Punjab and Haryana HC has refused to quash an FIR against Emaar India Ltd, rejecting the real estate giant's plea. The company faces allegations of cheating, fraud, and criminal conspiracy for allegedly suppressing prior binding agreements over project land. The court found the allegations disclosed a prima facie case requiring investigation. Source link...
Uttar Pradesh cabinet approved an ordinance simplifying land-use conversion, integrating it with building plan approvals to boost industrial growth. A policy to treat and reuse wastewater was also cleared, aiming to conserve drinking water resources. Additionally, funds were allocated for a 7km road for the Sambhal 24 Kosi Parikrama, easing devotee access. Source link...
The SWAMIH Investment Fund II is set to launch, aiming to help homebuyers with stuck investments. The SWAMIH Fund has already committed to 148 projects, delivering over 63,000 homes. This initiative, established in November 2019, provides crucial debt financing to revive stalled affordable and mid-income housing projects across India. It acts as a vital support for developers facing...
Indian real estate developers are facing challenges due to the West Asia conflict. Shortages of building materials like steel, PVC, wires, pipes, and glass are emerging. Construction costs may increase if tensions persist. This could impact project completion timelines and eventually lead to higher housing prices. Developers are working to manage these rising costs. Source link...
Telangana government has amended building rules, streamlining TDR usage and relaxing parameters to boost real estate. High-rise definitions are updated, and TDR can now be used for setback relaxations and to offset development charges for altered master plan roads. These changes aim to provide greater flexibility and financial ease for developers. Source link...
Indian authorities are scrutinizing residents who bought Dubai properties using credit cards. This method may breach foreign exchange rules. Individuals are receiving notices from the Enforcement Directorate. They face penalties and the need to regularize transactions. Some may have to sell properties. This situation highlights the complexities of cross-border property investments. Source link...
Vedanta Group has appealed to the NCLAT against the NCLT's decision. The NCLT had approved Adani Group's bid to acquire Jaiprakash Associates Ltd. Vedanta was also in the race to acquire the company. The Committee of Creditors had previously approved Adani's plan. Jaiprakash Associates has significant assets across real estate, cement, and hospitality. Source link...
Goldman Sachs and ICICI Prudential Mutual Fund collectively invested Rs 231 crore in DLF through block deals, acquiring shares at Rs 531.7 apiece. This comes as DLF shares have underperformed, sliding 22% over the past year, mirroring the broader realty sector's downturn. Despite a dip in quarterly sales bookings, the company reported strong cash generation and achieved zero gross debt. Source...
Paranjape Schemes Construction is set to invest ₹700 crore in developing five residential towers across Pune's western corridor, specifically Sinhgad Road, Bhugaon, and Hinjewadi Phase 1. These projects, offering over 1.75 million sq ft and approximately 1,400 units, are projected to generate ₹1,175 crore in revenue. The company is also advancing three large integrated townships. Source link...
UP-RERA has fined three real estate projects ₹5 lakh each for promoting and selling units without mandatory RERA registration. The authority found 'Estate 105', 'Sobha Rivana', and 'Avikalp Estate' in violation of the Real Estate (Regulation and Development) Act, 2016. This action underscores RERA's commitment to curbing unauthorized promotions and safeguarding...