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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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