Daily interesting real estate news
2023-08-22
Illegal colonies in Haripur Chaopar Village have been demolished.
Two unlawful colonies were the subject of a demolition operation carried out by the District Town Planner's (DTP) office in the village of Haripur Chaopar. The Periphery Control Area and the 1975 Urban Areas Development and Regulation Act executed this initiative. Due to a violation of the construction regulations, seals were applied to a residence in DLF Valley. A member of the Public Health Engineering Department, a Subdivisional Engineer, an Assistant District Town Planner (ADTP), and a police demolition squad participated in the demolition project.
2023-08-22
HDFC Capital and TVS Emerald's alliance for plotted development is in talks to conclude three land transactions.
According to people familiar with the discussions, HDFC Capital's Rs 1,000-crore joint platform for plotted developments with Emerald Haven Realty (TVS Emerald) has initiated discussions to close three transactions for land parcels totaling 45 acres in Chennai and Bengaluru. These land parcels in the newly developed residential neighborhoods of Bengaluru and Chennai will serve as the platform's seed assets because it focuses on intended and low-rise development in the South Indian real estate markets.
2023-08-22
Sunny Deol's Juhu mansion will be auctioned off by the Bank of Baroda on August 25 to recover Rs 56 crore.
A property owned by actor and current BJP member Sunny Deol has been put up for auction by the state-owned Bank of Baroda in an effort to raise Rs 56 crore through an online auction that will take place on August 25. Sunny Villa, located on Gandhigram Road in the Tony Juhu district of Mumbai, has been seized by the bank, and the reserve price for the auction has been set at Rs 51.43 crore, with an earnest money deposit of Rs 5.14 crore.
2023-08-22
Mumbai: No new SRA developments until slum dwellers paid the unpaid rent of Rs. 620 crores
The Slum Rehabilitation Authority (SRA) recently issued a circular prohibiting defaulting builders from submitting any new bids to SRA for new projects since they still owe slum residents approximately Rs 620 crore in rent. The SRA circular stated that no new applications from defaulting developers, firms, partners, or directors who haven't paid transit rent will be approved unless all dues are paid. As a result, developers who have fallen delinquent on rent payments to slum dwellers aren't allowed to begin any new SRA projects.
2023-08-22
Bhumika Group to launch a high-street mall in Faridabad, invest Rs 600 crore.
Bhumika Group, a real estate developer based in Rajasthan, plans to enter the NCR real estate market and introduce its first high-street commercial property on Mathura Road in Faridabad. The project will likely cost Rs 600 crore, and the company plans to finish it in four years. The project, which will span five acres in sector 21 of Faridabad in the Haryana state, will be a joint venture with the Amolik Group of Faridabad.
2023-08-22
Anarock reports that 59 land transactions totaling 2,018 acres have been completed thus far nationwide.
Between January and August 18, 2023, 59 deals totaling over 2,018 acres ended nationwide. According to a survey by the real estate consultancy firm Anarock, Ahmedabad tops the charts in terms of space with 740 acres, while the Mumbai Metropolitan Region (MMR) leads in terms of deals with 17. Ahmedabad had the three largest land parcels, totaling over 740 acres, followed by Ludhiana and Bengaluru, each of which had a sale for more than 300 acres of land. Despite having the most agreements, only 95 acres were actually traded, according to MMR.
2023-08-21
The SC amends the NCDRC judgment for the delayed Bengaluru project: and orders the developer to pay interest and compensation.
The Supreme Court, while modifying a previous National Consumer Disputes Redressal Commission (NCDRC) order, has directed Bengaluru-based developer Mantri Castles Pvt Ltd to pay 6 % interest to customers who have invested in their much-delayed Mantri Serenity project. The developer claims to have transferred possession on February 19, 2023, however according to the agreements, the interest must be paid from the date of possession (which begins in December 2015) until that date.
2023-08-21
Motilal Oswal Alternates is launching its sixth real estate fund, which would raise Rs 2,000 crore.
On August 17, Motilal Oswal Alternates (MO Alts), the alternative investments division of Motilal Oswal Financial Services Limited, announced that the launch of its sixth real estate fund, India Realty Excellence Fund VI (IREF VI), will raise Rs 2,000 crore. IREF VI will strategically focus on early-stage investments in mid-income/affordable residential developments in India's top eight cities: Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad, Kolkata, and Ahmedabad.
2023-08-21
Noida authority CEO meets with two dozen builders to discuss Rs 26,000 crore in arrears and buyer woes.
According to officials, Lokesh M, the CEO of Noida Authority, met with 20 real estate developers on Friday to address the recovery of Rs 26,000 crore in unpaid debts and the challenges facing homebuyers in 60 group housing projects. The CEO, who was upset by the predicament, gave his staff instructions to take action, including issuing recovery certificates to builders who have not paid their debts related to the plots that were assigned to them.
2023-08-21
Amazon Data Services rents a 4-acre plot of land from L&T in Powai, Mumbai.
L&T has leased 1.74 lakh square feet of freehold industrial land in Powai, Mumbai, to Amazon Data Services Pvt Ltd. According to lease paperwork obtained by CRE Matrix, a real estate expert, the monthly rent is Rs 2.59 crore. The total area of the land parcel as per the agreement is 1,6187.40 square meters, which is 4 acres. Amazon Data Services would pay a premium of Rs 18 crore per acre for 4 acres, totaling Rs 72 crore, with a handover date between April 1, 2025, and March 31, 2026.