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puri, real estate news, et realestate

hardeep singh puri (file photo)new delhi: admitting that india's urban infrastructure was under "extreme strain", union minister of state for housing and urban affairs hardeep singh puri has said the government was committed to bringing holistic transformation in the country's infrastructure development, including providing 12 million houses in urban areas by 2022.sanctioning at a rate of 3 lakh to 5 lakh affordable houses per month under the pradhan mantri awas yojana (pmay), puri said the government is committed to providing "12 million houses in urban areas by 2022 as part of its home-for-all campaign". he said this capacity building was imperative as the urban population was expected to rise from the present 30 per cent to an estimated 50 per cent by 2030."i was able to get cabi...





pnb banks on prime real estate to raise rs 2,000 crore, real estate news, et realestate

pnb (file photo)new delhi: state-run punjab national bank has identified at least three prominent properties in the capital that it plans to monetise to mop up around rs 1,800-2,000 crore, while insisting that it is adequately capitalised to bear the impact of the rs 11,300 crore fraud.sources told toi that apart from its earlier headquarters in bhikaji cama place, the bank has also identified a large office space in tolstoy marg in central delhi, as well as its delhi zonal office in rajendra place as potential assets to be put on the block to raise resources from non-core assets.properties in other parts of the country may also be on the radar but sources said that the lender is unlikely to sell some of its heritage buildings in areas such as chandani chowk, near red fort.individual valua...





rs 1.3 crore cash payment to builder lands maharera complainant in soup, real estate news, et realestate

mumbai: when a complainant dragged a builder to the maharashtra real estate regulatory authority (maharera), neither knew that it would land them in hot water.as the case proceeded, evidence stumbled out that the complainant, richbond finvest services, had paid rs 1.3 crore in cash to the builder, m/s niraj kakad constructions, as loan at 24% interest.in an order issued early this month, maharera member vijay satbir singh directed that the income tax department must be asked to investigate the source of funding and evasion of taxes, if any.real estate experts say this is a unique case and the first of its kind where cash paid to a builder has been found by the authority. the complaint was also dismissed because it was found that the complainant is an investor and not a flat purchaser. offi...





ndmc withdraws sealing notice on le meridien, real estate news, et realestate

new delhi: the new delhi municipal corporation on thursday told the delhi high court that it has withdrawn its yesterday's notice sealing certain portions of luxury hotel le meridien, which was part of alleged illegal construction. the court noted that the hotel will seek some documents and inspection reports of the premises from the ndmc. on receiving these documents, the hotel authorities would reply to the ndmc's january 19 show cause notice which had said that the construction carried out in the commercial block of the hotel was a unauthorised" and without the prior approval of civic body. thereafter, the corporation could take action as per law, the court noted. the matter had reached the high court after the hotel approached it against the corporation's move to seal certain porti...





orient global sells indiabulls real estate shares worth rs 347 crore, real estate news, et realestate

investment firm orient global today sold over 3 per cent stake in indiabulls real estate for nearly rs 347 crore through an open market transaction.according to the bulk deal data available with the bse, orient global cinnamon capital sold 1.64 crore shares or 3.46 per cent stake in indiabulls real estate.the shares were offloaded at a price of rs 211.01 apiece, valuing the transaction at rs 346.62 crore, the data showed.the buyers included ubs principal capital asia, which bought 3.41 per cent stake in indiabulls real estate for rs 341.51 crore.in a separate bulk deal on nse, earc trust sold 36.94 lakh shares of fortis healthcare for rs 54.46 crore.





ncdrc asks unitech to refund over rs 4.37 crore to home buyer, real estate news, et realestate

the apex consumer commission has asked the unitech ltd to refund over rs 4.3 crore to a home buyer after the real estate firm failed to hand over the possession of a property even after four years of the promised delivery date.the national consumer disputes redressal commission (ncdrc) directed the realtor to refund rs 4,37,98,966 to gurgaon-resident major (retd) jaideep singh who had booked a house in one of the projects of the firm in 2012. it also asked the realty firm to pay a compensation of rs 25,000 to singh."the opposite party (unitech) shall refund the entire principal amount of rs 4,37,98,966 to the complainant (singh) along with compensation...," the presiding member of the commission, justice v k jain, said.it directed the firm to pay the amount within three months.according ...





indiabulls housing finance raises rs 3,000 crore debt, real estate news, et realestate

chennai: indiabulls housing finance on thursday told the bse that it has raised debt to the tune of rs 3,000 crore.the mortgage lender allotted its seventh tranche of secured, redeemable, non-convertible debentures with a face value of rs 10 lakh each and a tenor of 10 years in a private placement on thursday.indiabulls housing said this tranche is part of its plan to raise rs 24,000 crore in debt for which it got approval from its board last october and this january.





