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