Daily Real Estate News Digest (18th May 2019)

‘Inordinate delay’ in real estate projects means delay by over a year of delivery date: NCDRC

In a victory of sorts for homebuyers, the National Consumer Dispute Redressal Commission (NCDRC) has for the first time defined what constitutes “inordinate delay” and held that consumers can seek refund if the possession is delayed by over one year beyond the date of delivery promised by the builder.

MoneyControl

Student housing getting focus in the Indian realty market

Sensing the demand for student housing that fulfils the requirements of a studying youth under one roof, Indian real estate developers have come up with the student housing projects in the cities where universities of big repute exist.

Zee Business

IHCL ties up with GIC to invest ₹4,000 crore in India

Indian Hotels Co. Ltd (IHCL), the owner of the Taj luxury hotel chain, on Friday signed a strategic partnership with Singapore’s sovereign wealth fund GIC Pte Ltd to jointly invest around ₹4,000 crore over three years.

Livemint

Using land Act, Maharashtra govt acquires office space in Reliance Centre building

The Maharashtra government has used the Land Acquisition Act to acquire office space in the Reliance Centre building at Ballard Estate in South Mumbai, which used to be the corporate headquarters of the Anil Ambani-led Reliance Group until last year. After a long-drawn legal battle, the state acquired a 6,216 square foot premises on the building’s third floor.

Indian Express

FDI push for affordable housing! Residential sector gets thumbs up from foreign investors

The industry insiders are of the opinion that various government schemes like 100 per cent FDI in construction development and REITs now in place for proper regulation and timely delivery of the units, the real estate industry is witnessing surge in foreign investors' interest in the affordable housing as developers are working on affordable housing due to high rise in demand for such affordable houses

Zee Business

ASK PIA invests Rs 350 crore of PE funds in two Pune developers

Real estate focussed private equity fund ASK Property Investment Advisors (ASK PIA) has infused Rs 350 crore into two Pune based Developers, Paranjape Schemes  and Naiknavare Group, who would use the fund for budget and affordable housing in different parts of the city. 

TOI

Industrial city AURIC eyes investment worth Rs 70,000 cr over 12 yrs

Aurangabad Industrial City (AURIC) in Maharashtra is looking to attract investments of up to Rs 70,000 crore over the next 12 years, which can create over 1.5 lakh jobs.

Business standard

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