Daily Real Estate News Digest (21st November 2019)

Vijay Mallya's Kingfisher House to be auctioned at reserve price of Rs 54 crore.

From the original reserve price of Rs 135 crore during the first auction of the property — valued at around Rs 150 crore in 2016 — for the 8th auction this time, the reserve price is fixed at a staggeringly low of just Rs 54 crore, a sharp drop of 60 per cent.

ET Realty

Tax department wants realtors to reverse transition credit.

Many real estate developers had claimed transition credit on under-construction apartments and claimed these are stock or inventory for them but the tax department has sent notices and disallowed these claims.

ET Realty

Bombay HC directs BMC to issue CC to Vardhman & Hiranandani Developers' Dahisar project.

High court ruled against the BMC, which had claimed that the developers did not have the clearance and had violated CRZ rules.

ET Realty

RBI to begin insolvency process against DHFL.

DHFL owes aboout Rs 1 lakh crore to its debtors, which include banks and mutual funds. DHFL's troubles began in September 2018 with the collapse of IL&FS. Since then, Edelweiss, Reliance MF and other have moved the Bombay High Court to recover their dues.

ET Realty

Mumbai news: Dharavi redevelopment project tender likely to be scrapped.

​​Sources in DRPA said that if the proposed modifications in the tender are approved, it is likely to push foreign players out of the fray.

The Indian Express

Half of delayed projects are in MMR.

In 10 prime residential markets of the country, as many as 1,665 housing projects registered with the Real Estate Regulatory Authority (RERA) have been delayed. Of these, 880 projects with over two lakh units are concentrated in the MMR (Mumbai, Navi Mumbai and Thane).

The Hindu

NCDRC orders Today Homes & Infrastructure to refund Rs 18.29 crore to 30 homebuyers.

The commission asked the real estate company to pay 12 per cent interest on the principal amount given by respective buyers from the date of payment.

ET Realty

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