Daily Real Estate News Digest (27th November 2019)

Marriott International inks six hotel deal with Prestige Group to expand India footprint

Realty developer prestige Group has entered into an agreement with Marriott International, Inc to open six new hotels across India. Under the agreement, Prestige Group will build new hotels across the W, JW Marriott, Tribute Portfolio and Moxy brands across south India with nearly 1,000 rooms across four brands.

ET Realty

Stricter norms on cards for home buyers taking developers to insolvency

One of the the amendments, which is likely to go to the Cabinet soon, would provide protection to new buyers of an insolvent company against frauds committed by its previous owners.

ET Realty

RBI mulls one-time rollover loan recast of select real estate firms

In a bid to help the real estate companies access hurdle free funding without having the NPA tag and complete the unfinished projects, RBI is likely to consider proposals from finance ministry and Prime Minister's Office to let the banks take the decisions of not classifying them as default or special mention accounts (SMA) and go for one time recast of selective real estate companies' loans.

Business Standard


NGT directs Delhi government to shut down over 4,770 industrial units in residential areas

The National Green Tribunal has directed the Delhi government to immediately shut down 4,774 industrial units running in residential areas.

ET Realty

From December promoters must site SRO details for MahaRERA registration

​Promoters of all existing ongoing housing projects and new ones registering with the Maharashtra Real Estate Regulatory Authority (MahaRERA) will have to cite their membership details of Self Regulatory Organisations (SRO) like NAREDCO, CREDAI or MCHI when they register their projects from December 1 onwards, according to a circular issued by MahaRERA.

ET Realty

SoftBank's Oyo foresees India losses till 2022

SoftBank-backed Oyo Hotels and Homes' internal projections showed it may not make a profit in India and China until 2022, even as the India-based hotel chain revealed a six-fold rise in losses during fiscal year 2019.

VCC

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