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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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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. ...
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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