Daily interesting real estate news

Pune civic body's Rs 20 lakh property tax bill shock for Athashri residents

Residents of Athashri, a senior citizens’ housing condominium on Baner Pashan Link Road, they feel harassed after receiving a message from the Pune Municipal Corporation seeking Rs20,17,648 as property tax dues (for 2022-23 and 2021-22) for a dining hall and a community hall on the premises. They claimed that the builder — Paranjape Schemes Construction Limited — submitted incorrect floor plans to the PMC, wherein, the dining hall and the community hall are shown as additional parking areas.

Six years on, MahaRERA yet to clear over 6,000 complaints

MahaRERA is yet to clear 6,191 complaints despite the passage of six years since the implementation of the Real Estate (Regulation and Development) Act in the state. Though MahaRERA has been working on identifying the “lapsed” projects, consumers feel the complaints need to be addressed at the earliest by setting up more benches across the state.

China Evergrande says its Hong Kong land sold by receivers for $637 million

China Evergrande Group's undeveloped land for residential development in Hong Kong's Yuen Long district has been sold by its receivers for $636.94 million. The land project is expected to result in a loss of about $770 million. The sale proceeds will be used to repay the financial obligations tied to the land plot.

Arvind Smartspaces' net profit rises 109% in Q2 FY23

Its profit after tax (PAT) stood at Rs 4.89 crore in Q2 FY23. The board of directors approved the proposal to raise funds by way of issuance of debt securities including but not limited to senior, secured, rated, listed, redeemable non-convertible debentures on private placement basis up to Rs 150 crore.

Morgan Stanley leases 86,200 sq ft office space in Mumbai's Worli

American multinational investment management and financial services company Morgan Stanley has picked up a sea-view front office space spread over two floors in a commercial tower in Mumbai’s plush Worli locality through a long-term lease of over 9 years. The financial major will be paying a lease of over Rs 340 crores throughout the lease term for a total 86,200 sq ft office space on 39th and 40th floor of the upcoming tower Altimus being developed by K Raheja Corp.

Gurugram: NBCC Green View buyers want FIR against developer

Homebuyers of NBCC Green View in Sector 37D met a senior officer of Gurgaon police sought her intervention in getting an FIR registered against the developer for cheating and corruption. Earlier this year, the homebuyers had filed a complaint against the developer with the economic offences wing (EoW) of Delhi Police, which transferred the case to Gurgaon police in May.

Akzo Nobel India's net profit rises 17.41% in Q2 FY23

Its profit after tax (PAT) stood at Rs 65.40 crore in Q2 FY23 as against Rs 55.70 crore it registered in the corresponding quarter of the previous fiscal. The company's net consolidated income stood at Rs 931 crore in Q2 FY23, a growth of from Rs 743.90 crore it recorded in the similar quarter last year.

Tax not paid, 12 commercial buildings in Chandigarh get sealing notice

CHANDIGARH: Around a dozen of commercial buildings in the city have been served sealing notices in the past couple of weeks for not clearing property tax. These buildings will be sealed if they fail to pay the dues in 15 days. The Chandigarh municipal corporation had sealed four such commercial buildings, located in the Centra Mall in Industrial Area, a few days back.

Vaishnavi Group to redevelop Bengaluru's Chalukya Hotel into grade-A office

Realty firm Vaishnavi Group and the owners of Chalukya hotel in Bengaluru are finalising the terms of an agreement under which the iconic property will be redeveloped into a grade-A office complex. Redevelopment of the property, which is owned by Mohammed Iqbal, is expected to take two years from the time the requisite approvals are in. It will offer 150,000 sq. ft. of office space.

India Cements post Rs 121 crore net loss in Q2 FY23

The India Cements has reported net consolidated loss after tax of Rs 121 crore in the second quarter of the financial year 2022. It had recorded profit after tax of Rs 32.52 crore in the corresponding quarter of the previous fiscal. The company's net consolidated income stood at Rs 1,337.70 crore in Q2 FY23.