Illegal land deals on the rise near upcoming Jewar airport“We are issuing notices every day while earlier hardly any notice used to be issued,” said a YEIDA official, who did not wish to be identified. “The activity has increased since we floated the tender. Only YEIDA has the authority to sell plots and the farmers who own the land are lured by brokers.”- Air India hopes to land Rs 1,500 crore from Navi Mumbai Plot The government, which did not receive a single bid in its maiden attempt to sell Air India last year, is being cautious this time and has offered various relaxations, such as a 100% in the airline, substantial restructuring of debt and liabilities and allowing the new owner to offer voluntary retirement to staff.
- NBCC eyes stress fund to finish 3 Amrapali projectsAbout a year ago, the Supreme Court had asked NBCC to complete 16 projects of the Amrapali Group. It has completed work on two of those, which will be handover soon to the court receiver. It has issued tender for completion of work on seven stuck projects.
- NCLAT halts insolvency proceedings against RahejaRaheja was admitted for insolvency proceedings in August 2019 by the National Company Law Tribunal (NCLT) which held the company in default of its obligations to two home buyers who at the time had approached the tribunal claiming delay in delivery of flats. The case involved the Raheja group’s Sampada project in Gurgaon.
- NBCC ready with backup plan if it doesn’t get Rs 750 cr for JaypeeThe National Buildings Construction Corporation (NBCC) in its resolution plan, had put in a condition saying that it has the right to withdraw from the process in case Rs 750 crore along with the interest is not made available to it.
- Real estate developers eyeing co-living for future growthA Cushman and Wakefield report on coliving has said the market for coliving in India is evolving at a rapid pace, with investments from national and international institutional investors bringing in much-needed seed capital.
- NCR recorded 14% increase in office space absorption: Report“The commercial segment, especially, the office space market is going from strength to strength, beating its own record of 47.3 million square feet in 2018, to 57.7 million square feet in 2019,” said Anurag Mathur, CEO, Savills India.
- In a first, DDA to offer penthouses, luxury flatsThe Delhi Development Authority (DDA) will, for the first time, offer luxury flats, including penthouses, in its housing scheme slated for launch in May.
- Ministry of Housing and Urban Affairs wants real estate portal for transaction to become ‘Amazon’ of the sectorThe ministry hopes that it will bring the trust back in the real estate sector. Just like the ‘Amazon’ is trusted, the ministry wants the new portal to be one-stop for all housing-related requirements. The portal ‘HousingForAll.Com’, will help buyers in accessing best priced inventory by builders for a limited time to take full advantage of best pricing.
- Real estate market sentiment revives after 2 quarters; outlook back to ‘optimistic’ zone: Report“The real estate sector sentiments have shown improvement in its current as well as expected outlook for the market in Q4 2019,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
- Housing ministry launches e-commerce platform for real estate sectorHousing ministry launched an e-commerce platform to facilitate homebuyers in identifying genuine properties.
- In a first, Delhi Development Authority sells CWG Village flats at 30% discountDDA was trying to sell about 120 premium flats in Commonwealth Games Village but was unable to do so due to high rates. About a decade ago, when the Commonwealth Games Village came up, some of the plush three-bedroom flats in the residential complex were sold for more than Rs 7 crore. DDA is now trying to find takers for unsold flats at a price of Rs 4 crore.
- Gaurs Group raises rs 450 crore to pare debt, complete mallThe group, which is developing projects in Noida, Greater Noida West, Ghaziabad and Yamuna Expressway, has a debt of Rs 2,000 crore of which Rs 700 crore is Lease Rental Discounting (LRD), while Rs 1,300 crore is from NBFCs and banks. In March 2019, it had raised Rs 500 crore from Kotak Mahindra Bank.
- Gaurs Group raises Rs 450 crore to pare debt, complete mall“Of the amount, Rs 325 crore has been used to repay part of Rs 640-crore funding we had availed from Punjab National Bank Housing Finance (PNBHFL) almost a year back. Rest of the amount will be used for the construction of Gaur City mall in Greater Noida (West),” said Vineet Singhal, group CFO of the Gaurs Group.
- Elara Technologies raises $70 millionThe capital infusion is in the form of a convertible note that will also cover the previous $35 million Elara had raised from Citi Singapore in August 2018.
- Real estate body wants reduction in home loan interest to boost salesDevelopers pointed out that a revival in housing industry will also help the overall economy regain its growth momentum. The industry suggested tax reforms and raising deduction on home loan interest to Rs 5 lakh from Rs 2 lakh to boost sales.
- New residential launches increased by 45% in NCR in 2019: ReportAccording to the Knight Frank report, around 57% of the newly launched units in 2019 were concentrated in Gurugram and Greater Noida. Gurugram accounted for the biggest share of overall new launches, followed by Greater Noida and Noida.
- US plumbing systems maker Sloan eyes smart cities, airports to expand in IndiaIn India, where it operates through a wholly-owned subsidiary, the company plans to launch products that will help meet the water crisis staring several states.
- Air India policing artworks so they don’t fly awayAir India is keeping a close eye on about 40,000 pieces of art to ensure that it doesn’t lose any more of them.
- Developers against plan to hike circle rates in GurgaonThe Haryana government's proposal to increase circle rates will affect the ongoing and future real estate transactions in Gurgaon and add to existing inventory of unsold stock, leading developers and experts said.
- Co-working to lead growth in 2020 in NCRCo-working space has massive demand, ABL said, citing data from the second quarter of 2019 when it said the growth was 23% over the year-earlier period in the top seven Indian cities.
- Air India to seek clarity from state govt on its Nariman Point buildingAir India had put the sale plan on hold following the move, but has ended up losing rent of about Rs 45 lakh per month on about 13,000 square feet, or one floor, in the 23-storey building. The rest of the space is occupied by various government and private enterprises.
- Home prices to remain flat in Delhi-NCRHome prices in Delhi-NCR are likely to remain flat in calendar year 2020 even though leading developers in the region are hopeful that the recent government measures will help revive sales.
- Home prices to remain flat in Delhi-NCRHome prices in Delhi-NCR are likely to remain flat in calendar year 2020 even though leading developers in the region are hopeful that the recent government measures will help revive sales.
- World Trade Centers may come up in J&K, northeast A WTC is usually a mixed-use development that offers commercial, residential, hospital, school and retail properties in one large complex. The organisation plans to expand in India’s northeast and is contemplating Jammu & Kashmir as an option.
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