Daily Real Estate News Digest (24th December 2019)

Indiabulls Real Estate sells commercial assets to Blackstone for Rs 810 crore

The Mumbai-based developer said that the company and its certain subsidiaries, have entered into definitive agreement(s) with entities controlled by The Blackstone Group to divest the entire stake in Mariana Infrastructure Limited (which owns commercial project at Gurugram) and the commercial assets/development at Mumbai, at an aggregate enterprise value of about Rs 810.7 crore.

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Maharashtra yet to clear 2,000 clauses of development plan-2034

Fifteen months after the state government sanctioned Development Plan (DP)-2034, over 2,000 of its provisions, called excluded parts (EPs), are yet to be approved. The government has time till September 2020 to clear all EPs.

ET Realty

GIC to pick up Rs 430-crore stake in Prestige Estates

Singapore’s sovereign fund GIC is investing around Rs 430 crore in listed real estate developer Prestige Estates through a preferential issue of equity shares.

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Prestige top contender for debt-ridden Ariisto

As part of the plan, Prestige Group has offered lenders an upfront payment of more than ₹300 crore and area sharing of Ariisto’s project at Mumbai’s Mulund area.


Companies under insolvency process may get GST relief

​The government may allow companies undergoing resolution under the Insolvency and Bankruptcy Code (IBC) to pay current levies of goods and services tax (GST) without the mandatory payment of past dues. This will remove a hurdle in the bankruptcy resolution process.

ET Realty

Mumbai: Officials yet to recover Rs 24 crore from Nirmal Developers

Almost 10 months after MahaRERA issued recovery warrants for Rs 24 crore against Nirmal Developers following their failure to refund around 80 home buyers in the Nirmal Olympia project in Mulund, the buyers are yet to get their money.

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Business hub to come up on 500 acres near Jewar airport

The project includes a 200-acre textile hub that could give a boost to the ailing garments industry in the city. It will also house a handicrafts park and an expo mart in the same facility.

ET Realty

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