Daily Real Estate News Digest (30th September 2019)

WeWork may have only enough cash to last for six months.

The company lost $690 million in the first six months and it burns through cash. Even with $2.5 billion in cash as of June 30, the company could run out of money by mid-2020.

ET Realty

NCLT initiates insolvency process against Mumbai's Lokhandwala Infrastructure.

Lokhandwala Infrastructure is the second big developer to go insolvent under the provisions of the Insolvency and Bankruptcy Code (IBC) after Housing Development and Infrastructure Ltd (HDIL).

ET Realty

Indiabulls Real Estate gets shareholders nod to sell London property for 200 million pounds .

The resolution to sell the London property has been approved by the requisite majority of shareholders.

ET Realty


Around 60 realty firms face GST anti-profiteering cases.

Godrej Properties, Hiranandani Realtors and Salarpuria Sattva are among the prominent builders facing the charges.

DNA

Developers' body launches website to economise costs.

Portal aims to facilitate proper communication and encourage business between developers, allied industry and their procurement teams to benefit from aggregated price discount.

DNA

PMC’s HDIL loan at Rs 6,500 cr, or 73 per cent of total loan book.

This is four times the regulatory cap or a whopping 73 per cent of its entire assets of Rs 8,880 crore.

Business Line

Delhi Police files charge sheet against Gautam Gambhir, others for cheating home buyers.

Gambhir, was a director and brand ambassador of the joint project of Rudra Buildwell Reality & H R Infracity, against which a case was lodged in 2016 for allegedly duping people of crores of rupees on the pretext of booking apartments in the housing project.

ET Realty

DHFL plans to repay Rs 8,000 crore once debt resolution process ends.

According to Wadhawan, the company continues to take "all necessary steps" to "preserve every stakeholder's interest" and to regain business and grow momentum. 

ET Realty

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