Daily Real Estate News Digest (14th June 2019)

ITC to focus on managing hotel properties.

ITC chairman Sanjiv Puri said the current proportion between the company’s managed and owned and managed properties is 50:50. But going forward, it would be 60:40.

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Wadhwa Group to invest Rs 2,200 crore in Panvel township’s first two phases.

The company is planning to develop the entire 450-acre project in five phases with total investment of Rs 6,000 crore in 10-12 years.

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Vadodara civic body chucks PPP, will take up Gotri project alone.

With the slum redevelopment and rehabilitation project at Gotri making no headway due to land acquisition issues, Vadodara Municipal Corporation is now looking to take up the project on its own instead of the earlier public-private partnership mode. 

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Minimum registration fees down by MahaRERA, rural areas to benefit.

 The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reduced the minimum registration fees from Rs 50,000 to Rs 10,000 for projects that will enable smaller units, especially in the rural areas, to come under its purview.

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Tax settlement body orders Indiabulls Real Estate to pay Rs 300 cr on undisclosed income.

The order is the culmination of a probe resulting from a massive income tax raid on Indiabulls in 2016.


HDFC Property Fund to raise $500 mn for residential projects.

The fund will focus on mid-market and affordable projects where homes are priced at ₹45-60 lakh.


Maharashtra: Now, brokerage under RERA rule

Brokerage has now come under RERA jurisdiction; a broker can approach the authority if his brokerage is due.


Builder charging exorbitant interest from homebuyers on delayed payment is unfair.

Forcing homebuyers to pay interest in the range of 18 percent per annum for delay in payment of installment while the builders themselves pay a paltry 1.5-2 percent for delay in project amounts to unfair trade practice by real estate companies which cannot be enforced, the apex consumer commission has ruled, bringing relief to homebuyers. 


Amrapali homebuyers seek 'stress fund' to finish flats.

42,000 investors stuck in various Amrapali projects, a homebuyers’ collective on Wednesday urged local MLA Pankaj Singh to help arrange a meeting with Yogi Adityanath, where they can demand a ‘stress fund’ to expedite the completion of over 30,000 pending flats by the developer. 

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