, according to individuals with direct knowledge of the matter.   ...

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Tenants in cessed buildings must get 405 sq ft rehab flats: Bombay HC

Thursday 26th October 2023

Bombay High Court reaffirmed on Monday that tenants residing in cessed buildings are entitled to receive a rehab flat with a carpet area of 405 square feet. This decision came in response to a writ petition filed by 59 residents of Mohamed Tajbhai chawl in Worli, contesting the developer Oricon Properties Pvt Ltd's proposal to provide them with 351 square feet of carpet area. ...

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NCLT admits insolvency plea against Pune-based Darode Jog Realties

Thursday 26th October 2023

The National Company Law Tribunal (NCLT) has accepted the insolvency application filed by ICICI Bank against the real estate developer Darode Jog Realties. The tribunal has appointed Akansha Rathi as the insolvency professional to oversee the company's affairs until the process is finalized. The bank initiated this action under the Insolvency and Bankruptcy Act of 2016 in February 2022 due to outstanding dues amounting to 154 crore Rupees. The company began defaulting on these payments in November 2021. ...

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Preity Zinta buys apartment in Mumbai Pali Hill for over Rs 17 crore

Thursday 26th October 2023

Bollywood actress and entrepreneur Preity Zinta has recently bought a residential apartment spanning approximately 1,721 square feet in the upscale Pali Hill area of Mumbai's Bandra suburb, within the high-end residential tower known as Rustomjee Parishram. The purchase price for this property exceeded 17 crore Indian Rupees. This transaction values the 11th-floor apartment in the under-construction tower at over 1.15 lakh Rupees per square foot based on a carpet area of 1,474 square feet. ...

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NCLT admits insolvency plea against Precision Realty Developers

Wednesday 25th October 2023

The National Company Law Tribunal (NCLT) has accepted a petition submitted by Phoenix Asset Reconstruction Company, initiating the Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers, a real estate company. This action was taken by a financial creditor due to a default of nearly Rs 119 crore by the property developer.   ...

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Gurugram: Checks at building sites to curb dust rule violations

Wednesday 25th October 2023

In response to the escalating air pollution caused by construction activities and the non-compliance of NGT rules in licensed colonies by property developers and owners, the Department of Town and Country Planning (DTCP) has established a team of assistant town planners, junior engineers, and field technicians. This team's role is to monitor and enforce adherence to NGT rules as part of stage 2 of the Graded Response Action Plan (GRAP). ...

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Piramal Group gets premium for Rs 531 crore residual bad loans

Wednesday 25th October 2023

Piramal Group has successfully offloaded residual non-performing loans amounting to Rs 531 crore related to its Advantage Raheja exposure. This includes assets like the JW Marriott hotel in Bengaluru and a Crowne Plaza unit in Pune. Omkara Asset Reconstruction Co. has acquired these loans, granting them complete ownership of all loans associated with this exposure. These loans, previously represented as security receipts (SR) on Piramal's books, are now being sold for an upfront cash sum. ...

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Macrotech Developers raises Rs 650- crore to refinance high-cost debt

Wednesday 25th October 2023

Macrotech Developers, a prominent player in Mumbai's real estate sector, has secured a debt facility of Rs 650 crore from Standard Chartered Bank and Deutsche Bank for a three-year term. This funding will be used to refinance their high-cost debt. Standard Chartered Bank extended Rs 245 crore at an annual interest rate of 9%, while Deutsche Bank provided Rs 405 crore at a quarterly interest rate of 9.5%. ...

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Mumbai civic body directs infra, realty projects to follow pollution control measures

Monday 23rd October 2023

In response to a recent decline in air quality in Mumbai, the city's civic authority has issued directives to real estate developers and infrastructure-related contractors to adhere to pollution control measures. ...

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Mumbai: Ninth FIR on jailed builder for cheating 28 of Rs 40 crore

Monday 23rd October 2023

Builder Jayesh Tanna, along with his brother Deep and son Vivek, faces another FIR for allegedly defrauding 28 flat buyers of Rs 40 crore. This case is expected to be transferred to the police's economic offenses wing. The new complaint relates to a 2012 redevelopment housing project in Goregaon, which was co-owned by Tanna and operated by Sai Siddhi. Bhavin Barot was seeking to purchase a flat when he visited Pearl CHS in Goregaon. ...

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MCD penalises Godrej Properties arm for violating NGT construction norms

Monday 23rd October 2023

A subsidiary of Godrej Properties was fined Rs 5 lakh by the Municipal Corporation of Delhi (MCD) for not adhering to environmental safety precautions during its construction project. In a regulatory disclosure, Godrej Properties stated that its subsidiary, Godrej Vestamark LLP, received an order under the Delhi Municipal Corporation Act 1957 on October 16. ...

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DLF & Shapoorji Pallonji take Hubtown, PNB to HC over South Mumbai project

Monday 23rd October 2023

DLF and Shapoorji Pallonji jointly held 37.5% each, with their partner Hubtown owning 25% of Joyous Housing LTD (JHL). JHL was in the process of redeveloping a 17-acre slum property near Willingdon Club in Mahalaxmi's Tulsiwadi area. Upon providing free housing to slum dwellers as part of a rehabilitation scheme, the three developers were entitled to around 12 lakh sq ft of free sale space valued at a total of Rs 10,000 crore. ...

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Mumbai: Three builders booked for forging construction documents in Virar

Saturday 21st October 2023

The Virar police, who were investigating a case involving counterfeit seals, arrested five individuals in August. These individuals were accused of constructing 55 residential buildings using forged documents. Now, three more builders have been booked by the Virar police in a similar case.   ...

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MahaRERA deregisters three projects in Mumbai, one in Pune

Saturday 21st October 2023

MahaRERA (Maharashtra Real Estate Regulatory Authority) has canceled the registration of seven projects in the state. This decision came after developers cited financial difficulties and poor responses to their projects. Among these projects, one is from Pune, three from Mumbai, two from Thane, and one from Sindhudurg. The Pune project is located in the Karvenagar area. ...

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Lake Shore India invests Rs 415 crore in 3.3 lakh sq ft mall in Pune

Saturday 21st October 2023

Lake Shore India has invested around Rs 415 crore in its first mall located in Koregaon Park. The real estate investment manager acquired this property in 2019. The mall spans over 3.3 lakh square feet and houses a collection of 100 brands, including renowned luxury brands such as Michael Kors, West Elm, White Crow, Victoria's Secret, Nappa Dori, Hugo Boss, Brooks Brothers, and Tumi in anchor spaces. ...

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Lake Shore India invests Rs 415 crore in 3.3 lakh sq ft mall in Pune

Saturday 21st October 2023

Lake Shore India has invested around Rs 415 crore in its first mall located in Koregaon Park. The real estate investment manager acquired this property in 2019. The mall spans over 3.3 lakh square feet and houses a collection of 100 brands, including renowned luxury brands such as Michael Kors, West Elm, White Crow, Victoria's Secret, Nappa Dori, Hugo Boss, Brooks Brothers, and Tumi in anchor spaces. ...

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Paytm Payments Bank MD buys two duplexes in Mumbai for Rs 20 crore

Saturday 21st October 2023

Surinder Chawla, who serves as the Managing Director and Chief Executive of Paytm Payments Bank, has acquired two duplex apartments in the luxury residential tower named 'Sky Forest' located in the Lower Parel area of Mumbai. The combined cost of these two adjacent apartments on the 42nd and 43rd floors, both offering a sea view, is Rs 20 crore. These apartments have a total area of 3,488 square feet. Additionally, Chawla will have access to four parking slots as part of the deal. ...

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Mumbai builder sent to judicial custody in Rs 4 crore flats scam

Friday 20th October 2023

In a cheating case, Mumbai-based builder Suresh Bhatade has been remanded to judicial custody by Judicial Magistrate NR Indalkar for the illegal sale of six flats in Pioneer CHS, Panvel, collectively valued at Rs. 4.3 crore. In a separate development, Additional Sessions Judge KG Paldwar has denied anticipatory bail requests for two other builders, including retired Assistant Commissioner of Income Tax Sunita Joshi, and another Mumbai-based builder Bhavesh Jain. ...

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Adani Group set to refinance $3.5 billion debt taken for ACC-Ambuja buy

Friday 20th October 2023

The Adani Group is on the verge of finalizing an agreement to refinance $3.5 billion in loans used for the acquisition of ACC Ltd and Ambuja Cement last year. A consortium led by Barclays, Deutsche Bank, Standard Chartered, and supported by 18 global banks, is facilitating the debt refinancing for what was the largest M&A deal in India's building materials industry. ...

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PropShare Capital launches second fund PREF II; plans to raise Rs 500 crore

Friday 20th October 2023

PropShare Capital, a SEBI-registered category-II AIF manager, has introduced the PropShare Real Estate Fund II (PREF II), the second scheme within their existing category II Alternative Investment Fund (AIF). PREF II aims to raise Rs. 500 crores with an additional Rs. 200 crore green shoe option. It will primarily invest in completed Class A income-generating commercial real estate properties leased to multinational and blue-chip tenants in India's technology hubs. ...

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Godrej Landmark Redevelopers receives order for GST demand worth Rs 129.39 crore

Friday 20th October 2023

Godrej Landmark Redevelopers (GLRPL), now merged with Godrej Projects Development (GPDL), a subsidiary of Godrej Properties, has been ordered by the Additional Commissioner of CGST & C. Ex. in Navi Mumbai to pay a GST demand of Rs. 129.39 crore, in addition to interest and a penalty of Rs. 129.39 crore. ...

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Ahmedabad civic body cancels permit, licences of HR Exeter-2 project

Thursday 19th October 2023

The Ahmedabad Municipal Corporation (AMC) revoked development permission for the HR Exeter-2 construction site in Ambawadi following a tragic incident in which a girl lost her life on the site. Upon inspection, AMC officials discovered that the company had failed to implement necessary safety measures at the location. ...

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Delhi development authority launches mega e-auction for prime plots

Thursday 19th October 2023

The Delhi Development Authority has initiated a large-scale e-auction for prime plots, built-up shops, kiosks, mobile tower sites, and other properties. This online bidding event is scheduled to take place over three days, from November 7 to 9, for the convenience of the public. ...

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SC order paved way for bail to Ireo MD in money laundering case

Thursday 19th October 2023

The Supreme Court's decision to grant bail to the directors of real estate firm M3M, Basant Bansal and Pankaj Bansal of Gurugram, set the stage for Lalit Goyal, MD of Ireo Group, to secure bail from the special Prevention of Money Laundering Act (PMLA) court in Panchkula. Goyal was granted bail on October 13, with the judge meticulously examining potential violations related to his arrest by the enforcement directorate in light of Supreme Court directives. ...

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NCLT admits insolvency plea against Supertech ORB

Thursday 19th October 2023

Supertech ORB, a project constructing luxurious high-rise residential apartments in the southeastern suburbs of Delhi-NCR, is facing bankruptcy proceedings. This situation may lead to a delay in handing over the properties to the homebuyers in one of Noida's most upscale residential areas. Furthermore, Supertech's other project along the Noida-Greater Noida Expressway encountered issues when twin towers had to be demolished due to construction faults and rule violations. ...

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Mahindra Lifespaces to jointly develop 37-acre plot in Mumbai Bhandup

Wednesday 18th October 2023

One of the largest land parcels in Mumbai, spanning 37 acres and owned by the defunct engineering firm Guest Keen Williams (GKW) in Bhandup, will undergo joint development by the landowner and the real estate company Mahindra Lifespaces. ...

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Orient promoter CK Birla taps Adani for cement business sale

Wednesday 18th October 2023

CK Birla, an industrialist, has approached Gautam Adani to sell his promoter stake in Orient Cement, a listed company. This move came after Birla rejected initial offers from other domestic players as they did not meet his valuation demands. Senior executives from both sides have held discussions regarding a potential deal. It's worth noting that the Adani Group already possesses India's second-largest cement capacity. ...

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Google leases office space in Blackstone GIFT City tower

Wednesday 18th October 2023

Google Inc, the tech giant, has secured office space spanning an entire floor in the Fintech One commercial tower at Gujarat International Finance TecCity (GIFT) in Gandhinagar, which is owned by Blackstone Group. This space will be used to establish Google's global fintech center. ...

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Mukesh Ambani luxury real estate bet gets HSBC financing boost

Wednesday 18th October 2023

HSBC Holdings Plc has increased the size of a loan arrangement for a part of Mukesh Ambani's business empire in India, showing confidence in Asia's wealthiest individual. Initially, the London-based bank offered a £60 million ($73 million) loan facility to a Reliance Industries Ltd subsidiary shortly after its acquisition of the Stoke Park estate in southeast England for £57 million in 2021, as per UK registry filings. ...

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Builders not to build power infrastructure, as Haryana brings in major policy change

Tuesday 17th October 2023

In a significant policy change rectifying a prior decision that burdened numerous housing societies, the Haryana government will no longer require developers to construct power substations or provide bank guarantees for them. The Haryana Electricity Regulatory Commission (HERC) has notified that these substations will be built by distribution companies. Developers will be responsible for the sanctioned load of a condominium or township and will need to allocate land for the substation to the discom at no cost. ...

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Noida authority demolishes 50 farmhouses on Yamuna floodplains, more to follow

Tuesday 17th October 2023

In its first anti-encroachment operation since this year's floods, the Noida Authority demolished approximately 50 illegal farmhouses situated on the Yamuna floodplains in Sector 151. These farmhouses encompassed several acres and had concrete structures where commercial activities were being conducted. ...

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Maruti leases 270,000 sq ft at Tag Avenue in Gurugram

Tuesday 17th October 2023

Maruti Suzuki, India's largest passenger car manufacturer, has secured a 270,000 sq ft lease in Tag Avenue, a commercial building located in Gurgaon. This move follows a request from Haryana Chief Minister Manohar Lal Khattar last year for the automobile giant to relocate its corporate office to Gurgaon. As part of this agreement, 900 acres of land were allocated to Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana. ...

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Cidco cancels allotment of two plots in Navi Mumbai to Godrej Properties

Tuesday 17th October 2023

The City and Industrial Development Corporation of Maharashtra (CIDCO) has revoked the allocation of two adjacent plots in Sampada, Navi Mumbai, to Godrej Properties, as reported in a BSE filing. Godrej Properties has contested this cancellation by filing a writ petition with the Bombay High Court. ...

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Emaar India to invest $1.85 billion in two years: CEO Kalyan Chakrabarti

Monday 16th October 2023

Emaar India, the local subsidiary of Dubai's Emaar Properties, plans to invest at least $1.85 billion over the next two years. CEO Kalyan Chakrabarti aims to achieve in 21 months what previously took 21 years, with a plan to release approximately 10 million square feet of real estate in key markets such as Mumbai, Pune, Bengaluru, and Hyderabad.   ...

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Cement industry struggles to compete in oversees markets

Monday 16th October 2023

The Indian cement industry is facing challenges in competing in international markets due to duty-free imports of cement in the country, along with the duties imposed on domestic producers for raw materials. The PHD Chamber of Commerce and Industry (PHDCCI) has conveyed this concern to the commerce and industry ministry. ...

