Daily Real Estate News Digest (8th April 2019)

Godrej Properties raises stake in Wonder Space Properties to 96%.

Godrej Properties has increased its equity stake in Wonder Space Properties from 25.1 per cent to 96.03 per cent by acquiring equity shares from Shubh Properties.

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Bombay HC orders builder of stalled project to deposit Rs 50 crore.

Irked at the overdecade-long delay in starting a redevelopment project in Byculla, the Bombay high court in a first-of-its-kind order has directed the developers to deposit Rs 50 crore to test their seriousness in executing the work.

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Over 300 developers fined under Gujarat RERA.

Promoters and developers of more than 300 real estate projects across Gujarat have been penalized by the Gujarat Real Estate Regulatory Authority for failing to file the mandatory quarterly progress reports over the last nine months. 

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Kotak group lends Rs 500 crore to real estate firm Gaurs for two projects in NCR.

The two projects where this fund would be used are Gaur City II, part of 237-acre township Gaur City at Noida Extension and commercial project Gaur City Centre.


Indiabulls AMC to buy three commercial assets.

Pune, Chennai and Bengaluru are the cities where the company is evaluating mid-range commercial real estate assets.


7 plots put up for auction by CIDCO in Navi Mumbai.

Seven plots have been put up for auction by CIDCO in CBD Belapur, Koparkhairane and Ghansoli of Navi Mumbai. A plot in Ghansoli is speculated to have a multiplex.


BMC issues six notices to Hotel Leela over illegal construction

Civic officials said while the outer walls were found as per plan, several unauthorised changes had been made internally without requisite permission.

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Holding period of house starts from date of allotment, not registration: ITAT.

In a decision that will benefit many taxpayers, the Mumbai bench of Income Tax Appellate Tribunal recently held that the date of allotment of a house shall be treated as the date of acquisition

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Everstone to buy controlling stake in Sahyadri Hospitals.

The Everstone Group has agreed to acquire a controlling stake in Sahyadri Hospitals Ltd, as the private equity firm expands its bets on India's healthcare services sector.


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