Daily Real Estate News Digest (4th July 2019)

Bank can’t be dropped from Orbit flat possession case: SC

The case dates back to 2017, when five flat buyers approached the HC alleging that the builder, Orbit Corporation, now in liquidation, had in collusion with Axis Bank, taken a loan of about Rs 150 crore and mortgaged the property in 2013, after selling them flats since 2009.

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Maharashtra government says builders need not surrender excess land; SC agrees.

Builders will no longer have to surrender excess land for public housing under the now-defunct Urban Land (Ceilings and Regulation) Act (ULCRA). The Supreme Court on Tuesday accepted the consent terms signed between the state government and the builders’ body, Maharashtra Chamber of Housing Industry.

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Indiabulls Housing to buy back NCDs, masala bonds worth Rs 2,700 crore.

The NBFC said it is going for early redemption of non-convertible debentures (NCDs) and masala bonds (rupee denominated bonds) on the back of strong cash position of the company. 

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Mumbai: Property tax waiver cleared for flats up to 500 sq ft.

While tabling the bill, chief minister Devendra Fadnavis said the state decided to give a waiver in property tax only in Mumbai as the BMC is financially stable and can take the revenue hit.

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RBI to regulate housing finance companies: Sources.

In late 2015, the RBI started a similar review of bank assets amid allegations that lenders were hiding the extent of the bad debts on their books.

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Canada’s Brookfield buys prime Mumbai real estate for ₹750 crore.

Brookfield Asset Management is likely to use the land to develop a 1.3 million sq. ft office space.

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Blackstone buys stake in L&T Business Park for around ₹700 crore.

The New York-based private equity giant acquired a 4,00,000 sq. ft office space at the business park in Powai.

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Gujarat budget 2019-20: Government allocates Rs 1,248 crore to Housing for All scheme.

he government will build 1.07 lakh new houses this year, for which Rs 1,208 crore has been allocated. 

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Unite Group agrees $1.8 billion deal with CPPIB's Liberty Living.

Approximately 240 million pounds of the net proceeds of placing will be used to part fund the cash consideration of the deal, while a further 310 million pounds will be drawn from Unite's existing financing facilities and cash resources. 

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