Page 171 - Real Estate

Uphaar fire: Delhi court convicts Ansal brothers in evidence tampering case

A Delhi court on Friday convicted real estate barons Sushil and Gopal Ansal for tampering with evidence in the 1997 Uphaar cinema fire case. Chief Metropolitan Magistrate Pankaj Sharma also held a former court staff Dinesh Chand Sharma and individuals P P Batra and Anoop Singh guilty in the case. The court is likely to hear arguments on quantum of sentence on Monday. The case is related to tampering with the evidence in the main fire tragedy which had claimed 59 lives, in which the Ansals were convicted and sentenced to 2-year jail term by the Supreme Court. The apex court however released them taking into account the prison time they had done on the condition that they pay Rs 30 crore fine each, to be used for building a trauma centre in the national capital. Two other accused, Har Swaroop Panwar and Dharamvir Malhotra, died during the course of the trial.

Private equity inflow in real estate up 27% in Apr-Sep at $1.79 bn: Anarock

Private equity investment in Indian real estate rose 27 percent to $1.79 billion in the first six months of the current fiscal mainly driven by domestic funds, according to property consultant Anarock

Oberoi Realty Q2 sales bookings jump over 2-fold to Rs 828.52 crore

Oberoi Realty Ltd on Thursday reported over two-fold jump in its sales bookings at Rs 828.52 crore for the quarter ended September on improved housing demand driven by low mortgage rates

Sobha rallies 14% on reporting best ever sales volume in September quarter

The overall sales were primarily driven by good sale numbers achieved in Bengaluru, Gurugram, Pune and GIFT CITY

Affordable housing loan defaults surge to 7.2%, says rating agency Icra

The ultimate losses to lenders could be limited, given the secured nature of loans

Sobha's Q2 sales bookings up 49% at Rs 1,030 cr on improved housing demand

The company had sold properties worth Rs 689.9 crore in the year-ago period.

Financial stress in China property sector spreads beyond Evergrande

A Chinese developer of luxury apartments missed $315 million in payments to lenders

Arihant Superstructures to raise up to Rs 500 core through securities

Realty firm Arihant Superstructures Ltd plans to raise up to Rs 500 crore through issuance of securities. In a regulatory filing, the Mumbai-based firm said the board of directors approved raising of up to Rs 500 crore by issuance of securities. The issue of securities could be through private placement, preferential issue, qualified institutions placement (QIP), follow-on public offering ("FPO"), or a combination thereof. The proposed fundraising is subject to shareholders' approval and other regulatory approvals. The shareholders' approval would be obtained through Extra-Ordinary General Meeting in due course. The board of directors has also constituted a fundraising committee for this purpose.

RMZ Corp appoints Avnish Singh as MD-Investment Management

Bengaluru-based realty firm RMZ Corp has appointed Avnish Singh as Managing Director, Investment Management. RMZ Corp is a privately-owned real estate owner, investor, and developer. Singh will be instrumental in driving RMZ's growth, across India. His role will include new project acquisitions and capital raising to fuel the firm's hyper-growth strategy while forging new global partnerships and strengthening the current relationships. A founding member of JLL with over 20 years of experience, Singh has worked at Tishman Speyer and GE Capital Real Estate, the company said in a statement. He is an alumnus of Harvard Business School, ICFAI, Fergusson College, and Gokhale Institute of Politics & Economics. RMZ Corp aims to propel its current 67 million square feet of real assets, valued at USD 10 billion, to 87 million square feet which will be valued at USD 15 billion by 2026, the statement said.

Chinese developer misses bond payment, as stress spills beyond Evergrande

A mid-size Chinese real estate developer failed to make a $205.7 million payment due to bondholders Tuesday

China crisis set to worsen as Evergrande rival Fantasia misses payment

Once China's top-selling property group, Evergrande is facing one of the country's largest-ever defaults as it struggles with more than $300 billion of debt

It's important to have model builder-buyer agreement: Supreme Court

The bench said that it is an interesting matter as it has earlier dealt with Real Estate Regulations Act and knows its importance

Evergrande Group's trading halted in Hong Kong as debt test looms

Uncertainty over firm's over $300-bn debt load continues to plague investors

SC refuses to modify its order on demolition of Supertech's twin towers

The top court said that a grant of such relief is akin to reviewing the judgements of this court and such an attempt is impermissible in a miscellaneous application filed by the realty firm

Macrotech Developers sells properties worth Rs 1,100 cr in London

Realty firm Macrotech Developers on Monday said properties worth Rs 1,100 crore were sold last month in one of its projects in London and it expects to sell all inventories before 2023-24 fiscal year. In a regulatory filing, Macrotech Developers, which markets its properties under Lodha brand in India, gave an update on the performance of its UK investments. Mumbai-based Macrotech Developers, earlier named as Lodha Developers, had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London from the Canadian government for over GBP 300 million (Rs 3,100 crore). The group acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014. Macrotech informed on Monday that prospective buyers were able to visit the site at its project, 1 Grosvenor Square for the first time since it was readied, with easing of travel restrictions to the UK for visitors from the US an

HC asks Supertech to pay Rs 40L to homebuyer by Oct end, Rs 17L by Nov

The court said this amount of Rs 40 lakh shall be utilised by the homebuyer for repayment of the loan

China Evergrande to raise $5 billion from property unit sale: Report

Evergrande is facing what could be one of China's largest-ever restructurings

WeWork India bolsters leadership team as country reopens

Curated shared workspace provider WeWork India on Monday announced key strategic appointments to the leadership team in the country

Flat-purchasers can't be left at mercy of builders: SC notice to Centre

The Supreme Court on Monday issued a notice on a plea seeking direction to the Centre to frame a "model builder agreement" and agent-buyer agreement in the real estate sector

SC denies Supertech plea seeking modification of order to raze twin towers

The Supreme Court Monday dismissed an application moved by Supertech Ltd seeking modification of direction to raze the realty firm's twin 40-storey towers in Noida