Even as lenders are getting ready to send more companies to bankruptcy courts from this week, several old cases are still awaiting resolution with no clarity on the completion of the process. This includes some high profile cases from the first list of 40 companies including Videocon Industries, Bhushan Power and Steel and Lavasa Corporation, sent by the Reserve Bank of India (RBI) for resolution. The delay is mainly due to litigation and late clarifications by various government agencies including the Reserve Bank of India and litigation by the Enforcement Directorate.
The Environment Ministry on Monday said there were loopholes in Lavasa Corporation's reply to its notice for alleged violation of norms in its 25,000-hectares hill city project near Pune.
Lavasa had clarified that the development carried out at the Lavasa City were within the framework of the clearance granted by the state environment ministry.
The legal battle between Lavasa Corporation, an arm of Hindustan Construction Company involved in the development of a hill city in Maharashtra, and the Ministry of Environment and Forests (MoEF) is expected to prolong further.
The MoEF will have to pass the order on this issue by December 16.
Lavasa Corporation is rushing to complete its township. No one knows if the promoter is complying with environmental conditions on which it was allowed to resume work.
MahaRERA, the authority under Real Estate (Regulation and Development) Act, 2016, in Maharashtra, has blacklisted 644 housing projects in the state for not meeting project deadlines. The authority has prohibited them from being sold, advertised or marketed in the state. These projects were supposed to be completed and handed over to homebuyers in 2017 and 2018. Even though most of the projects are being developed by local developers, one big name on the list is Lavasa Corporation promoted by HCC whose registration expired in 2017.
In a major setback to Ajit Gulabchand's ambitious hill city project, the Union environment ministry has asked the Maharashtra government to initiate action against Lavasa Corporation for violation of green norms.
Dream hillstation project Lavasa, near Pune, is now a millstone around lenders' neck.
For the AI bid, Interups has joined hands with a few employees of the airline, and plans to raise funds by splitting some of its infrastructure-related assets into an aviation InvIT, which will have underlying assets such as air routes, ground handling, repairs, and training etc.
Firm ready to accept the five preconditions specified by environment ministry.
Infrastructure major HCC's realty arm, Lavasa Corporation, that has floated a firm, MyCity Technology, in partnership with IT major Wipro, today tied-up with networking leader Cisco to provide Information and Communication Technology services in the newly-created Lavasa city.
Lavasa Corporation, the real estate arm of Hindustan Construction Company (HCC), filed a draft prospectus with the Securities and Exchange Board of India for an initial public offer (IPO), even after several developers have been keeping similar plans, after filing these, on hold for several months.
The project carries an investment tag of over $100 million (Rs 440 crore).
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
The 'Diwali Home Buying Fest' would be organised from Nov 3-9.
Of the five towns planned, work is progressing in two, Dasve and Mogao.
At present, seven companies are planning to raise Rs 2,965 crore (Rs 29.65 billion) and have Sebi's approval. Another 12 firms, intending to mop-up Rs 5,362 crore (Rs 53.62 billion), have filed draft documents with the capital market watchdog and are awaiting approval, Prime Database managing director Pranav Haldea said.
Buoyed by the success of secondary market, IPO market set to see high action
The company plans to raise Rs 750 crore; other realtors may follow.
Pipeline leanest since 2004; bankers said to be cautious due to fear of rejection by Sebi.
In commercial real estate, leasing of office space was higher although the activities were subdued in retail segment.
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