2022-08-18
Lulu group, which has built five shopping malls in India with Rs 7,000 crore investment, now plans to develop about a dozen more malls as the UAE-based group sees huge growth opportunities in the Indian retail space. The group has five operational malls in India at Kochi, Trivandrum, Thrissur, Bengaluru and Lucknow, comprising about 3.7 million square feet of leasable area.Shibu Philips, Director-Shopping Malls of Lulu Group India, said the "India is an extremely important market for Lulu. It is a young population whose per capita income and consumption is increasing."
2022-08-18
Saudi Arabia's Public Investment Fund (PIF) and London-based real estate investment firm Cain International said, in separate announcements, the investment would support Aman Group's "global expansion of ultra-luxury hotels and branded residences." Investment in Aman Group reflects PIF's belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia.
2022-08-18
Property investment in July fell 12.3% year-on-year, the biggest decline in 2022, while new construction starts by floor area slumped 45.4%, the largest drop since January-February 2013, according to Reuters calculations based on data from the National Bureau of Statistics (NBS) on Monday."We're all waiting for a recovery and trying to speed up sales and reduce costs and buy less land. But at the end of the day, sales depend on the end users." said a senior official.
2022-08-18
The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects. Emaar, known for building the world's tallest tower, the Burj Khalifa, and other iconic parts of Dubai, bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.
2022-08-18
MUMBAI: In a rare instance, a builder has been ordered to pay an interest around Rs 58 lakh to a Dombivali couple who paid Rs 31 lakh for a Mulund flat in 2013 but never received possession. The couple told the commission that they had come across an advertisement in the local newspaper regarding construction of a building at Salphadevi Pada, Mulund West. The commission said the builder had accepted part payment but failed to construct the building and deprived the complainants of taking possession of the booked flat.
2022-08-17
The Enforcement Directorate (ED) on Friday said it has attached immovable assets worth over Rs 300 crore as part of its ongoing money laundering probe against Bengaluru-based real estate group Mantri Developers Private Limited which is alleged to have duped numerous home buyers.The ED initiated action in this case after it arrested the company's main promoter and director Sushil P Mantri in June.
2022-08-17
Realty developer Omaxe has been assigned a credit rating of CARE BBB-/Stable by CARE Ratings limited, an upgrade from stable outlook from CARE BB. Omaxe has repaid net Rs 550 crore to lenders as principal payment and reduced its debt from Rs 1400 crores to Rs 850 crore as on March 31, 2022.
2022-08-17
The government is contemplating extending the 10% discount on guidance value — the minimum price at which a property can be sold — for another quarter, especially since the rebate has helped accelerate recovery of the real estate sector from a pandemic-induced slump. First introduced in January, the rebate was initially in force until March 31, but buoyed by the positive response, the government extended the discount till July 23.
2022-08-17
Another 21 licenses have been cancelled, while 14 licensed colonies are facing action or their licences are in dispute. All this came to light during the recently concluded monsoon session of Haryana legislative assembly.
2022-08-17
Raju Patel, 43, a resident of Jodhpur, stated in his complaint that in 2016 he went to the office of Priti as he wanted to buy a flat in the Floris 41 scheme. At the office, Patel met Navin Thakkar, Haresh, Nagindas and Pradip Akhani. he paid Rs 75,000 as the maintenance deposit and also paid advance maintenance of Rs 50,000. on February 25 this year, he took a loan of Rs 50.79 lakh on the flat from Godrej Housing Finance and mortgaged the flat. On April 12, he received a notice from Piramal Capital and Housing Finance that it had given a project loan of Rs 15 crore to Devkrupa Greens, Devkrupa Glory and Floris 41, and the amount with interest as of March 22 had increased to Rs 22.89 crore.