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Proptech firm Blox to buy controlling stake in Justo for Rs 350 crore

Monday 16th October 2023

Blox, an AI-powered proptech company, is in the final stages of acquiring a controlling stake in Justo, a mandate brokerage firm with a strong presence in Maharashtra. The deal is valued at ?350 crore and is expected to be completed using a combination of cash and stock, according to individuals with direct knowledge of the matter. ...

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Delhi court denies default bail to Supertech chairman in money laundering case

Monday 16th October 2023

A Delhi court has rejected R K Arora's request for 'default bail' in a money laundering case. Arora, the chairman and promoter of Supertech Group, argued that he should be granted bail due to an 'incomplete charge sheet' filed by the central probe agency, but Additional Sessions Judge Devender Kumar Jangala dismissed the application. ...

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Mumbai: Highstreet Paramvir Developers failed to give information sought for audit

Friday 13th October 2023

The Economic Offences Wing (EOW) of the city police has launched an investigation into Highstreet Paramvir Developers for financial irregularities following a complaint from the Maharashtra Real Estate Regulatory Authority (MahaRera). These irregularities revolve around a project situated on a 6,525 sqft plot in Khar. MahaRera filed the complaint after conducting a forensic audit of the project. Notably, this marks the first instance in which the real estate regulator has taken action against financial improprieties. ...

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Mumbai: Borivli CHS, developer sent to arbitrator over transit rent dispute

Friday 13th October 2023

In a separate legal matter, the Bombay High Court has appointed a single arbitrator to resolve a dispute related to a redevelopment agreement that has been ongoing for over a decade. The court has also directed the secretary of the cooperative housing society involved to provide the relevant documents and records of the society, including checkbooks, to its chairman within one month. ...

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Bombay HC refuses bail to Radius Group MD in Yes Bank money laundering case

Friday 13th October 2023

The Bombay High Court has declined to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case. The court reasoned that money laundering involves intricate processes designed to legitimize illegally obtained funds, necessitating thorough investigation. ...

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Litigants cant hijack court cases: Bombay HC; Rs 2 lakh cost imposed on Modern Realty

Friday 13th October 2023

Bombay High Court bench, comprised of Chief Justice Devendra Kumar Upadhyaya and Justice Arif Doctor, dismissed a petition from builder Modern Realty Pvt Ltd seeking permission to participate in a BIT chawl redevelopment tender process. The court also imposed a fine of Rs 2 lakh on Modern Realty Pvt Ltd, payable to KEM Hospital and Medical College within one month, emphasizing that court proceedings should not be exploited by unscrupulous litigants. ...

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Supreme Court rejects bail plea of expromoter of AN Buidwell

Thursday 12th October 2023

The Supreme Court has dismissed the bail request from the former promoter, Surendra Kumar Hooda, of a real estate company accused of defrauding investors, and has ordered them to surrender. On October 4, a bench of justices Aniruddha Bose and Bela M Trivedi rejected the plea of Surendra Kumar Hooda, the former promoter and director of AN Buildwell, a real estate firm.   ...

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NGT bars leasing of plot next to Navi Mumbai creek for development

Thursday 12th October 2023

The National Green Tribunal (NGT) has prohibited Cidco, the planning authority for Navi Mumbai, from leasing a 25,000 sq m (6.2 acre) plot near the NRI Colony in Seawoods, Nerul, falling under Coastal Regulation Zone (CRZ). Local residents and activists have been opposing Cidco's plans to auction the plot, which is located in a mangrove and flamingo habitat, for residential and commercial purposes. ...

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Hero Realty forms JV with Saheb Enterprise for a residential project in Gurugram

Thursday 12th October 2023

Hero Realty Pvt Ltd has formed a new joint venture (JV) with Saheb Enterprise, based in Gurgaon, to construct a high-end residential complex in sector 104, Gurgaon. This marks the second partnership between Hero Realty and the same company. In April 2023, both firms entered into a JV to develop a project covering approximately 2 million square feet, with an anticipated revenue of Rs 2,000 crore. ...

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Jaypee Group cites banks support, Amitabh Kant panel report before Allahabad HC

Thursday 12th October 2023

Banks that provided financing to Jaiprakash Associates Ltd (JAL), the primary company of the struggling Jaypee Group, have submitted affidavits in the Allahabad High Court in support of the developer's petition to invalidate an order from the Yamuna Expressway Industrial Development Authority (YEIDA) that canceled the allocation of 1,000 hectares of land to the company. ...

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iSprout raises Rs 40 crore from Vivriti Asset Management

Wednesday 11th October 2023

iSprout, a co-working company, has secured an investment of Rs 40 crore by issuing its first secured bond. This bond was subscribed by Vivriti Asset Management (VAM), a credit asset manager with investments exceeding Rs 3,000 crore in mid-market enterprises. ...

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Give SRA powers to evict illegal occupants: Bombay HC

Wednesday 11th October 2023

The Bombay High Court, on Monday, expressed the need to grant the Slum Rehabilitation Authority (SRA) and the state government summary powers, even if they are considered "draconian," to remove unauthorized occupants of SRA flats. This concern arises due to illegal transfers and the improper use of rehabilitation tenements. The ownership of SRA rehabilitation flats, allocated free of cost to project-affected individuals, cannot be transferred within 10 years of allocation, except to heirs. ...

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NSDL to acquire office space in BKC from IDFC Bank

Wednesday 11th October 2023

The National Securities Depository Limited (NSDL) has purchased a 68,000 sqft office space from IDFC First Bank in Mumbai's Bandra-Kurla Complex (BKC) for roughly Rs 198 crore. This decision is part of the bank's efforts to consolidate its operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai, as mentioned in their regulatory filing. ...

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Godrej Properties to sell 14 acres land in Gurugram

Wednesday 11th October 2023

Godrej Properties is in advanced negotiations with Hero Realty to sell a 14-acre land parcel in Gurugram, valued at around Rs 730 crore. The Mumbai-based real estate company acquired this land in Sector 89 approximately two years ago from a local land-aggregating company. ...

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MahaRERA to cancel 291 projects if builders dont update QPR in a month

Tuesday 10th October 2023

MahaRera is set to cancel the registration of 291 real estate projects that have been suspended unless builders update quarterly progress reports by November 10. These projects include 104 in MMR, 63 in Pune, and 46 in Nashik. The suspension of registration came about because Forms 1, 2, and 3, which provide project status information, were not submitted on the MahaRera website. Out of the 363 initially suspended projects, 72 have updated their information and paid a fine of Rs 50,000. ...

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Ghaziabad: 18 years on, no nod for Suncity hi-tech township yet

Tuesday 10th October 2023

The GDA board has revoked Suncity Hi-tech Infrastructure's plan to develop a residential project on 828 acres off NH-9 due to MoU violations and unpaid dues. This decision has left numerous homebuyers in uncertainty. Originally proposed in 2005 under the state government's hi-tech township policy, the project was meant to cover 4,312 acres. However, land acquisition delays due to farmer protests allowed the developer to acquire only 828 acres over 18 years. ...

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Gurugram: 45 South City houses are under lens for violations

Tuesday 10th October 2023

The Department of Town and Country Planning (DTCP) has issued show-cause notices to 45 residential properties in South City 2 for property misuse and violations of the Haryana Urban Development Act, 1975. After a recent survey, the DTCP enforcement team found these properties to be in violation of regulations. Property owners have been given seven days to respond to the notices, or they could face actions such as restoration orders and cancellation of occupation certificates. ...

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Experion buys six-acre land parcel in Gurugram for Rs 400 crore

Tuesday 10th October 2023

Experion Development has successfully acquired a six-acre land parcel in Gurugram's Sector 53, valued at approximately ?400 crore, through an auction organized by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. Additionally, the HSVP auctioned a two-acre plot in Sector 56 for ?120 crore to TREVOC (The Real Estate Venture of Chawlas), one of the three promoters in the Spaze group. ...

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Godrej Properties land deal in Nagpur faces one more case

Monday 9th October 2023

Another lawsuit has been filed against Godrej Properties regarding the Rs227 crore real estate deal from last year, involving a 58-acre land parcel near the Besa area of the city. Following a case citing provisions of Muslim personal law, this second suit challenges the deal on the grounds of the Mental Health Act, which safeguards the interests of mentally challenged individuals. ...

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Centrum Capital explores sale of its stake in housing finance business

Monday 9th October 2023

Centrum Capital, the financial services company led by Jaspal Bindra, is considering the possible sale of its stake in its mortgage financing business, Centrum Housing Finance, as reported by two informed sources. The Mumbai-based Centrum group currently holds a 74% stake in Centrum Housing Finance, with private equity investor Morgan Stanley PE Asia holding approximately 25%, following a ?190 crore investment in the business in 2020. ...

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Repair or demolish? Bombay HC to examine civic guidelines for unsafe buildings

Monday 9th October 2023

The legal dispute surrounding Mehta Mahal, referred to by the Bombay High Court as one of the most contested properties in south Mumbai, may determine whether local body guidelines can ever establish enforceable rights in favor of private individuals. This 56-year-old commercial building on Mathew Road, a narrow lane leading from Charni Road to the rear of Opera House, is once again in court, this time over a 2021 report by an expert panel appointed by the BMC concerning its structural stability. ...

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Implement old zoning policy for fourfloor buildings in one month: Gurugram builders

Monday 9th October 2023

Developers and residential plot owners are reiterating their demand for the state to implement its policy, which allows for the construction of four floors before Diwali, in order to provide relief to property owners and homebuyers. It has been eight months since the government put approvals for new four-floor building plans in residential areas on hold, following protests by residents who claimed that these "builder floors" were straining resources and infrastructure in already densely populated colonies. ...

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Maharashtra CM orders fire safety audits of all SRA buildings

Saturday 7th October 2023

Following a tragic blaze in a residential building in Goregaon, Mumbai, resulting in the loss of seven lives and injuries to 62 individuals, including two minors, Maharashtra Chief Minister Eknath Shinde has instructed officials to conduct fire audits for all Slum Rehabilitation Authority buildings. The fire occurred in the Jay Bhavani SRA building, leaving five people in critical condition out of the 62 injured. ...

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Title not clear but Ahmedabad development body offers plots to LuLu Group

Saturday 7th October 2023

The Ahmedabad Urban Development Authority (Auda) plans to auction two plots in Chandkheda town planning scheme 44, even though it has not officially taken possession of one of the plots, which still belongs to private landowners. These plots were included in the TP scheme and designated for commercial sale by Auda. ...

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Haryana CM announces regularisation of additional 303 unauthorised colonies

Saturday 7th October 2023

Haryana Chief Minister Manohar Lal Khattar announced the immediate regularization of 303 unauthorized colonies across 14 districts, allocating Rs 3,000 crore for comprehensive infrastructure development within these colonies. Among these colonies, 193 fall under 39 municipalities, and 110 are under the jurisdiction of the Town and Country Planning Department. ...

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HSVP auctions two land parcels in Gurugram for Rs 520 crore to Experion & Trevoc group

Saturday 7th October 2023

Experion Developers recently acquired a six-acre land parcel in Gurgaon's Sector 53, valued at approximately Rs 400 crore, through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. Additionally, a two-acre plot in Sector 56 was auctioned to TREVOC (The Real Estate Venture of Chawlas) for Rs 120 crore. TREVOC is one of the three promoters associated with the Spaze group. ...

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Macrotech Developers sales bookings up 12% annually to Rs 3,530 crore in Jul-Sep 2023

Friday 6th October 2023

Macrotech Developers has reported a 12 percent year-on-year increase in sales bookings, totaling Rs 3,530 crore during the July-September period, driven by robust demand in the housing sector. In the same period of the previous fiscal year, the company had recorded sales bookings of Rs 3,150 crore.   ...

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Enforcement directorate attaches Shine City properties worth Rs 17.9 crore

Friday 6th October 2023

The Enforcement Directorate (ED) has provisionally attached properties valued at Rs 17.92 crore belonging to M/s Shine City Properties Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These attached properties consist of 47 parcels of land measuring 10.27 hectares located in Rajatalab Tehsil of Varanasi. ...

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Gurugram: Five illegal colonies near Sultanpur sanctuary demolished

Friday 6th October 2023

In an effort to combat illegal colonies and unauthorized commercial activities, the enforcement team of the Department of Town and Country Planning (DTCP) has demolished five illegal colonies that had sprung up in a no-construction zone near Sultanpur Sanctuary. Additionally, the department has sealed 28 major commercial stores that were operating illegally in Sushant Lok 2. ...

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SMFG India Credit leases 1,94,000 sq ft at Embassy 247 in Mumbai

Friday 6th October 2023

SMFG India Credit Company, a subsidiary of the Japanese conglomerate Sumitomo Mitsui Financial Group (SMFG), and Singapore's Fullerton Financial Holdings (FFH) have signed a lease agreement for 194,000 square feet of space at Embassy 247 in Vikhroli, Mumbai. Cushman & Wakefield played a role in facilitating this transaction for SMFG. ...

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Developers on land acquisition spree on Noida Expressway

Thursday 5th October 2023

While more than 20,000 homebuyers await the delivery of their homes due to the insolvency of Jaypee townships in Noida and Greater Noida, these land parcels have attracted various developers. In the past year, companies like Max, L&T, Gaurs, Saya, Paras, and Gulshan have purchased land worth Rs 3,000 crore and initiated projects with a revenue potential exceeding Rs 10,000 crore.   ...

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Raymond to invest Rs 301 crore in Ten X Realty

Thursday 5th October 2023

Raymond's board of directors has approved an investment of up to Rs. 301 crore in Ten X Realty (TXRL), a wholly-owned subsidiary of the company. This investment will include up to Rs 125 crore in redeemable preference shares, subject to final terms and agreements. ...

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In jail since 2019, plead HDIL promoters; court refuses to grant bail

Thursday 5th October 2023

The special PMLA court has denied bail to HDIL promoters Rakesh and Sarang Wadhawan. They had requested bail, arguing that they had spent more than half of the prescribed sentence as undertrials. The court's decision was based on the rejection of their earlier bail pleas, indicating their deep involvement in money laundering. The father-son duo was initially arrested in a case related to the Punjab and Maharashtra Co-operative (PMC) Bank in 2019. ...

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Lenskart Peyush Bansal buys south Delhi property for Rs 18 crore

Thursday 5th October 2023

Peyush Bansal, the CEO and co-founder of Lenskart, has acquired property in Delhi's Neeti Bagh for Rs 18 crore, purchasing the basement and ground floor of an 813-square yard property. He also paid Rs 1.08 crore for stamp duty and corporation taxes, according to documents accessed through CRE Matrix, a data analytics firm. ...

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Two directors of M3M granted bail by SC in money laundering case

Wednesday 4th October 2023

In a money laundering case, the Supreme Court on Tuesday granted bail to Basant Bansal and Pankaj Bansal, directors of the Gurugram-based realty group M3M. Following the submission of arguments by lawyers, a bench of justices A S Bopanna and Sanjay Kumar, which had reserved its verdict on September 11, extended relief to the directors of the realty firm. ...

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Maharashtra government approves law to evict redevelopment dissenters

Wednesday 4th October 2023

In private housing societies registered under the Maharashtra Apartment Ownership Act, the state cabinet has approved a proposal from the housing department to amend the act, enabling the forcible eviction of members who obstruct redevelopment. ...

