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...
Maharashtra's cooperation department has launched a fully online system on the Aaple Sarkar Portal to digitize cooperative housing society registrations. This reform significantly reduces paperwork and streamlines the process, aiming to clear a backlog of unregistered buildings and empower residents by eliminating middlemen and simplifying procedures. Source link...
The Enforcement Directorate has conducted fresh searches against Raheja Developers in Delhi-NCR as part of a money laundering probe linked to alleged fraud with home buyers. The investigation focuses on the non-delivery of flats in the 'Raheja Revanta' project. The company denies wrongdoing, citing project delays due to a lack of essential government infrastructure. Source link...
A Delhi court has initiated proceedings against the leaders of Three C Shelters Pvt Ltd, in relation to the halted Greenopolis housing project in Gurugram. The directors stand accused of deceiving homebuyers, with allegations pointing towards a preliminary case of fraud, forgery, and conspiracy. Source link...
Homebuyers of Lavasa, India's first privately built hill town, have filed a fresh appeal. They allege serious flaws in the resolution plan approved by creditors. The homebuyers claim discriminatory treatment and a lack of transparency in the insolvency process. They seek intervention from the appellate tribunal to address these concerns and ensure fair treatment. Source link...
Brookfield India REIT has raised around ₹2,600 crore through an institutional placement of units, while 360 ONE Asset has invested ₹1,125 crore to acquire a 13% stake in a REIT-owned Bengaluru office asset, Ecoworld. Source link...