Embassy Office Parks REIT plans to raise 20 billion rupees. The fund raising will be through five-year corporate bonds. Discussions with bankers are underway. The real estate investment trust aims to finalize the funding this month. The bonds have a 'AAA' rating from Crisil. This sale could attract mutual funds and insurance firms. Source link...
Uttar Pradesh government directed Yamuna Expressway Industrial Development Authority to provide relief to Sunworld City. The relief involves a 14-year waiver for a stalled township project. This decision came after the discovery of incomplete land acquisition. YEIDA failed to acquire about 20 acres before handing it to the developer. The government criticised YEIDA for this oversight. Source link...
WeWork India has secured SEBI's approval for its ₹1,000-crore IPO, comprising a fresh issue and an offer for sale. The co-working firm intends to use the IPO proceeds for expansion, debt reduction, and tech investments. With improved financials, including narrowed losses and increased revenue, WeWork India's occupancy has surpassed 75%. Source link...
Oberoi Realty, along with Shree Naman Developers and JM Financial Properties, has been chosen as the resolution applicant for Hotel Horizon (HHPL) through the IBC process. The consortium's resolution plan, approved by the creditors, involves a ₹919 crore payment to settle all dues. Source link...
Allahabad High Court has directed Noida Authority to submit an affidavit explaining the occupancy certificates granted to Lotus Boulevard project amid concerns of incomplete sewage infrastructure. The court's order follows a petition alleging non-functional sewage treatment plants (STPs) during certificate issuance in 2012 and 2016. Source link...
MahaRERA website has restricted access to project details kept in abeyance. Home buyers and advocates face difficulty in viewing crucial information. This includes completion dates and approval status. Lawyers argue this prevents access to legal remedies. Source link...
The Enforcement Directorate (ED) has attached Ramprastha real estate group's properties worth over Rs 680 crore in Gurugram due to alleged fraud against homebuyers. This action follows multiple FIRs regarding undelivered flats and plots in projects like Ramprastha City. Source link...
The Unitech Group and its promoters are accused by the Enforcement Directorate of diverting nearly half of the ₹16,000 crore received from homebuyers and financial institutions. These funds were allegedly used for personal gains and funneled into various benami companies. Source link...
Mittal Builders partners with House of Abhinandan Lodha for a housing project. The project is in the Mumbai Metropolitan Region. Investment is estimated at Rs 2,000 crore. The project will span 11 acres. Source link...
Maharashtra government approved a plan. This plan allows owners of residential plots allotted by CIDCO to convert their leasehold properties to freehold. CIDCO formed a committee to manage applications. The scheme applies to various plot allotments. Source link...