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Gurugram: All stages of structural audit to be carried out at a time in highrises

Wednesday 4th October 2023

To enhance transparency and reduce costs and time, the district administration has instructed that all three stages of structural audits for high-rise residential societies be conducted concurrently. Although tests to assess the structural integrity and stability of 38 societies in the city have been underway in two phases since April last year, no concrete progress has been made yet. ...

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Uttar Pradesh plan for stalled projects: Four-year zero period & codeveloper rights

Wednesday 4th October 2023

The state government is likely to introduce a rehabilitation package for stalled projects, taking into account key recommendations from an expert committee led by bureaucrat Amitabh Kant earlier this year. During a meeting in Lucknow on September 28, specifically convened to discuss the expert panel's suggestions and chaired by the chief secretary, there was unanimous agreement to provide developers with a four-year 'zero period' and allow the original allottees to bring in co-developers to complete financially viable projects. ...

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Ludhiana civic body collects 71% of revenue target for property tax

Tuesday 3rd October 2023

In the first half of the current fiscal year, the Ludhiana Municipal Corporation (MC) has successfully collected around 70.7% of its targeted property tax revenue, amounting to Rs 130 crore for the city. The local body had set a goal of acquiring Rs 90 crore in property tax by September 30. To encourage tax return filing, the local bodies department had also announced a 10% rebate for taxpayers who settled their dues by September 30. ...

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WeWork to withhold interest payment on some notes

Tuesday 3rd October 2023

WeWork Inc. announced on Monday its decision to withhold approximately $95 million in interest payments related to some of its notes as part of its efforts to enhance its capital structure. WeWork, supported by SoftBank, has been facing challenges since its 2019 initial public offering plans fell apart due to concerns about substantial losses and doubts about its business model, which involves long-term leases and short-term rentals. ...

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Breather for buyers as town planner revokes ban on registries in Sushant Lok

Tuesday 3rd October 2023

Providing relief to numerous homeowners and potential buyers of Ansal properties, the Department of Town and Country Planning (DTCP) has executed deeds in Sushant Lok 2 and 3. Builder floor owners have faced difficulties in selling or buying properties since DTCP imposed a registration ban in the area last year, following the developer's failure to renew its license on May 25, 2022. ...

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SSSC Escatics properties seized by court in loan default of over Rs 200 crore

Tuesday 3rd October 2023

A court-appointed commissioner has taken symbolic possession of properties owned by developer Jayesh Tanna in various Mumbai locations, including Borivli, Andheri, Goregaon, south Mumbai, and Kandivli, due to a loan default exceeding Rs 200 crore under The Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession is a tactic to pressure the debtor to clear the dues without banks physically taking control of the properties. ...

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Over 1,600 properties on list of tax defaulters in Nagpur

Friday 29th September 2023

The Nagpur Municipal Corporation (NMC) has compiled a list of 1,664 properties, including hotels, clubhouses, lawns, hospitals, and theaters, with outstanding property tax payments totaling Rs 66.38 crore. Private hospitals, which have been criticized for misusing parking spaces and causing traffic problems, top the list of defaulters, owing the corporation Rs 27.29 crore collectively.   ...

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Gujarat RERA to penalize builders for pre-registration sales

Friday 29th September 2023

To safeguard home buyers from potential fraud, the Gujarat Real Estate Regulatory Authority (Rera) will take proactive measures and impose penalties on builders involved in soft launches or pre-Rera marketing without obtaining the mandatory Rera registration number. Many developers sell units at lower rates before obtaining Rera approval, which violates Rera regulations and leaves buyers unprotected under the law. ...

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Co-working firm EFC exploring FPO, other routes to raise funds for expansion

Friday 29th September 2023

Co-working spaces firm EFC India is exploring various options, including a Follow-on Public Offer (FPO), to raise funds for expanding its capacity to accommodate 60,000 seats by the end of this fiscal year. The company recently announced the acquisition of approximately 5 lakh square feet of office space in Pune, Noida, Hyderabad, and Kolkata. ...

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Godrej Properties acquires 49% equity shares of Godrej Skyline Developers for Rs 37.64 crore

Friday 29th September 2023

Godrej Properties (GPL) has purchased 49% of Godrej Skyline Developers' (GSDPL) equity shares for Rs 37.64 crore from the existing shareholder. Following this acquisition, the company, along with its wholly-owned subsidiary Godrej Projects Development (GPDL), now holds 93% of GSDPL's equity share capital. ...

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Over 20 government departments owe Rs 23.84 crore property tax to Panchkula civic body

Thursday 28th September 2023

The Municipal Corporation (MC) commissioner, Sachin Gupta, conducted a review meeting of the property tax branch on Tuesday and instructed them to send notices to 22 government property tax defaulters who collectively owe Rs 23.84 crore to the MC. ...

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Linkedin renews lease for office space in Mumbai Bandra-Kurla Complex

Thursday 28th September 2023

LinkedIn, the social media platform focusing on business and employment, has extended its lease for approximately 18,000 square feet of office space in the Maker Maxity commercial project located in Mumbai's business district, Bandra-Kurla Complex (BKC). This lease renewal is for a long-term tenure of five years. ...

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Delhi: Construction firms told to register on portal before GRAP kicks in

Thursday 28th September 2023

With the updated GRAP set to be enforced from October 1, the Delhi Pollution Control Committee (DPCC) has instructed construction companies to register on a designated web portal to be allowed to carry out their activities. DPCC has also reinforced the importance of adhering to a 14-point dust mitigation plan for all construction and demolition activities in Delhi. Additionally, they have introduced a 27-point checklist for projects exceeding 500 square meters in a bid to reduce dust pollution. ...

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Cement makers hike prices to counter rising costs

Thursday 28th September 2023

Cement manufacturers have recently increased prices by approximately 12-13% in response to rising input costs, even though the expected post-monsoon demand surge has not yet materialized. This move is seen as a bold departure from the cautious approach cement companies had taken in setting prices in previous months. ...

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How to revive stalled projects? Uttar Pradesh government may decide on waivers this week

Wednesday 27th September 2023

Representatives from the Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow on Thursday to discuss strategies for reviving stalled real estate projects in their respective regions. They will also deliberate on the recommendations put forth by a committee chaired by bureaucrat Amitabh Kant regarding potential waivers for developers to facilitate the completion of delayed projects. ...

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Delhi court takes cognisance of charge sheet against Supertech chairman

Wednesday 27th September 2023

In a money laundering case, a Delhi court has acknowledged the charge sheet submitted by the Enforcement Directorate against the chairman and promoter of the Supertech real estate group. Special Judge Devender Kumar Jangala has stated that there appears to be sufficient incriminating evidence against the accused in the case. ...

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UP RERA warns buyers, investors against misleading, fraudulent ads

Wednesday 27th September 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has labeled the advertisements for Sarvottam World as "misleading and fraudulent." UP RERA has cautioned prospective buyers and investors about an upcoming project called 'Megapolis/Sarvottam Megapolis' within the hi-tech township of 'NEWOIDA,' which is being promoted by 'Sarvottam World.' These misleading advertisements have been disseminated across various media platforms, including newspapers, radio, and digital channels, according to an official statement. ...

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Godrej Fund set to sell three floors in BKC project for Rs 900 crore

Wednesday 27th September 2023

Godrej Fund Management, the real estate private equity arm of the Godrej Group, is nearing the sale of office space spanning three floors in the Godrej BKC commercial project located in Mumbai's Bandra Kurla Complex. The deal, valued at approximately ?900 crore, is in its final stages, with both parties having signed a term sheet, and property due diligence is underway. ...

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Japan Sumitomo Corp concludes 80- year lease for BKC plot for Rs 2,067 crore

Tuesday 26th September 2023

Japan's Sumitomo Corporation Group has finalized a long-term lease agreement for a nearly 3-acre land parcel in Mumbai's Bandra-Kurla Complex, in collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA), for a sum exceeding Rs 2,067 crore. This land parcel was acquired through an 80-year lease agreement by Goisu Realty, a subsidiary of Sumitomo Realty & Development Company. ...

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What is your stand on Jaypee Group land row, Allahabad HC asks financiers

Tuesday 26th September 2023

The Allahabad High Court has requested that banks which provided financing to the Jaypee Group clarify their positions in a case related to the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). Notably, this disputed land includes the Buddh International Circuit, where the three-day MotoGP event concluded on Sunday. ...

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House construction may get costlier in south, east Delhi

Tuesday 26th September 2023

The construction of residential buildings in south and east Delhi may soon become more expensive due to the Municipal Corporation of Delhi (MCD) considering the imposition of "compensatory regulatory charges." Previously, this fee was only applied in north Delhi by the former north corporation. The proposed fee will be calculated based on the built-up area of new residential constructions or renovations to existing residential buildings. ...

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ED provisionally attaches land worth over Rs 125 crore in Unitech case

Tuesday 26th September 2023

The Enforcement Directorate has provisionally attached land valued at Rs 125.06 crore owned by Unitech Infopark Limited as part of its investigation into money laundering allegations stemming from complaints by Unitech group home buyers. Officials announced this development on Monday. Specifically, the ED has provisionally attached 39.83% of the shares of a 4.79-acre land parcel within the Uniworld City township in Nallambakkam, Chennai. ...

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Gurugram: Buyers seek handover of flats, Orris Infrastructure says waiting for SC order on plea

Monday 25th September 2023

A group of homebuyers gathered at the Greenopolis project site in Sector 89 to inquire about the status of their flats on Sunday. They urged the developer to complete the project, which has been delayed by over eight years, as soon as possible and hand over the flats to them. ...

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Uttar Pradesh government to launch trust-based building plan approval system

Monday 25th September 2023

Uttar Pradesh is set to introduce a new system called FASTPAS (fast and simplified trust-based plan approval system) for granting approvals for building maps and layouts in townships. This new system is being implemented to accommodate the latest tools and concepts introduced by the state to promote urbanization. FASTPAS will enable applicants to purchase additional floor area ratio (FAR), facilitate land use changes, and avail of compensatory FAR, among other options. ...

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LandCraft leases Salman Khan Mumbai property for gourmet store

Monday 25th September 2023

LandCraft Retail has signed a lease for a commercial property on Linking Road in Mumbai, owned by actor Salman Khan, at a monthly rent of 1 crore rupees. They intend to open a new gourmet store called Food Square, replacing the debt-ridden Future Group's Food Hall. This new chain will compete with Nature's Basket and Reliance Freshpik, both owned by RP Sanjiv Goenka. ...

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Gaurs Group buys two projects for Rs 700 crore

Monday 25th September 2023

The Gaurs Group, based in Noida, has acquired 18 acres of land in Sector 129 of Noida and a stalled project in Jaypee Greens, Greater Noida, for approximately 1700 crore rupees, according to three individuals familiar with the transaction. The Noida land will be utilized for a Grade-A retail and office project. In Jaypee Greens, the real estate company will complete two stalled residential towers and create an additional 1.5 million square feet of space. ...

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Real estate agents in Maharashtra can get competency certificates by January 1

Friday 22nd September 2023

MahaRERA has extended the deadline for 32,000 registered real estate agents to complete their competency certification from September 1 to January 1, 2024. The order specifies that only agents with valid certificates will be permitted to apply for and renew real estate registrations. ...

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Limit our responsibility to seven days after granting OCs: Gurugram architects

Friday 22nd September 2023

Architects, who are now authorized to issue occupation certificates (OCs) for residential buildings under a self-certification scheme, are calling for a seven-day time limit for their responsibilities after granting the certificates. They also propose that property owners should be held accountable if there are any rule violations or changes in the buildings after this seven-day period. ...

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DLF rental arm DCCDL raises Rs 1,100 crore through issue of debentures

Friday 22nd September 2023

DLF's rental subsidiary, DCCDL, has successfully raised Rs 1,100 crore through the issuance of non-convertible debentures on a private placement basis. DLF has disclosed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allocation of these debentures. DCCDL has sanctioned the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) with a face value of 1 lakh each, on a private placement basis to eligible investors. ...

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Viacom18 to strike deal with Blackstone for new Mumbai HQ: Sources

Friday 22nd September 2023

Viacom18, the broadcasting unit of Indian billionaire Mukesh Ambani, is reportedly finalizing a lease agreement with Blackstone-owned Nucleus Office Parks for its new headquarters in Mumbai, spanning 400,000 square feet. This new office will be situated across approximately eight floors within the "One International Center" complex in Mumbai's Lower Parel business district. Viacom, known for its TV channels and the JioCinema digital streaming platform, competes with giants like Walt Disney in India. ...

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Nagpur: MahaRERA freezes builders escrow accounts over non-filing of returns

Thursday 21st September 2023

In a firm response to builders, the Maharashtra Real Estate Regulatory Authority (MahaRera) has frozen the bank accounts of more than 40 real estate projects in the Nagpur division. This includes projects in Nagpur city and surrounding districts in eastern Vidarbha, such as Wardha, Bhandara, Gondia, Gadchiroli, and Chandrapur. ...

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Bafna Motors sells four-acre plot in Navi Mumbai Nerul to Greenscape IT Park

Thursday 21st September 2023

Bafna Motors (Mumbai), a prominent dealer for Tata Motors commercial vehicles, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality within the Trans Thane Creek industrial area for an impressive sum of over Rs 145 crore to Greenscape IT Park LLP. ...

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Signature Global Rs 730 crore IPO receives 54% subscription on first day of bidding

Thursday 21st September 2023

On the first day of its Initial Public Offering (IPO), real estate firm Signature Global (India) witnessed a 54 percent subscription rate. The public offering garnered bids for 60,34,704 shares out of the 1,12,43,196 shares available, according to data from the NSE. Non-institutional investors subscribed 1.42 times, while the Retail Individual Investors (RIIs) category achieved an 89 percent subscription rate.   ...

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Ranbir Kapoor leases out apartment in Trump Tower Pune for Rs 4 lakh per month

Thursday 21st September 2023

Bollywood actor Ranbir Kapoor has leased his luxurious apartment in Pune's Trump Towers for 36 months at a monthly rate of Rs 4 lakh. The apartment, situated on the 10th floor of one of the towers in Kalyani Nagar, spans nearly 6,100 sq ft. It has been rented to Duroshox, a Pune-based company that specializes in suspension and motion control solutions for automobile Original Equipment Manufacturers (OEMs). ...

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MSRDC to monetize land parcels along Pune-Mumbai expressway to fund big projects

Wednesday 20th September 2023

The Maharashtra State Road Development Corporation (MSRDC), responsible for major infrastructure projects in the state, plans to monetize 24 land parcels along the Pune-Mumbai expressway. These parcels, totaling 450 hectares, will be leased to generate funds for key infrastructure projects, including the Samruddhi expressway, Pune ring road, Virar-Alibaug multimodal corridor, and Jalna Nanded expressway, among others, according to a senior MSRDC official. ...

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Plot in Ahmedabad sells for Rs 3.25 lakh per square yard

Wednesday 20th September 2023

A significant land deal has taken place on S G Road, with a plot of approximately 4,000 square yards, situated between Iskcon Circle and Prahladnagar, being sold at a record rate of Rs 3.25 lakh per square yard. The buyer is in discussions with a developer for a joint venture project on the land. This transaction is noteworthy as it is the first major land deal since the jantri revision in mid-April. ...

