Daily interesting real estate news

Canada: GIC, partner to buy Summit Industrial Income REIT for $3.3 billion

Singapore's sovereign wealth fund GIC and Canada's Dream Industrial REIT will buy Canada's Summit Industrial Income REIT for about C$4.46 billion ($3.30 billion), excluding debt. GIC and Dream Industrial REIT (DIR) will form a joint venture for the deal, with GIC owning 90% and DIR owning the rest.

Ozone Group to restructure loan by selling commercial, residential assets

The Bengaluru-headquartered firm, which has over Rs 4,000 crore debt on its books, is in talks with developers and investors to sell its assets and pare its debt. Yes Bank, Edelweiss Indian Bulls and Piramal Fund Management are among its lenders.

MahaRERA irregularities in Kalyan-Dombivli: SIT arrests five persons

A special investigation team probing Maharashtra RERA norm irregularities in projects in Kalyan Dombivali Municipal Corporation limits in Thane district arrested five persons. ​Those arrested are agents operating real estate businesses and obtaining registration of projects, Senior Inspector Vikas Ghodke of Unit V of the Crime Branch.

Shriram Properties' sales bookings climb 27% to Rs 747 crore in Apr-Sept 2022

Aggregate sales value stood at Rs 435 crores in second quarter, reflecting a growth of 39 per cent against Rs 313 crores in the first quarter of FY23. The company has achieved a 52 per cent rise in sales volume at 1.01 million square feet in the second quarter of FY23.

Mahindra Lifespace sale bookings grow 32% to Rs 399 crore in Q2 FY23

Realty firm Mahindra Lifespace Developers' sale bookings rose 32 per cent to Rs 399 crore during September quarter 2022-23 on better housing demand. Mahindra Lifespace, a part of business conglomerate Mahindra Group, reported an over two-fold jump in sale bookings at Rs 1,001 crore for April-September 2022-23 from Rs 449 crore in the year-ago period.

YEIDA seeks answers from firms on how to control dust at construction sites

NOIDA: With the air quality in NCR worsening by the day, YEIDA is looking into scientific ways to control dust at construction sites. Officials said they are exploring soil stabilisation methods that can restrict construction dust from flying in the area, a major cause of air pollution especially in the winter season.

Waterfield Advisors leases office space at Avighna House in Mumbai at record rentals

Waterfield Advisors, an independent multi-family office and wealth advisory firm, has picked up a sea-view front office spread over an entire floor of 6,150 sq ft usable office space in a commercial tower Avighna House in plush Worli locality of the country’s commercial capital Mumbai at record monthly lease rentals of Rs 520 per sq ft.

YEIDA receives roadmap from Jaiprakash Associates to clear dues

The Yamuna Expressway Industrial Development Authority (YEIDA) has received a roadmap from Jaiprakash Associates Ltd to clear the dues it has accrued on land allotted to it. The development authority had on February 12, 2020 cancelled the allotment of 1,000 hectares over non-payment of lease rent, premium and interest, together amounting to Rs 900 crore.

Mahindra Lifespace Developers posts Rs 7.51 crore net loss in Q2 FY23

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure business of Mahindra Group, has reported net consolidated loss after tax of Rs 7.51 crore during the quarter ended September 30, 2022. It had registered profit after tax of Rs 13.23 crore in the corresponding quarter of the previous fiscal.

ED attaches Shine City's properties worth Rs 18 crore in money laundering case

The ED had lodged a case of Prevention of Money Laundering Act, 2002, against Shine city Infra Project Private Limited for siphoning off crores from investors across the state in January 2021. The properties worth Rs 18 crore were attached in Lucknow, Varanasi, Fatehpur, Rae Bareli, Kanpur, Jalaun, Gorakhpur, Manda (Prayagraj), measuring 31.88 hectare.