Daily Real Estate News Digest (20th February 2019)

Ireo, Supertech, Parsvnath, Ansal, Emaar, two others challenge insolvency law in SC

Ireo challenged section 5(8)(f) of the Insolvency and Bankruptcy Code 2016 in the Supreme Court which ensures inclusion of home buyers as financial creditors under the code. The company has taken a stay over the insolvency proceedings going on against them.

ET Realty

Samsung R&D institute picks up 4 lakh sq ft office space in Bengaluru

Samsung Research and Development Institute has taken up 4,00,000 sq ft of office space in Bengaluru

ET Realty

Saudi Arabia asks India to allow foreign ownership in real estate

Saudi Arabia wants India to open up its real estate sector to foreign ownership, which will lead to investments of hundreds of millions of dollars in residential and commercial properties.

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ED pegs value of seized properties of Rose Valley at Rs 4,685.4 crore

The Enforcement Directorate submitted a report before the Calcutta High Court pegging the market value of seized immovable properties of chit fund company Rose Valley at Rs 4,685.40 crore.

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Jaypee Infra promoter Jaiprakash Associates makes second attempt to settle lenders’ dues

Jaypee Infratech has once again submitted a proposal to lenders of its subsidiary to settle dues. The latest offer comes in the wake of two separate bids made by  NBCC and Suraksha Asset Reconstruction Company.

ET Realty

Pune civic body seizes 600 properties for default on tax payment

The Pune Municipal Corporation is cracking down on property tax defaulters by confiscating their properties. The civic body has already confiscated 600 properties of about Rs500 crore market value.

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Jeeva Nagar residents stage protest against eviction order

The city corporation had stuck eviction notices outside the houses of Jeeva Nagar residents and a few electricity board officials turned up in the area to suspend electricity supply. But the residents refused to move out of the locality.

ET Realty

Juhu police start inquiry against reputed builder for not handing over flat

The Juhu police have begun an inquiry against the Wadhwa Group  for allegedly not handing over the possession of a flat in an under construction project in DN Nagar, Andheri West, even after taking 40% as consideration amount in 2013-2014 from a Juhu resident

Mid Day

Realty firm Mahagun to invest Rs 600 cr on commercial project in Greater Noida in next 4 yrs

Mahagun Group will invest over Rs 600 crore in the next 4 years to develop a commercial project in Greater Noida West near here. It will develop around 12 lakh square feet of the commercial area comprising hotel, multiplex and retail and office spaces.

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