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Income tax department raids five builders, finds Rs 400 crore tax evasion

Wednesday 20th September 2023

200 income tax officials have conducted raids at 28 locations over the past five days, uncovering alleged tax evasion of Rs 400 crore by five real estate developers, some of whom own hotels and schools in the city. The raids began on September 14 and are still ongoing. ...

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Insolvency & Bankruptcy Code cannot be used as a tool for recovery NCLT

Wednesday 20th September 2023

The National Company Law Tribunal (NCLT) dismissed a plea from two unit buyers of a commercial complex, stating that the Insolvency & Bankruptcy Code cannot be used as a "tool for recovery." The plea sought to initiate insolvency proceedings against Orris Infrastructure for an alleged default of Rs 3.60 lakh. The NCLT bench noted that the buyers had already received full payment from Orris Infrastructure according to their agreement. ...

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MahaRERA suspends 388 realty projects registration for not providing quarterly updates

Tuesday 19th September 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against 388 real estate projects by suspending their registrations due to non-compliance with the mandatory quarterly updates of project information, as required by the Real Estate (Regulation & Development) Act, 2016. According to the act, real estate developers must register their projects with MahaRERA and regularly update project-related information. ...

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Delhi: 3,000 premium DDA houses up for grabs

Tuesday 19th September 2023

The Delhi Development Authority (DDA) is set to unveil its next housing scheme, featuring 3,000 premium properties, ahead of Diwali. These flats will be allocated through a lottery system and will include penthouses, Super HIG, HIG, MIG, and EWS flats in locations such as Dwarka, Lok Nayak Puram, Vasant Kunj, among others. Officials have noted that several of these properties are currently under construction. ...

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SRS Group directors and promoters get pre-arrest bail in bank fraud cases

Tuesday 19th September 2023

In a recent development, the special judge at the CBI court in Panchkula has granted anticipatory bail to four individuals currently incarcerated in Faridabad jail in connection with two separate cases of cheating and fraud involving a nationalized bank, amounting to Rs 152 crore. Both cases were filed by the CBI three years ago. ...

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Signature Global raises Rs 318.5 crore from anchor investors ahead of public issue

Tuesday 19th September 2023

Signature Global, a realty firm preparing to launch its initial public offering, has successfully secured Rs 318.5 crore from anchor investors, including Nomura. In a regulatory filing, Signature Global revealed that 82,72,700 equity shares were subscribed at Rs 385 per share in the Anchor Investors (AIs) segment, with Nomura Trust and Banking Co Ltd acquiring the largest portion of 18,70,094 shares. ...

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Salary not an issue, safety is: Construction workers at NBCC lift crash site in Noida

Monday 18th September 2023

At the Amrapali Dream Valley project in Noida Extension, where a tragic lift accident claimed the lives of eight construction workers on September 15, concerns have been raised by construction workers regarding safety measures at the site. The troubled Amrapali Group's ambitious housing project, originally planned for over 7,500 flats, is now being completed by the state-run NBCC under the Supreme Court's supervision. ...

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Aerotropolis to be built next to Noida airport on 6,500 acres

Monday 18th September 2023

The Noida aerotropolis is set to serve both residential and industrial needs, featuring modern infrastructure to support various themed developments. These include an innovation and tech hub, commercial centers, a logistics hub, hospitality options, and recreational and entertainment areas, as stated by YEIDA CEO Arun Vir Singh. ...

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Bombay HC asks BMC to grant builder TDR in four weeks

Monday 18th September 2023

During this week, the Bombay High Court issued a directive to the BMC to issue a transferable development rights (TDR) certificate to a private builder who had provided and surrendered land for the Sahar Elevated Ring Road leading to International Airport Terminal 2. This order followed the MMRDA's statement that it was not the planning authority for the section of the Sahar Elevated Road constructed on land owned by Eversmile Construction Company Pvt Ltd. ...

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Income tax department raids Noida premises of Orris Group

Monday 18th September 2023

On Saturday, the Income Tax department conducted searches at properties associated with a real estate developer in Noida and Greater Noida, suspecting tax evasion. Similar searches had been conducted on Friday at locations of the same group in Noida, Greater Noida, and Gurugram. Over the past two days, the Income Tax department has conducted raids at various sites belonging to different builders in the Delhi-NCR region. ...

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I-T department conducts raids in offices of several builders in NCR, Haryana, Punjab

Saturday 16th September 2023

The Income Tax department initiated raids on the offices and premises of multiple builders in Gurugram and other cities. These raids, conducted at 28 locations, are part of an investigation into builders accused of tax evasion. The affected areas include Gurugram, Chandigarh, Karnal, Delhi, Ludhiana, and Rewari. The searches commenced at 6 am and extended into late Friday evening, resulting in the confiscation of certain documents, according to an official statement. ...

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Uttar Pradesh government plans Olympic Village with 5,000 flats near Noida airport

Saturday 16th September 2023

In Uttar Pradesh, plans are underway for an expansive Olympic Park near the upcoming Noida International Airport. This development aligns with India's infrastructure ambitions as it seeks a larger role on the global stage, following the recent expression of interest from the Indian government to host the 2036 Olympics. ...

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Adore Group to invest Rs 200 crore in Gurugram project

Saturday 16th September 2023

Adore Group, a real estate developer based in Gurgaon, has acquired a 10.20-acre land in sector 77 for a residential project with an investment of Rs 200 crore. The project will feature a 60,000 sq ft clubhouse and is expected to generate revenue of Rs 1,000 crore. It will consist of 12 towers and over 700 units. Adore Group has successfully completed 20 projects covering a cumulative area of 10.11 million sq ft. ...

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MahaRERA soon to bring an act to monitor quality housing: Chairman

Saturday 16th September 2023

MahaRERA, the Maharashtra Real Estate Regulatory Authority, is in the process of discussing an act to oversee housing quality, aiming to protect the interests of homebuyers and ensure they receive the promised quality from developers, as stated by Ajoy Mehta, the chairman of MahaRERA. Currently this enactment is at an discussion stage. ...

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Builders without QR code in ads may be fined by MahaRERA

Thursday 14th September 2023

The Maharashtra Real Estate Regulatory Authority (MahaRera) has mandated that builders include a QR code for every project in their promotional materials, enhancing transparency. Officials at the Rera office in Nagpur have reported no complaints thus far. In case of non-compliance, builders can face penalties of up to 5% of the project's cost. ...

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Amid boom in Mumbai redevelopment projects, triple GST sees court cases build up

Thursday 14th September 2023

In Mumbai, the redevelopment of cooperative housing societies is progressing vigorously, but challenges related to goods and services tax (GST) in such schemes are resulting in legal disputes that is litigation. Appeals in the court are being made to the finance ministry to streamline the tax process. Typically, members of a cooperative housing society collectively transfer their development rights to a redeveloper, receiving a new flat in exchange for their old one upon project completion. ...

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ASK Property Fund invests Rs 225 crore in Pune

Thursday 14th September 2023

ASK Property Fund, the real estate private equity division of the ASK Group, has injected an investment of Rs 225 crore into Pune through its recently raised fund, ASK Real Estate Special Opportunities Fund IV (RESOF IV). This venture primarily focuses on residential developments and forms an integral part of the Megapolis integrated township within Hinjewadi, developed by Kumar Realty. Within this township, 4,600 units have already been delivered, with a majority being occupied, and there are an additional 3,000 units currently under construction. ...

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Signature Global cuts IPO size by 27% amid high borrowing costs

Thursday 14th September 2023

Indian real estate firm Signature Global has adjusted the total offer size for its initial public offering (IPO) to 7.3 billion rupees ($88 million) from the initially planned 10 billion rupees, as per the updated prospectus dated Sept. 12. The IPO comprises a fresh issue of shares worth 6.03 billion rupees and 1.27 billion rupees worth of shares being divested by the company's existing shareholder, International Finance Corporation, a member of the World Bank Group. ...

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Kochra Realty acquires Rs 700 crore stressed residential project in Mumbai Dahisar

Thursday 14th September 2023

Kochra Realty, a real estate developer, has taken over a stalled residential project worth Rs 700 crore in Mumbai's Dahisar suburb. The company aims to revive and complete the long-delayed project by early 2025. Initially, the project, which has nearly 600 homebuyers, was being developed by Ashapura Housing with financial support from an alternate investment fund. ...

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Ajmera Realty to redevelop four residential societies in Mumbai Borivali

Thursday 14th September 2023

Ajmera Realty & Infra India (ARIIL) is embarking on the redevelopment of four societies in Yogi Nagar, Borivali West, Mumbai. This project is expected to yield sales of approximately Rs. 330 crore and primarily features 2 & 3 BHK residential apartments with an estimated total carpet area of 1,07,000 sq ft. The company has secured a Letter of Intent from these societies, and the project is slated for launch in the first half of 2024, with an estimated completion timeline of three and a half years. ...

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Sonakshi Sinha buys apartment in Mumbai Bandra

Thursday 14th September 2023

Bollywood actress Sonakshi Sinha has recently acquired a Rs 11 crore apartment in the upscale residential tower, 81 Aureate, located near Bandra, in Mumbai. Her new apartment, situated on the 26th floor, spans approximately 2,430 sq ft. The purchase was made directly from developers Pyramid Developers and Ultra Lifespaces, and she paid a stamp duty of Rs 55 lakh for the registration of the transaction, which occurred on August 29, as per documents obtained from Zapkey.com. ...

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In Mumbai, Malabar Hill bungalow give way for flats for netas

Wednesday 13th September 2023

In a separate development, there are plans to demolish a bungalow in Malabar Hill to make way for the construction of 12 luxury sea-view apartments. Out of these, six will serve as residences for prominent government officials, including the speaker and deputy speaker of the assembly, the chairperson and deputy chairperson of the council, and the leaders of the opposition in both Houses. Ajantha bungalow on Narayan Dabholkar Marg, currently the official residence of the council chairperson, will be razed to create these 6,500 sqft luxury condominiums. ...

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Gurugram: DTCP serves notices to 19 more architects for violating OC rules

Tuesday 12th September 2023

The planning division of the Department of Town and Country Planning (DTCP) has sent notification of notices to 19 architects for breaching regulations in the issuance of occupation certificates (OCs) through the self-certification scheme. These infringements were identified in properties situated within licensed colonies such as Sushant Lok 1 and 3, South City 1, DLF 2 and 3, and others, which had received OCs in August. During the on-site inspection, Rajesh Kaushik, the DTP (Planning), identified violations such as unfinished work, filled cutouts, breaches of projections, and additional constructions such as bathrooms on stilts. ...

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Sebi issues framework for REITs, InvITs about board nomination rights

Tuesday 12th September 2023

On Monday, the Securities and Exchange Board of India (SEBI) issued a framework for the exercise of board nomination rights by eligible unitholders of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). During its board meeting on June 28, SEBI approved the introduction of nomination rights for unitholders of REITs and InvITs. An eligible unitholder is defined as a unitholder who holds 10 percent or more of the total outstanding units of a REIT or InvIT, either individually or collectively. ...

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Prestige Group looks to partner TDI in Lutyens Delhi

Tuesday 12th September 2023

The Prestige Group, headquartered in Bengaluru, is currently in advanced discussions with TDI Infratech to establish a joint development agreement for the construction of a residential property spanning 5,100 square yards located on Kasturba Gandhi Marg in the prestigious Lutyens' Delhi area. Individuals familiar with the matter have disclosed that the property, owned by TDI Infratech, is valued at approximately ?325-350 crore and holds a projected revenue potential of ?700 crore. Experts believe that Prestige Group is likely to consider the development of eight to nine boutique apartments, signifying its entry into the residential real estate market in Delhi. ...

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Gurugram: After audit, builder of Brisk Lumbini starts repairs, RWA says - keep us in loop

Tuesday 12th September 2023

Following a structural audit conducted by the district administration, the developer of Brisk Lumbini in Sector 109 has initiated repair work to address structural issues through its contractor. Nevertheless, the Residents Welfare Association (RWA) expresses dissatisfaction with the process, asserting that both the residents and the structural audit agency are not adequately informed about the methodology and other updates related to the repairs. ...

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Motilal Oswal buys 12-storey tower in Ahmedabad from Claris Life Sciences

Tuesday 12th September 2023

Motilal Oswal Financial Services (MOFSL) has completed the acquisition of a standalone commercial tower encompassing 12 upper floors, spanning approximately 1,10,000 sq ft in Ahmedabad's financial district. This strategic acquisition from Claris Life Sciences aligns with MOFSL's growth and expansion strategy. The property, situated on 0.56 acres of land, will be the new home of Motilal Oswal Tower, marking the company's third independent commercial tower alongside its existing properties in Mumbai and Bengaluru. ...

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Sumadhura Infracon to invest Rs 5,000 crore in next three years

Tuesday 12th September 2023

Sumadhura Infracon, a real estate developer, intends to expand its residential and commercial portfolio significantly over the next three years, with an investment of approximately ?5,000 crore, as per the company's chairman's. The company has recently acquired 45 acres of land situated along Bengaluru's Outer Ring Road for the construction of a commercial facility. In 2023, their plan includes the construction of three million square feet of new homes and the development of two million square feet of land. ...

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Real estate leasing companies in a fix over blocked credit eligibility

Tuesday 12th September 2023

Real estate developers who lease their commercial properties are currently facing credit eligibility challenges under sections 17 (5) C and 17 (5) D, even as the matter is being debated in the Supreme Court, according to stakeholders in the real estate industry. In cases where a developer constructs a commercial building and sells it before obtaining an occupancy certificate, they might be able to qualify for credit, as long as they fulfill their obligation to pay the output GST for the sale transaction. ...

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MahaRERA clears 323 project registration applications in three months

Monday 11th September 2023

Over the past three months, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved a total of 323 project registration applications out of 1,100. These approvals were granted after thorough verification by the respective local authorities. The majority of the approved applications (117) were from Pune district, followed by Raigad (52), Thane (48), and Mumbai suburban (35). Since June 19, MahaRERA has been implementing a policy where project registrations are only granted following the verification of commencement certificates (CC) issued by civic bodies. ...

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Gurugram: 18 architects, owners served notices for flouting OC norms

Monday 11th September 2023

The Department of Town and Country Planning (DTCP) has taken action by sending show cause notices to both architects and property owners of 18 properties. This action follows an inspection of 45 residential properties situated in prestigious licensed residential colonies within the city. Furthermore, an additional 17 properties are also expected to receive notices for similar violations in the near future. These notices are being issued due to the construction activities carried out by these properties after they had already obtained occupation certificates (OCs). ...

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WeWork begins to renegotiate leases globally

Monday 11th September 2023

WeWork announced on Wednesday that it has initiated a worldwide effort to engage with landlords to reevaluate almost all of its lease agreements. This move resulted in an increase in its shares, rising as much as 9% during morning trading. With backing from SoftBank, the company expressed its intention to negotiate more favorable terms with its landlords and intends to exit leases for locations that are not suitable or are underperforming. The goal is to redirect these resources towards reinvesting in its other assets. ...

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Flipspaces raises $4 million in pre series-B funding in mix of equity and debt

Monday 11th September 2023

Flipspaces has successfully raised $4 million in funding from its current investors, with Prashasta Seth, former CEO of IIFL AMC, heading the group of investors. This funding round also attracted participation from various family groups and investment funds. According to the company, these funds will be allocated towards expanding their presence in the US market and enhancing their integrated technology platform, coupled with a global supply chain, for the design and construction needs of SMEs. ...

