2023-08-29
Man Infra Construction Limited (MICL) Group, which owns 33.32% of Royal Netra Constructions Private Limited, announced on August 28 plans to build one of Mumbai's major redevelopment projects in the western suburbs. According to the business, the project will feature a carpet area for sale of roughly 17 lakh square feet, potentially bringing in Rs. 4,000 crores over the following five years. The project is anticipated to be finished in the next 5 to 6 years and would have a total construction area of more than 50 lakh sq. ft.
2023-08-29
According to the source, IndoStar Capital Finance sold two stressed loans of Puranik Builders and Kanakia Spaces Realty to Phoenix Asset Reconstruction Company for 790 crores, representing an 86% recovery on the total loan amount of 915 crore. Given that these loans were past due by about 60 days, the recovery rate is seen as favorable. "The recovery was good as the loan accounts were tagged in stage 2 and chances of recovery are strong," a source said.
2023-08-29
The state administration has suggested amending the Registration Act of 1908 to provide sub-registrars more authority to verify documents for violations of federal or state laws at the time of registration. "Section 18 (a) will be incorporated in the said act to give sub-registrars the powers for refusal of registration of certain documents relating to transaction prohibited by any central or state law," a property registration department official stated on Saturday.
2023-08-29
The second half of this fiscal year will see the debut of two luxury housing projects in Gurugram, costing a combined Rs 15,000 crore, by real estate giant DLF Ltd. Encouraged by the three-day sale of 8,000 crore rupees worth of flats in February in its brand-new Gurugram project, "The Arbour," the business has set a target to reach 13,000 crore rupees in sales for this fiscal year and intends to surpass it.
2023-08-29
Reliance Capital sold a 45% share in its listed subsidiary Reliance Home Finance to lenders. Reliance Capital, a former Anil Ambani financing company going through corporate insolvency, only owns 2.5% of Reliance Home financing. A Rs 9,660 crore resolution plan put forth by IndusInd International Holdings, which is pushed by the Hinduja Group, for Reliance Capital has been approved by lenders.
2023-08-29
The Annual Capacity Building Plan (ACBP) for the Department of Rural Development, Department of Land Resources, and Ministry of Panchayati Raj was launched on August 24 in New Delhi by Shri Giriraj Singh, the Minister of Rural Development and Panchayati Raj. During the launch, Shri Giriraj Singh stressed the importance of this plan in improving service delivery, implementing projects, and carrying out critical governance functions. He emphasized that the plan's main objective is to improve officials' skills through specialized training, enabling them to work more effectively and realize the ministry's goals with a focus on residents' demands.
2023-08-28
A "final" notification has been sent to around 1,100 homebuyers who have not yet verified the paperwork based on which they were assigned flats and those who have not yet taken possession of their units despite having the papers checked by the Supreme Court receiver for the Amrapali developments. Since its promoters were imprisoned, the Amrapali Group's unfinished projects are being finished by NBCC, the government-backed construction firm, under the supervision of the apex court.
2023-08-28
A Karnataka court has halted the development of flats at Sterling Ascentia, a premium property near Whitefield's eastern IT corridor, that is reportedly built on stormwater drains. Until the court decides on the matter, the temporary injunction prevents the developer, Sterling Urban Infra Projects, and its associated organizations from building or making changes to the site. Additionally, the court asked the tahsildar to determine the extent of encroachment and to file a survey sketch with the details.
2023-08-28
To revitalize Mumbai's urban landscape, Maharashtra's Housing Minister Atul Save has adopted a proactive stance, instructing the Maharashtra Housing and Area Development Authority (MHADA) to issue critical redevelopment notices to the Life Insurance Corporation of India (LIC). The goal of the minister's direction under the recently added section 79(A) of the Maharashtra Housing and Area Development Act, 1976, is to accelerate the renovation of 68 deteriorating buildings held by LIC that are over 80 years old.
2023-08-28
According to a forecast by real estate advisor Knight Frank, India's real estate market would grow to $5.8 trillion by the year 2047. According to the research "India Real Estate: Vision 2047," published by Knight Frank India in collaboration with NAREDCO, the anticipated real estate production value will contribute 15.5 percent to the overall economic output in 2047, up from the current share of 7.3 percent. The report further projected that by 2047, the size of India’s economy is estimated to range between $33 trillion to $40 trillion.