jsw group offers highest bid for jaypee infratech, real estate news, et realestate

mumbai: the jsw group has emerged as the highest bidder for jaypee infratech, offering little over rs 9,900 crore to banks amid claims from home buyers that they should be considered on a par with financial lenders in the resolution plan for the debt-laden company.two senior officials aware of the bids told et that jaypee infratech, which is currently facing insolvency proceedings, got a total of six offers. interested buyers are the jsw group, the adani group, jieyang zhonguci a real estate firm from china, deutsche bank, sudhir walia-promoted suraksha arc, and jaypee infratech’s parent company jaiprakash associates.“jsw has given the best offer to lenders,” said a senior official aware of the development. “the evaluation process on the eligibility criteria is still on.” jaypee ...





hc reverses ndmc's move to seal portions of le meridien, real estate news, et realestate

file photonew delhi: new delhi municipal council on wednesday sealed 24 portions of the luxury hotel le meridien, but the action came under challenge before the high court which ordered de-sealing and stayed the notice of the civic body late in the evening.justice rekha palli, after a hearing that started around 7.30pm and lasted nearly an hour, asked the civic agency to de-seal the hotel saying that principles of natural justice were violated. the court also said since none of the ndmc lawyers were reachable despite several attempts after court working hours, it was granting interim relief till thursday to the petitioners till the civic body conveys its stand.earlier, ndmc officials said that 24 portions of the property were sealed, including 10 points in the commercial tower, 11 in the h...





sc directs amrapali to complete 19 towers of leisure valley, real estate news, et realestate

new delhi: the supreme court has ordered amrapali to first complete the 19 towers of leisure valley project which is about 80% complete.the apex court had yesterday decided to prioritise the cases of the residential projects of amrapali group depending on their construction status.the promoters informed the court that the cost of completion of these 19 towers will be around rs 86 crore and the work will finish in 3-15 months i.e. by may 2019.the court will review the progress of the work after one month. it also ordered the promoters to give adequate undertaking on behalf of the builder, which will complete the leisure valley project, to show their bonafide by march 7.homebuyers through their counsel ashwarya sinha had asked for the undertaking so that the interest of homebuyers is fully s...





buyers in noida to get interest subsidy of rs 2.5 lakh on home loans under pmay, real estate news, et realestate

new delhi/noida: soon new home buyers from the middle income groups (migs) in noida and greater noida will be able to get interest subsidy of approximately rs 2.5 lakh on their home loans under the pm awas yojna (pmay). the uttar pradesh government has sent the names of these two towns in the national capital region (ncr) to the housing and urban affairs ministry to be included in the list of urban areas where the subsidy scheme is applicable.sources said the ministry has issued the necessary codes for both the cities and these have been forwarded to the national housing bank (nhb) and housing and urban development corporation (hudco). nhb administers the scheme. they will soon update the list of cities and towns that are covered under pmay interest subsidy scheme.it’s learnt that some o...





mhada objects to bmc rule on cessed buildings in mumbai, real estate news, et realestate

mumbai: the maharashtra housing and area development authority (mhada) has taken strong objection to a recent bmc circular stating that no-objection certificates (nocs) from mhada are not mandatory for issuing occupation certificates (oc) to redeveloped cessed buildings.such a clause, mhada argues, will deny it surplus area that it gets from builders in such projects. it has decided to take up the matter with municipal commissioner ajoy mehta.redevelopment projects of cessed buildings are given permission under development control rule (dcr) 33 (7) and 33 (9), which offer builders incentive floor space index (fsi) of over 50 per cent after rehabilitation of the existing tenants in such structures.the builder uses the incentive fsi to construct extra flats, which he is free to sell in the m...





sumitomo, krishna group form jv to develop mega realty projects across india, real estate news, et realestate

new delhi: japanese conglomeratesumitomo corporation has formed a joint venture with indian auto components major krishna group to develop real estate projects across india. with this, the $40-billion company is foraying into indian real estate sector.the joint venture, krisumi corporation's first project will be an 18 million sq ft development in gurgaon with cost in excess of $2 billion. both the partners will hold 50:50 stake in this joint venture.et was first to report that the tokyo-based company is foraying into indian real estate through a joint venture.the joint entity to be known as krisumi corporation will develop large scale real estate projects across india beginning with ‘krisumi city’, an 18-million sq ft development. this maiden project of krisumi corporation, in which ...