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Indian REITs Association formed to foster industry best practices

Monday 11th September 2023

The Indian REITs Association (IRA) has officially unveiled its establishment as a non-profit trade organization with the primary goal of promoting the expansion and progress of the Real Estate Investment Trust (REIT) industry in India. This association will work in partnership with the Securities and Exchange Board of India (SEBI) to champion the interests of both businesses and investors while ensuring compliance with regulatory guidelines. ...

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Greater Noida: Pay 50% dues by this year to get discounts

Monday 11th September 2023

The Greater Noida Authority has introduced an Offer-to-Settle (OTS) program designed to assist purchasers of multi-story buildings in settling outstanding payments. This initiative is set to be advantageous for more than 2,200 property buyers who have yet to finalize their lease agreements. It is estimated that the GNIDA will be able to recover around Rs 468 crore in outstanding fees and premiums through this program. Prospective applicants will have a window of over three months to apply for this scheme, running from September 5th to December 31st. Depending on the size of their apartments, participants can enjoy discounts ranging from 20% to 80% on penalties related to premiums, additional compensation, and late fees for lease deeds. ...

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MahaRERA to grade every real estate project

Tuesday 5th September 2023

In a significant step aimed at enhancing transparency and accountability in the real estate sector and ensuring greater consideration for homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a milestone by becoming the first regulatory body in the country to implement a grading system for every real estate project. Builders will be required to regularly submit technical, legal, financial, and general project information through an online platform every six months for assessment. ...

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Banks moot covering stamp duty, registry charges in home loans

Tuesday 5th September 2023

Individuals seeking home loans could potentially access increased financing if a proposal submitted by banks to incorporate stamp duty and additional registration charges into the project cost gains approval from the banking sector regulator, as per sources familiar with the situation. Following internal discussions during a meeting held last month, lenders have reached out to the Reserve Bank of India (RBI), according to these sources. ...

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About 3,000 building sites in Gurugram, but only 220 registered on dust portal

Monday 4th September 2023

Winter is approaching in a matter of weeks, yet out of over 3,000 construction sites within the city, only 220 have registered on the government's dust portal so far. This indicates a continuation of normal operations, despite regulations aimed at preventing Delhi-NCR from experiencing hazardous air conditions once again. The dust portal was introduced by the Haryana government in January of the previous year, following directives issued by the Commission of Air Quality Management (CAQM) in October 2021. ...

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Mindspace REIT acquires 2.41 lakh sq ft in Chennai for Rs 181.60 crore

Monday 4th September 2023

Mindspace Business Parks REIT (Mindspace REIT) has purchased a leasable area of 2,41,694 square feet at Commerzone Porur, Chennai, for a total cost of Rs 181.60 crore, inclusive of transaction expenses, equating to Rs 7,512 per square foot, as reported in a filing with the BSE. This acquisition will enable the company to strengthen its ownership stake in the project. ...

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SIT uncovers forged land registries worth Rs 400 crore in Dehradun

Monday 4th September 2023

The Special Investigation Team (SIT) probing the fake property registry scandal in Dehradun has revealed the participation of a 'white-collar gang' consisting of attorneys, government personnel, and real estate agents who were involved in deceptive property registrations. While the estimated total worth of these properties is assessed at Rs 400 crore, a senior SIT official suggests that the actual extent of the scam could be even larger. ...

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Bombay HC directs Mhada not to insist on NOC for building reconstruction

Monday 4th September 2023

The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (Mhada), instructing them not to insist on a No Objection Certificate (NOC) from any prior developer or architect when the housing society of a seven-story building in Kherwadi, Bandra (East), which collapsed 25 years ago, selects a new developer and submits a reconstruction proposal. ...

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Pilot launched for easier property registration, rent agreements in Delhi

Friday 1st September 2023

In order to expedite the registration process for property documents, wills, lease agreements, rental agreements, and similar documents, the revenue department has initiated an online system. A pilot project was recently initiated at the Defence Colony and Najafgarh subregistrar offices. Under this system, applicants have the option to enter their personal information, upload necessary supporting documents, make online payments for stamp duty, and schedule appointments for document registration. ...

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Over 1.7 lakh register for 1,200 plots near Noida airport

Friday 1st September 2023

A scheme introduced by the Yamuna Expressway Industrial Development Authority (YEIDA) less than three weeks ago, which aims to allocate plots for independent houses near the upcoming Noida International Airport, has garnered an overwhelming response. People are rushing to secure a piece of what is widely perceived as a lucrative opportunity in the real estate market. As of Wednesday evening, the online portal recorded 173,000 users registering their interest for the 1,184 plots available. Additionally, 123,000 individuals purchased application forms online, 110,000 applications have been submitted, and 78,290 applicants have also submitted 10% earnest money. The application deadline expires on Friday night. ...

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Defaulting builders should not be given three-year time to complete stalled projects: FPCE

Thursday 31st August 2023

The FPCE, an organization representing homebuyers, has recommended that concessions to real estate developers be exclusively offered to address long-pending, stalled housing projects from the past. The organization emphasized that developers with a history of not meeting deadlines should not be granted a general three-year extension for completing these projects. ...

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If SRA transit rent is unpaid, act within 30 days, says Bombay HC

Thursday 31st August 2023

On Wednesday, the Bombay High Court issued a directive stating that recently appointed nodal officers of the Slum Rehabilitation Authority (SRA) must expeditiously address complaints regarding the nonpayment of transit rent to eligible individuals and slum residents during the ongoing redevelopment process. The court specified that these officers should take necessary actions within a 30-day timeframe. ...

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Architects flouting norms in Haryana? DTCP to check OCs granted after Aug 1

Thursday 31st August 2023

In response to complaints about norm violations, the Department of Town and Country Planning (DTCP) has mandated the inspection of buildings for which architects have issued occupation certificates (OCs) after August 1. ...

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Noida: 14 builders have two days to open escrow accounts or face recovery certificates

Wednesday 30th August 2023

The Noida Authority has given a deadline until August 31st to fourteen developers who have defaulted, requiring them to establish escrow accounts. This decision aims to help the Authority recover the outstanding payments owed by these builders. Currently, six developers have complied by creating such accounts under the Authority's supervision. Around two months ago, the Authority had instructed 59 developers, who collectively owed Rs 7,000 crore, to initiate escrow accounts. The primary purpose of these jointly managed accounts is to discourage the practice of diverting funds collected from homebuyers towards other projects. ...

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Mindspace REIT to raise Rs 500 crore by way of private placement

Wednesday 30th August 2023

According to a filing with the Bombay Stock Exchange (BSE), the executive committee meeting of K Raheja Corp Investment Managers, which serves as the manager for Mindspace Business Parks REIT (Mindspace REIT), has granted approval for a private placement to raise Rs 500 crore. ...

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Delhi court to consider taking cognisance of charge sheet against Supertech chairman on Sept 15

Tuesday 29th August 2023

On September 15, a Delhi court is scheduled to deliberate whether to acknowledge a charge sheet filed against R K Arora, who is the chairman and promoter of Supertech Group, in connection with a money laundering case. Special Judge Devender Kumar Jangala presided over the proceedings on Monday and noted the extensive nature of the documents, leading to an adjournment of the proceedings. ...

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Noida, Greater Noida authorities have six-point plan to compete projects, recover dues

Monday 28th August 2023

The authorities of Noida and Greater Noida have devised a comprehensive six-point strategy with the goal of tackling challenges within group housing ventures, retrieving outstanding payments from developers, and encouraging property registrations. This strategy encompasses several measures, such as revoking plot allotments for projects that haven't commenced, facilitating project completion via co-developers in case of stagnation, offering alternatives for surrender, and even revoking permissions for projects that fail to adhere to regulations. ...

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Circle rates in Delhi to go up by 35%? Work on to redraw proposal

Monday 28th August 2023

The Delhi government's intention to modify the circle rates for residential and commercial zones within the city has encountered a setback. Officials have indicated that the earlier proposal, crafted by the revenue department, which suggested the establishment of subcategories within the A to H categories for residential areas, accompanied by various tiers of circle rates, has been sent back by the finance department. This return was made with specific objections and recommendations. ...

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China approves guidelines to boost affordable housing amid property debt crisis

Monday 28th August 2023

China's cabinet, chaired by Premier Li Qiang, has endorsed guidelines for the planning and construction of affordable housing. The Xinhua news agency, a state-run media outlet, reported this development. The Chinese property sector is currently grappling with a deepening crisis, marked by an increasing risk of default among certain developers as they encounter difficulties in selling apartments and raising funds. ...

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Flats ready, submit papers, take them: 1,100 Amrapali buyers get final notice

Monday 28th August 2023

The Supreme Court-appointed receiver for the Amrapali projects has issued a "final" notification to approximately 1,100 homebuyers who have yet to verify their allocated flat documents. This includes those who have not taken possession of their units even after reviewing the provided papers. The Amrapali Group's projects have been in a standstill since its promoters were imprisoned. The completion of these projects is being overseen by NBCC, a government-backed construction company, under the supervision of the Supreme Court.  ...

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Metamor Software directors buy Hyderabad property for Rs 48 crore

Friday 25th August 2023

In a recent high-value residential transaction in Hyderabad, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions have acquired a property for Rs 48 crore. The residence, located in the Jubilee Hills locality, spans 13,000 sq ft in total area, with a built-up area of 3,951 sq ft. The sellers of this property were Manoj Kumar Tibrewala and the purchase marks one of the most expensive real estate deals in the city recently. ...

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Bandhan Bank spends Rs 160 crore to buy office space in Mumbai

Friday 25th August 2023

Bandhan Bank has made the strategic choice to establish a corporate office in Mumbai. Additionally, the bank intends to create a zonal office that will also serve as a government business center in New Delhi. To facilitate this expansion and development, the private sector bank has invested approximately Rs 160 crore to acquire commercial real estate in Mumbai, the nation's financial hub. This newly acquired space will not only serve as the corporate center but will also accommodate the bank's treasury operations, according to Chandra Shekhar Ghosh, the Managing Director of Bandhan Bank. ...

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ED files charge sheet against Supertech chairman in money laundering case

Friday 25th August 2023

On Thursday, the Enforcement Directorate (ED) submitted a formal charge sheet against R K Arora, who is the chairman and promoter of the prominent real estate firm Supertech Group, along with his company and eight other individuals. This charge sheet is a result of a money laundering investigation and alleges that they were involved in a "criminal conspiracy" to deceive individuals who had purchased homes. The accusations revolve around the claim that they collectively swindled a minimum of 670 home buyers, amounting to Rs 164 crore. ...

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Shriram Properties &ASK Property Fund invest Rs 206 crore in a residential project in Chennai

Thursday 24th August 2023

Shriram Properties (SPL) and ASK Property Fund have collaboratively infused Rs 206 crore to acquire complete development rights for an ongoing project in Chennai. This transaction has been facilitated through SPL's wholly-owned subsidiary, Shrivision Elevations. The necessary working capital for the project will be provided independently. The funds for this investment are sourced from the ASK Real Estate Special Opportunities Fund IV ...

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Register projects with RERA, safeguard interests of buyers: UPRERA chairman to promoters

Wednesday 23rd August 2023

On Tuesday, Sanjay Bhoosreddy, the chairman of Uttar Pradesh RERA, urged real estate developers in the state to ensure the registration of their projects with the authority. He emphasized their obligation to protect the interests of all stakeholders, particularly homebuyers. Recently appointed as the second chairman of UP RERA, Bhoosreddy also underscored the importance for developers to actively build a strong and advancing real estate industry by willingly adhering to regulatory guidelines. ...

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Delhi RERA directs builders to open allottee grievance cell

Wednesday 23rd August 2023

The Delhi Real Estate Regulatory Authority (DRERA) has issued a directive to real estate developers and builders in the national capital, instructing them to establish an "Allottee Grievance Cell" for every project. This cell should include a dedicated phone number to effectively address any concerns raised by allottees. Additionally, DRERA has mandated that these developers prominently display their names, addresses, RERA registration numbers of the projects, along with the contact details of the Allottee Grievance Officer and the Allottee Grievance Cell, at the construction site of each respective project. ...

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Expert panel suggests changes in insolvency law among others to revive stalled realty projects

Wednesday 23rd August 2023

An expert panel has proposed a range of measures to the government for revitalizing inactive real estate projects in the country. Led by former NITI Aayog chief Amitabh Kant, the 14-member committee submitted its findings to Union Housing and Urban Affairs Minister Hardeep Singh Puri on Monday. The committee's report, suggests various steps, including the establishment of a program that provides reduced interest rates. This proposed interest rate subsidy scheme, akin to the one for MSMEs, aims to incentivize financial institutions to support stalled projects. ...

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Survey soon, circle rates in Noida to be revised after three years

Wednesday 23rd August 2023

Following a pause lasting three years, there are indications of a potential adjustment in circle rates in Noida, as the stamp and registration department gears up to initiate property assessments. Atul Kumar, the ADM (Finance and Revenue), stated that the district administration issued instructions to subregistrars on Thursday, tasking them with examining the existing circle rates and market valuations across diverse sectors and classifications such as residential, industrial, commercial, agricultural, and more. The objective is to compile a comprehensive report that will pinpoint the specific areas warranting a revision in rates. ...

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Refunds, a relief guaranteed under UP-RERA, eludes many homebuyers

Wednesday 23rd August 2023

To what extent are Rera recovery certificates (RC) effective in providing relief to distressed homebuyers? In Noida, the largest real estate market in Uttar Pradesh and also the one grappling with most of the issues – primarily related to project delays and incomplete constructions – only 5% of RCs issued by the real estate ombudsman since 2018 have been successfully retrieved. RCs are granted based on two provisions — Section 40 (1) of the UP Rera Act and Rule 23 of UP-Rera Rules — when affected homebuyers file complaints with Rera against non-compliant developers to seek refunds. However, the responsibility for enforcing the collection of RCs rests with the local administrations. ...

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Premium for open space relaxation can only be 10%: SC

Wednesday 23rd August 2023

The Supreme Court has affirmed a 2017 ruling from the Bombay High Court, stating that the premium imposed for inadequate open space can only be 10%, rather than 100%. The court has instructed the BMC (Brihanmumbai Municipal Corporation) to subtract the 10% fee and reimburse the remaining amount along with interest within six weeks to Wadhwa Estate and Developer (I) Pvt. Ltd. In 2011, the developer had submitted a proposal to renovate a MHADA building and requested leniency for the shortfall in open space. ...

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Noida authority to set up a special cell to check illegal constructions

Wednesday 23rd August 2023

The Noida Authority board has given its endorsement for the establishment of a specialized enforcement unit within the planning division. This unit will be responsible for monitoring and curbing unauthorized constructions by residents and developers who deviate from approved layouts. Officials have revealed that there is a proposal underway to hire 20 junior engineers through external sourcing. Their primary task will involve examining construction undertakings and ensuring rigorous compliance with the sanctioned architectural plans. ...

