2022-09-25
Blackstone Inc will sell a stake worth up to $400 million in Embassy Office Park REIT, India's biggest real estate investment trust, via Indian stock exchange block deals. Embassy Office Parks, India's first REIT to list in 2019, owns and operates more than 42 million square feet portfolio of office parks and office buildings in cities such as Bengaluru and Mumbai. It is the largest office REIT in Asia by area.
2022-09-24
The Enforcement Directorate (ED) said it has attached assets worth more than Rs 147 crore of a Chandigarh-based real estate group which is alleged to have duped many investors of crores of rupees by promising them flats and plots. The attached properties include commercial spaces, residential houses, agriculture lands and bank accounts belonging to Gupta Builders and Promoters Pvt Ltd (GBPPL), its directors Satish Gupta, Pardeep Gupta and their associates Anupam Gupta and Navraj Mittal.
2022-09-24
The Bureau of Immigration has issued a look out circular against the director of a real estate company accused of cheating about Rs 20 crore from 42 people by assuring them of dispute-free flats. The immigration bureau issued the circular based on a request of the Economic Offence Wing (EOW) of Odisha police.
2022-09-24
After almost eight years, the state revenue department has allowed talatis (village level revenue officials) to issue legal heir certificates (pedhinama) to families involved in the division of properties like apartments, bungalows or commercial real estate, apart from land. After the talati issues this certificate and the mamlatdar ratifies it, the local district court issues a succession certificate. Since 2014, the revenue department has allowed talatis to issue legal heir certificates only in case of agricultural or non-agricultural land.
2022-09-24
The Pune Municipal Corporation (PMC) will join hands with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to detect illegal commercial use of residential properties. Once misuse is detected, action includes charging commercial tax to property owners. A special recovery drive will be undertaken for charging dues, the levy imposed at commercial rates.
2022-09-24
Nucleus Office Parks, the operating platform for fully-owned office properties of India’s largest commercial real estate owner Blackstone Group, has leased over 7.50 lakh sq ft in commercial projects with Rs 1,100 crore annual rent. The operating platform has completed fresh office projects spread over nearly 2.5 million sq ft across its developments including in Mumbai’s Lower Parel, Bangalore’s Outer Ring Road (ORR) and Gurgaon.
2022-09-24
High-end properties in Delhi that have been converted from leasehold to freehold before March 2000 can be registered without a no-objection certificate (NOC) from the Land and Development Office (L&DO), the department clarified. L&DO, which comes under the Union housing and urban affairs ministry, had in July issued directions to the Delhi revenue department, asking not to register any property without the NOC.
2022-09-24
In a relief to developers and flat-buyers, the Supreme Court has upheld the eco-sensitive zone (ESZ) notifications for the Sanjay Gandhi National Park (SGNP) in 2016 and for the Thane Creek Flamingo Sanctuary in 2021. The move came after a Supreme Court order on June 3 that there should be no development within 1km of the ESZ around a national park, sanctuary or protected area.
2022-09-24
SoftBank Group Corp. has slashed the valuation of Oyo Hotels on its books by more than 20% as once high-flying Indian startup prepares for an initial public offering.Oyo, formally known as Oravel Stays Ltd., filed a fresh round of financial documents with India’s market regulator as it plans for a stock-market debut after cost cuts and recovery in travel helped it reduce losses.
2022-09-23
Financial services group Avendus Capital has picked up nearly 1 lakh sq ft office space in commercial tower Platina in Mumbai’s business district Bandra-Kurla Complex through a long-term lease of five years with the property developer Wadhwa Group. The company will be paying average monthly rentals of Rs 278 per sq ft including the rental escalation.
