BUSINESS
SWAMIH Fund for stuck housing projects to benefit 1.16 lakh homebuyers: FM
Rivali Park Wintergreens is the first investment by the Swamih Fund and is also the first project to get completed. It is a large project spread over 7 acres consisting of 708 units of various configurations
BUSINESS
Exclusive | New REITs may be delayed, commercial leasing activity to remain flat in short term, says Anshul Jain of Cushman & Wakefield
The Cushman & Wakefield’s Managing Director, India and South East Asia, says return-to-office plans will be on hold for some time, with vaccination determining the timeline.
BUSINESS
Jaypee insolvency: Revised bids by NBCC and Suraksha Group to be discussed at CoC meeting on May 15
NBCC is offering up to 1,903 acres of land while Surakasha group has proposed over 2,600 acres to the lenders. Suraksha group has earmarked 1,486 acres to dissenting lenders out of the total land parcels offered in the proposal
BUSINESS
COVID-19 Second Wave: How will extension of delivery timelines by RERA impact homebuyers and developers?
Experts say that if an extension is granted on account of the second wave, it may lead to several projects getting delayed by more than a year and that may have monetary implications on both developers and homebuyers as no financial safeguards or moratoria are available this time around
BUSINESS
NBCC assures Jaypee homebuyers it would deliver 70% units in 30 months
NBCC has also proposed to set up a single-window redressal system to help resolve grievances of homebuyers.
BUSINESS
Jaypee Infratech case: Resolution process may get delayed; IRP seeks extension for a month from Supreme Court
On March 24, the Supreme Court had directed the interim resolution professional of Jaypee Infratech to invite modified or fresh resolution plans only from Suraksha Realty and state-run NBCC and complete insolvency proceedings in 45 days. The timeline ends on May 8
BUSINESS
Aakash Educational founder, fresh off Byju’s deal, buys Delhi bungalow for around Rs 100 crore
There are only 25-odd plots of this large size in Vasant Vihar area, others are either 1,200 sq yard, 1,000, 600 or 400 sq yards.
BUSINESS
COVID-19 second wave: Commercial real estate space occupiers put leasing plans on hold
The leasing momentum in the upcoming quarters will mainly depend on the time taken to contain the pandemic; rental escalation a far cry in the present circumstances
BUSINESS
RBI announcements to provide big relief to real estate-linked SME players: Experts
Developers urge government to dole out similar measures to address concerns of large businesses and labour-intensive sectors.
BUSINESS
SC says WB Housing Industry Regulation Act of 2017 ‘unconstitutional’, in conflict with Centre's RERA
The court said homebuyers who purchased properties under the state law before its verdict need not worry as their registration and other acts will remain valid
BUSINESS
COVID-19 second wave: Footfalls in malls down by 50% from March levels in areas facing high curbs
Fresh round of lockdowns may lead to another round of rental negotiations/waivers having to be offered by mall owners in FY22E as well, experts say.
BUSINESS
Over 10,000 Mumbai properties worth Rs 10,275 crore registered in April minus stamp duty waiver
While the number of registrations in April declined by almost 43 percent compared to March when a stamp duty waiver of 3 percent was available, it increased by almost 70 percent compared to April 2019
BUSINESS
COVID-19 second wave may delay the recovery of new commercial leasing activity
WFH a temporary strategy; space expansion plans of large corporates on track
BUSINESS
Real estate developers help out with hospital infrastructure; some decide to bear cost of COVID-19 vaccination for homebuyers
The Confederation of Real Estate Developers' Association of India has announced that it will provide free vaccination to over 2.5 crore construction workers at the sites of its over 13,000 developer members across 217 Indian cities and towns.
BUSINESS
Jaypee Infratech case: Resolution process may get delayed, say sources
NBCC and Suraksha Group sweeten bids.
BUSINESS
COVID-19 second wave: construction workers leave for home; developers fear exodus may impact project completion
Realtors fear the halt in construction activity may reverse the gains in the last quarter of 2020 and that it may take almost a year to bring the situation back to normal
BUSINESS
COVID-19: RWAs breathe new life by arranging oxygen cylinders, setting up medical facilities in club houses
In Maharashtra, the state government has delegated special powers of police officers to the cooperative housing society chairman and secretary to ensure that all COVID-19 norms are adhered to
BUSINESS
Sale of property on the basis of super area to be treated as ‘fraudulent/unfair’ trade practice: HARERA
The regulations shall be applicable to all real estate projects, irrespective of the fact that they are registered/registerable or exempted from registration. Any sale of real estate project on any other basis except on carpet area basis after RERA coming into force shall be declared as null and void by HARERA
BUSINESS
Jaypee Infratech case: Banks, homebuyers to meet again on April 29 to discuss revised bids submitted by NBCC, Suraksha
The revised resolution plans with further changes are expected to be submitted by both the entities with the insolvency resolution professional Anuj Jain by April 28
BUSINESS
COVID-19 Second Wave: Real estate projects may get delayed; cash flow issues likely to increase
Real estate may face more pain than last year, when the government and the central bank had stepped in for support, but residential property prices may rise as the stress reduces supply, and demand in small cities may increase because of remote working.
BUSINESS
Second wave of Covid-19 spurs demand for farmhouses
With work-from-anywhere becoming the norm, the rich and famous in Mumbai and Delhi are buying spacious farmhouses with customised fitness and wellness facilities thrown in. Property consultants say that enquiries for second homes have gone up significantly after the pandemic set in, and now, with the second wave, the phones have not stopped ringing.
BUSINESS
Real estate sector welcomes government’s decision to open up vaccination for everyone above 18 from May 1
Developers believe that the move would enable migrant workers, especially construction workers, to get vaccinated and help arrest mass exodus of migrants
BUSINESS
Aanand L Rai of Tanu Weds Manu fame buys duplex apartment in Mumbai for Rs 25.3 crore
Aanand L Rai is the latest name in a posse of celebrities and industrialists who have invested in real estate in India’s financial capital, taking advantage of a cut in stamp duty. Local brokers told Moneycontrol that the price of the apartment is around Rs 40,000 per sq. ft.
BUSINESS
Why NRIs are rushing to sell properties at a discount
NRIs have been selling upscale properties in Delhi as the uncertainty because of the pandemic, low rentals and rupee depreciation makes them less attractive, compared with the option of high-return NRE deposits, but this is not a uniform trend as those who own properties in Mumbai and Pune have a different approach.
