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Godrej Fund set to sell three floors in BKC project for Rs 900 crore

Wednesday 27th September 2023

Godrej Fund Management, the real estate private equity arm of the Godrej Group, is nearing the sale of office space spanning three floors in the Godrej BKC commercial project located in Mumbai's Bandra Kurla Complex. The deal, valued at approximately ?900 crore, is in its final stages, with both parties having signed a term sheet, and property due diligence is underway. ...

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Japan Sumitomo Corp concludes 80- year lease for BKC plot for Rs 2,067 crore

Tuesday 26th September 2023

Japan's Sumitomo Corporation Group has finalized a long-term lease agreement for a nearly 3-acre land parcel in Mumbai's Bandra-Kurla Complex, in collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA), for a sum exceeding Rs 2,067 crore. This land parcel was acquired through an 80-year lease agreement by Goisu Realty, a subsidiary of Sumitomo Realty & Development Company. ...

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What is your stand on Jaypee Group land row, Allahabad HC asks financiers

Tuesday 26th September 2023

The Allahabad High Court has requested that banks which provided financing to the Jaypee Group clarify their positions in a case related to the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). Notably, this disputed land includes the Buddh International Circuit, where the three-day MotoGP event concluded on Sunday. ...

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House construction may get costlier in south, east Delhi

Tuesday 26th September 2023

The construction of residential buildings in south and east Delhi may soon become more expensive due to the Municipal Corporation of Delhi (MCD) considering the imposition of "compensatory regulatory charges." Previously, this fee was only applied in north Delhi by the former north corporation. The proposed fee will be calculated based on the built-up area of new residential constructions or renovations to existing residential buildings. ...

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ED provisionally attaches land worth over Rs 125 crore in Unitech case

Tuesday 26th September 2023

The Enforcement Directorate has provisionally attached land valued at Rs 125.06 crore owned by Unitech Infopark Limited as part of its investigation into money laundering allegations stemming from complaints by Unitech group home buyers. Officials announced this development on Monday. Specifically, the ED has provisionally attached 39.83% of the shares of a 4.79-acre land parcel within the Uniworld City township in Nallambakkam, Chennai. ...

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Gurugram: Buyers seek handover of flats, Orris Infrastructure says waiting for SC order on plea

Monday 25th September 2023

A group of homebuyers gathered at the Greenopolis project site in Sector 89 to inquire about the status of their flats on Sunday. They urged the developer to complete the project, which has been delayed by over eight years, as soon as possible and hand over the flats to them. ...

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Uttar Pradesh government to launch trust-based building plan approval system

Monday 25th September 2023

Uttar Pradesh is set to introduce a new system called FASTPAS (fast and simplified trust-based plan approval system) for granting approvals for building maps and layouts in townships. This new system is being implemented to accommodate the latest tools and concepts introduced by the state to promote urbanization. FASTPAS will enable applicants to purchase additional floor area ratio (FAR), facilitate land use changes, and avail of compensatory FAR, among other options. ...

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LandCraft leases Salman Khan Mumbai property for gourmet store

Monday 25th September 2023

LandCraft Retail has signed a lease for a commercial property on Linking Road in Mumbai, owned by actor Salman Khan, at a monthly rent of 1 crore rupees. They intend to open a new gourmet store called Food Square, replacing the debt-ridden Future Group's Food Hall. This new chain will compete with Nature's Basket and Reliance Freshpik, both owned by RP Sanjiv Goenka. ...

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Gaurs Group buys two projects for Rs 700 crore

Monday 25th September 2023

The Gaurs Group, based in Noida, has acquired 18 acres of land in Sector 129 of Noida and a stalled project in Jaypee Greens, Greater Noida, for approximately 1700 crore rupees, according to three individuals familiar with the transaction. The Noida land will be utilized for a Grade-A retail and office project. In Jaypee Greens, the real estate company will complete two stalled residential towers and create an additional 1.5 million square feet of space. ...

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Real estate agents in Maharashtra can get competency certificates by January 1

Friday 22nd September 2023

MahaRERA has extended the deadline for 32,000 registered real estate agents to complete their competency certification from September 1 to January 1, 2024. The order specifies that only agents with valid certificates will be permitted to apply for and renew real estate registrations. ...

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Limit our responsibility to seven days after granting OCs: Gurugram architects

Friday 22nd September 2023

Architects, who are now authorized to issue occupation certificates (OCs) for residential buildings under a self-certification scheme, are calling for a seven-day time limit for their responsibilities after granting the certificates. They also propose that property owners should be held accountable if there are any rule violations or changes in the buildings after this seven-day period. ...

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DLF rental arm DCCDL raises Rs 1,100 crore through issue of debentures

Friday 22nd September 2023

DLF's rental subsidiary, DCCDL, has successfully raised Rs 1,100 crore through the issuance of non-convertible debentures on a private placement basis. DLF has disclosed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allocation of these debentures. DCCDL has sanctioned the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) with a face value of 1 lakh each, on a private placement basis to eligible investors. ...

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Viacom18 to strike deal with Blackstone for new Mumbai HQ: Sources

Friday 22nd September 2023

Viacom18, the broadcasting unit of Indian billionaire Mukesh Ambani, is reportedly finalizing a lease agreement with Blackstone-owned Nucleus Office Parks for its new headquarters in Mumbai, spanning 400,000 square feet. This new office will be situated across approximately eight floors within the "One International Center" complex in Mumbai's Lower Parel business district. Viacom, known for its TV channels and the JioCinema digital streaming platform, competes with giants like Walt Disney in India. ...

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Nagpur: MahaRERA freezes builders escrow accounts over non-filing of returns

Thursday 21st September 2023

In a firm response to builders, the Maharashtra Real Estate Regulatory Authority (MahaRera) has frozen the bank accounts of more than 40 real estate projects in the Nagpur division. This includes projects in Nagpur city and surrounding districts in eastern Vidarbha, such as Wardha, Bhandara, Gondia, Gadchiroli, and Chandrapur. ...

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Bafna Motors sells four-acre plot in Navi Mumbai Nerul to Greenscape IT Park

Thursday 21st September 2023

Bafna Motors (Mumbai), a prominent dealer for Tata Motors commercial vehicles, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality within the Trans Thane Creek industrial area for an impressive sum of over Rs 145 crore to Greenscape IT Park LLP. ...

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