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Experion Developers recently acquired a six-acre land parcel in Gurgaon's Sector 53, valued at approximately Rs 400 crore, through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. Additionally, a two-acre plot in Sector 56 was auctioned to TREVOC (The Real Estate Venture of Chawlas) for Rs 120 crore. TREVOC is one of the three promoters associated with the Spaze group. ...
Macrotech Developers has reported a 12 percent year-on-year increase in sales bookings, totaling Rs 3,530 crore during the July-September period, driven by robust demand in the housing sector. In the same period of the previous fiscal year, the company had recorded sales bookings of Rs 3,150 crore. ...
The Enforcement Directorate (ED) has provisionally attached properties valued at Rs 17.92 crore belonging to M/s Shine City Properties Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These attached properties consist of 47 parcels of land measuring 10.27 hectares located in Rajatalab Tehsil of Varanasi. ...
In an effort to combat illegal colonies and unauthorized commercial activities, the enforcement team of the Department of Town and Country Planning (DTCP) has demolished five illegal colonies that had sprung up in a no-construction zone near Sultanpur Sanctuary. Additionally, the department has sealed 28 major commercial stores that were operating illegally in Sushant Lok 2. ...
SMFG India Credit Company, a subsidiary of the Japanese conglomerate Sumitomo Mitsui Financial Group (SMFG), and Singapore's Fullerton Financial Holdings (FFH) have signed a lease agreement for 194,000 square feet of space at Embassy 247 in Vikhroli, Mumbai. Cushman & Wakefield played a role in facilitating this transaction for SMFG. ...
While more than 20,000 homebuyers await the delivery of their homes due to the insolvency of Jaypee townships in Noida and Greater Noida, these land parcels have attracted various developers. In the past year, companies like Max, L&T, Gaurs, Saya, Paras, and Gulshan have purchased land worth Rs 3,000 crore and initiated projects with a revenue potential exceeding Rs 10,000 crore. ...
Raymond's board of directors has approved an investment of up to Rs. 301 crore in Ten X Realty (TXRL), a wholly-owned subsidiary of the company. This investment will include up to Rs 125 crore in redeemable preference shares, subject to final terms and agreements. ...
The special PMLA court has denied bail to HDIL promoters Rakesh and Sarang Wadhawan. They had requested bail, arguing that they had spent more than half of the prescribed sentence as undertrials. The court's decision was based on the rejection of their earlier bail pleas, indicating their deep involvement in money laundering. The father-son duo was initially arrested in a case related to the Punjab and Maharashtra Co-operative (PMC) Bank in 2019. ...
Peyush Bansal, the CEO and co-founder of Lenskart, has acquired property in Delhi's Neeti Bagh for Rs 18 crore, purchasing the basement and ground floor of an 813-square yard property. He also paid Rs 1.08 crore for stamp duty and corporation taxes, according to documents accessed through CRE Matrix, a data analytics firm. ...
In a money laundering case, the Supreme Court on Tuesday granted bail to Basant Bansal and Pankaj Bansal, directors of the Gurugram-based realty group M3M. Following the submission of arguments by lawyers, a bench of justices A S Bopanna and Sanjay Kumar, which had reserved its verdict on September 11, extended relief to the directors of the realty firm. ...
In private housing societies registered under the Maharashtra Apartment Ownership Act, the state cabinet has approved a proposal from the housing department to amend the act, enabling the forcible eviction of members who obstruct redevelopment. ...
To enhance transparency and reduce costs and time, the district administration has instructed that all three stages of structural audits for high-rise residential societies be conducted concurrently. Although tests to assess the structural integrity and stability of 38 societies in the city have been underway in two phases since April last year, no concrete progress has been made yet. ...
The state government is likely to introduce a rehabilitation package for stalled projects, taking into account key recommendations from an expert committee led by bureaucrat Amitabh Kant earlier this year. During a meeting in Lucknow on September 28, specifically convened to discuss the expert panel's suggestions and chaired by the chief secretary, there was unanimous agreement to provide developers with a four-year 'zero period' and allow the original allottees to bring in co-developers to complete financially viable projects. ...
In the first half of the current fiscal year, the Ludhiana Municipal Corporation (MC) has successfully collected around 70.7% of its targeted property tax revenue, amounting to Rs 130 crore for the city. The local body had set a goal of acquiring Rs 90 crore in property tax by September 30. To encourage tax return filing, the local bodies department had also announced a 10% rebate for taxpayers who settled their dues by September 30. ...
WeWork Inc. announced on Monday its decision to withhold approximately $95 million in interest payments related to some of its notes as part of its efforts to enhance its capital structure. WeWork, supported by SoftBank, has been facing challenges since its 2019 initial public offering plans fell apart due to concerns about substantial losses and doubts about its business model, which involves long-term leases and short-term rentals. ...
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