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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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