Daily interesting real estate news
2022-08-29
Mumbai: Red tape keeps 1,700 buyers out of their new flats in Patra Chawl
MUMBAI: About 1,700 families who have booked apartments in the free sale component of the controversial Patra Chawl redevelopment project in Goregaon are unable to get possession of their homes although their buildings are almost complete. The Mhada-owned 46-acre property has been in the eye of a storm for four years now, after the original builder, Guruashish Construction, a subsidiary of HDIL, was unable to complete the rehabilitation project.
2022-08-29
Ban on sale of properties in 25 more societies in Gurugram: DTCP
The department of town and country planning (DTCP) has banned the purchase and sale of properties in 25 residential and commercial projects in the city over various licence norm violations and non-payment of dues, including external development charges (EDC). The department has also ordered tehsildars not to execute any sale deeds in these societies. District town planner (enforcement) Amit Madholia said the action was taken against 25 societies built by 19 developers and notices have been pasted at the properties after the directions from the DTCP director's office.
2022-08-29
JP Morgan India arm inks lease pact for 1.16 million sq ft office space in Mumbai
US financial services major JP Morgan has picked up over 1.16 million sq ft office space at Nirlon Knowledge Park in Goregaon suburb of Mumbai through a long-term lease of over 10 years with an option of extending the same by additional 10 years. they will be paying rentals of Rs 145 per sq ft a month for the leased office space, taking its payout in the first year alone to nearly Rs 202 crore.
2022-08-28
JMRC awaits financial approval from government for Jaipur Metro phase-1D project
JAIPUR: To receive financial approval for Jaipur Metro phase-1D proposed between Mansarovar and Ajmer Road (200-feet Chauraha), the Jaipur Metro Rail Corporation (JMRC) has forwarded the proposal to the state government. The move was taken after carrying out environmental impact assessment (EIA) and social impact assessment (SIA). Under the project, the JMRC has proposed to construct approximately 2km elevated stretch connecting Mansarovar and 200-feet bypass at Ajmer Road.
2022-08-28
Elan Group concludes 40 acre land deal with Indiabulls Real Estate in Gurugram
The company had announced purchase of around 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects worth Rs 10,000 crore. The 40 acre land parcel at Sector 106 in Gurugram is fully licensed. Out of that, 30 acres are meant for residential development and 10 acres for commercial projects.
2022-08-28
HDFC Property Ventures, HDFC Venture Cap to be merged with HDFC Capital Advisors
India’s largest private sector mortgage lender Housing Development Finance Corporation’s two wholly owned subsidiaries HDFC Property Ventures and HDFC Venture Capital have approved the plan to merge with another group subsidiary HDFC Capital Advisors. The proposed scheme of amalgamation envisages merger of both the transferor companies with and into transferee company HDFC Capital Advisors and the dissolution of the transferor companies without being wound up.
2022-08-28
UP RERA increases validity of registration of real estate agents to 10 years
Registered real estate agents in UP have been issued a "registration certificate" in Form-H prescribed in the UP RERA Rules. In this, the validity period of registration is five years. In Rule-10(3) of the UP Land Estate (Regulation and Development) Rules, 2016, the period of registration of a real estate agent has been fixed at 10 years. As per new regulation, in case of a single real estate agent, the processing fee will be Rs 1000 and in cases other than single or individual, the prescribed processing fee would be Rs Rs.5000.
2022-08-28
YES Bank leases 44,000 sq ft office space in Mumbai's Goregaon suburb
YES Bank has picked up over 44,000 sq ft office space at commercial tower R-Tech Park in Goregaon suburb of Mumbai through a lease for a long-term tenure of five years. As per the lease agreement, the bank will be paying lease rental of Rs 53.19 lakh per month, taking its annual rental pay out to nearly Rs 6.40 crore. The bank has also paid security deposits worth nearly Rs 3.07 crore for the transaction.
2022-08-28
Mukesh Ambani is mystery buyer of $80 million villa in Dubai
Mukesh Ambani’s Reliance Industries Ltd. is the mystery buyer of an $80 million beach-side villa in Dubai, the city’s biggest ever residential property deal. The property on Palm Jumeirah was purchased earlier this year for Ambani’s youngest son, Anant, one of the people said, asking not to be named as the transaction is private. The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools.
2022-08-28
Tamil Nadu government offers 3.5 times market value of land for new airport
CHENNAI: In an attempt to speed up the construction of greenfield airport in Parandur in Kancheepuram district, the Tamil Nadu government announced that the affected land owners of 13 villages will get compensation of 3.5 times of the market value of the land. PWD minister E V Velu said the owners of immovable properties will get parcels of land on the periphery of the airport site and the government will extend financial assistance for construction of houses. The eligible members in the displaced families will also be provided employment.