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Motilal Oswal buys 12-storey tower in Ahmedabad from Claris Life Sciences

Tuesday 12th September 2023

Motilal Oswal Financial Services (MOFSL) has completed the acquisition of a standalone commercial tower encompassing 12 upper floors, spanning approximately 1,10,000 sq ft in Ahmedabad's financial district. This strategic acquisition from Claris Life Sciences aligns with MOFSL's growth and expansion strategy. The property, situated on 0.56 acres of land, will be the new home of Motilal Oswal Tower, marking the company's third independent commercial tower alongside its existing properties in Mumbai and Bengaluru. ...

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Sumadhura Infracon to invest Rs 5,000 crore in next three years

Tuesday 12th September 2023

Sumadhura Infracon, a real estate developer, intends to expand its residential and commercial portfolio significantly over the next three years, with an investment of approximately ?5,000 crore, as per the company's chairman's. The company has recently acquired 45 acres of land situated along Bengaluru's Outer Ring Road for the construction of a commercial facility. In 2023, their plan includes the construction of three million square feet of new homes and the development of two million square feet of land. ...

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Real estate leasing companies in a fix over blocked credit eligibility

Tuesday 12th September 2023

Real estate developers who lease their commercial properties are currently facing credit eligibility challenges under sections 17 (5) C and 17 (5) D, even as the matter is being debated in the Supreme Court, according to stakeholders in the real estate industry. In cases where a developer constructs a commercial building and sells it before obtaining an occupancy certificate, they might be able to qualify for credit, as long as they fulfill their obligation to pay the output GST for the sale transaction. ...

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MahaRERA clears 323 project registration applications in three months

Monday 11th September 2023

Over the past three months, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved a total of 323 project registration applications out of 1,100. These approvals were granted after thorough verification by the respective local authorities. The majority of the approved applications (117) were from Pune district, followed by Raigad (52), Thane (48), and Mumbai suburban (35). Since June 19, MahaRERA has been implementing a policy where project registrations are only granted following the verification of commencement certificates (CC) issued by civic bodies. ...

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Gurugram: 18 architects, owners served notices for flouting OC norms

Monday 11th September 2023

The Department of Town and Country Planning (DTCP) has taken action by sending show cause notices to both architects and property owners of 18 properties. This action follows an inspection of 45 residential properties situated in prestigious licensed residential colonies within the city. Furthermore, an additional 17 properties are also expected to receive notices for similar violations in the near future. These notices are being issued due to the construction activities carried out by these properties after they had already obtained occupation certificates (OCs). ...

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WeWork begins to renegotiate leases globally

Monday 11th September 2023

WeWork announced on Wednesday that it has initiated a worldwide effort to engage with landlords to reevaluate almost all of its lease agreements. This move resulted in an increase in its shares, rising as much as 9% during morning trading. With backing from SoftBank, the company expressed its intention to negotiate more favorable terms with its landlords and intends to exit leases for locations that are not suitable or are underperforming. The goal is to redirect these resources towards reinvesting in its other assets. ...

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Flipspaces raises $4 million in pre series-B funding in mix of equity and debt

Monday 11th September 2023

Flipspaces has successfully raised $4 million in funding from its current investors, with Prashasta Seth, former CEO of IIFL AMC, heading the group of investors. This funding round also attracted participation from various family groups and investment funds. According to the company, these funds will be allocated towards expanding their presence in the US market and enhancing their integrated technology platform, coupled with a global supply chain, for the design and construction needs of SMEs. ...

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Indian REITs Association formed to foster industry best practices

Monday 11th September 2023

The Indian REITs Association (IRA) has officially unveiled its establishment as a non-profit trade organization with the primary goal of promoting the expansion and progress of the Real Estate Investment Trust (REIT) industry in India. This association will work in partnership with the Securities and Exchange Board of India (SEBI) to champion the interests of both businesses and investors while ensuring compliance with regulatory guidelines. ...

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Greater Noida: Pay 50% dues by this year to get discounts

Monday 11th September 2023

The Greater Noida Authority has introduced an Offer-to-Settle (OTS) program designed to assist purchasers of multi-story buildings in settling outstanding payments. This initiative is set to be advantageous for more than 2,200 property buyers who have yet to finalize their lease agreements. It is estimated that the GNIDA will be able to recover around Rs 468 crore in outstanding fees and premiums through this program. Prospective applicants will have a window of over three months to apply for this scheme, running from September 5th to December 31st. Depending on the size of their apartments, participants can enjoy discounts ranging from 20% to 80% on penalties related to premiums, additional compensation, and late fees for lease deeds. ...

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MahaRERA to grade every real estate project

Tuesday 5th September 2023

In a significant step aimed at enhancing transparency and accountability in the real estate sector and ensuring greater consideration for homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a milestone by becoming the first regulatory body in the country to implement a grading system for every real estate project. Builders will be required to regularly submit technical, legal, financial, and general project information through an online platform every six months for assessment. ...

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Banks moot covering stamp duty, registry charges in home loans

Tuesday 5th September 2023

Individuals seeking home loans could potentially access increased financing if a proposal submitted by banks to incorporate stamp duty and additional registration charges into the project cost gains approval from the banking sector regulator, as per sources familiar with the situation. Following internal discussions during a meeting held last month, lenders have reached out to the Reserve Bank of India (RBI), according to these sources. ...

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About 3,000 building sites in Gurugram, but only 220 registered on dust portal

Monday 4th September 2023

Winter is approaching in a matter of weeks, yet out of over 3,000 construction sites within the city, only 220 have registered on the government's dust portal so far. This indicates a continuation of normal operations, despite regulations aimed at preventing Delhi-NCR from experiencing hazardous air conditions once again. The dust portal was introduced by the Haryana government in January of the previous year, following directives issued by the Commission of Air Quality Management (CAQM) in October 2021. ...

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Mindspace REIT acquires 2.41 lakh sq ft in Chennai for Rs 181.60 crore

Monday 4th September 2023

Mindspace Business Parks REIT (Mindspace REIT) has purchased a leasable area of 2,41,694 square feet at Commerzone Porur, Chennai, for a total cost of Rs 181.60 crore, inclusive of transaction expenses, equating to Rs 7,512 per square foot, as reported in a filing with the BSE. This acquisition will enable the company to strengthen its ownership stake in the project. ...

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SIT uncovers forged land registries worth Rs 400 crore in Dehradun

Monday 4th September 2023

The Special Investigation Team (SIT) probing the fake property registry scandal in Dehradun has revealed the participation of a 'white-collar gang' consisting of attorneys, government personnel, and real estate agents who were involved in deceptive property registrations. While the estimated total worth of these properties is assessed at Rs 400 crore, a senior SIT official suggests that the actual extent of the scam could be even larger. ...

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Bombay HC directs Mhada not to insist on NOC for building reconstruction

Monday 4th September 2023

The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (Mhada), instructing them not to insist on a No Objection Certificate (NOC) from any prior developer or architect when the housing society of a seven-story building in Kherwadi, Bandra (East), which collapsed 25 years ago, selects a new developer and submits a reconstruction proposal. ...

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