Daily Real Estate News Digest (20th September 2019)

Motilal Oswal funds make Rs 105 crore exit from Pune project.

Motilal Oswal Real Estate, the real estate private equity arm of Motilal Oswal Group has made an exit worth Rs 105 crore from an investment in a project of Pune-based builder Kolte Patil Developers.

ET Realty

Bombay HC orders registration of case against MHADA for Rs 40,000 crore loss.

The Bombay High Court on Wednesday directed the police to register a case against officials of Maharashtra Housing and Area Development Authority (MHADA) for allegedly colluding with developers and causing a loss of Rs 40,000 crore to the state exchequer.

ET Realty

Fosun invests 800 crorein realty venture with Ahuja Constructions.

In its first realty transaction in India, Chinese investment conglomerate Fosun Group has acquired majority stake in a property development platform it has formed with realty developer Ahuja Constructions for 800 crore with an option to further its investment going forward.

ET


Square Yards raises $20 million from BCCL, global prop-tech investors.

Square Yards, a tech-led real estate brokerage platform, on Thursday announced it has raised $20 million of equity capital from a clutch of investors including Bennett Coleman & Co Limited (BCCL), Genkai Capital, Founders of PropertyGuru – Steve Melhuish and Jani Rautiainen, Koh Boon Hwee, ex-Chairman Singtel and DBS.

Livemint

To refund buyers, Rera to auction unsold flats of defaulting builders .

In a major relief to lakhs of aggrieved buyers who are forced to wait for possession of their homes for years, the UP-Rera has decided to auction unsold flats of defaulting builders to pay back investors seeking refund in delayed housing projects.

TOI

Liquidity stress in realty a credit negative for banks, says Moody’s.

Credit rating agency Moody’s has said that the increasing liquidity stress among real estate developers would indirectly hit Indian banks and is thus credit negative for the domestic lenders.

The Hindu

NCLT initiates insolvency proceedings against Sana Realtors.

The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Sana Realtors under Section 7 of the Insolvency and Bankruptcy Code 2016.

ET Realty

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