Daily Real Estate News Digest (18th February 2019)

Orbit Terraces' buyers can take over project: Bombay HC

The Bombay High Court accepted Orbit Terraces Co-operative Housing Society Ltd’s proposal to develop the buildings by raising money on its own. The society had bought the mortgaged project from a consortium of State Bank of India and Union Bank of India after the original developer, Orbit Corporation defaulted on loans.

ET Realty

Warehousing may pull in $10 billion in next 4-5 years

Riding on structured reforms including the infrastructure status and the implementation of GST, the Indian warehousing and logistics sector is estimated to attract nearly $10 billion investments over the next 4-5 years.

ET Realty

Nagpur civic body starts levying property tax on open spaces

Nagpur Municipal Corporation has started to levy property tax on big open spaces, including gardens and agriculture lands.

ET Realty

Visakhapatnam development body agrees to Rs 96 crore as one-time settlement

The VMRDA will get nearly Rs 96 crore in a net one-time settlement with a private developer. The VMRDA had signed an agreement with the Radiant Developers Pvt Ltd in 2005 for the development of an integrated housing project in about 50 acres land in Rushikonda, Madhurawada. However, the project is yet to begin amidst a lot of confusion in terms of modalities during the last 14 years. 

ET Realty

New homes in Pune turn costlier with 1% surcharge on stamp duty

In a reprieve to the residents of TNHB quarters, the Madras high court passed an interim order restraining the authorities from demolishing the building till February 19. The housing board authorities had initiated the demolition process as PWD had declared the residential complex unfit for occupancy.

ET Realty

Deposit of 30% of refund claimed obligatory and mandatory: RERA tribunal

The Maharashtra Real Estate Appellate Tribunal has ruled that the proviso of Section 43 (5) of Real Estate (Regulation and Development) Act (RERA) regarding deposit of minimum 30% of the amount in contention before a promoter’s appeal is “entertained” by the Tribunal is “obligatory” and “mandatory”.

Mumbai Mirror

Two of realty firm booked for cheating

Two senior officials Sanjeev Srivastava and Rajeev Srivastava of a prominent real-estate company have been booked under the Uttar PradeshGangsters and Anti-Social Activities (Prevention) Act for allegedly cheating several consumers on the pretext of selling the plots in different projects.

Times of India

Court declares 3 realtors ‘proclaimed offenders’

Three directors of Universal Buildwell Private Limited were declared proclaimed offenders by a local court for allegedly cheating homebuyers. The court also issued an arrest warrant against them.

Times of India

Leave a Reply

Your email address will not be published. Required fields are marked *