Daily interesting real estate news

Coimbatore: Registered engineers to be held responsible for building violations

The town planning department of the city corporation has warned that registered engineers would be held responsible for deviations or violations of building plans. In an online meeting organized by the city corporation, executive engineer (planning) K Karupathal warned that registered engineers would face action if there were any violations found in the building construction.

Sunac China faces winding-up petition in Hong Kong

A winding-up petition has been filed against cash-strapped property developer Sunac China at the Hong Kong High Court, the judiciary's website showed. The firm is working to restructure its offshore debt after missing some bond payments earlier this year, adding to a wave of defaults in China's debt-laden property sector.

China state firms takeover Evergrande's $1.1 billion holding in Shengjing Bank

State-owned companies of the Chinese northestern city of Shenyang bought China Evergrande Group's shareholding in Shengjing Bank in an auction for 7.3 billion yuan ($1.05 billion). In July, Evergrande, the world's most indebted property developer, said its unit, Evergrande Nanchang, had been ordered to pay an unamed guarantor 7.3 billion yuan for failing to honour debt obligations.

Tishman Speyer, Ganesh Housing form strategic alliance for SEZ project in Ahmedabad

Global real estate developer, owner and operator Tishman Speyer has entered into a strategic alliance with listed realty developer Ganesh Housing Corporation (GHCL) to jointly develop a Special Economic Zone (SEZ) project in Ahmedabad. Currently, Ganesh Housing has around 64 acres earmarked for SEZ development at a prime location behind Nirma University in the city. The first phase of the SEZ, which will be jointly developed by Tishman and GHCL, will be of around 1.2 million sq ft of gross leasable area.

Punjab: Portal launched for NOC for unapproved colonies' properties

A portal was launched where people can apply for no objection certificates (NOC) of plots and other properties in unapproved colonies. This will give a huge relief to the people of Ludhiana. According to the businessmen, there are more than 30,000 residents who need NOCs.

Chennai: Consumer court orders Vardhaman Construction to compensate buyer

A home-buyer, Venugopal, who had dragged an Anna Nagar-based builder to a consumer court flagging defects in the flat purchased by him has been granted ₹50,000 compensation for rectification of defects and another ₹20,000 for mental agony. Vardhaman Construction and Investment owned by G Sundararajan, sold 586 sqft of undivided share of plot in Ayanavaram for ₹12.95 lakh to Venugopal in 2009.

DTCP bans registry and sale of properties in Palam Vihar

GURUGRAM: The department of town and country planning (DTCP) has banned registration of properties and execution of sale deeds in Palam Vihar over non-payment of external development charges (EDC) and internal development charges (IDC) and non-renewal of licence. The residents, who are facing a tough time due to DTCP action, have demanded that restrictions be imposed on properties owned by the developer and not them.

Rajkot IT park project delayed over land allotment

The wait for land allocation for the information technology (IT) park in Rajkot has got longer due to procedural delays. The Rajkot Information Technology Association (RITA) has tasked a private consultant to prepare a detailed project report (DPR) to convince the government agencies about its economic benefits.

Canara Bank raises benchmark lending rate by up to 0.15%

Canara Bank has hiked the benchmark 'marginal cost of funds-based lending rate' (MCLR) by up to 0.15 per cent, a move that will make loans costlier. The benchmark one-year MCLR will be 7.75 per cent against the existing rate of 7.65 per cent. The one-year rate is used to fix most consumer loans such as auto, personal and home loans.

Property registration to be simpler in Karnataka, faster from November 1

Property registration in the state may become free of hassles. The government is set to launch a software, Cauvery 2.0, to ensure seamless registration of properties in all sub-registrar offices. Revenue minister R Ashoka told reporters the new software, which is both people- and department-friendly, is being tested at a sub-registrar's office in Chincholi of Kalaburagi district. It will be launched across the state from November 1.