Daily interesting real estate news
2022-09-09
Uttar Pradesh government approves TOD policy around rapid rail corridor
The UP government has approved a transit-oriented development (TOD) policy for areas within 1.5km radius of the rapid rail corridor - a move that aims to spur high-density urban clusters and will allow developers to apply for higher FAR (floor area ratio). According to the policy, TOD will be applicable within 500 metres on each side of intra-city transport projects such as the Metro, neo-metro and BRTS.
2022-09-09
WorkEZ to add 1.9 lakh sq ft of additional office space in Chennai
Managed office and coworking space provider Work Easy Space Solutions Private Limited (WorkEZ) will expand in the city by adding another 1.9 lakh square feet with a capacity of 4,000 seats. In the next five years the company is looking at leasing five to six million square feet of office space in different metros and tier 2 and 3 towns and cities.
2022-09-09
WSB Real Estate Partners, Blacksoil raise Rs 500 crore debt fund
WSB Real Estate Partners (formerly Walton Street India) and Blacksoil group announced raising Rs 500 crore so far in a debt fund to be deployed in the housing sector. The fund will focus on using structured debt to invest in residential real estate projects serving the mid-income/affordable housing segment across select tier-I cities and will look to partner with developers with a good track of execution and delivery.
2022-09-09
Builder booked for selling redevelopment flat to third party in Mumbai
The Chembur police have booked a builder for allegedly cheating a 61-year-old man who had a flat in a building that was redeveloped. According to the complainant, the builder carried out the redevelopment of their old building and handed over 35 flats to their original owners except the complainant. The builder allegedly sold the comaplainant's flat to a third party, causing him a loss of Rs 2 crore.
2022-09-09
Future Retail renews lease with Salman Khan for Mumbai property
Debt-ridden Future Retail Ltd has extended the lease on a commercial property owned by Bollywood actor Salman Khan on Linking Road in Mumbai’s Santacruz suburb at a rental of nearly Rs 90 lakh per month. Future Retail has renewed the lease for two years through its wholly-owned subsidiary TNSI Retail. The 30,000 sq ft space is spread over four floors. It houses the flagship store of Foodhall, the gourmet retail arm of Future Retail.
2022-09-08
Maharashtra starts property e-registrations, to also introduce blockchain
The government of Maharashtra has started the e-registration of properties to be sold by realty developers in a bid to digitise it involve usage of blockchain technology. With this, Maharashtra has become the first state to enable e-registrations of properties. Initially the facilty will be enabled for e-registration of agreement of first sale and resale transactions will not be part of it.
2022-09-08
Max Estates agrees to buy Acreage Builders for Rs 322 crore enterprise value
Max Ventures & Industries Ltd (MaxVIL) will acquire Acreage Builders at an enterprise value of Rs 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR. Acreage Builders owns 7.15 acres of land at Golf Course Road in Gurugram. MaxVIL, which is part of Max Group, plans to develop a commercial project with a leasable area of 1.6 million square feet on this land parcel, marking its entry into Gurugram real estate market.
2022-09-08
Nine properties in Delhi's Rohini zone attached for property tax default: Official
Municipal Corporation of Delhi (MCD) authorities have taken a strict action against property tax defaulters, and nine properties in its Rohini Zone were attached for defaulting. The owners of these properties have a total accumulated due tax worth Rs 80 lakh. Property tax department of the Rohini Zone was pursuing these cases for a long time and had sent many notices under appropriate sections of Delhi Municipal Corporation Act, 1957, in the past.
2022-09-08
Robust demand for engineering infrastructure from Southeast Asia: Bridging the business & engineering gap via this SME.
India is developing its engineering sector to become a global superpower. The Engineering Export Promotion Council (EEPC) promotes the export of Indian engineering goods, products, and services worldwide. Ishan International has been a certified star export house recognized by EEPC for the past 26 years due to its 80% market share in the Southeast Asian market.
2022-09-08
Nashik civic body brings 3,000 new properties under tax net in two months
The Nashik Municipal Corporation (NMC) has brought 3,000 additional properties under the tax net over the past two months, bringing in revenue of Rs 4.5 crore. As per the norms, it is mandatory for the builders to obtain building completion certificates (BCCs) from the civic body after the completion of the buildings.