Daily Real Estate News Digest (16th May 2019)

WeWork owner starts $2.9 billion platform to invest in real estate

Shared office space company WeWork's owner, The We Company, on May 15 set up a new real-estate investment platform, Ark, to buy and develop commercial properties around the world. Ark will have an initial investment of about $2.9 billion, with $1 billion from Ivanhoé Cambridge, a unit of Canada-based investor, CDPQ.

Money Control

Higher GST will apply to dues on finished real estate projects: CBIC

If you’ve got an occupancy certificate (OC) for your house before April 1 this year, the payment of pending dues would draw 12 per cent goods and services tax (GST) rate and the builder will be able to avail of input tax credit.

Business Standard

I-T probing post-demonetisation Mumbai realty deals

I-T officials have identified undisclosed income by way of capital gains from the sale of land and real estate in Mumbai worth ₹7,338 crore in the financial years 2016-17 and 2017-18, indicating that either the city’s Ready Reckoner (RR) rates are highly inflated or that there is a substantial presence of the cash component in property transactions resulting in the under reporting of actual deal values.

The Hindu

Piramal Realty aims to double portfolio in two years, in talks to raise funds

Piramal Group's real estate arm Piramal Realty plans to double its portfolio to 30 million sq ft in the next two years and is also in talks with global investors for raising funds.

ET Realty

 

Lower Parel’s World One skyscraper in cloud of controversy; MahaRERA order favours the developer, alleges homebuyer

A Delhi-based homebuyer of plush Lower Parel’s skyscraper is quite dejected after MahaRERA passes its orders favouring the developer. Vikas Bhagchandka claims to have invested somewhere between Rs 35-40 crore for his flat at the Lodha Group World One skyscraper at Lower Parel. In his official complaint to the authority, Vikas also alleged that the flats are not in livable condition due to violation of fire and other safety measures.

Free Press Journal

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