Daily Real Estate News Digest (23rd November 2018)

Dalmia Group wins arbitration in land case with Ansal API Group

The Dalmia Group, which has a portfolio of diverse businesses spanning cement, private equity and real estate, has won an arbitration award of Rs 160 crore over a land dispute with the Delhi-based Ansal API Group.

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Smartworks leases 82,000 sq ft in Mumbai

Smartworks has picked up an 82,000 sq ft on lease at Fleet House, a commercial property on Andheri-Kurla road in Mumbai for the total tenure of 15 years.

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UP-RERA issues show-cause notices to 12 Noida builders for fund diversion

The Uttar Pradesh Real Estate Regulatory Authority issued show-cause notices to as many as 12 developers who have been found to have diverted homebuyers’ money meant for completion of their housing projects in Noida and Greater Noida.

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Uttar Pradesh govt to allow co-promoters soon in bid to complete stuck projects

The UP government in a bid to get the large volume of stuck projects completed in Noida, Greater Noida and Yamuna Expressway will soon allow co-promoters in projects.

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Bengaluru civic body plans to hike property tax by 25%

Under mounting pressure to undertake new civic projects and faced with few avenues to raise funds, the Bruhat Bengaluru Mahanagara Palike has mooted a 25% hike in property tax in residential areas and 30% in commercial areas. If endorsed by the state government, the rates will come into effect from April 1 next year.

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Gurugram: Fourth floor can be registered as independent dwelling unit

The state government issued a notification allowing registration for fourth floors of plotted houses as independent dwelling units, bringing cheer to thousands of the city’s plot owners, who have built the fourth floor but weren’t able to sell it as an independent dwelling unit, as it couldn’t be registered.

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North, East-facing Bengaluru development body flats may cost more

The demand for north and east-facing apartments has prompted Bangalore Development Authority to think of charging a premium for them in apartments it builds in the city.

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Navi Mumbai buildings to get cash for being eco-friendly

The Navi Mumbai Municipal Corporation waste segregation & composting, rainwater harvesting, and solar power generation. The motivation for NMMC is to improve its ranking in the 2019 Swachh Survekshan-a survey conducted to rank India's cities on various sanitation and cleanliness parameters.

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Ambala administration starts army land transfer process to municipal corporation

The district administration has started the process of transferring Army land to the Ambala municipal corporation.

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Over 4.5 crore allotted for rebuilding flood-hit houses in Kochi

District collector K Mohammed Y Safirulla said Rs 4.7 crore has been allotted in the first phase of the project to provide financial aid to reconstruct houses destroyed in the floods.

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Registration for house allotment to go online in Lucknow

From December, if you want to register for house allotment, apply for freehold, mutation management, refund of deposit amount or apply for a duplicate order with Lucknow Development Authority, you will have to go the online way.

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Real estate fraud: Kerala HC orders crime branch probe

The Kerala High Court has ordered crime branch to take over the probe into alleged real estate fraud by Thiruvananthapuram-based Samson and Sons Builders and Developers Pvt Ltd. Samson and Sons, which had over 15 projects in Thiruvananthapuram, had allegedly cheated over 2,000 investors to the tune of Rs 130 crore.

Times of India

Mangal Prabhat Lodha is richest Indian property tycoon with $3.8 billion wealth

Mangal Prabhat Lodha, the founder of Lodha Group and a lawmaker representing India’s ruling Bharatiya Janata Party, has become the nation’s richest real estate developer after the company’s sales increased by 22%.

Economics Times

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