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
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
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 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
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.
2022-09-23
Pidilite Industries, which owns adhesive brand Fevicol, has picked up an entire 10-storey commercial tower Opus Prime at Santa Cruz Special Economic Zone (SEEPZ) in Mumbai’s Andheri suburb through a long-term lease of five years. The company will be paying monthly rental of Rs 1.80 crore, taking its total pay out to Rs 119 crore across the total tenure of the lease.
2022-09-23
The Karnataka Municipalities (amendment) bill, which envisages regularising properties which were previously under gram panchayat jurisdiction but have now been added to urban local bodies (ULBs) was passed in the legislative assembly. During the proceedings, a debate en sued over whether regularisation of these properties would facilitate illegal layouts developed by small-time developers and the land mafia.
2022-09-23
HONG KONG : An offshore bondholders' group of cash-strapped Kaisa is offering up to $2 billion to acquire stalled housing projects of the Shenzhen-based developer to facilitate their completion. Kaisa Group, the second-largest U.S. dollar bond issuer among Chinese developers after China Evergrande Group, is in the process of restructuring its $12 billion offshore debt after defaulting on some bonds last year.
2022-09-23
India's Adani Group has pledged shares worth about $12.5 billion in two cement units, days after the conglomerate controlled by billionaire Gautam Adani completed the purchase of stakes in those businesses from Switzerland's Holcim. The pledged shares of ACC and Ambuja were worth around 989.46 billion rupees and accounted for a 57% stake in ACC and a 63% stake in Ambuja Cements.
2022-09-23
The long pending project of setting up a plant for construction and demolition waste by Hubballi-Dharwad Municipal Corporation (HDMC) will turn into reality soon. In order to find a solution to the problems posed by construction and demolition (C&D) waste, the civil work to setup of the C&D waste recycling plant in Shivalli is almost over.
