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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. ...
Providing relief to numerous homeowners and potential buyers of Ansal properties, the Department of Town and Country Planning (DTCP) has executed deeds in Sushant Lok 2 and 3. Builder floor owners have faced difficulties in selling or buying properties since DTCP imposed a registration ban in the area last year, following the developer's failure to renew its license on May 25, 2022. ...
A court-appointed commissioner has taken symbolic possession of properties owned by developer Jayesh Tanna in various Mumbai locations, including Borivli, Andheri, Goregaon, south Mumbai, and Kandivli, due to a loan default exceeding Rs 200 crore under The Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession is a tactic to pressure the debtor to clear the dues without banks physically taking control of the properties. ...
The Nagpur Municipal Corporation (NMC) has compiled a list of 1,664 properties, including hotels, clubhouses, lawns, hospitals, and theaters, with outstanding property tax payments totaling Rs 66.38 crore. Private hospitals, which have been criticized for misusing parking spaces and causing traffic problems, top the list of defaulters, owing the corporation Rs 27.29 crore collectively. ...
To safeguard home buyers from potential fraud, the Gujarat Real Estate Regulatory Authority (Rera) will take proactive measures and impose penalties on builders involved in soft launches or pre-Rera marketing without obtaining the mandatory Rera registration number. Many developers sell units at lower rates before obtaining Rera approval, which violates Rera regulations and leaves buyers unprotected under the law. ...
Co-working spaces firm EFC India is exploring various options, including a Follow-on Public Offer (FPO), to raise funds for expanding its capacity to accommodate 60,000 seats by the end of this fiscal year. The company recently announced the acquisition of approximately 5 lakh square feet of office space in Pune, Noida, Hyderabad, and Kolkata. ...
Godrej Properties (GPL) has purchased 49% of Godrej Skyline Developers' (GSDPL) equity shares for Rs 37.64 crore from the existing shareholder. Following this acquisition, the company, along with its wholly-owned subsidiary Godrej Projects Development (GPDL), now holds 93% of GSDPL's equity share capital. ...
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