BUSINESS
Madhya Pradesh govt cuts stamp duty cess to 1% in urban areas until December 31
The stamp duty rate in urban areas has been reduced to 10.5 percent from 12.5 percent.
BUSINESS
Homebuyers hire JAL as contractor to complete four towers of a housing project in Noida
Section 8 of RERA empowers authorities to hand over completion task to buyers' association
BUSINESS
COVID-19 impact | No services for 4 months, Delhi Metro suffers Rs 1,000 crore revenue loss
DMRC’s tenants’ businesses, including retail and commercial properties, too, have been hit. Tenants are asking for rent payments to be deferred
BUSINESS
Big deal amid COVID-19 gloom: Stockbroker buys 31,000 sq ft bungalow in Kolkata for around Rs 100 crore
The bungalow, which has been bought by local stockbroker Prakash Baid, was owned by Sumit Mazumder, chairman of Tractors India Limited.
BUSINESS
Flat delayed by four years, NCDRC tells builder to refund homebuyer Rs 3.4 crore with interest
The consumer court also said the terms of the agreement signed between the two parties were wholly one-sided and unfair to the homebuyer.
REAL-ESTATE
What’s in a name? A lot if your real estate brand is named Corona
Gurgaon-based real estate developer Corona Buildcon plans to drop Corona from its brand name due to marketing challenges amid the coronavirus pandemic.
BUSINESS
Over 80 stressed housing projects to get funding of over Rs 8,700 crore under SWAMIH Fund
Investments in 18 projects have been given final clearance and disbursement is at various stages across 7 residential projects; Builders and buyers welcome the move
BUSINESS
Should millennials invest in REITs?
Unlike the Embassy Group REIT for which the minimum investment was Rs 2.4 lakh for 800 units, it is merely Rs 55,000 for 200 units of Mindspace REIT
BUSINESS
Affordable rental housing complexes to comprise units of 10-60 square metres
All projects under ARHCs shall be exclusively used for rental housing purposes for a minimum period of 25 years
BUSINESS
Exclusive | NCDRC orders developers in Gurgaon real estate projects to refund Rs 12 crore to homebuyers; disposes of 25 cases
NCDRC directs developers Three C Shelters Pvt Ltd and Orris Infrastructure to refund the amount with an interest of 9 percent per annum; In related cases, it orders handover of completed units by September.
BUSINESS
Consumer Protection Act 2019 impact: NCDRC to hear only homebuyers who have paid over Rs 10 crore
Other cases to be heard by district and state commissions. Experts say that this will fail to provide quick relief to homebuyers given the huge number of cases pending in these forums. Buyers see this as a move to limit legal option to RERA
BUSINESS
Unitech board to complete stuck real estate projects in 4 years: sources
A graded timeline for completion of units has been proposed. All 15,000 units would be completed within four years
BUSINESS
Mindspace Business Parks REIT IPO affirms appetite for Indian commercial real estate among global investors
Considering the response from strategic investors to the Mindspace REIT and high returns from the Embassy REIT, more players may be encouraged to come forward. There may be one more REIT launched by the end of the financial year, say real estate experts
BUSINESS
Mindspace Business Parks REIT to launch Rs 4,500 crore IPO
The launch of a REIT IPO despite the pandemic will help widen investor base considerably, prove healthy for overall REIT space and set the foundation for the creation of more REITs, real estate experts said
BUSINESS
Rental amount ‘paltry’, cannot be sole criteria for granting compensation to homebuyers: NCDRC
The consumer court also rules that a real estate company cannot levy holding charges on a homebuyer as it does not suffer any loss on account of a buyer taking possession at a later date due to an ongoing court case
REAL-ESTATE
COVID-19 impact: As expats depart, housing rentals plunge 10-20%
Exodus leads to rise in vacancies in these high-end apartments in Delhi, Mumbai and Bengaluru; profile of tenants also likely to see a change in the short-term
BUSINESS
COVID-19 impact | Home sales in India’s top-8 cities fall to 10-year low
Office transactions fall by 37 percent year-on-year to 17.2 mn sq ft in the first half of 2020, the steepest fall in a decade. Vacancy at a four-year high of 14.1 percent
BUSINESS
Leasing services provided by Indian Railways for land development attracts 18% GST
Rajasthan Authority for Advance Ruling rejects contention that the money deposited is not a lease premium but a security deposit. Makes it clear that lease premium deposited by the applicant is a consideration towards leasing services supplied by RLDA
BUSINESS
Mumbai property market gets it mojo back after coronavirus lockdown
Up to 20 residential transactions registered in June at India’s priciest real estate market are valued at over Rs 10 crore.
BUSINESS
COVID-19 impact: Plan afoot to make cities cycle friendly, registration for India Cycles4Change Challenge opens
Eleven cities to be shortlisted under the initiative open to cities Eligible cities can register and submit applications on the portal from July 10 to 21.
BUSINESS
Amrapali case: SC directs SBICAP to finalise proposal for financing projects before August 4
SBICAP identifies eight projects for construction; next date of hearing is on July 22
BUSINESS
Affordable rental housing complexes scheme for migrants: Here's all you need to know
Real estate experts are of the view that the ARHC scheme should provide risk linked returns using means such as transferable development rights, single window clearance and strong regulatory framework to attract private developers
BUSINESS
Plans on track for Joyville Shapoorji Housing despite COVID-19; exploring new launches in Maharashtra and Delhi-NCR
Despite the pandemic, it is confident of investing into mid-segment projects
REAL-ESTATE
Never trust builder agreement, says homebuyer who won Rs 1.19-crore order from real estate developer
Oman-based Sanjay Rastogi won a hard-fought legal victory at the National Consumer Disputes Redressal Commission against BPTP. Such triumphs by homebuyers are rare against builders. He explains the case and how he managed a legal victory.
