BUSINESS
UP RERA grants more time to promoter to complete Ghaziabad housing project
The promoter had already availed of the entire permissible extension of registration, one year as per section 6 of RERA Act and other extension due to Covid-19
BUSINESS
Amrapali case: SC stays arbitral proceedings between Dhoni and embattled firm
Dhoni had moved to the Delhi High Court which, on October 16, 2019, had appointed its former judge Veena Birbal as sole arbitrator to arbitrate the commercial dispute between the cricketer and the embattled real estate firm.
BUSINESS
Student housing firm Your-Space to expand to Hyderabad, Kolkata this fiscal; to deploy Rs 20 crore
The company has a footprint in Bengaluru, Delhi, Pune, Ahmedabad, Dehradun, Indore and Mumbai
BUSINESS
Amrapali case: SC says priority is to ensure homebuyers get their flats, claims first
The top court tells authorities and electricity department that they ‘have to be in a queue’
BUSINESS
ASPIRE to hand over close to 7,000 housing units to Amrapali homebuyers by Diwali: Sources
The Supreme Court had, in 2019, asked NBCC to complete and deliver 38,159 flats of the erstwhile Amrapali Group after homebuyers sought its intervention, complaining about years of delay in handing over their homes. The court-appointed committee and ASPIRE are trying to help deserving homebuyers
BUSINESS
Anil Agarwal's wife buys property in Mumbai for Rs 45 crore
Raheja Legend is a premium condominium complex of real-estate company Raheja Universal comprising 47 floors. It was completed in 2011, brokers said.
BUSINESS
Amrapali case | Supreme Court puts proposal for creation of Sinking cum Reserve Fund on hold
A bench of Justices UU Lalit and Bela M Trivedi took note of the 'serious objections' raised by homebuyers’ counsels to the creation of such reserve cum sinking fund and that the creation of a reserve fund or sinking fund would put an additional burden on the buyers.
BUSINESS
41 cities register increase in housing prices: NHB index
All of the eight major metros -- Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune -- recorded increase in the index on an annual basis.
BUSINESS
NCR-based real estate firm County Group to invest Rs 300 crore in data centre vertical this fiscal
The company has set aside Rs 1,000 crore for acquiring land parcels for residential and commercial projects
BUSINESS
Purchase, sale of land with infrastructure attracts GST: Madhya Pradesh authority
The order makes a distinction between the sale of barren and developed land by treating provision of amenities like drainage and electricity as preparatory activity for the construction of a complex. This ruling is at variance with the GST Council’s stance, says a tax expert.
BUSINESS
Ranveer Singh buys quadruplex in Mumbai for Rs 119 crore
The company, Oh Five Oh Media Works LLP, in which both the actor and his father Jugjeet Sundersingh Bhavnani are directors, has bought one apartment on the 16th floor, one on the 17th floor, 18th, and 19th floors in a building called Sagar Resham, Bandstand, Bandra West
BUSINESS
Rs 4,000 crore disbursed under PM SVANidhi Scheme for street vendors so far: Hardeep Singh Puri
The scheme facilitates collateral free working capital loan up to Rs 10,000 of one-year tenure, with enhanced loan of Rs 20,000 and Rs 50,000 in the second and third terms respectively, on repayment of earlier loans.
BUSINESS
Independent house sold for Rs 43 crore in Delhi’s Maharani Bagh
Several realty deals were closed in posh areas of Delhi in the range of Rs 20 crore to Rs 50 crore just before the state government decided to withdraw the rebate of 20 percent on the circle rate of land and immovable property on June 30, 2022.
BUSINESS
53.6% real estate developers want development authorities under RERA purview: Credai-NCR survey
As many as 35 per cent developers confirmed that approvals are still not regulated and 32 per cent of the respondents felt an absence of the regulatory framework to keep a check on prices of raw materials.
BUSINESS
Razorpay CEO buys villament for Rs 14.4 crore in Bengaluru; founder of Toppr buys villa for Rs 10.25 crore
A villament is a combination of an apartment and a villa; each villament (duplex and triplex) comes with a private garden/terrace garden.
BUSINESS
Indian residential market records annual sales growth of 60%; 158,705 housing units sold in H1 2022: Knight Frank India
Office transactions, at 25.3 million sq. ft., translated to 107% year-on-year growth
BUSINESS
MC Exclusive: Puravankara to launch 18 residential projects in western, southern markets in FY23
The realty firm is discussing raising capital for its commercial business this year. It is also evaluating opportunities in the stuck projects space. CEO Abhishek Kapoor says no plans to enter north India
BUSINESS
Delhi government to discontinue rebate of 20% on circle rate
The Delhi government on December 31, 2021 extended the 20 percent rebate on circle rate for land and immovable property till June 30, 2022 to help Delhi’s COVID-hit real estate sector.
BUSINESS
Varun Jaipuria buys farmhouse property for Rs 120 crore in Delhi
Real estate experts say that demand for farmhouses has gone up post the pandemic, so much so that prices, too, have increased by almost 10-30 percent.
BUSINESS
Byju's leases 5.58 lakh sq ft property in Bengaluru for monthly rent of Rs 2.9 crore
The rent, for offices in two buildings in Bengaluru’s Kalyani Techpark, works out to Rs 95.16 per sq ft, per month and will rise by 5 percent at the end of each year. The edtech has paid a stamp duty of around Rs 65 lakh on the deal.
BUSINESS
Ashiana Housing to invest over Rs 300 crore for new housing project in Pune
The land belongs to the JV partner and is fully paid. The investment will be funded through internal accruals and advances from customers against sales.
BUSINESS
NCDRC says construction of additional tower by M3M Group ‘illegal’; directs builder not to proceed with its construction
Terms the new construction as “a clear deficiency of service”; 300 buyers of M3M Merlin of Sector 67, Gurugram, had filed the complaint; the order also provides relief on IFMS, excess EDC/IDC collected, and poor quality of construction.
BUSINESS
MC Explains: Why was it necessary to issue cancellation notices to around 3,000 Amrapali buyers?
This was needed as without there being clarity over unclaimed inventory, the flats could not be sold to raise funds for completion of unfinished units. This will also help the court receiver in implementing swapping of units.
BUSINESS
Real estate experts welcome Delhi's decision to extend 20% rebate on circle rate
Real estate experts say any changes in circle rates should only be announced as a part of a comprehensive citywide rationalisation and colony recategorisation exercise
