2023-08-21
The Supreme Court, while modifying a previous National Consumer Disputes Redressal Commission (NCDRC) order, has directed Bengaluru-based developer Mantri Castles Pvt Ltd to pay 6 % interest to customers who have invested in their much-delayed Mantri Serenity project. The developer claims to have transferred possession on February 19, 2023, however according to the agreements, the interest must be paid from the date of possession (which begins in December 2015) until that date.
2023-08-21
On August 17, Motilal Oswal Alternates (MO Alts), the alternative investments division of Motilal Oswal Financial Services Limited, announced that the launch of its sixth real estate fund, India Realty Excellence Fund VI (IREF VI), will raise Rs 2,000 crore. IREF VI will strategically focus on early-stage investments in mid-income/affordable residential developments in India's top eight cities: Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad, Kolkata, and Ahmedabad.
2023-08-21
According to officials, Lokesh M, the CEO of Noida Authority, met with 20 real estate developers on Friday to address the recovery of Rs 26,000 crore in unpaid debts and the challenges facing homebuyers in 60 group housing projects. The CEO, who was upset by the predicament, gave his staff instructions to take action, including issuing recovery certificates to builders who have not paid their debts related to the plots that were assigned to them.
2023-08-21
L&T has leased 1.74 lakh square feet of freehold industrial land in Powai, Mumbai, to Amazon Data Services Pvt Ltd. According to lease paperwork obtained by CRE Matrix, a real estate expert, the monthly rent is Rs 2.59 crore. The total area of the land parcel as per the agreement is 1,6187.40 square meters, which is 4 acres. Amazon Data Services would pay a premium of Rs 18 crore per acre for 4 acres, totaling Rs 72 crore, with a handover date between April 1, 2025, and March 31, 2026.
2023-08-21
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has begun providing Recovery Certificates (RCs) to help troubled homebuyers. Although Noida is the largest real estate market in UP, just 5% of the RCs issued by the real estate ombudsman during 2018 have been recovered. RCs are issued when aggrieved homebuyers approach RERA against developers defaulting on refunds. These RCs are issued when aggrieved homebuyers approach RERA against developers defaulting on refunds.
2023-08-21
The Nashik Municipal Corporation (NMC) is taking steps to guarantee that buildings having a Building Completion Certificate (BCC) are subject to property taxation. In partnership with the municipal planning department, the NMC property tax department will inspect buildings to determine if property tax has been imposed on those with a BCC. In recent years, almost 30,000 properties received BCCs without submitting property tax applications. The NMC intends to boost its property tax base from 5.20 lakh to 5.50 lakh in the coming months.
2023-08-20
The Securities and Exchange Board of India (SEBI) has chosen to postpone the auction date for seven companies' properties. The rescheduled auction date of August 31 gives potential purchasers additional opportunity to participate in the bidding process. As part of its attempts to simplify the sale of properties owned by these entities, SEBI has decided to postpone the auction date. The action intends to draw bidders and investors interested in purchasing these assets.
2023-08-20
In a statement to the Bombay Stock Exchange (BSE), L&T Metro Rail (Hyderabad) Limited stated that the state government and its members had authorized the "proposed sale" of its Raidurg business undertaking to Rafferty Developments Private Limited as a going concern and based on a slump sale. The declaration states that the agreement is subject to satisfying all transactional requirements, obtaining all required approvals, and is completed and executed.
2023-08-20
According to Chief Executive Mallanna Sasalu of Provident Housing Ltd, five projects totaling 5.8 million square feet are scheduled to begin development this fiscal year under the affordable housing division of Puravankara Limited, based in Bengaluru. The project will occupy 11.25 acres at the KIADB Aerospace Park on Bagalur Road in North Bengaluru. Five high-rise towers will accommodate 1,262 apartments ranging in size from 616 to 1,390 square feet each.
2023-08-20
The state's industrial development commissioner (IDC) has instructed the Noida and Greater Noida authorities to compile a detailed report based on suggestions made by an expert panel chaired by the former Niti Aayog CEO Amitabh Kant to restart stalled real estate projects. The report's main topics of interest will be the stances that two authorities adopt regarding giving developers dues refunds and removing the connection between paying dues and maintaining registries.
