Daily Real Estate News Digest (5th April 2019)

Radisson Hotel Group plans to double India portfolio by 2022.

The company, which enjoys an occupancy rate of over 67 percent, said it signs 12-15 hotels every year and opens around 7-10 hotels each year.

ET Realty

Evict slum dweller who sold SRA flat before 10-year cap: Bombay HC.

In a significant order, Bombay high court upheld the eviction of a former slum dweller from a flat given as part of slum rehabilitation in Andheri (East) for illegally profiting from public largesse by breaching terms of the allotment.

ET Realty

RBI's repo rate cut to boost home sales.

Property Builders hope the current rate cut would translate into lower EMIs on housing loans and will aid the sluggish property market. 

ET Realty

Motilal Oswal Real Estate hits second close of fourth fund.

It plans to deploy the capital in mid-income and affordable housing projects across the top six cities in India while selectively also investing in commercial projects.

VCCircle

CCB raids Nitesh Estates.

Nitesh Estates Limited, a real estate company, is in the dock for allegedly duping as many as 50 customers of ₹120 crore after promising delivery of villas and residential apartments. The Central Crime Branch (CCB) on Tuesday evening raided the company’s corporate office.

The Hindu

Be more vigilant of developers' escrow accounts: UP RERA asks banks.

The authority has asked banks for strict compliance of the provisions of Section-4 (2) (I) (D) of RERA Act, 2016, which warrants 70 per cent of amounts realised for real estate projects to be deposited in a separate account and to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for limited purposes.


Business Standard

Gujarat high court notices to government, RERA.

The Gujarat high court on Wednesday issued notices to the state government and Gujarat Real Estate Regulatory Authority and sought replies to a petition filled by the real estate developer, challenging a notice issued by RERA. 

TOI

Marriage on mind, Lakshmi Vilas Bank and Indiabulls Housing boards meet.

The two financial institutions, which have been discussing a possible merger for the past few months, are now understood to have reached a stage where a proposal can be formalised for seeking regulatory nod

Et Realty

Six FIRs against illegal structures in Kolkata.

Police on Tuesday received at least half a dozen complaints from assistant engineers against illegal constructions in southeast, north and east suburban Kolkata.

Et Realty

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