2022-09-22
The Bangalore Development Authority (BDA), due to its failure to ensure timely payment of Rs 11 lakh as entitled compensation to a land loser, had to part with developed sites valued at a whopping Rs 44.5 crore eight years later. As part of the Comptroller and Auditor General (CAG) report on departments and public sector undertakings dwelt into a case of the BDA land acquisition from 1988 for the development of JP Nagar 8th phase.
2022-09-21
Esteem Properties, wholly owned subsidiary of DB Realty, has entered into a non-binding term sheet with a large fund for sale of its land at adjoining ITC Grand Maratha Hotel, Andheri East, Mumbai at a consideration of Rs 480 crore. The proposed transaction is subject to customary diligence and necessary approvals and is expected to close within 60 to 90 days.
2022-09-21
The Panipat district police is likely to soon register a First Information Report (FIR) against real estate developer Ansal API following complaints about alleged irregular land deals at its township, a government official in Haryana. The complaints have come from a group led by former district counsellor Jogender Swami, who alleged that the Ansal group and town planning department officials had connived in arranging the unlawful land deals.
2022-09-21
China Vanke Co Ltd's property services arm has launched Hong Kong's largest initial public offering (IPO) of 2022, aiming to raise up to $783.5 million in a deal that will be a key test for investor appetite. The subsidiary, Onewo Space-Tech Service, has set a price range of HK$47.1 to HK$52.7 a piece in the public offering of 116.74 million of its shares, which represent 10% of the company's share capital, according to a deal term sheet.
2022-09-21
Hospitality and travel-tech firm OYO has reported a revenue of Rs 1,459.32 crore in the three-month period ended June 30, 2022. For FY22, revenue from contract with customers was at Rs 4,781.4 crore. In FY21 it was at Rs 3,961.65 crore; Rs 13,168.15 crore in FY20 and Rs 6,329.74 crore in FY19, it added.
2022-09-21
With Rs22.78 crore dues pending with the Lavasa Corporation Limited, Maharashtra State Electricity Distribution Company Limited (MSEDCL) has started disconnecting power supply to water supply stations, sewage treatment plants, street lights and the main town hall in the privately planned hill city. Lavasa has 2,544 power connections.
2022-09-21
HDFC Capital Advisors, a subsidiary of India’s largest private mortgage lender HDFC, has raised over Rs 500 crore as the first close of its property technology fund through global investors for investments into start-ups that drive innovation and efficiencies within the affordable housing ecosystem. Through its initiative, HDFC Affordable Real Estate and Technology Program (HeART), it is looking to provide a platform to real estate technology companies with innovative products that would create competences and lower costs in each phase of the development cycle of a real estate project.
2022-09-21
The CBI filed a charge sheet against former Chief Executive and Managing Director of Yes Bank Rana Kapoor as well as Avantha Group promoter Gautam Thapar in the Rs 466.51 crore bank fraud. In its charge sheet filed before the special CBI court in Mumbai, the probe agency has also named Thapar and Oyster Buildwell Pvt Ltd (OBPL) in the scam.
2022-09-21
The Eknath Shinde–Devendra Fadnavis government has cancelled all government resolutions issued by the Maha Vikas Aghadi with regard to the redevelopment of Mhada buildings. All the GRs pertained to the requirement of a prior no-objection certificate from the state government for carrying out redevelopment.
2022-09-20
No map approval is required in urban areas for building, expanding or or repairing a house on a plot not more than 1076 sq ft (100 sqm) in size. The circular comes in the wake of substantial number of queries being received by the LDA regarding approval of maps. Further if the width of the existing road is less than 4m, then the front of the plot must be 2m from the middle line of the road, after that, the front set back will be 1.2 m away.
