Daily Real Estate News Digest (12th July 2019)

Centre’s draft tenancy law proposes cap on security amount, penalty for overstaying tenants.

The draft Model Tenancy Act, which states will be free to adopt, says overstaying tenants would end up paying double the rent for two months and four times after that period.

ET Realty

Greater Noida development body de-seals Supertech's Czar project.

The project was sealed by GNIDA in April 2016 after the Allahabad high court had ordered a stay on construction when some homebuyers complained about alleged violation of the sanctioned plan.

ET Realty

Religare Enterprises divests stake in housing finance unit.

Religare Enterprises said Thursday it will sell its entire stake in NBFC arm Religare Finvest Ltd (RFL) along with RFL's housing finance subsidiary RHDFC to TCG group for an undisclosed amount. 

ET Realty

Amazon eyes four million sq ft work space in Bengaluru.

This deal is being touted as the largest single office space transaction in India in terms of area.

ET Realty

IL&FS puts 2,880-acre land parcels in Kutch for sale.

In an attempt to its monetise assets, the bankrupt IL&FS group has put its 2,880-acres of non-contiguous land banks spread across seven villages in the Kutch region of Gujarat for sale.

ET Realty

Shangri-La Group plans to set up 5 new hotel and resort properties in India.

Shangri-La, which currently has two properties in India, is eyeing locations in Mumbai, Kolkata, Goa and Rajasthan, among others.

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Ascendas India Trust to acquire seventh warehouse in Mumbai.

Singapore-listed Ascendas India Trust (a-iTrust) has entered into an agreement with a unit of Arshiya Ltd to develop and acquire one more warehouse in Mumbai for as much as Rs 215 crore .

VCC

Taurus Investment, Sage Funds to float $250 million commercial realty platform.

The overall investment focus will be on south India, excluding Hyderabad, and around 70% of the corpus will be invested in office projects and the remaining portion in retail assets. 

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