Daily interesting real estate news
2022-08-26
Chandigarh civic body to auction 18 commercial properties
The municipal corporation (MC) is all set to auction its 18 major commercial properties at key locations in Manimajra. The civic body has estimated Rs 61.71 crore as reserve price for the properties, varying from over Rs 3 crore to Rs 6 crore for each as per size, location and other criteria. After taking approval from the UT administration, the MC has earmarked all these SCF sites for general trade.
2022-08-26
China probes state property firm executives for 'serious violations'
China has announced it is investigating several executives at state-owned property companies, in another blow to a key sector already struggling with slowing sales, angry customers and heavily indebted developers. Authorities said in separate notices that they were investigating Zhuang Yuekai, chairman of C&D Real Estate, and Shi Zhen, chairman of C&D Urban Services.
2022-08-26
Property tax rates in Delhi likely to go up marginally
Property tax rates may go up marginally in Delhi if the report of the MCD's fifth Municipal Valuation Committee (MVC) is implemented which recommends a 37 per cent increase in base unit area value. The civic body also issued a statement saying the base unit area values were recommended by the first MVC in 2004 which has remained unchanged for the last 18 years.
2022-08-26
Yes Bank-DHFL: CBI seeks to attach Rs 600 crore foreign assets
The CBI has filed a plea before the special court, seeking attach properties worth around Rs 600 crore belonging to Avinash Bhosale and Sanjay Chhabriaa in the Yes Bank-DHFL case. The properties are abroad. In a chargesheet submitted last month, the CBI had said that Bhosale had bought a property in London for around GB million (nearly Rs 1,000 crore) in 2018, by contributing Rs 300 crore and taking the remaining Rs 700 crore as loan from Yes Bank, then led by Rana Kapoor.
2022-08-26
Chennai: IndiQube leases 1.5 lakh sq ft office space in Ekkattuthangal
Leading tech enabled flex space start-up, IndiQube, has leased over 1.5 lakh sq ft of property, where a G+11 Multi-Storey Building (MSB) is under construction. The structure with a capacity of more than 3,000 seats is likely operational by February, 2023. Ekkattuthangal has emerged as the first metro station in the city to house a massive private office space facility on a land parcel belonging to the Chennai Metro Rail Limited (CMRL).
2022-08-26
Chandigarh housing board will cancel allotments of 665 flats If dues not paid
Chandigarh Housing Board (CHB) has identified and prepared a list of 665 small flats across the city, whose outstanding dues are about Rs 8.40 crore and each flat carries over Rs 1 lakh. It has been decided to cancel their allotments in case they fail to clear their dues within a week. The CHB has now asked all the allottees to clear their pending dues to avoid penalty interest and cancellation of their units and the payments can be made either at any of the sampark centre or online by visiting the website.
2022-08-26
Swedish home prices slide again in July as economic gloom deepens
Home prices fell 2.9% month-on-month, figures from Valueguard's HOX Index showed, while prices were down 2.6% from the same month in 2021. Energy bills, food and petrol prices are soaring and real wages are falling. The housing market - including commercial real-estate - has been remarkably resilient during recent downturns, but authorities are concerned.
2022-08-25
Infosys leases five lakh sq ft office space in Bengaluru
Infosys Technologies has picked up about 5 lakh sq ft office space in Bengaluru on lease to expand its operation in one of the largest office lease deals in the city in recent times. The software major will be paying a rental of around ₹51 per sq ft. The lease term has a five-year lock-in period with a 15-year lease. The company plans to set up 1,000-seat offices across Kolkata, Nagpur, Coimbator, Vizag and Noida. The tech major added 21,171 employees during the first quarter of 2022-23.
2022-08-25
Benami transactions laws cannot be applied retrospectively: SC
The Supreme Court held that Benami Transactions (Prohibition) Amendment Act, 2016 does not have retrospective application and the authorities cannot initiate or continue criminal prosecution or confiscation proceedings for transactions entered into prior to the coming into force of the legislation. The top court said the continued presence of an unconstitutional law on the statute book does not prevent it from holding that such unconstitutional laws cannot enure to the benefit of or be utilised to retroactively amend laws to cure existing constitutional defects.
2022-08-25
Centre orders release of Rs 35.28 crore under PMAY-Gramin to Punjab
Union Minister of State for Panchayati Raj Kapil Moreshwar Patil ordered the release of pending amount of Rs 35.28 crore under the Pradhan Mantri Awas Yojana (Rural) to Punjab. The directions came after Punjab Rural Development Minister Kuldeep Singh Dhaliwal brought to the knowledge of Patil the pending funds under the scheme. Patil ordered the release of Rs 35.28 crore for building 10,654 new houses and completing 7,293 under-construction houses in Punjab.