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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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