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Government to soon launch scheme for those who want to own house in cities: PM

Wednesday 23rd August 2023

On Tuesday, Prime Minister Narendra Modi announced that the government will introduce a scheme in the near future aimed at offering interest relief on bank loans for individuals aspiring to own homes in urban areas. Speaking to the nation on the occasion of the 77th Independence Day, Modi stated that his administration will initiate this program to assist middle-class households residing in urban locations who currently lack their own residences. He further highlighted that individuals with limited financial means residing in urban areas without proper housing often encounter challenges. ...

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MahaRERA asks realty developers to set up redressal cells for homebuyers’ issues

Wednesday 23rd August 2023

Realty developers in Maharashtra have been instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to establish dedicated grievance redressal cells aimed at handling complaints from homebuyers. These cells, which pertain to the developers' projects, are required to include a minimum of one grievance redressal officer. Adherence to this requirement will hold significant weight in the potential assessment of projects by the regulatory authority. ...

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Noida: 13 builders told to pay fines in one week over illegal groundwater extraction

Wednesday 23rd August 2023

Thirteen builders have been notified by the groundwater department, with a stipulated period of seven days, to halt their unlawful extraction of groundwater and to remit a fine of Rs 5 lakh each. This action has been prompted by the builders' non-compliance with previous notices issued by the department. These earlier notifications had instructed the builders to settle the charges for their unauthorized utilization of groundwater, conducted without the necessary permissions. Despite receiving these notifications, the builders persisted in drawing water for construction activities through their unapproved borewells. ...

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Solitaire Group acquires 20-acre land parcel in Mumbai’s Andheri for Rs 550 crore

Wednesday 23rd August 2023

Real estate firm Solitaire Group, operating under its subsidiary Honest Vastunirman, has purchased a land parcel measuring over 20 acres in the Andheri suburb of Mumbai. The seller of the land is Arogya Bharti Health Parks and Arogya Bharati Hospitals, and the transaction amount is approximately Rs 550 crore. The overall deal encompasses 140 residential units with a carpet area totaling almost 38,000 square feet. The responsibility of constructing these units lies with the developer, and they are expected to be completed and handed over to the seller within six years from the date of the conveyance deed. ...

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Notices sent to 18 homeowners in Gurugram for building norm violations, may lose OCs

Monday 14th August 2023

Authorities announced on Sunday that show-cause notices have been served to eighteen residents in Sushant Lok-1 and -2, DLF-2, Vatika India Next, and Uppal Southend. These notices pertain to suspicions of unauthorized construction and the operation of commercial establishments without proper permissions. The homeowners have been granted a one-week period to provide their responses to the notices. If the responses are deemed insufficient, the department of town and country planning (DTCP) holds the authority to revoke their occupation certificates (OCs). ...

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FIR against Puri Construction for alleged fraudulent practices in Gurugram project

Monday 14th August 2023

Based on a complaint filed by a collective of eight homebuyers, the Economic Offence Wing (EoW) of the Delhi Police has initiated the registration of an FIR against a real estate developer. The complaint accuses the developer of engaging in fraudulent tactics to wrongfully obtain the money of these homebuyers. Among the accusations is the claim that the builder guaranteed apartments with picturesque views, yet upon inspecting the completed units, the homebuyers were dismayed to find that a few of them overlooked an operational crematorium. ...

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HC slams PNB for auctioning property without clear title, orders refund to bidder

Monday 14th August 2023

The high court has ruled that the inclusion of the 'as is where is' clause in a public auction does not imply any deficiency in the absolute ownership of the property under consideration. As a result, the court has instructed a nationalized bank to reimburse a sum of Rs 30.7 crore to a successful bidder who had acquired a property. In response to a petition submitted by M/s Paramount Constructions, Justice M Nagaprasanna has mandated Punjab National Bank (PNB) to provide a payment of Rs 30,69,08,217 to the petitioner. This amount encompasses the property's purchase cost, coupled with interest calculated at the bank's lending rate, as well as any associated charges. ...

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HC axes builders from redevelopment project in South Mumbai over arrears

Monday 14th August 2023

A week ago, the Bombay High Court, which had previously expressed its frustration with the repeated defaults on transit rent payments, has now taken the step of excluding the builders from a combined redevelopment venture in the southern part of Mumbai. The reason for their removal stems from their failure to comply with the court's directive to deposit Rs 3.5 crore in arrears for tenants who had left their homes seven years ago. The builders, namely Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty Swati Deshpande, must vacate the project site located in the Chira Bazar area before Independence Day, as ordered by the High Court on Friday. The court also ruled that Mhada has the authority to select a new builder for the project. ...

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MahaRERA appoints intelligence agency to get real-time project information

Friday 11th August 2023

The MahaRera authority has enlisted the services of a real estate intelligence agency with the aim of assisting its compliance cell in obtaining firsthand insights regarding real estate projects. This pertains specifically to projects that have lapsed, are facing financial strain, or have been neglecting their obligations to submit quarterly reports or adhere to regulatory standards. This agency will furnish MahaRera with an additional means of independently verifying the "current status of the project," encompassing the provision of on-site photographs depicting various stages of completion. Moreover, the agency will collaborate with MahaRera in implementing corrective measures against any project in which the developer furnishes inaccurate information or fails to provide any information at all. ...

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Home loan, other borrowers can switch to fixed-rate regime: RBI

Friday 11th August 2023

On Thursday, the Reserve Bank announced its intention to introduce a system that permits borrowers to transition from a floating interest rate to a fixed interest rate. This initiative aims to alleviate the financial burden faced by borrowers of various types of loans, such as home and auto loans, who are currently grappling with the repercussions of high interest rates. During the unveiling of the bi-monthly monetary policy, Shaktikanta Das, the Governor of the Reserve Bank, explained that this forthcoming framework will require lenders to effectively communicate important details regarding the loan tenure and equated monthly installment (EMI) to the borrowers. ...

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ED arrests suspended Panchkula special court judge in relation to M3M-Ireo case

Friday 11th August 2023

On Thursday, the Enforcement Directorate apprehended Sudhir Parmar, a suspended judge from the Panchkula special court, in connection with an ongoing money laundering probe related to accusations of bribery, according to official sources. Following an interrogation at the agency's Gurugram office, the former judge was arrested under the provisions of the Prevention of Money Laundering Act (PMLA), situated near Delhi. It is anticipated that he will be presented in court on Friday, where the ED will request his custody for further investigation. ...

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Once worth $47 billion, WeWork shares near zero after bankruptcy warning

Thursday 10th August 2023

On Wednesday, the value of WeWork shares nearly plummeted to zero, marking a turnaround for the once-favored startup. The company, which was previously assessed at a substantial $47 billion in private valuation, is indicating the possibility of bankruptcy. WeWork, backed by SoftBank, has faced a series of challenges since its ambitious attempt to become publicly traded faltered back in 2019. ...

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Nearly 470 flats, 1,200 plots are up for grabs as YEIDA rolls out new schemes

Thursday 10th August 2023

Yamuna Expressway Industrial Development Authority (YEIDA) has initiated the launch of two residential schemes, presenting an opportunity for individuals to acquire homes in close proximity to the upcoming Noida International Airport. The flat scheme encompasses a total of 468 flats, whereas the plot scheme provides access to 1,184 plots ranging in size from 120 to 2,000 sqm. Those interested in the plot scheme can submit their applications until September 1. The allocation of plots in sectors 16, 17, and 20 will be determined through a fortunate draw scheduled for October 18. The plots are being offered at a rate of Rs 24,600 per sqm. ...

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Tata Realty & Infra buys 25-acre land parcel in Bengaluru for Rs 986 crore

Thursday 10th August 2023

Tata Realty and Infrastructure Ltd (TRIL), which is the real estate development branch of the Tata Group, has successfully purchased a land area spanning 25.3 acres in Doddanekundi, located near the Whitefield area in Bengaluru. The acquisition cost for this land parcel amounted to over Rs 986 crore. The transaction involved the acquisition from Graphite India through TRIL's wholly owned subsidiaries, namely TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd. ...

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Mindspace REIT appoints Ramesh Nair as its CEO

Thursday 10th August 2023

Mindspace Business Parks REIT, known as Mindspace REIT, has designated Ramesh Nair as its incoming chief executive officer (CEO). The company has officially confirmed, through a regulatory submission, that the board of directors of K Raheja Corp Investment Managers, the entity managing Mindspace REIT, has granted approval for Ramesh Nair to assume the role of CEO and become a significant member of the company's leadership team, starting from September 1, 2023. ...

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Gifting property? Uttar Pradesh relaxes stamp duty to a flat Rs 5,000

Thursday 10th August 2023

As of August 3, the state government has introduced a new rule that sets a maximum stamp duty of Rs 5,000 for property gifting. Previously, the stamp duty rate was 5% for properties in the city and 7% for properties in other parts of the state. However, the new notification, issued by principal secretary Leena Johri, applies only to residential or agricultural properties gifted from one individual to another and does not include properties gifted by firms, companies, trusts, or institutions. Additionally, if a person receives a property as a gift, the notification will not apply to them if they decide to gift the same property to someone else within a period of 5 years from the date of property registration. ...

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About 125 property documents under lens for MahaRERA violations

Thursday 10th August 2023

Property registration officials in Maharashtra have revealed that they are investigating at least 125 property registrations in the district for non-compliance with various laws related to the real estate sector. This scrutiny was conducted over the past two months across 27 offices in the district, examining a total of 28,200 documents. The identified 125 documents have been found to be in violation of the Real Estate (Regulation and Development Act) 2016 and the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act, 1947. ...

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Applicants anxious as Mhada yet to declare date of Mumbai housing lottery

Thursday 10th August 2023

Hopeful participants of Mhada's Mumbai housing lottery 2023 are eagerly anticipating the agency's announcement of the draw date. Initially scheduled for July 18, the lottery got postponed due to an extension in the application deadline. Mhada officials have now stated that they will finalize the date "within a day or two". ...

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Karnataka RERA asks builders, banks to deposit mortgage amount into designated account

Thursday 10th August 2023

The Karnataka Real Estate Regulatory Authority (KRERA) has released a notification that mandates real estate promoters, banks, and other stakeholders to deposit the money obtained through mortgages on housing project land into a specific account designated by the RERA project. Furthermore, KRERA has directed the real estate promoters to utilize the borrowed funds exclusively for the development of the respective housing project. ...

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Panel moots relief for home buyers of stalled projects

Wednesday 9th August 2023

A committee of experts, tasked with finding solutions for reviving stalled real estate projects, has put forward several recommendations. These proposals include making changes to the insolvency law and implementing a payment moratorium to land-owning authorities affected by "unusual circumstances" (four years for Noida properties). The aim is to bolster the financial position of builders, enabling them to successfully complete and hand over apartments to homebuyers. This initiative is expected to bring much-needed relief to hundreds of thousands of buyers. According to the committee's assessment, there are over four lakh properties across the country with a combined value of approximately Rs 4.5 lakh crore that are currently stalled. ...

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Brookfield India REIT raises over Rs 2,300 crore through QIP of units

Wednesday 9th August 2023

Brookfield India Real Estate Trust (Brookfield India REIT) has successfully raised Rs. 2,305 crore through a Qualified Institutional Placement (QIP) of units. The funds raised will be utilized to finance the acquisition of two major commercial assets from Brookfield Asset Management's private real estate funds, as previously announced. ...

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Mere pendency of civil suits cannot act as a legal bar on registration of realty projects: Assam REAT

Wednesday 9th August 2023

On Monday, the Assam Real Estate Appellate Tribunal (REAT) ruled that the mere pendency of civil suits should not serve as a legal impediment to the registration of real estate projects. The tribunal dismissed an appeal filed by a builder against a judgment issued by the Real Estate Regulatory Authority (RERA), Assam. ...

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Sify Infinit Spaces leases over 1.5 lakh sq ft office space in Hyderabad

Wednesday 9th August 2023

Sify Infinit Spaces, a subsidiary of Sify Technologies, an Information and communications technology (ICT) company, has recently leased more than 1.5 lakh sq ft of office space in Hyderabad. The office is situated in Nanakramguda, within the financial district of Hyderabad, and spans across five floors with a lease period of 60 months. ...

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Noida: NCLAT allows Sequel Buildcon to finish housing project

Wednesday 9th August 2023

The National Company Law Appellate Tribunal (NCLAT) has granted permission for a reverse corporate insolvency resolution process (CIRP) for a group housing project in Sector 79. The project will be overseen by an interim resolution professional (IRP). This decision was made after the developer provided assurance that they would complete the project within a specified timeframe and secure interim finance for the same. ...

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Real estate agents cannot operate from homes, commercial address must for registration: Delhi-RERA chairman

Wednesday 9th August 2023

The Chairman of Delhi's Real Estate Regulatory Authority (RERA), Anand Kumar, emphasized that all real estate projects, whether in planned or unplanned areas of Delhi, fall under RERA's purview and must be registered with the Act. Additionally, he stated that real estate agents are not permitted to operate from residential addresses and must maintain a commercial office for which property tax has been duly paid. Kumar issued a stern warning to builders and developers, cautioning them against promoting false narratives to sell properties in projects without RERA registration. He emphasized that strict action will be taken against such offenders, and there will be no leniency from RERA in this matter. He stressed that plots larger than 500 square metres and projects featuring more than eight units, including shops, flats, apartments, or commercial spaces, are mandated to be registered under RERA. ...

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Hostel rent not exempt from GST, to attract 12% tax: AAR

Wednesday 9th August 2023

In two distinct instances, the GST Authority for Advance Rulings (AAR) has ruled that hostel rent paid by occupants does not fall under the category of 'residential dwelling' and, therefore, does not qualify for goods and services tax (GST) exemption. Additionally, the AAR highlighted that the exemption from GST for hostel accommodation tariffs below Rs 1,000 per day was applicable only up to July 17, 2022. Consequently, hostel rent will be subject to a 12% GST rate. ...

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Dues stuck, Noida authority plans escrow accounts for 59 developers

Wednesday 9th August 2023

The Noida Authority has taken the decision to establish escrow accounts for 59 developers who have failed to meet their payment obligations. The main objective of this step is to recover outstanding dues and minimize financial losses. Investigations have revealed that several developers diverted funds meant for one project to other ventures. By creating escrow accounts, developers are required to deposit 50% of the funds collected from homebuyers and other sources. This measure allows the Authority, currently grappling with losses, to access a portion of these funds as needed. Both the developers and the Authority will jointly manage these escrow accounts. ...

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Display QR code in ads or face up to Rs 50,000 fine, Maharashtra builders warned

Wednesday 9th August 2023

Starting from August 1, developers across the state of Maharashtra have been instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to prominently display the QR code of their real estate project in advertisements on various platforms. Failure to comply with this requirement may result in penalties ranging from Rs 10,000 to Rs 50,000. If a promoter does not rectify the violation within 10 days after the penalty is imposed, appropriate action will be taken against them, as stated by a MahaRERA official. ...

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MahaRERA clears 290 of 450 projects after verification

Wednesday 9th August 2023

In the past 40 days, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved the registration of 290 projects out of a total of 450 applications received from builders. The approval process involved thorough verification conducted by local authorities, including the Pune Municipal Corporation in Pune. To ensure authenticity, these local authorities were instructed to send the commencement certificates (CC) of the projects from their official email ID to MahaRERA for verification and subsequent registration starting from June 19. This measure was taken in response to the submission of fake documents for project registration in Kalyan Dombivali. ...

