The Supreme Court is considering forming a committee to oversee bidding and co-developer selection for Supertech Realtors' stalled Supernova project, aiming to protect homebuyers' interests. The court has paused the process, urging transparency and inviting stakeholder suggestions. This move follows insolvency proceedings against Supertech Realtors, with the court emphasizing the need to resolve issues...
The GST Council has approved a significant overhaul of the Goods and Services Tax regime, reducing tax rates on numerous common use items and simplifying the tax structure to boost domestic spending. Effective September 22nd, the new rates will primarily consist of 5% and 18% slabs, with a special 40% slab for select luxury items. Source link...
Greater Noida Authority has approved co-developers for three stalled group housing projects, offering hope to over thousands of homebuyers. Sobha Ltd, Opaa Realty, and Swarnim Buildhome LLP will take over projects from Atlaspur Construction, Parsvnath Developers, and Aims Golf Town Developers respectively. Source link...
Jawaharlal Nehru's former residence on Motilal Nehru Marg is poised for a record-breaking sale. A businessman prominent in the beverage industry is reportedly acquiring the 14,973 square-meter property for approximately ₹1,100 crore. The property, owned by Raj Kumari Kackar and Bina Rani of a Rajasthani royal family, is undergoing due diligence, signaling the deal's final stages. Source link...
Apple India is growing in Hyderabad. It has leased more office space in WaveRock. The new lease starts in July 2025. Apple will pay monthly rent for the space. This expansion shows Apple's focus on India. Hyderabad is important for Apple's technology work. WaveRock is a popular place for big companies. Apple's move strengthens its presence in India. Source link...
Haryana authorities have filed an FIR against Ocean Seven Buildtech and its director, Swaraj Singh, for financial fraud and license violations in affordable housing projects. The company allegedly collected payments without completing construction, leading to stalled projects and financial distress for buyers. Source link...
Famous Studios, a landmark in South Mumbai since 1946, is likely to change ownership. K Raheja Corp is in advanced discussions to acquire the 1.5-acre property. The deal is structured as a joint development agreement. It has a development potential of around 4 lakh sq ft. Piramal Realty's previous attempt to redevelop the studio failed. Source link...
The Supreme Court is seeking assistance from Rajiv Jain to investigate Supertech Realtors' insolvency, following allegations of fund siphoning by director Ram Kishore Arora across 21 projects. The court refused to halt insolvency proceedings, noting widespread investigations into Supertech's projects. Arora is contesting the insolvency, citing a settlement offer, while the Bank of Maharashtra denies any...
CapitaLand is divesting a 750,000 sq ft industrial unit in Chennai leased to Pegatron, a key Apple supplier, with potential bids reaching ₹600 crore. Brookfield, Hines, and Hillhouse Capital are among the interested parties. The facility is significant for iPhone manufacturing in India, producing around 750,000 units, including refurbished models. Source link...
The interlocutory application, filed through a Welspun subsidiary, also highlighted links between Valor's promoters and another defaulting debt-laden jeweller, links the plea claimed automatically disqualify the bidder to participate in any resolution process. Source link...