Daily Real Estate News Digest (14th August 2019)

Japan''s Softbank plans to invest in Punjab''s real estate sector.

Japan''s Softbank Group evinced interest to invest in Punjab''s real estate sector, with focus on student housing through OYO startup.


DS Kulkarni's brother detained, prevented from leaving India.

Pune-based builder D S Kulkarni's brother Makrand Kulkarni, an accused in a Rs 2,000 crore cheating case, was detained at the Mumbai airport on Tuesday when he was about to fly to the US.

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Special cell to deal with cases of Amrapali homebuyers.

The authorities told a bench headed by Justice Arun Mishra that they have created the cell to deal with cases of the homebuyers and officials had been designated especially to take care of the issue. 

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Allianz commits $150 million to Godrej's office development platform.

With this, GBTC-I now has a total potential of USD 450 million. Currently, it has secured two developments, one each in Mumbai and Gurgaon, totalling two million sq ft.

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Reliance Home Finance finds no violations as alleged by PWC.

The board noted that the alleged basis relied upon by PwC for reporting under Section 143 (12) is itself grossly inadequate and does not even point to a single specific instance of alleged fraud.

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Embassy REIT sets sights on stressed office assets.

Embassy Office Parks REIT plans to acquire stressed office assets in India.


UP RERA to examine developers’ escrow accounts for irregularities.

After being pulled up by the Ministry of Housing and Urban Affairs, the Uttar Pradesh Real Estate Regulatory Authority has decided to crack the whip against banks and developers for diversion of funds, and said it would initiate scrutiny of escrow accounts of the developers.


Centre to tell Maharashtra to bring unregistered projects under MahaRERA.

The Union minister of housing and urban affairs on Sunday said he would tell the state government’s housing department to look into bringing the unregistered projects under the Maharashtra Real Estate Regulatory Authority’s ambit. 

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