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Officials have announced that the Delhi Development Authority (DDA) has allowed the amalgamation of two adjacent flats offered under their new housing scheme. The scheme, which offers 5,500 flats in various categories across Delhi, has received a positive response from the public, with approximately 4,000 registrations so far. Applicants who purchase two adjacent flats through the scheme will have the option to merge them by creating a common door in the shared wall, pending necessary structural approvals. This opportunity applies to all types of flats and locations. Additionally, if an applicant already owns a flat from a previous scheme and purchases an adjacent flat in the current scheme, they can also merge the two units. The available flats range from 1-BHK to 3-BHK and are located in Narela, Siraspur, Rohini, Loknayak Puram, Dwarka, and Jasola. ...
Risland Holdings, a Hong Kong-based company, has been granted permission by Delhi's Real Estate Regulatory Authority (RERA) to recommence construction and sales for its inaugural project in India. The project, located in Chattarpur, South Delhi, had faced a halt of approximately nine months due to incomplete documentation. Both the building sanction plan and the RERA registration had expired, and the Municipal Corporation of Delhi (MCD) and RERA had previously refused to extend the validity of these documents owing to a dispute over land ownership. ...
On Sunday, the Dhoot Sare Distressed Homebuyers (DSDHB) Association organized a protest in Sector 92, demanding prompt possession of their homes from KGK-Dhoot company. Around 50 homebuyers gathered with placards, expressing their grievances. According to the association, a total of 471 buyers of SARE Homes were unable to obtain their flats as they were allegedly not informed about the filing process by KGK-Dhoot and the Interim Resolution Professional (IRP). ...
Rajive Kumar, the chairman of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), announced that a total of Rs 1,200 crore worth of recovery certificates have been successfully resolved in the state since 2018. The resolution of these certificates involved both recovery actions and mutual consent between builders and homebuyers. In the 2022-23 fiscal year alone, recovery certificates worth Rs 394.26 crore were resolved. Kumar shared this information during the 125th meeting of the UP RERA, which coincided with his last working day as the chairman of the authority. ...
Conscient Infrastructure, a realty firm, has recently purchased approximately 6.6 acres of land in Gurugram for approximately Rs 85 crore. The purpose of acquiring this land is to develop a housing project. According to a statement from real estate consultant Cushman & Wakefield, they played a role in facilitating the land deal for this 6.6-acre plot situated in Sector 80, Gurugram. The land holds a development potential exceeding one million square feet. ...
On Wednesday, the Uttar Pradesh cabinet granted approval to a proposal regarding the imposition of a "metro and RRTS cess" on developers in cities where these two services are under construction. Initially, this charge is expected to be enforced in Ghaziabad and Meerut, where the construction of the RapidX corridor, also known as RRTS, is underway. Officials have stated that the relevant authorities have been instructed to formulate the specific details before issuing an official notification. In Ghaziabad, the cess is likely to be implemented within a 1.5km radius from either the metro or the RapidX corridor. ...
In response to the unlawful disposal of construction and demolition (C&D) waste within the city, the Municipal Corporation of Gurugram (MCG) has taken strong action. On Thursday, the MCG issued a challan of Rs 1.1 crore to the developer of Platinum Tower in Sector 28 for illegally dumping construction waste onto the master stormwater drain that runs alongside the greenbelt. A senior official from the MCG reported that an alarming quantity of 12,881 metric tonnes of C&D waste had been generated and illegally dumped in the greenbelt area. ...
Real Estate Investment Trust (REIT) companies in India are engaged in discussions regarding the establishment of an association that would serve as a representative body for the industry and foster the growth of this nascent product. Drawing inspiration from the Association of Mutual Funds in India (AMFI), the proposed association aims to provide a unified platform for the REIT sector. Currently, India has only four REIT entities that are listed in the market. ...
The Uttar Pradesh Real Estate Regulatory Authority (RERA) announced on Tuesday that it has prohibited realty firm Ansal API from engaging in the sale or transfer of any residential properties within its hi-tech township project in Greater Noida. This action has been taken due to the company's non-compliance with regulations. Additionally, Ansal API has been imposed with a penalty of Rs 3.05 crore for the misappropriation of funds amounting to Rs 60.57 crore, collected from home buyers across three distinct projects, as stated by UP RERA. ...
The Maharashtra Real Estate Regulatory Authority, known as MahaRERA, has encountered a wave of requests seeking the annulment of registration for a total of 107 projects, with 41 of them situated in Pune. Notably, the initial count stood at 88, but this number expanded as an additional 19 applications for cancellation were recently submitted. This update was shared by an official representing MahaRERA. ...
The board of directors' management committee at Godrej Properties has granted approval for the placement memorandum concerning the issuance of 75,000 rated listed unsecured redeemable non-convertible debentures (NCDs). These NCDs hold a face value of Rs 1,00,000 each, amounting to a total of Rs 750 crore. This announcement was made by the company through a filing on the Bombay Stock Exchange (BSE). The issuance encompasses a core offering of 50,000 rated listed unsecured redeemable NCDs, carrying a face value of Rs 1,00,000 each, totaling Rs 500 crore. ...
In a noteworthy development, Macrotech Developers, a listed entity of the esteemed Lodha Groups, has emerged as the highest bidder for V Hotels Ltd, a Mumbai-based hospitality company that owns the renowned Tulip Star, previously known as Centaur Hotel Juhu. The Committee of Creditors (CoC) overseeing the insolvency proceedings of V Hotels has officially declared Macrotech Developers as the successful applicant for resolving the company's financial distress through the Corporate Insolvency Resolution Process (CIRP). ...
In the city's real estate sector, there is a notable increase in joint development agreements, as two well-known developers have joined forces with groups of landowners to initiate fresh projects. This emerging trend is believed to be a direct result of the substantial escalation in land prices observed in recent years, which has posed challenges for developers in allocating significant funds towards land acquisition. ...
Several CEOs and senior officials from high-street banks engaged in discussions a week ago regarding a significant development. They expressed a willingness to surrender their primary claims over assets and cash flow to new financiers who are prepared to rescue stalled housing projects. These projects have unfortunately left countless home buyers in a state of uncertainty across the nation. The banks are open to granting priority funding rights to these new lenders. ...
Intel, the American technology giant, has made the decision to sell its office space located on the Old Airport Road in Bengaluru. This move is part of their strategy to generate revenue from their real estate assets. The office space spans 250,000 square feet and the deal is expected to exceed ?450 crore. According to multiple sources familiar with the matter, the sale is likely to follow a salescum-lease model for a duration of three years, with a one-year lock-in period for the asset. ...
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