In a significant crackdown, the Enforcement Directorate has frozen assets worth over Rs 1,100 crore belonging to Raheja Developers. This move is part of an ongoing investigation into allegations of fraud aimed at homebuyers. During recent raids, the agency recovered substantial amounts in gold and foreign currency. Source link...
The Delhi Development Authority (DDA) is boosting revenue by e-auctioning over 140 diverse land sites and plots for residential, industrial, commercial, and institutional uses. This initiative aims to monetize vacant land and assets, with registrations open until May 22 for properties across prime Delhi locations. Source link...
Dubai has removed the minimum property value for its two-year residency visa for individual buyers. This move aims to boost realty demand. For jointly owned properties, the minimum stake per investor is now AED 400,000. This change is expected to attract mid-tier professionals. The decision follows a significant slump in real estate sales volumes in Dubai. Source link...
Mumbai's BMC is easing building height restrictions, allowing skyscrapers on narrow roads. An amendment to DCPR 2034 introduces graded height permissions based on road width, potentially unlocking redevelopment for thousands of old buildings. While boosting urban renewal, concerns remain about infrastructure strain and emergency access. Source link...
Businesses using co-working spaces in Gujarat are facing increased GST registration scrutiny, with tax authorities questioning the validity of shared premises. Applicants are being asked for proof of exclusive possession, leading to rejections due to multiple firms at one address. Experts advise clearer guidelines and robust documentation for flexible workspaces. Source link...
The Supreme Court has taken decisive action to resolve the plight of 22,000 Unitech homebuyers by appointing a new board to oversee the troubled real estate firm. Seeking collaborative solutions, the court has asked for input from the board, financial institutions, and banks. The ultimate aim is to facilitate the delivery of homes to buyers who have been left waiting. Source link...
After a two-decade legal battle, Larsen & Toubro has been ordered by the Supreme Court to vacate a prime Pali Hill bungalow worth over Rs 1,000 crore. The company's attempt to claim co-ownership by purchasing shares during eviction proceedings was rejected by courts as a strategy to block possession. The final ruling upholds the owners' right to reclaim the property. Source link...
Bagmane Prime Office REIT will launch its Rs 3,405 crore initial public offering on May 5. The issue will close on May 7. The REIT owns Grade A+ office assets in Bengaluru. It has a high occupancy rate and a strong tenant base. Proceeds will fund property acquisitions. Source link...
ICICI Prudential Alternatives has made a significant investment by purchasing two prestigious office buildings in Bengaluru and Pune for roughly Rs 2,600 crore, using funds from the ICICI Prudential Office Yield Optimiser Fund. Both properties are gems in India's commercial landscape, with EcoWorld 21 perched on Bengaluru's Outer Ring Road and RMZ Edge in the vibrant Koregaon Park of...
The Slum Rehabilitation Authority (SRA) is now freezing sale flats equivalent to three years' rent to ensure eligible slum dwellers receive their payments and new homes. This measure aims to prevent developers from defaulting on transit rent obligations. The SRA is also pushing for faster project completion and has collected over Rs 1,000 crore in rent. Source link...