Phoenix Mills (PML) is set to acquire CPP Investments' 49% stake in Island Star Mall Developers (ISMDPL) for ₹5,449.16 crore, gaining full ownership. The transaction, unfolding over three years, will consolidate PML's control over key retail assets like Phoenix MarketCity Bengaluru and enhance shareholder value. ISMDPL's revenue has seen substantial growth, reaching ₹919.7 crore in FY25. Source...
Enforcement Directorate, Gurugram, arrested Raman Puri, Varun Puri, and Vikram Puri. They are promoters of Universal Buildwell Private Limited. The arrest relates to a real estate fraud case. The accused were absconding for seven years. They were declared proclaimed offenders. The special court remanded them to ED custody. Source link...
Aurum PropTech is set to acquire PropTiger Marketing Services India from REA India in an all-stock deal valued at ₹86.45 crore. REA India will receive a 5.54% equity stake in Aurum PropTech. This acquisition aims to strengthen Aurum's PropTech ecosystem, with Prakash Tejwani appointed as CEO of PropTiger, and integrate digital platforms for enhanced AI-driven tools. Source link...
The Supreme Court has directed the CBI to register 22 cases investigating the nexus between banks and developers who defrauded homebuyers in the NCR region. This action follows preliminary inquiries revealing cognizable offenses, prompting further investigation into builders, development authorities, and financial institutions. The court acknowledged the CBI's efforts and emphasized the need for...
Hubtown and DLF have resolved their long-standing dispute over the Rs 10,000 crore Tulsiwadi redevelopment project in south Mumbai. DLF has exited the project after receiving Rs 800 crore from Hubtown, ending years of litigation. Hubtown has mortgaged space in the project to secure the remaining payment, paving the way for project execution. Source link...
Tamil Nadu government has revised stamp duty rules. The new rules introduce composite value for apartments. This includes the super built-up area and land share. Guideline values can now be revised anytime. Earlier revisions were only in October. Source link...
JSW Paints is set to acquire a majority stake in Akzo Nobel India for ₹12,915 crore, pending CCI approval. This move will make JSW Paints the fourth-largest player in the Indian paint industry. The deal involves purchasing a 74.76% stake initially, followed by an open offer for an additional 25%. Source link...
Aurum PropTech has received SEBI's approval to launch its Small and Medium Real Estate Investment Trust. This will allow retail investors to own fractions of premium office assets. Aurum PropTech is the first listed Indian company to get this registration. The company plans to list SM-REIT schemes on stock exchanges. Source link...
A CAG report revealed that Mhada allotted 3,357 transit tenements to 43 private developers for redevelopment projects initiated around 25 years ago. As of March 2022, many developers still possessed these tenements, with Rs 261.14 crore in outstanding dues yet to be recovered from 40 of them. Only three developers cleared their dues. Source link...
IndiQube Spaces has set the IPO price band at Rs 225-237 per share, aiming to raise Rs 700 crore. The IPO will be open from July 23-25, with a valuation of nearly Rs 5,000 crore at the upper end. The company intends to use the funds for expansion and debt repayment, with listing expected on July 30. Source link...