Runwal Realty plans to raise Rs 2,000 crore through an Initial Public Offer. The company filed its draft prospectus for the equity share sale. This includes a fresh issue of Rs 1,700 crore and an offer for sale of Rs 300 crore. Funds will repay outstanding borrowings. The developer also plans expansion into hospitality. Source link...
DLF's rental arm, DCCDL, successfully raised Rs 1,100 crore through a private placement of non-convertible debentures at a 6.91% coupon rate. This funding comes as the joint venture, which holds 44 million sq ft of commercial spaces, reported a 26% increase in net profit to Rs 593 crore in the June quarter. Source link...
Sahara India Commercial Corporation Ltd (SICCL) has sought Supreme Court approval to sell major properties, including Amby Valley, to Adani Properties Private Limited. This crucial step aims to expedite asset liquidation and repay investors, particularly following the death of Sahara chief Subrata Roy. Source link...
The Supreme Court has directed Noida Authority to issue conditional occupancy certificates for six residential towers in Sector 150's Godrej Nest project, offering partial relief to over 450 families. This order, following a developer's petition, is subject to ongoing legal outcomes and the completion of promised facilities, explicitly not setting a precedent for other Sports City projects. Source...
The CBI conducted searches at 12 locations across Kolkata, Bengaluru, and Mumbai, registering six fresh cases against builders and financial institution officials. This action, directed by the Supreme Court, targets alleged cheating and defrauding of homebuyers through 'Subvention Schemes'. Incriminating documents and digital evidence were seized during the ongoing searches. Source link...
However, the Advocate General has clarified that not all large buildings can be exempted; the government has powers to selectively grant relief after verification. Source link...
The Allahabad High Court will re-examine the Rs 295-crore Reddy Veeranna land compensation case following a Supreme Court ruling that deemed the original payout fraudulent. Veeranna allegedly misled courts to secure enhanced compensation for land in Noida's Sector 18, now the site of DLF's Mall of India. The rehearing will determine the rightful compensation share among the original co-owners. Source...
Gentex Merchants Pvt Ltd, linked to Lakshmi Mittal, acquired a 3,540 square yard bungalow on APJ Abdul Kalam Road in Delhi's Lutyens’ Bungalow Zone for Rs 310 crore. The property was previously owned by Yashwant Singh, who recently purchased a bungalow in Golf Links. This transaction highlights the continued demand for high-value properties in India's most prestigious neighborhood. Source link...
The Allahabad High Court has provided a significant boost to the stalled Delhi One project by directing the Noida Authority to approve building plans for Max Estates Limited. This decision comes after Max Estates agreed to deposit 50% of the disputed Rs 67 crore in CIC/CIS charges. Source link...
The Supreme Court has permitted the CBI to file six new cases investigating the alleged collusion between banks and developers, which defrauded homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. Source link...