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Income tax department raids on DN Group offices in Odisha

Wednesday 9th August 2023

For the second consecutive day, Income Tax Department officials carried out raids at 20 locations associated with DN Group, a prominent real estate company based in Odisha, on charges of tax evasion. Although both the company and the IT department have not provided any official statements regarding the ongoing situation, sources revealed that the raids persisted at the director's residence, staff members' residences, and the company's office in IRC Village. Notably, a significant sum of cash, approximately Rs 9 crore, was allegedly seized from the home of an employee residing in Unit-4. ...

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HDFC sells more bad loans to ACRE ARC

Thursday 6th July 2023

HDFC Bank, which recently merged with HDFC, has successfully sold a collection of eight real estate accounts to Assets Care and Reconstruction Enterprise (ACRE) ARC for a total value of ?305 crore. The portfolio includes well-known entities such as Tridhaatu Realty, ATS Infra, Paranjape Schemes, and Puranik Builders. The combined outstanding loan amount for these accounts was approximately ?1,300 crore, resulting in an immediate recovery of around 23%. ACRE ARC, supported by Ares SSG, emerged as the primary bidder by offering ?305 crore in upfront cash for the acquisition. Furthermore, HDFC is entitled to receive 65% of any recoveries above ?85 crore for one group of accounts. ...

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Prestige to develop 1.1 million sq ft IT park on seven acres in Chennai

Thursday 6th July 2023

Prestige Group, a property developer based in Bengaluru, has recently formed a joint venture with WS Industries, located in Chennai, to collaborate on the development of a 1.1 million sqft IT park. This park will be constructed on a seven-acre plot of prime land situated on Mount Poonamallee Road. It is worth noting that the size of the upcoming park is comparable to that of Tidel Park, which was the city's pioneering mega tech park established in 2000, spanning 1.2 million sqft. ...

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HDFC looks at promoter offer for two Radisson Blu hotels

Wednesday 5th July 2023

Currently, HDFC, which recently merged with HDFC Bank on July 1st, is in the process of considering a one-time settlement (OTS) proposal put forth by promoter DP Jain regarding the sale of two Radisson Blu hotels located in Ghaziabad, situated on the outskirts of New Delhi. The promoter has made an offer of ?315 crore, while Prudent ARC has submitted a binding offer of ?311 crore, and HDFC is carefully evaluating these options. ...

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Piramal Capital & Housing Finance to sell more loans for Rs 1,669 crore

Wednesday 5th July 2023

Piramal Capital & Housing Finance is currently engaged in discussions to sell a distressed loan portfolio amounting to ?2,437 crore, which is spread across 14 accounts, to JM Financial ARC for ?1,669 crore. This proposed transaction would result in a recovery of 68% on the loan amount. To facilitate a transparent process and optimize the value of the asset, the loan was put up for sale through a Swiss auction, which involves a competitive bidding mechanism. The auction was concluded on June 27, with JM Financial ARC emerging as the main bidder. As no other interested parties came forward, the loan will be sold to the anchor bidder. ...

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YEIDA will contest NCLT nod to Ace Infracity resolution plan for 3C Homes

Wednesday 5th July 2023

The Yamuna Expressway Authority (YEIDA) has decided to challenge the approval of a resolution plan for the Lotus City residential plots project in Sector 22 by the National Company Law Tribunal (NCLT) in June. The NCLT, consisting of Atul Chaturvedi and Bachu Venkat Balram Das, expressed satisfaction with the resolution plan amounting to Rs 140.39 crore, submitted by Ace Infracity Developers. They deemed it compliant with the provisions of the Insolvency and Bankruptcy Code (IBC) as well as the regulations set by the Insolvency and Bankruptcy Board of India (IBBI). The plan received a unanimous endorsement from the Committee of Creditors (CoC) with a 100% vote. However, YEIDA intends to challenge this approval. ...

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L&T Finance sells real estate loans to Phoenix ARC for over Rs 1,000 crore

Tuesday 4th July 2023

According to individuals familiar with the matter, L&T Finance, a subsidiary of the publicly listed L&T Finance Holdings, recently conducted an auction where they sold a distressed portfolio of loans worth ?1,800 crore to Phoenix Asset Reconstruction Company (ARC), which is backed by Kotak Mahindra Bank. Within this portfolio, there were six real estate accounts that were successfully sold for ?1,075 crore, resulting in L&T Finance recovering 60% of the total value. To facilitate the sale process, the finance company had earlier invited offers for ten accounts with a combined loan amount of ?3,022.5 crore, following a 15:85 structure. This invitation was made through a notice posted on the finance company's website in the early part of the previous month. ...

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Piramal Capital & Housing Finance sells bad loans to Omkara ARC

Tuesday 4th July 2023

According to two sources familiar with the matter, Piramal Capital & Housing Finance has successfully sold a pool of bad loans with an outstanding amount of ?3,656 crore to Omkara ARC for ?625 crore. The sale, which was concluded last week, resulted in Piramal recovering 17% of the total value. The loan pool comprises accounts obtained through the acquisition of Dewan Housing Finance Limited (DHFL) as well as Piramal's own loan book. ...

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Amalgamation of two flats under FCFS housing scheme allowed: DDA

Monday 3rd July 2023

Officials have announced that the Delhi Development Authority (DDA) has allowed the amalgamation of two adjacent flats offered under their new housing scheme. The scheme, which offers 5,500 flats in various categories across Delhi, has received a positive response from the public, with approximately 4,000 registrations so far. Applicants who purchase two adjacent flats through the scheme will have the option to merge them by creating a common door in the shared wall, pending necessary structural approvals. This opportunity applies to all types of flats and locations. Additionally, if an applicant already owns a flat from a previous scheme and purchases an adjacent flat in the current scheme, they can also merge the two units. The available flats range from 1-BHK to 3-BHK and are located in Narela, Siraspur, Rohini, Loknayak Puram, Dwarka, and Jasola. ...

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Risland Holdings gets nod to resume realty project, sales in Delhi

Monday 3rd July 2023

Risland Holdings, a Hong Kong-based company, has been granted permission by Delhi's Real Estate Regulatory Authority (RERA) to recommence construction and sales for its inaugural project in India. The project, located in Chattarpur, South Delhi, had faced a halt of approximately nine months due to incomplete documentation. Both the building sanction plan and the RERA registration had expired, and the Municipal Corporation of Delhi (MCD) and RERA had previously refused to extend the validity of these documents owing to a dispute over land ownership. ...

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Gurugram: Dhoot Sare buyers yet to get flats, protest

Monday 3rd July 2023

On Sunday, the Dhoot Sare Distressed Homebuyers (DSDHB) Association organized a protest in Sector 92, demanding prompt possession of their homes from KGK-Dhoot company. Around 50 homebuyers gathered with placards, expressing their grievances. According to the association, a total of 471 buyers of SARE Homes were unable to obtain their flats as they were allegedly not informed about the filing process by KGK-Dhoot and the Interim Resolution Professional (IRP). ...

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RCs worth Rs 1,200 crore resolved since 2018: UP-RERA chairman

Friday 30th June 2023

Rajive Kumar, the chairman of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), announced that a total of Rs 1,200 crore worth of recovery certificates have been successfully resolved in the state since 2018. The resolution of these certificates involved both recovery actions and mutual consent between builders and homebuyers. In the 2022-23 fiscal year alone, recovery certificates worth Rs 394.26 crore were resolved. Kumar shared this information during the 125th meeting of the UP RERA, which coincided with his last working day as the chairman of the authority. ...

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Conscient Infrastructure buys 6.6 acre land in Gurugram for around Rs 85 crore

Friday 30th June 2023

Conscient Infrastructure, a realty firm, has recently purchased approximately 6.6 acres of land in Gurugram for approximately Rs 85 crore. The purpose of acquiring this land is to develop a housing project. According to a statement from real estate consultant Cushman & Wakefield, they played a role in facilitating the land deal for this 6.6-acre plot situated in Sector 80, Gurugram. The land holds a development potential exceeding one million square feet. ...

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Developers may soon have to pay cess along Ghaziabad metro & RapidX routes

Friday 30th June 2023

On Wednesday, the Uttar Pradesh cabinet granted approval to a proposal regarding the imposition of a "metro and RRTS cess" on developers in cities where these two services are under construction. Initially, this charge is expected to be enforced in Ghaziabad and Meerut, where the construction of the RapidX corridor, also known as RRTS, is underway. Officials have stated that the relevant authorities have been instructed to formulate the specific details before issuing an official notification. In Ghaziabad, the cess is likely to be implemented within a 1.5km radius from either the metro or the RapidX corridor. ...

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Gurugram: Developer of Platinum Tower fined for illegal construction waste dumping

Friday 30th June 2023

In response to the unlawful disposal of construction and demolition (C&D) waste within the city, the Municipal Corporation of Gurugram (MCG) has taken strong action. On Thursday, the MCG issued a challan of Rs 1.1 crore to the developer of Platinum Tower in Sector 28 for illegally dumping construction waste onto the master stormwater drain that runs alongside the greenbelt. A senior official from the MCG reported that an alarming quantity of 12,881 metric tonnes of C&D waste had been generated and illegally dumped in the greenbelt area. ...

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REIT firms plan to form an association

Wednesday 28th June 2023

Real Estate Investment Trust (REIT) companies in India are engaged in discussions regarding the establishment of an association that would serve as a representative body for the industry and foster the growth of this nascent product. Drawing inspiration from the Association of Mutual Funds in India (AMFI), the proposed association aims to provide a unified platform for the REIT sector. Currently, India has only four REIT entities that are listed in the market. ...

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UP-RERA slaps Rs 3 crore penalty on Ansal API for fund misappropriation

Wednesday 28th June 2023

The Uttar Pradesh Real Estate Regulatory Authority (RERA) announced on Tuesday that it has prohibited realty firm Ansal API from engaging in the sale or transfer of any residential properties within its hi-tech township project in Greater Noida. This action has been taken due to the company's non-compliance with regulations. Additionally, Ansal API has been imposed with a penalty of Rs 3.05 crore for the misappropriation of funds amounting to Rs 60.57 crore, collected from home buyers across three distinct projects, as stated by UP RERA. ...

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Developers of 107 projects apply for deregistration from MahaRERA

Wednesday 28th June 2023

The Maharashtra Real Estate Regulatory Authority, known as MahaRERA, has encountered a wave of requests seeking the annulment of registration for a total of 107 projects, with 41 of them situated in Pune. Notably, the initial count stood at 88, but this number expanded as an additional 19 applications for cancellation were recently submitted. This update was shared by an official representing MahaRERA. ...

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Godrej Properties approves issuance of NCDs worth Rs 750 crore

Wednesday 28th June 2023

The board of directors' management committee at Godrej Properties has granted approval for the placement memorandum concerning the issuance of 75,000 rated listed unsecured redeemable non-convertible debentures (NCDs). These NCDs hold a face value of Rs 1,00,000 each, amounting to a total of Rs 750 crore. This announcement was made by the company through a filing on the Bombay Stock Exchange (BSE). The issuance encompasses a core offering of 50,000 rated listed unsecured redeemable NCDs, carrying a face value of Rs 1,00,000 each, totaling Rs 500 crore. ...

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Macrotech Developers emerges top bidder for Mumbai-based V Hotels

Wednesday 28th June 2023

In a noteworthy development, Macrotech Developers, a listed entity of the esteemed Lodha Groups, has emerged as the highest bidder for V Hotels Ltd, a Mumbai-based hospitality company that owns the renowned Tulip Star, previously known as Centaur Hotel Juhu. The Committee of Creditors (CoC) overseeing the insolvency proceedings of V Hotels has officially declared Macrotech Developers as the successful applicant for resolving the company's financial distress through the Corporate Insolvency Resolution Process (CIRP). ...

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Surge in joint development projects as land prices soar in Ahmedabad

Monday 26th June 2023

In the city's real estate sector, there is a notable increase in joint development agreements, as two well-known developers have joined forces with groups of landowners to initiate fresh projects. This emerging trend is believed to be a direct result of the substantial escalation in land prices observed in recent years, which has posed challenges for developers in allocating significant funds towards land acquisition. ...

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Banks may give up rights to revive housing projects

Monday 26th June 2023

Several CEOs and senior officials from high-street banks engaged in discussions a week ago regarding a significant development. They expressed a willingness to surrender their primary claims over assets and cash flow to new financiers who are prepared to rescue stalled housing projects. These projects have unfortunately left countless home buyers in a state of uncertainty across the nation. The banks are open to granting priority funding rights to these new lenders. ...

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Intel to sell Bengaluru office and lease it back

Saturday 24th June 2023

Intel, the American technology giant, has made the decision to sell its office space located on the Old Airport Road in Bengaluru. This move is part of their strategy to generate revenue from their real estate assets. The office space spans 250,000 square feet and the deal is expected to exceed ?450 crore. According to multiple sources familiar with the matter, the sale is likely to follow a salescum-lease model for a duration of three years, with a one-year lock-in period for the asset. ...

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Train RERA officials on provisions, Bihar REAT tells state government

Saturday 24th June 2023

In a striking development highlighting the need for enhanced oversight in the real estate sector, the Real Estate Appellate Tribunal (Reat) of Bihar has issued a compelling appeal to the state government. The tribunal has urged the government to provide comprehensive "training" to the members of its regulatory authority, Rera, with the aim of fostering a deeper comprehension of the pertinent laws governing the industry. Citing the "improper functioning of the authority" as the driving force behind this call to action, the appellate tribunal expressed its concern over a particular instance where a commercial-cum-residential project was registered without conducting thorough verification of the validated documents. ...

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Pay shifting fee to flat owners in three Chintels Paradiso towers, builder told

Saturday 24th June 2023

District Town Planner (Enforcement), Mr. Manish Yadav, took a proactive step on Friday by addressing a letter to Chintels India, the esteemed developer behind the Paradiso residential project situated in Sector 109. The letter emphasizes the need for the developer to fulfill their obligation of paying the shifting charges to the flat owners residing in towers D, E, and F. Furthermore, DTP Yadav specifically directs the builder to ensure that these charges are disbursed to residents who wish to relocate without providing their consent for either option I or option II as presented by the developer. ...

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Ahmedabad civic body clears 33,000 applications pertaining to property tax-related issues

Saturday 24th June 2023

The Ahmedabad Municipal Corporation announced a significant achievement during its recent 'green corridor drive', having successfully resolved 33,000 applications related to property tax matters. Jainik Vakil, the esteemed chairman of the revenue committee, highlighted the substantial volume of applications received, encompassing various requests such as name changes, ownership transfers, and tax rebates, among others. This commendable accomplishment showcases the diligent efforts undertaken by the corporation to address and resolve property tax-related issues efficiently. ...

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Noida: NexGen Infracon pays penalty for five-year delay in delivering possession of flat

Friday 23rd June 2023

A man based in Delhi has received approximately Rs 16 lakh as a penalty for delay from the developer of a residential complex project in Noida. The possession of the flat was handed over to him five years beyond the originally promised deadline. As per the Uttar Pradesh Real Estate Regulatory Authority (RERA), the buyer had made a booking for a flat in Mahagun Mezzaria, located in Sector 78 of Noida, in 2017. The buyer had paid a sum of Rs 1.35 crore to the promoter, NexGen Infracon. ...

