2023-08-28
The housing ministry's committee, led by Amitabh Kant, has advised that the registration of projects be separated from the collection of builder debt to address the issue of legacy-stressed projects. Additionally, it has been stated that the lack of financial sustainability in real estate projects is the main cause of stress and that judicial interventions like the insolvency code should only be utilized as a last resort.
2023-08-28
Directors of Metamor Software Solutions Meghna Dilip Bhanushali and Tummala Vipul Reddy recently invested Rs 48 crore for one of the priciest residential transactions in Hyderabad. Manoj Kumar Tibrewala sold the property, which is situated in the Jubilee Hills neighborhood and is 13,000 square feet with 3,951 square feet of built-up space. According to the sale deed paperwork that Zapkey provided, "The property was sold for family and business needs, and a stamp duty of '2.6 crore was paid on the same."
2023-08-27
The Delhi Development Authority (DDA) has only sold 1,700 of the 5,600 apartments that were put up for sale over two months after the initial launch of its housing program. The DDA has now hired a real estate consultant to increase sales, said the official. The DDA has a total inventory of roughly 40,000 flats in various parts of the city, including 5,600 new ones. Officials claim that to increase sales and reduce the overall inventory, the authority has enlisted the assistance of real estate consultancy ANAROCK Group.
2023-08-27
Over the next two years, Bengaluru-based real estate developer Concorde Group expects to build 4.7 million square feet (msf) of property with a potential income of Rs 900 crore. The planned launches include 2.5 million square feet of flats, 1.2 million square feet of villas and one million square feet of commercial space and plots. In FY23, Concorde generated revenue of Rs 272 crore and got advances totaling Rs 300 crore.
2023-08-27
Nisus Finance's latest fund, the Real Estate Special Opportunities (RESO) Fund-1, announced its first investment of Rs 95 crore in Swaminarayan Business Park, a late-stage commercial project in Narol, Ahmedabad, on August 24. The investment was made in conjunction with Phoenix ARC, the division of Kotak responsible for asset rebuilding. This is the first time Nisus and Phoenix ARC have invested together, and both companies will continue to have a (equal) charge on the project.
2023-08-27
Despite numerous measures undertaken by the administration to collect the unpaid debts, the total amount owed to the civic body has risen to Rs 8,500 crores. This year, 41% of property owners missed the August 2 tax payment deadline. Those who paid promptly by this deadline received discounts and other benefits. The head of the property tax department of Pune Municipal Corporation (PMC), explained, that the civic administration has taken measures like sealing properties of defaulters and auctioning properties to recoup the owed amounts.
2023-08-27
The City Corporation is starting a significant housing initiative and committing Rs 200 million for a housing project in Muttathara, which would reshape the urban environment. This program not only aims to rehabilitate the people of Vikalanga Colony, but it also serves LIFE mission beneficiaries. This discovery is especially notable because it aims to address an ongoing issue. Vikalanga Colony, a settlement for disabled people founded roughly 48 years ago, is set to be rebuilt. The housing development will provide a much-needed boost and go beyond what it was built for to create a modern urban haven.
2023-08-27
In a money laundering case, the Enforcement Directorate (ED) on Thursday stated allegations charging R K Arora, chairman and promoter of the influential real estate company Supertech Group, his business, and eight other people of forming a "criminal conspiracy" to defraud homebuyers. They are accused of stealing Rs 164 crore from at least 670 home buyers. The nearly 100-page prosecution complaint, which served as the ED's equivalent of a charge sheet, was presented before Special Judge Devender Kumar Jangala, asserting that there was enough evidence to charge Arora with money laundering.
2023-08-26
Thanks to the municipal corporation's implementation of an OR code-based system, residents will soon have a hassle-free experience sending feedback and filing grievances with the organization. The organization will soon post QR codes on the exteriors of all residential dwellings and business structures in the city. People can scan the code and input information on a range of subjects, such as tax payment, water distribution, and underground drainage systems.
2023-08-26
Brigade Enterprises disclosed in a BSE filing that it paid Pfizer Healthcare India Rs. 138.83 crore for a 6.54-acre plot of land. The location is along Rajiv Gandhi Salai (Old Mahabalipuram Road), in the Chennai neighbourhood of Sholinganallur. The company intends to build a residential complex on this piece of property that will have a total construction area of more than one million square feet.
