Daily Real Estate News Digest (31st August 2018)

Rajiv Singh, wife sell DLF shares worth Rs 351 crore

DLF Vice Chairman Rajiv Singh and his wife Kavita offloaded 1.62 crore shares of the realty major for over Rs 351 crore to another promoter entity.

ET Realty

NCDRC asks Unitech to refund Rs 58 lakh to home buyer

The apex consumer commission has asked a Unitech to return over Rs 58 lakh with interest to a home buyer after it failed to hand over the apartment within the stipulated time.

ET Realty

JV with GIC to drive faster growth in development of office, retail space: DLF Chairman

DLF would achieve faster growth in the development of offices and retail space on the back of its partnership with Singapore's sovereign wealth fund GIC, the company's Chairman KP Singh said. However, he said the parent company DLF would also continue to build commercial projects, separate from the joint venture with the GIC.

ET Realty

Global funds compete to acquire Bengaluru's IBC Knowledge Park for Rs 2,300 crore

Marquee global investors GIC of Singapore, Temasek-owned Mapletree and Blackstone Group, among others, are vying to acquire one of the oldest technology office zones located in Bengaluru — IBC Knowledge Park — for over Rs 2,300 crore.

ET Realty

Lavasa Corporation to face insolvency

HCC's real estate firm Lavasa Corporation will face insolvency proceedings with the NCLT on Thursday admitting plea of lenders of the debt-ridden realty firm. Lavasa Corporation is developing a hill city 'Lavasa' near Pune in Maharashtra. 

ET Realty

Illegal residents ousted from housing scheme in Vadodara

The Vadodara Municipal Corporation (VMC) teams conducted a surprise checking at the Valmiki Ambedkar Aavas Yojana (VAMBAY) housing scheme in the Danteshwar area of the city. The teams sealed 150 houses that had been rented out at the scheme.

ET Realty

First 15 sectors of Chandigarh come under GIS mapping

As the tax branch of the Chandigarh municipal corporation has served property tax notices in the residential areas of the first 15 sectors of the city, the civic body authority has simultaneously prepared the Geographic Information System mapping of the residential properties falling under these sectors.

ET Realty

Rajasthan govt lifts ban on allotment of barren land in Jaisalmer for colonisation

In a yet another populist measure before the assembly polls, the state cabinet through circulation has decided to lift the ban on allotment of barn revenue land to individuals in the desert areas of Jaisalmer district for colonisation.

ET Realty

Forum issues non-bailable warrants against realtor

The state consumer disputes redressal commission, in a recent interim order, issued nonbailable warrants against Puma Realtors chairman-cum-president Madhukar Tulsi, and directors Anupam Nagalia and Amrick Singh Gambhir, for failing to comply with its orders and not appearing before it.

Times of India

Punjab rolls out module for online property transactions

The Punjab government launched a facility for online property transactions in the state to bring efficiency and transparency to the system.

Business Standard

Construction of 10,000 housing units behind schedule in Chennai, report says

Around 10,000 housing units, worth Rs 6,500 crore that is part of residential projects launched before 2013 are behind schedule in the Chennai real estate market, says a report by ANAROCK Property Consultants.

Times of India

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