Daily interesting real estate news

Lucknow cops arrest real estate developer for duping people of Rs 11 crore.

The accused identified as Anil Kumar Tulsiani (58), was a native of Prayagraj was arrested from Vibhutikhand crossing in Lucknow. The accused used to show properties of the government at cheaper rates as his own and in order to appear genuine got prepared fake registration papers and sold the flats/land property to innocents.

Dubai ruler becomes second-largest investor in Emaar Properties.

Emaar Properties said it was buying out its joint venture partner in a Dubai real estate development, in a 7.5 billion dirham ($2 billion) deal that will see Dubai's ruler become the developer's second-largest shareholder. Dubai's Emaar, the emirate's top developer, said in a statement it had reached a deal with Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum's investment vehicle, to buy its stake in their Dubai Creek Harbour joint venture.

Punjab Cabinet approves revision in sand rate, fixes MRP for gravel.

The Punjab Cabinet gave nod to revise rates of sand to Rs 9 per cubic feet and also fixed the maximum retail price of gravel at Rs 20 per cubic feet by amending the state's mining policy. ​The Cabinet also approved a new policy for crusher units and decided to impose an environment charge of Rs 1 per cubic feet on output material, which will fetch Rs 225 crore to the state exchequer.

Arvind SmartSpaces to set up Rs 900 crore housing platform with HDFC Capital.

The proposed investments from ASL and HCARE-3 will be Rs 300 crore and Rs 600 crore respectively in the platform.The fund will be utilised for acquisition of new projects for residential developments in the cities of Ahmedabad, Bengaluru, Pune and Mumbai Metropolitan Region (MMR).The platform will create overall revenue potential of Rs 4,000-5,000 crore, excluding reinvestment potential.

Ahmedabad: Rs 22 crore cheating plaint filed against builders of Floris-41 project

Raju Patel, 43, a resident of Jodhpur, stated in his complaint that in 2016 he went to the office of Priti as he wanted to buy a flat in the Floris 41 scheme. At the office, Patel met Navin Thakkar, Haresh, Nagindas and Pradip Akhani. he paid Rs 75,000 as the maintenance deposit and also paid advance maintenance of Rs 50,000. on February 25 this year, he took a loan of Rs 50.79 lakh on the flat from Godrej Housing Finance and mortgaged the flat. On April 12, he received a notice from Piramal Capital and Housing Finance that it had given a project loan of Rs 15 crore to Devkrupa Greens, Devkrupa Glory and Floris 41, and the amount with interest as of March 22 had increased to Rs 22.89 crore.

Since 1992, only 93 projects in Gurugram got completion certificate.

Another 21 licenses have been cancelled, while 14 licensed colonies are facing action or their licences are in dispute. All this came to light during the recently concluded monsoon session of Haryana legislative assembly.

Karnataka government mulls extension of 10% discount on guidance value.

The government is contemplating extending the 10% discount on guidance value — the minimum price at which a property can be sold — for another quarter, especially since the rebate has helped accelerate recovery of the real estate sector from a pandemic-induced slump. First introduced in January, the rebate was initially in force until March 31, but buoyed by the positive response, the government extended the discount till July 23.

CARE Ratings upgrades credit rating of Omaxe.

Realty developer Omaxe has been assigned a credit rating of CARE BBB-/Stable by CARE Ratings limited, an upgrade from stable outlook from CARE BB. Omaxe has repaid net Rs 550 crore to lenders as principal payment and reduced its debt from Rs 1400 crores to Rs 850 crore as on March 31, 2022.

ED attaches Rs 300 crore assets of Bengaluru-based Mantri Developers.

The Enforcement Directorate (ED) on Friday said it has attached immovable assets worth over Rs 300 crore as part of its ongoing money laundering probe against Bengaluru-based real estate group Mantri Developers Private Limited which is alleged to have duped numerous home buyers.The ED initiated action in this case after it arrested the company's main promoter and director Sushil P Mantri in June.

New Zealand house prices fell in July with the median price recording its first annual fall since 2011.

House prices in New Zealand jumped more than 40% in the two years to November 2021. However, a combination of tighter credit, more housing and rising mortgage rates is now weighing on prices. The seasonally adjusted median nationwide house value in July fell 2.8% compared with the previous month and was down 1.6% year-on-year, according to REINZ. The unadjusted median house price was down 1.8% on year.