Daily interesting real estate news

SC asks Unitech board to upload timeline for completion of stalled projects on its website.

The Supreme Court asked the board of management of Unitech Group to upload on its website the timeline for completion of its stalled projects for the benefit of the hassled home buyers. also to upload the newly revised payment plan under which the home buyer is required to make payments and asked the flat buyers to give their suggestions or feedback, if any. A bench of Justices DY Chandrachud and MR Shah said that the funds receivable from the home buyers or unsold inventories shall be used only for the construction purpose and would not be allowed to be diverted for any other purposes.

CapitaLand developing 2.6 million sq ft IT Park in Chennai.

CapitaLand Investment, a leading global real estate investment manager (REIM) said it is promoting a 2.6 million sq ft International Tech Park on the Pallavaram – Thoraipakkam Radial Road in the city at a cost of 1,400 crore. To be developed in two phases of 1.3 million sq ft each, the first phase will be ready by the end of March, 2023 and the second by December, 2024.

Odisha government asks urban bodies to ready disaster management plan.

As floods wreaked havoc in different districts, including the outskirts of the capital city, the state government has asked urban local bodies (ULBs) to prepare city disaster management plans at the earliest. There have been an increase in natural disasters due to climate change affecting people, infrastructure and assets in urban areas. Odisha State Disaster Management Authority (OSDMA) said executive officers of ULBs should prepare city disaster management plans for various disasters and risk mitigation in their area development plans. OSDMA will provide necessary financial support for various activities for it.

Hines forays into Mumbai; to develop nine lakh sq ft office building in tie up with local player.

This building, part of an 8.8-acre mixed-use development, is scheduled to break ground in the first quarter of 2023 and be completed in the fourth quarter of 2025. In India, Hines has completed two commercial projects -- 'One Horizon Center' and 'Skyview Corporate' -- in Gurugram comprising 1.4 million square feet. The company has exited from investments in these two projects. At present, it has over 16 million square feet of development across Bengaluru, Delhi-NCR, and Pune.

Maharashtra SCDRC orders Siddharth Construction to refund buyer's money with 21% interest.

MUMBAI: In a rare instance, a builder has been ordered to pay an interest around Rs 58 lakh to a Dombivali couple who paid Rs 31 lakh for a Mulund flat in 2013 but never received possession. The couple told the commission that they had come across an advertisement in the local newspaper regarding construction of a building at Salphadevi Pada, Mulund West. The commission said the builder had accepted part payment but failed to construct the building and deprived the complainants of taking possession of the booked flat.

Emaar Properties to discuss selling its e-commerce business

The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects. Emaar, known for building the world's tallest tower, the Burj Khalifa, and other iconic parts of Dubai, bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.

Chinese developers in 'survival mode' slash property investment

Property investment in July fell 12.3% year-on-year, the biggest decline in 2022, while new construction starts by floor area slumped 45.4%, the largest drop since January-February 2013, according to Reuters calculations based on data from the National Bureau of Statistics (NBS) on Monday."We're all waiting for a recovery and trying to speed up sales and reduce costs and buy less land. But at the end of the day, sales depend on the end users." said a senior official.

Saudi Arabia's PIF, Cain International invest $900 million in Aman Group

Saudi Arabia's Public Investment Fund (PIF) and London-based real estate investment firm Cain International said, in separate announcements, the investment would support Aman Group's "global expansion of ultra-luxury hotels and branded residences." Investment in Aman Group reflects PIF's belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia.

Lulu Group plans to develop more shopping malls in India

Lulu group, which has built five shopping malls in India with Rs 7,000 crore investment, now plans to develop about a dozen more malls as the UAE-based group sees huge growth opportunities in the Indian retail space. The group has five operational malls in India at Kochi, Trivandrum, Thrissur, Bengaluru and Lucknow, comprising about 3.7 million square feet of leasable area.Shibu Philips, Director-Shopping Malls of Lulu Group India, said the "India is an extremely important market for Lulu. It is a young population whose per capita income and consumption is increasing."

Ingka Centre to invest Rs 7,245 crore to open city centres at Gurugram & Noida

Ingka Centres, part of Ikea's retail operator Ingka Group, said it will invest 900 million euros (nearly Rs 7,245 crore) in India to set up two centres for business, meetings and shopping over the next few years. Ingka Group (which also includes IKEA Retail and Ingka Investments) started construction work of its first 'Ingka Centre' with an investment of 400 milion euros. It plans to set up a similar centre at Noida too.