BUSINESS
Luxury housing uptick expected to continue in 2022
Both Mumbai and Delhi saw high networth individuals sign multiple deals for properties worth over Rs 100 crore in 2021. That momentum is not expected to let up next year
BUSINESS
NOIDA Authority irregularities led to losses worth over Rs 55,000 crore: CAG report
Nexus between officials, builders led to raft ‘irregularities’ in land allotment and approval of development plans between 2005 and 2014, says report. Though it is not clear what action will be taken against errant officials, experts hope the report may help streamline the real-estate development process
BUSINESS
How 3 companies snagged 80% of commercial plots in Noida. CAG report points to blatant official-corporate nexus
Wave, 3C and Logix Group did not even meet eligibility conditions. Yet, they secured the lion’s share of allotment of land and today have overdues running up to Rs 14,958 crore and left homebuyers in the lurch.
BUSINESS
Noida Sports City scheme led to losses worth Rs 9,000 crore: CAG
Plots worth Rs 4,500 crore under the scheme were allotted to entities that did not meet the technical criteria.
BUSINESS
CAG report highlights nexus between Noida builders and officials, unchecked violation of rules by Authority
Three builders named Wave, Three C and Logix Group cornered 80% of commercial projects between 2005 and 2018. Up to 63% of housing projects allotted by Noida authority were incomplete or partially completed, national auditor finds in scathing report.
BUSINESS
Actor Kajol joins rush of celebrities renting properties
The 771 sq ft apartment is located on the 21st floor of the Atlantis project in Hiranandani Gardens in Powai
BUSINESS
Consumer court orders builder to pay delay compensation to buyer at the rate of interest charged by housing finance company
The builder is ordered to refund the entire amount paid by the buyer. Unless a project is completed in its entirety, a refund cannot be denied even if possession has been offered, the court has noted.
BUSINESS
Demolition of Noida’s Twin Towers may take more than six months
The Supreme Court on August 31 ordered the demolition of the twin towers which had come up in violation of building bylaws. It had set a three-month time line for the demolition, which ended on November 30.
REAL-ESTATE
Budget 2022 likely to focus on affordable, rental housing; strengthen financing mechanisms to aid stuck real estate projects
The upcoming budget is expected to focus on providing a push to both affordable and rental housing.
BUSINESS
Prestige Group, Awfis to provide 5 lakh sq. ft of flexible working spaces; invest Rs 110 crore
The collaboration is expected to create about 10,000 seats in 12 strategically located centres across Bengaluru, Chennai, Hyderabad and Pune, which is the new addition
BUSINESS
Venugopal Dhoot’s daughter-in-law buys duplex in Mumbai for Rs 52 crore from JSW Steel unit
The apartment is located on the 11 and 12th floors of a project named 33 South, Peddar Road in South Mumbai. It is spread across an area of 3400 sq ft and comes with seven-car parking, the documents showed.
BUSINESS
Rohit Shetty’s production company takes apartment on rent for Rs 5 lakh per month in Mumbai
The apartment is spread across an area of 2878 sq ft (carpet area) and is located on the 4th floor of the building Signia Pearl in BKC, Mumbai
BUSINESS
Salman Khan rents Mumbai apartment for Rs 95,000 per month
The leave and license agreement for the Bollywood superstar's apartment was registered on December 6, 2021. The tenure of the agreement is 33 months.
BUSINESS
Mahesh Babu buys plot in posh Jubilee Hills in Hyderabad for Rs 26 crore
The Telugu actor paid a stamp duty of Rs 1.43 crore and a transfer duty of Rs 39 lakh, documents showed.
BUSINESS
Will the order to pay GST on full amount if society maintenance exceeds Rs 7,500 a month open a Pandora’s box?
If implemented, societies may find it difficult to recover GST arrears from owners or tenants who may have moved out over the years. With collections taking a hit after the coronavirus outbreak, this may lead to an additional burden on members, say experts
BUSINESS
19 real estate companies in 2021 Burgundy Private Hurun India list of 500 most valuable companies
DLF among the top real estate developers with an estimated valuation of Rs 1,02,577 crore followed by Godrej Properties with an estimated worth of Rs 66,245 crore
BUSINESS
SIL Investments Limited buys a duplex in Mumbai for Rs 78 crore
The apartment, spread over 7,200 sq ft (carpet area), is on the 37th and the 38th floors of the Raheja Legend project in Worli
BUSINESS
Amitabh Bachchan rents Andheri duplex flat for Rs 10 lakh a month to Kriti Sanon
Sanon has paid a security deposit of Rs 60 lakh. The property on the 27th and 28th floors of the Atlantis building has four car parks.
BUSINESS
Three properties of former promoter and director of Amrapali Group auctioned for Rs 29 crore
The three properties include two plots and one villa, and are located in Noida and Greater Noida.
BUSINESS
Too early to predict impact of Omicron variant on real estate sector, say experts
The virus’ impact on the property market would depend on whether new restrictions are imposed and the intensity of a likely lockdown, they add.
BUSINESS
NCLT permits withdrawal of insolvency proceedings against MGF Developments
The National Company Law Tribunal (NCLT) had ordered on November 30 that insolvency proceedings against MGF Developments be initiated and appointed Gaurav Katiyar as an interim resolution professional after suspending the board of the real estate company
BUSINESS
IPO-bound Shriram Properties to continue focus on mid-income housing
Its growth plans concentrated in the South Indian markets of Bengaluru and Chennai and Kolkata in the eastern part of the country
BUSINESS
Prashant Jain buys duplex apartment in Mumbai for Rs 45 crore
The 3400 sq ft property located in a posh Mumbai project called 33 South has been sold by Peddar Realty Private Limited.
BUSINESS
India’s biggest Maruti dealer sells Hyderabad property for Rs 37 crore
The house in the posh Jubilee Hills neighbourhood has been bought by Vasavi Group chairman and managing director Yerram Vijay Kumar
