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WeWork India, a renowned provider of flexible workspace solutions, has recently inked an agreement for a brand-new workspace located at Raheja Mindspace in Madhapur, Hyderabad. Encompassing an impressive area of 100,000 square feet, this workspace is designed to accommodate over 1,500 desks. It is anticipated to be operational by August 2023, offering professionals and businesses a convenient and dynamic environment to work and thrive in. ...
Several residents of Chintels Paradiso, who have chosen not to settle after discovering defects in the buildings they reside in, have voiced concerns over the possibility of facing eviction. These homeowners claim that the developer has issued a notice instructing them to vacate their temporary accommodations within a strict timeframe of seven days. According to the affected individuals, at least 10 flat owners residing in towers D, E, and F of the society located in Sector 109, received email communication from the developer on June 11. The emails explicitly state that their rental contracts are being terminated and the families must evacuate the premises within one week. ...
As part of its commitment to assisting distressed homebuyers and facilitating the timely completion of housing projects, the government has initiated the process of identifying stalled projects across the nation. The Ministry of Housing & Urban Affairs (MoHUA) has issued instructions to the chief secretaries of all states and Union Territories, urging them to furnish necessary details regarding the stalled projects within their jurisdictions. This proactive step by the government aims to address the concerns of homebuyers and ensure the successful delivery of these projects in a timely manner. ...
In a positive development for residents of the Patna Municipal Corporation (PMC) area, they now have the convenience of filing their property taxes or other municipal taxes throughout the week. The tax filing counter will be operational from 7 am to 7 pm, allowing individuals to avail of these services for extended hours. Additionally, the PMC website offers an online platform for tax filing, making the process even more accessible. Mayor Sita Sahu inaugurated the 7-to-7 tax collection counter on Sunday, with the presence of the deputy mayor and other members of the empowered standing committee. ...
Amid a global financial slowdown, EY Global Delivery Services India has taken a significant step by renewing its lease for office space in Bengaluru. The multinational firm, headquartered in London, has secured 420,000 square feet of office space in WTC Coral, Bengaluru, spanning across 11 floors. The lease agreement, which spans a duration of 60 months, was confirmed through a lease register document provided by Propstack, a data analytics firm. Notably, the lease renewal includes a rental escalation of 13.5% after 12 months, followed by subsequent increments every 36 months. ...
The Delhi High Court has provided temporary protection against arrest until July 5 to Basant Bansal and Pankaj Bansal, who are the owners of the M3M Group. This action comes in relation to a money laundering case connected to the real estate company IREO. Justice Chandra Dhari Singh, presiding over a vacation bench, stated that if the need for arrest arises, the owners of the realty company based in Gurugram would be granted bail under specific conditions. The conditions include a personal bond of Rs 10 lakh for each individual, along with two sureties of the same amount. These orders were issued by the court in response to separate anticipatory bail applications filed by Basant Bansal and Pankaj Bansal. The case is currently being investigated by the Enforcement Directorate (ED). ...
Experts have noted that despite the complexities involved, the resolution of insolvency and bankruptcy cases in the real estate sector has shown consistent progress. One of the key factors contributing to this progress is the potential for the government to introduce amendments to the existing code, allowing for tailored resolutions based on the specific nature of individual projects, rather than applying a rigid framework to the entire property sector. This flexibility is expected to enhance the performance of the sector and address the challenges faced by numerous homebuyers. ...
In order to legalize any unauthorized construction within a multi-storied complex, whether it's in a residential apartment or commercial complex, it is necessary to obtain consent from all members before applying to the Ahmedabad Municipal Corporation (AMC) for regularization. This requirement is one of the contributing factors to the limited number of impact fee applications received by the civic body. The officials have conducted site visits for a total of 15,506 applications. Among the approved applications, nearly 90% were related to residential construction, while only 10% pertained to commercial construction. ...
The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that individuals who co-own multiple residential houses can still claim tax exemption on long-term capital gains. This decision, which pertains to Section 54F of the Income-tax Act, will be advantageous for many taxpayers, especially in larger families where investments are often made jointly. Under Section 54F, if a taxpayer sells capital assets such as jewelry or shares and reinvests the entire net sale consideration in the purchase or construction of a house property within the specified timeframe, no tax liability will arise on the resulting long-term capital gains. In cases where only a portion of the sale consideration is invested in a house property, the tax exemption will be allowed proportionately. ...
According to sources familiar with the matter, the government is expected to modify the insolvency law in order to facilitate tailored solutions for insolvent residential real estate projects. The aim is to ensure the prompt provision of flats to homebuyers in distressed housing projects. The proposed amendments to the Insolvency and Bankruptcy Code (IBC) would enable project-specific resolutions, rather than imposing a rigid framework applicable to the entire real estate sector. ...
The UP Cabinet has approved a new rule aimed at combating stamp duty evasion cases that have surfaced recently. Under this rule, if a power of attorney grants the authority to sell a property to someone other than a family member, the registration of that property will be subject to stamp duty based on the circle rate. This measure was implemented due to builders exploiting a loophole and persuading farmers to sell their lands under the pretext of a power of attorney, thereby circumventing the payment of stamp duty. ...
The Panchkula Municipal Corporation (MC) is preparing to host a property tax data correction camp, catering to both urban and rural property owners in Panchkula. These camps will span two days and will be set up in various wards across Panchkula. Sachin Gupta, the Commissioner of the Municipal Corporation, shared that the camp will be conducted on both Saturday and Sunday. ...
The Uttar Pradesh Real Estate Regulatory Authority has put forth a recommendation to the state government, suggesting that the registration process for finished real estate projects should be dissociated from the outstanding debts owed by builders to the Noida and Greater Noida authorities. This proposal aims to provide much-needed respite to homebuyers. However, an impasse between the development authorities and builders, regarding land dues amounting to Rs 39,000 crore, has left approximately 40,000 homebuyers in both cities in a prolonged state of anticipation for the registration of their flats. ...
Jaypee Group's prominent company, Jaiprakash Associates, which is currently facing a crisis, has encountered a default situation on loans totaling Rs 3,961 crore, encompassing both the principal amount and accrued interest. As per a regulatory disclosure made by Jaiprakash Associates Ltd (JAL), on May 31, the company failed to fulfill its repayment obligations of Rs 1,600 crore as principal and Rs 2,361 crore as interest. These loans were obtained from various banks and comprised fund-based working capital, non-fund-based working capital, term loans, and FCCB (foreign currency convertible bonds). ...
Moving forward, all future advancements pertaining to a 3-cottah plot that encompasses six or more flats will be subject to the regulations outlined in the Real Estate (Regulation and Development) Act of 2016. The primary objective behind encompassing these projects within the scope of the real estate regulatory authority is to ensure strict adherence to compliance standards, particularly in approximately 90% of small-scale developments. This proactive measure aims to address the concerns of customers who previously had limited avenues for seeking resolution, often resorting to legal action when developers failed to fulfill their commitments. ...
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