Daily Real Estate News Digest (12th April 2019)

Developers find relief in commercial properties as residential realty lags

Commercial space absorption has been high at close to 40 million square feet (sq ft), as more developers scamper to build office spaces, new-age co-working joints, specialised e-commerce-specific buildings. According to experts, exposure to commercial development has increased to over 40 per cent and in some cases close to 50 per cent.

Business Standard

Tribeca, Logix Group tie up to develop mixed-used real estate project in Noida

Tribeca, builders of Trump Towers in India, has formed a joint venture with Noida-based Logix Group to develop a mixed-used real estate project in Noida at an investment of about ₹250 crore.

Livemint

RERA applies only if work is ongoing: Gautam Chaterjee

MahaRERA held that not having an occupation certificate does not mean that the building has to be registered with Maharashtra Real Estate Regulatory Authority. All projects that are undergoing and not completed and where the developer is selling homes to home buyers needs to be registered with MahaRERA.

DNA

Mandarin Oriental in talks to enter India's luxury hotel sector again

London Stock Exchange-listed Mandarin Oriental Hotel Group Ltd plans to enter India’s growing luxury hospitality market, said a top company executive. The Hong Kong-based firm, also listed on the Singapore Exchange, is in talks with several property owners in India to set up its first luxury boutique hotel within the next one year, said Alexandra Yao, vice-president, development, Mandarin Oriental.

Livemint

Reliance Industries sets up company for real estate development

Mukesh Ambani’s Reliance Industries has set up a company — in Reliance Navi Mumbai Infra (RNMIL) — for real estate development.It said the company has invested Rs 5 lakh as initial capital in the newly incorporated entity, which is yet to commence its business operations. According to sources, RNMIL will develop properties in the special economic zone to be developed by Reliance Industries in Navi Mumbai.

Business Standard

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