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Gurugram: Five-storey illegal building tilts in DLF 3, 20 residents moved out

Friday 23rd June 2023

Approximately 20 residents residing in a five-storey building located in DLF 3 had to be relocated after the building tilted on Monday night, potentially due to excavation activities taking place on the adjacent plot. The owner of the building, identified as U-20/8, has received a notice for engaging in construction activities that violate the Haryana Buildings Code of 2017. Similarly, the owner of the neighboring plot has also been requested to provide an explanation for conducting excavation work without the presence of an architect or engineer at the site. At present, the building, which has tilted slightly to the right, is being supported by two cranes. ...

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Gurugram: Directors, senior executives of Ansal Housing booked for fraud

Friday 23rd June 2023

The police have filed charges against the directors and a number of high-ranking executives of a developer based in Delhi for allegedly defrauding an investor. As per the authorities, numerous individuals had invested in shops at Ansal Hub, a commercial complex located in Sector 83, back in 2010. The builder, known as Ansal Housing Limited, had promised to deliver the properties by 2014; however, the completion of the properties is still pending. ...

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No decision yet on MOFA repeal, says deputy Maharashtra CM

Friday 23rd June 2023

Deputy Chief Minister Devendra Fadnavis stated on Thursday that the state government has not yet made a decision to revoke the Maharashtra Ownership of Flats Act (MOFA), 1963. Although associations representing developers have called for the repeal of the Act, numerous individuals, including the cooperation department, have expressed their support for its continuation. Various consumer groups have taken the initiative to voice their opposition to the proposal of repealing MOFA by submitting multiple representations to the housing department. ...

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Gurugram: Investors of two projects allege fraud by Ninaniya Estates, protest

Thursday 22nd June 2023

A collective of investors, comprising mainly senior citizens, who have invested in two projects, namely Prism Portico in Sector 89 and Prism Suites in Gwalpahari by Ninaniya Estates Limited, expressed their grievances by staging a protest at the developer's office on Wednesday. These projects have remained incomplete for the past decade, and the investors alleged that the developer has defaulted on multiple occasions and is refusing to provide them with refunds. Despite lodging several complaints with various authorities such as the Department of Town and Country Planning (DTCP), the police, and others, the government has failed to take any action in response to their plight. ...

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Conduct structural audit of tower A again, town planner tells Chintels India

Thursday 22nd June 2023

The Department of Town and Country Planning (DTCP) has instructed the developer of Chintels Paradiso, a society located in Sector 109, to arrange for another structural audit of Tower A. This audit is to be conducted by a different agency, preferably the Central Building Research Institute (CBRI), and must be completed within a period of 30 days. Previously, the Indian Institute of Technology Delhi (IIT-Delhi) had conducted an audit of the tower. While the institute's report, which was made public earlier this month, stated that the tower is currently deemed safe, it also highlighted signs of deterioration. As a precautionary measure, the report recommended an annual structural audit to ensure the safety of the residents.  ...

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Delhi civic body bars 140 architects for three years for approving wrong building plans

Thursday 22nd June 2023

According to officials, the Municipal Corporation of Delhi (MCD) has taken the decision to bar 140 architects from granting approval for building plans. This action was prompted by complaints regarding the approval of plans containing incorrect information by architects affiliated with the MCD. In response, the MCD has announced that 20% of the plans will undergo a thorough scrutiny process. Currently, the MCD has approximately 1,300 architects on its panel. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Wednesday 21st June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that owning multiple residential houses in co-ownership does not prevent taxpayers from availing tax exemption on long-term capital gains. This significant decision, which pertains to Section 54F of the Income-tax (I-T) Act, will have advantageous implications for numerous taxpayers. It is particularly relevant in situations where joint investments in real estate are commonly made within large families. ...

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Ahmedabad: Eight plots with base prices totalling Rs 561 crore on block

Wednesday 21st June 2023

The Ahmedabad Urban Development Authority (AUDA) has recently announced an upcoming auction of eight plots, collectively valued at Rs 561.28 crore. These prime plots are situated in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. Notably, these exclusive spaces will be auctioned at a considerable discount compared to their market price. The auction is scheduled to take place on June 30 and July 1. ...

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MREAT modifies MahaRERA order, directs builder to pay interest from date of payments

Wednesday 21st June 2023

The Maharashtra Real Estate Tribunal (MREAT) has made modifications to a previous 2021 order issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). The original order had denied home buyers the entitlement to receive interest on their payments from the day they were made, as well as refunds for additional payments like stamp duties and registration fees. However, in the latest ruling, MREAT directed a developer based in Andheri to compensate the home buyer with interest, commencing from the day of the initial deposit, and further mandated the refund of all statutory payments. ...

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Delhi HC grants interim protection from arrest to M3M Group owners in money laundering case

Wednesday 21st June 2023

In relation to a money laundering case involving the real estate firm IREO, the owners of M3M Group, Basant Bansal and Pankaj Bansal, have been granted interim protection from arrest until July 5 by the Delhi High Court. A vacation bench presided by Justice Chandra Dhari Singh has specified that if the arrest were to occur, the Gurugram-based realty company owners would be eligible for bail, subject to specific conditions. These conditions include a personal bond of Rs 10 lakh each, along with two sureties of the same amount.  ...

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ED arrests two M3M promoters in money laundering case

Wednesday 21st June 2023

According to official sources, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. Their arrest is connected to a case of money laundering linked to a former special court judge from Panchkula, as per an anti-corruption bureau investigation. The agency took the two directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). ...

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ED arrests nephew of suspended Panchkula special judge in money laundering case

Saturday 17th June 2023

According to official sources, the Enforcement Directorate has arrested the nephew of a suspended judge, who was previously stationed at a special court in Panchkula. The arrest is part of a money laundering investigation connected to a bribery case involving the said judicial officer. Ajay Parmar, the nephew of suspended special court judge Sudhir Parmar, was apprehended after the federal agency conducted searches at his residence. Following his arrest, he was presented before a special Prevention of Money Laundering Act (PMLA) court in Panchkula, which remanded him to ED custody until June 20. ...

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Madras HC seeks report on illegal sand mining in Dindigul

Saturday 17th June 2023

In response to a public interest litigation filed by P Mahalingam, a resident of Dindigul district, the Madras High Court has instructed the Dindigul district collector and the assistant director of the geology and mining department to conduct an investigation and submit a report regarding a plea aimed at preventing illegal sand mining in water bodies within the Dindigul district. This directive was issued by a division bench consisting of Justice R Subramanian and Justice L Victoria Gowri. ...

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Noida: 13 builders extract groundwater for projects, fined Rs 5 lakh

Friday 16th June 2023

In an effort to curb the unauthorized extraction of groundwater for construction purposes in Noida and Greater Noida, the district administration took action on Wednesday by imposing a fine of Rs 5 lakh on each of the 13 developers involved. The decision came after a comprehensive survey conducted at the behest of District Magistrate Manish Kumar Verma, carried out by a collaborative team comprising representatives from the Noida and Greater Noida authorities, the pollution board, and the groundwater department. This step signifies the administration's commitment to safeguarding the region's precious water resources and ensuring sustainable development practices. ...

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ED arrests two M3M promoters in money laundering case

Friday 16th June 2023

In connection with a corruption case involving a former special court judge from Panchkula, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. The official sources revealed on Thursday that the ED took both directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). This move stems from an ongoing money laundering investigation conducted by the agency. ...

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DDA to offer 5,000 flats on firstcome, first-serve basis, more may be added

Thursday 15th June 2023

According to officials, the highest decision-making body of the Delhi Development Authority (DDA) has granted approval to commence Phase IV of DDA's online housing scheme on June 30. Under this scheme, individuals will have the opportunity to book a flat of their choice in their preferred location by paying a token booking amount. The decision was made during a meeting of the authority, chaired by Delhi Lieutenant Governor V K Saxena, who also serves as the Chairman of DDA. Additionally, the authority has approved two options, namely buyback and re-development, for the owners or allottees of Signature View Apartments located in Mukherjee Nagar. ...

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I-T searches 31 places of Vianaar Group and Isprava Group for tax evasion

Thursday 15th June 2023

The Income-Tax Department's Investigation Wing in Panaji has initiated an extensive search and survey operation on two prominent luxury real estate developers, namely Vianaar Group and Isprava Group, as part of an alleged tax evasion investigation. This operation, which is being conducted across multiple states, aims to reveal any instances of tax evasion and undisclosed assets associated with high-end luxury villa projects. ...

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Godrej Properties to acquire about 7.44 acre land for a residential project in Kolkata

Thursday 15th June 2023

Gofrej Properties (GPL) has announced that it will acquire a land parcel of approximately 7.44 acres in New Alipore, Kolkata from the West Bengal Housing Infrastructure Development Corporation. This acquisition was secured by GPL as the highest bidder in an e-auction, as mentioned in a filing submitted to the Bombay Stock Exchange (BSE). GPL intends to utilize this land for the development of a luxury group housing project. The projected size of the project is estimated to be around 9.8 lakh square feet, with an anticipated revenue potential of approximately Rs 1,200 crore. ...

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Noida: 23,000 flats handed over without registry, 66 builders get notices

Wednesday 14th June 2023

A notification has been issued by the stamp and registry department, targeting a total of 66 developers who have granted possession of flats to buyers without completing the necessary registration process. These developers have now received official notices, cautioning them about potential legal consequences if the registration of these flats is not completed within a month. According to officials, a significant number of completion and occupancy certificates, totaling over 23,000 flats, have been issued to these developers. However, it is important to note that none of these flats have been registered as of yet. ...

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WeWork India adds over one lakh sq ft at Raheja Mindspace in Hyderabad

Wednesday 14th June 2023

WeWork India, a renowned provider of flexible workspace solutions, has recently inked an agreement for a brand-new workspace located at Raheja Mindspace in Madhapur, Hyderabad. Encompassing an impressive area of 100,000 square feet, this workspace is designed to accommodate over 1,500 desks. It is anticipated to be operational by August 2023, offering professionals and businesses a convenient and dynamic environment to work and thrive in. ...

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Gurugram: Told to vacate alternative flats in one week, say Chintels Paradiso residents

Wednesday 14th June 2023

Several residents of Chintels Paradiso, who have chosen not to settle after discovering defects in the buildings they reside in, have voiced concerns over the possibility of facing eviction. These homeowners claim that the developer has issued a notice instructing them to vacate their temporary accommodations within a strict timeframe of seven days. According to the affected individuals, at least 10 flat owners residing in towers D, E, and F of the society located in Sector 109, received email communication from the developer on June 11. The emails explicitly state that their rental contracts are being terminated and the families must evacuate the premises within one week. ...

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Government directs states to provide information on stuck housing projects, aims to resolve issues

Tuesday 13th June 2023

As part of its commitment to assisting distressed homebuyers and facilitating the timely completion of housing projects, the government has initiated the process of identifying stalled projects across the nation. The Ministry of Housing & Urban Affairs (MoHUA) has issued instructions to the chief secretaries of all states and Union Territories, urging them to furnish necessary details regarding the stalled projects within their jurisdictions. This proactive step by the government aims to address the concerns of homebuyers and ensure the successful delivery of these projects in a timely manner. ...

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Patna residents can file property tax seven days a week

Tuesday 13th June 2023

In a positive development for residents of the Patna Municipal Corporation (PMC) area, they now have the convenience of filing their property taxes or other municipal taxes throughout the week. The tax filing counter will be operational from 7 am to 7 pm, allowing individuals to avail of these services for extended hours. Additionally, the PMC website offers an online platform for tax filing, making the process even more accessible. Mayor Sita Sahu inaugurated the 7-to-7 tax collection counter on Sunday, with the presence of the deputy mayor and other members of the empowered standing committee. ...

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EY Global Delivery Services India renews office lease of 4.2 lakh sq ft in Bengaluru

Tuesday 13th June 2023

Amid a global financial slowdown, EY Global Delivery Services India has taken a significant step by renewing its lease for office space in Bengaluru. The multinational firm, headquartered in London, has secured 420,000 square feet of office space in WTC Coral, Bengaluru, spanning across 11 floors. The lease agreement, which spans a duration of 60 months, was confirmed through a lease register document provided by Propstack, a data analytics firm. Notably, the lease renewal includes a rental escalation of 13.5% after 12 months, followed by subsequent increments every 36 months. ...

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Delhi HC grants interim protection from arrest to M3M Group owners in money laundering case

Tuesday 13th June 2023

The Delhi High Court has provided temporary protection against arrest until July 5 to Basant Bansal and Pankaj Bansal, who are the owners of the M3M Group. This action comes in relation to a money laundering case connected to the real estate company IREO. Justice Chandra Dhari Singh, presiding over a vacation bench, stated that if the need for arrest arises, the owners of the realty company based in Gurugram would be granted bail under specific conditions. The conditions include a personal bond of Rs 10 lakh for each individual, along with two sureties of the same amount. These orders were issued by the court in response to separate anticipatory bail applications filed by Basant Bansal and Pankaj Bansal. The case is currently being investigated by the Enforcement Directorate (ED). ...

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Successful resolution seen in 62% real estate insolvency cases

Monday 12th June 2023

Experts have noted that despite the complexities involved, the resolution of insolvency and bankruptcy cases in the real estate sector has shown consistent progress. One of the key factors contributing to this progress is the potential for the government to introduce amendments to the existing code, allowing for tailored resolutions based on the specific nature of individual projects, rather than applying a rigid framework to the entire property sector. This flexibility is expected to enhance the performance of the sector and address the challenges faced by numerous homebuyers. ...

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Ahmedabad: Nod from all society members needed to apply for regularization

Monday 12th June 2023

In order to legalize any unauthorized construction within a multi-storied complex, whether it's in a residential apartment or commercial complex, it is necessary to obtain consent from all members before applying to the Ahmedabad Municipal Corporation (AMC) for regularization. This requirement is one of the contributing factors to the limited number of impact fee applications received by the civic body. The officials have conducted site visits for a total of 15,506 applications. Among the approved applications, nearly 90% were related to residential construction, while only 10% pertained to commercial construction. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Monday 12th June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that individuals who co-own multiple residential houses can still claim tax exemption on long-term capital gains. This decision, which pertains to Section 54F of the Income-tax Act, will be advantageous for many taxpayers, especially in larger families where investments are often made jointly. Under Section 54F, if a taxpayer sells capital assets such as jewelry or shares and reinvests the entire net sale consideration in the purchase or construction of a house property within the specified timeframe, no tax liability will arise on the resulting long-term capital gains. In cases where only a portion of the sale consideration is invested in a house property, the tax exemption will be allowed proportionately. ...

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Customised insolvency & bankruptcy code resolutions for real estate on the cards

Friday 9th June 2023

According to sources familiar with the matter, the government is expected to modify the insolvency law in order to facilitate tailored solutions for insolvent residential real estate projects. The aim is to ensure the prompt provision of flats to homebuyers in distressed housing projects. The proposed amendments to the Insolvency and Bankruptcy Code (IBC) would enable project-specific resolutions, rather than imposing a rigid framework applicable to the entire real estate sector. ...

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Now, stamp duty as per circle rate for power of attorney in Uttar Pradesh

Friday 9th June 2023

The UP Cabinet has approved a new rule aimed at combating stamp duty evasion cases that have surfaced recently. Under this rule, if a power of attorney grants the authority to sell