Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
Consultancy firms Jones Lang Lasalle Meghraj and Knight Frank India said there are about 7,000 such apartments to be delivered within a year in Mumbai alone, where the cost is not below Rs 4.7 crore (Rs 47 million) for a single unit.
Ace investor Rakesh Jhunjhunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjhunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the volumes which they can deliver. It can be noted that very few developers like Macrotech Developers formerly Lodha, and DLF are listed on the bourses. Jhunjhunwala cited the case of DLF, saying the stock price plummeted to Rs 80 from Rs 1,300 per piece to illustrate the risks associated.
Reviving its IPO plan for the third time, realty major Lodha Developers has filed draft papers with market regulator SEBI for its proposed initial public offering to raise around Rs 2,500 crore, according to sources.
Battered and bruised by the slowdown, real estate developers have done a mid-course strategy correction and begun to offer low-cost and affordable houses.
NCP president Sharad Pawar on Friday reiterated that the Income Tax Department's raids on Maharashtra deputy chief minister Ajit Pawar's relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.
Housing prices increased by up to 11 per cent annually across eight major cities during January-March period of this year due to a rise in demand for residential properties and a sharp hike in rates of construction raw materials, according to a joint report by CREDAI, Colliers and Liases Foras. Delhi-NCR witnessed highest rise in housing prices by 11 per cent to Rs 7,363 per sq ft during January-March 2022 as compared to the year-ago period, as per the first edition of Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras. Hyderabad witnessed 9 per cent increase in housing prices to Rs 9,232 per square feet, while Ahmedabad saw a 8 per cent appreciation to Rs 5,721 per square feet and Kolkata 6 per cent to Rs 6,245 per square feet.
After a long hiatus, home sales are finally back on track. Sales of major real estate developers have more than trebled in the June quarter compared to the preceding three months, amid growing expectations that the good times will continue to roll.
A court in Mumbai on Tuesday remanded two police officers in the custody of the Maharashtra criminal investigation department in a case of alleged extortion in which former Mumbai police commissioner Param Bir Singh is one of the accused.
The shrinking sales of residential apartments have forced real estate developers in Pune to even pay the monthly home loan installments of their customers who have lost jobs due to the economic slowdown.
The cash-strapped real estate developer is in talks with banks to restructure its outstanding debt of Rs 1,825 crore (Rs 18.25 billion).
Out of the proposed 74 malls in key eight cities at the beginning of 2008, only 34 were delivered through the year, the study showed. Developers in the National Capital Region lagged the most with a supply of 4.7 million sq ft compared with the earlier target of 7.1 million sq ft. Developers may continue to restrict their supply, or go slow on retail space by a similar amount in 2009 across key major cities, the study showed.
Rated as one of the best real estate destinations by a number of agencies, Pune's realty market is fast losing its charm as developers are being forced to construct low-end schemes to increase sales. While more than 260 real estate developers are willing to pay three EMIs of home loans taken by their clients and some have offered to rent apartments to future clients, Pune's top developer Goel Ganga group has launched four low-end affordable housing projects in the city.
Better living conditions must be an integral part of all political campaigns. But this will only happen if the public pressures the political class to understand the irreversibility of climate change and make the environment a crucial part of their manifestos.
India's booming real estate sector has more than doubled the number of billionaires from this space in just 12 months, with DLF's Kushal Pal Singh emerging "the world's richest real estate developer." Among 54 Indian billionaires identified by Forbes magazine, there are seven real estate developers with a net worth of over a billion dollar each.
Twenty years after the burning of a train in Godhra killed 59 'karsevaks' and triggered one of India's worst post-Partition riots, the poll-scape reflects the yawning gulf between the two communities.
The Reserve Bank on Friday extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to set up a small finance bank (SFB). "Taking into account the time required for completion of various activities involved in the process...the validity of the ...Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from July 1, 2021 to December 31, 2021, subject to review," the RBI said in a notification.
The West Bengal government plans to enter into joint venture partnership with private real estate developers to promote LIG and MIG housing complexes in New Town near Rajarhat.
Morgan Stanley Real Estate on Wednesday announced that it has invested Rs 300 crore (around $68 million in Mantri Developers Private Ltd, a private Bangalore-based real estate developer.
The crime branch of Mumbai Police, which is probing the case, had sought the proclamation, saying that the Indian Police Service officer could not be traced even after the issuance of a non-bailable warrant against him.
Real estate development on Mumbai airport land and the work on Navi Mumbai airport have been inordinately delayed, which have prompted rating downgrades and raised questions on its financial capabilities. It is also trying to stave off Adani group's entry as a shareholder in the Mumbai airport project.
The project will house 3,000 residential units across 10 towers in the first phase on a 20-acre land parcel that Raymond owns in Thane
The government on Wednesday said that all urban cooperative banks and multi-state cooperative banks will come under the supervision of the Reserve Bank of India, a development aimed at providing comfort to depositors and prevent repeat of PMC Bank like scams. The President of India will promulgate an ordinance to this effect, Information and Broadcasting Minister Prakash Javadekar told reporters after the meeting of the Union Cabinet.
Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said "there has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
Pawar said he was upset that his three sisters were dragged into this.
Canada Pension Plan Investment Board has stringent processes and systems, which are proving to be a stumbling block
Adani Enterprises, the flagship company of the Adani group, on Monday said it had entered into a 50:50 joint venture (JV) with EdgeConnex, a leading global data centre operator, to develop and operate data centres across India. The idea behind the JV, AdaniConneX, was to leverage the two partners' complementary expertise and capabilities, it said. In addition to full-scale data centres, AdaniConneX will also develop a portfolio of Edge data centres strategically located across the country to address the need for more proximate capacity.
The airlines sources confirmed the development and said the management is negotiating with the developers to resolve the deadlock.
'Suppose you are sitting abroad and taking legal recourse through power of attorney then what happens. If that is so then you will come to India if the court rules in your favour, we don't know what you have in mind'
The urban development ministry is expected to repeal the existing restrictions on real estate firms by allowing foreign investment up to 49 per cent, free of all conditions.
Here's what your favourite celebrities have been up to.
Cracking the whip on those polluting Yamuna, the National Green Tribunal on Tuesday passed a slew of directions including a fine of Rs 5,000 on individuals spotted throwing waste or religious items in the river as it unveiled a plan for its restoration.
The tie-up with IBM for Wave City, to be spread over 4,500 acres, is meant to provide information on traffic management through SMS alerts and billing usage.
A legal tussle is currently on between a civil society group led by a professor, ostensibly working to further public interest, on the one hand, and the state government and an influential but controversial real estate developer, on the other. The dispute, which is over the way in which the Rajasthan government is seeking to re-develop Jaipur's historic Mansagar lake and its environs, is expected to be resolved soon by the Supreme Court.
With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said.
Five-star hotel chains and real estate developers are collaborating on branded homes that not only offer a premium lifestyle but are sound investment options as well.
The provisions in the bill will curb malpractices by developers and it even proposes to penalise them if norms are violated.
There are solid reasons recent observations at the company raise question marks about its adhering to corporate governance in spirit.
Eminent ENT surgeon, educationist and Padmabhushan recipient L H Hiranandani passed away at his residence in Mumbai on Thursday evening. He was 96.
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