assured return offers by real estate builders to be treated as ponzi scheme, real estate news, et realestate

new delhi: the proposed law to crack down on ponzi schemes will bar real estate developers that offer fixed returns till possession as well as schemes from jewellers as the government believes that they are “unregulated deposits”.the clampdown on realtors, jewellers and other deposit-seeking entities is part of the banning of unregulated deposit schemes bill, which was cleared by the cabinet on wednesday and is expected to be introduced in parliament shortly.the bill requires all deposit-seekers, including entities that are already regulated, to register with the designated authority provided under the proposed law.several unheard-of real estate developers, starved of cash from lenders, offer “assured returns” of 12-14% till possession or even seek investments with the promise of a...





cabinet approves creation of rs 60,000 crore fund for pmay-urban, real estate news, et realestate

new delhi: the union cabinet today approved creation of a fund of rs 60,000 crore to finance the pradhan mantri awas yojana (urban), a move union minister hardeep singh puri said would "add momentum to the pace of the implementation" of the government's flagship scheme. the national urban housing fund (nuhf) will have provisioning of funds to the tune of rs 60,000 crore over the next four years, the housing and urban affairs minister told reporters here. he said the fund will established in the 'building materials and technology promotion council (bmtpc)', an autonomous body under the housing and urban affairs ministry. under the pmay(u), the housing and urban affairs ministry targets construction of about 1.2 crore houses for the urban poor. the ministry has sanctioned 39.4 lakh hous...





sc gives priority to amrapali projects which are near completion, real estate news, et realestate

new delhi: the supreme court has decided to hear the cases of the residential projects of amrapali group which are nearing completion first.the bench of justices arun mishra and amitava roy was hearing a case filed by 600 home buyers of amrapali silicon city through their counsel ashwarya sinha.“the primary objective is to make sure that homebuyers get their home at the earliest,” the court said.promoters of amrapali have been directed to furnish details of all their projects along with the time required to complete them by feb 22, basis which priority of the project will be decided.according to sinha, “nearly 90% of the flats in silicon city are complete.” they are expecting the said project to be taken up in the priority list.the bench said that the court will monitor the process...





taj mansingh auction may be postponed again, real estate news, et realestate

file photothe auction of the taj mahal hotel in the heart of new delhi is likely to be in a state in limbo for a while, with another postponement likely.after extending the last date for submission of queries and technical bids to february 21, the new delhi municipal council is yet to approve the tender documents that were reworked by sbi capital markets. “nothing has been placed before the council as there has not been any council meeting, so the dates will be postponed,” said an official familiar with the development.“sbi caps has submitted the reworked tender document, but no date has been fixed for the council meeting.”the auction, first scheduled to be held on january 30, has been mired in controversy since the tender came out. ndmc agreed to ease the eligibility criteria, all...





sc asks supertech to deposit rs 10 crore to pay interest to home buyers, real estate news, et realestate

new delhi: the supreme court on tuesday directed real estate firm supertech to deposit rs 10 crore more with its registry to pay interest to the home-buyers who have opted out of its emerald towers project that has two 40-storey residential buildings in noida area of uttar pradesh. a bench of chief justice dipak misra and justices a m khanwilkar and d y chandrachud also took note of the plea of the real estate company that its appeal against the high court order be heard in order to put to rest the entire dispute as to whether the towers were legal or should be razed. the apex court took note of the report of advocate gaurav agrawal, who is assisting it as an amicus curiae, that there was a list of 164 home-buyers. some home-buyers have got refund of their principal amount from the apex co...





blackstone to buy 49% of indiabulls office rental business for $650 million, real estate news, et realestate

blackstone group, the world’s largest private equity firm, is set to buy a 49% stake in the office rental business of indiabulls real estate in a $600-650 million deal, valuing the entire portfolio at around $1.2 billion, said people aware of the matter. talks are said to be in the final stages.the transaction will include landmarks in mumbai’s lower parel such as one indiabulls centre and indiabulls finance centre besides the one 09 building in gurgaon and one indiabulls park in chennai, part of a trend of overseas investors picking up select commercial properties in india.the new york-based private equity fund, which is also one of the largest owners of commercial real estate properties in india, is looking to add more assets to its portfolio ahead of a planned real estate investment...





report, real estate news, et realestate

new delhi: leasing activity in the logistics and warehousing segment across india registered a growth of 50% during the second half of 2017, according to a recent report by cbre south asia.cities such as bengaluru (39%), ncr (20%) and chennai (13%) drove the demand followed by mumbai (9%), hyderabad (8%) and kolkata (8%). the space take-up was dominated by 3pl, engineering and manufacturing, fmcg and e-commerce companies.“with the government’s granting infrastructure status, the logistics sector in india is expected to see increased activity in the near future. the implementation of the gst will enable consolidation of warehouses and entry of credible, pan-india players, consequently enabling increased fdi inflows,” said anshuman magazine, chairman, india and south east asia, cbre.pr...