BUSINESS
Union Budget 2023: Extend credit-linked subsidy scheme to boost affordable housing, says founder-chairman of Signature Global Group
CLSS covers middle income group beneficiaries seeking housing loans for acquisition/ construction of houses (including re-purchase) from banks, housing finance companies and other notified institutions.
BUSINESS
Default on part of homebuyers no ground to deny refund in a delayed project: SC
The ruling in a Faridabad case gives relief to buyers of stalled projects who stop payments when they do not see any progress in the construction of the project or the possibility of timely delivery.
BUSINESS
TVS Motor spends Rs 65 crore on property in Bengaluru’s ‘Billionaire Street’
The property is located in 3rd Block, Koramangala, Bengaluru. The land area is 9,488 sq ft, and super built-up area is 3,923.60 sq ft. The seller is Ravi Khemka.
BUSINESS
J Kumar Infraprojects MD buys two bungalows in Mumbai for Rs 50 crore
The two bungalows measure 2,247 sq ft and 3,403 sq ft respectively.
BUSINESS
Amazon Development Centre (India) leases 1.94 lakh sq ft for 5 years in Pune IT park
For the initial 36 months, the rent payable is Rs 75 per sq ft on the chargeable area. After this, the rent will escalate by 15 percent over the last payable rent.
BUSINESS
MC Explains: Will tweaks in insolvency law help homebuyers?
The proposed amendments formally recognise project-wise resolution and will ensure expeditious resolution of a stalled development without hampering the interests of homebuyers of other projects of a builder, say legal experts.
BUSINESS
Luxury home developer Isprava raises Rs 160 crore, to expand India, overseas business
Isprava has built luxury homes in Goa, Alibaug, Kasauli and the Nilgiris. The money will be used for a more strategic purpose such as acquisition and inorganic growth, co-founder and CEO tells Moneycontrol
BUSINESS
Budget 2023: Grant infrastructure status to real estate sector to facilitate long-term funding, says Niranjan Hiranandani
The government should offer personal tax relief to homebuyers and raise the loan-to-value ratio to 90 percent to boost sales, says the vice chairman of real estate body NAREDCO.
BUSINESS
Google takes on rent 3.81 lakh sq ft data centre space in Navi Mumbai for 28 years
The Google company to pay a starting monthly rent of Rs 8.83 crore. The proposed data centre in Navi Mumbai is expected to come up within two years
BUSINESS
MC Explains: All you need to know about the SC order banning ‘apartmentalisation’ of Corbusian Chandigarh
The SC order says that permitting redensification of Phase-I of the city comprising Sectors 1 to 30, which enjoys heritage value on account of being ‘Corbusian Chandigarh,’ without the plan being approved by the Chandigarh Heritage Conservation Committee, was contrary to the Chandigarh Master Plan (CMP) 2031. In 2016, UNESCO had conferred heritage status on the Capitol Complex, designed by Swiss-French architect Corbusier.
INDIA
Twitter India is emptying out its offices
Sources said that the process was initiated in December. The company has around 150 seats at the WeWork facility in Mumbai’s BKC, and around 80 seats at The Executive Centre in Delhi’s Qutub area.
BUSINESS
Buffets, cocktails, music, mood lighting: That’s how you hawk a luxury property
Staged over a lazy weekend, an open house lets a select set of prospective buyers soak in the sensory experience of living in the property.
BUSINESS
Budget 2023 wish list: Real estate sector seeks infrastructure status, tax breaks, push for rental housing
Experts say the government should consider increasing the SWAMIH fund, intended for stalled projects, from Rs 5,000 crore to Rs 50,000 crore to ensure the completion of stuck projects and boost homebuyers’ confidence
BUSINESS
Don’t want Chandigarh to be another Bengaluru, warns Supreme Court in order banning apartmentalization
The apex court recommends that that Environmental Impact Assessment (EIA) must be made mandatory for urban development.
BUSINESS
Mumbai property sales value in top projects drops to Rs 43,000 crore in 2022
The number of transactions in the top 100 housing projects also fell to 20,000.
BUSINESS
Delhi-NCR housing sales jump 67% in 2022; half the units sold in H2 priced over Rs 1 crore
Sales in Noida and Greater Noida hit by the limited availability of new inventory and lack of completed projects. Total unsold inventory in NCR crosses 1 lakh units.
BUSINESS
60-65% employees expected to be back to work in 2023 pushing demand for office space: Knight Frank India
Gross office leasing stood at 51.6 mn sq ft of space in 2022, a rise of 36% YoY. India-facing businesses are expected to take up more commercial space in 2023 vis-à-vis global businesses, says the real estate consultancy firm’s ‘India Real Estate: 2022’ report.
BUSINESS
Webhelp India leases more than 60,000 sq ft office space in Gurgaon for Rs 61 lakh per month
The company has taken the fourth floor of a building in Sector 18, Udyog Vihar from OneQube Realtors and paid a security deposit of Rs 3.7 crore
INDIA
Joshimath crisis: Expert panel recommends demolition of houses with significant damage
The panel may take one month to carry out geo-technical, geo-physical and seismic investigations. Affected people to be relocated near Joshimath.
BUSINESS
Joshimath crisis: Why a 43-year-old report on the Uttarakhand city is prophetic
Everything we’ve scrambled to implement today we were urged to do then: strictly control construction, don’t blast the hillsides, improve drainage, prevent the erosion of river banks, etc.
INDIA
Joshimath crisis: Is rapid urbanisation taking a toll on the sinking Himalayan town?
While relocating people to safer locations is important, it is a short-term solution, akin to rescuing people from a fire that has spread, say experts.
BUSINESS
NCLAT dismisses appeal for insolvency by Wave Group
The Wave Group’s Wave Mega City Centre Private Limited had filed for voluntary bankruptcy proceedings on March 26, 2021, leaving homebuyers in the lurch
TRENDS
Actor Ruhaanika Dhawan, 15, bought 2 flats in Mumbai's Lokhandwala. How much they cost
The flats are registered under Ruhaanika Dhawan's mother, Dolly Sumankumar Dhawan’s name, as the actor is a minor.
BUSINESS
MC Explains: Canada’s ban on foreigners buying homes may impact demand among non-Canadian resident Indians
Foreign homebuyers constitute less than 5% of the total real estate buyers in Canada. According to Census 2021, the total Indian population in Canada is approximately 1.858 million. Indians make up around 5.1% of the Canadian population.
