Weekly Real Estate News Tracker- December 25, 2022
A lot of activity happened in the Real estate sector this week and you wouldn’t want to miss out on any of it! Here’s this week’s news, Simplease Edition :
MUMBAI UPDATES
1. Godrej Properties buys 62 acres land in Kurukshetra
Realty firm Godrej Properties has purchased about 62 acres of land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project and is targeting around Rs 550 crore revenue from this property.
To read more, visit the following link:
https://tinyurl.com/mt4bmar3
2. BMC to buy out AAI’s Dahisar land for Rs.473 crores
The BMC will pay 473 crores for 58 acres of Airports Authority of India owned land at Dahisar, clearing the way for redevelopment of buildings and slums from Andheri, Juhu to Dahisar. The 58 acres will be developed as a park/garden, the largest in the suburbs.
To read more, visit the following link:
3. Mahindra Lifespaces completes acquisition of 9.24 acres land in Mumbai
Mahindra Lifespace Developers (Mahindra Lifespaces) has completed the acquisition of freehold land admeasuring approximately 9.24 acres situated in Village Akurli Kandivali East, Mumbai from Mahindra and Mahindra (M&M)
To read more, visit the following link:
https://tinyurl.com/2p82bcre
4. About 2800 projects worth Rs.90000 crore lapse in five years of Maharashtra RERA
Five years after the Maharashtra Real Estate Regulatory Authority (MahaRera) came into existence, it has been found that while 34,398 projects worth Rs 11.5 lakh crore have been registered, 2,800 projects worth Rs 90,000 crore have lapsed.
To read more, visit the following link:
https://tinyurl.com/ubmev3wm
5. Maharashtra government may pay two year’s rent to SRA and Mhada tenants
Deputy CM Devendra Fadnavis on Monday said the government may roll out a scheme whereby the state will pay two years’ rent to slum dwellers in Slum Rehabilitation Authority (SRA) schemes and tenants of Mhada redevelopment projects who have been denied their dues by defaulting builders.
To read more, visit the following link:
https://tinyurl.com/bdefa3x3
6. Bajaj family buys five apartments in south Mumbai for Rs 104 crore
Members of the Rahul Bajaj family have bought five sea-view apartments in luxury residential project Raheja Vivarea in south Mumbai’s Mahalaxmi locality for nearly 104 crore
To read more, visit the following link:
https://tinyurl.com/2uzk9kp7
7. Now, BMC allows offices in residential buildings
Brihanmumbai Municipal Corporation (BMC) commissioner Iqbal Singh Chahal has issued an order amending a provision of the Development Control Promotion Regulation (DCPR) allowing offices in residential buildings.
To read more, visit the following link:
GURUGRAM UPDATES
1. Max Estates to develop 2 million sq ft of residential and commercial space in 2023
Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the Max Group, will develop one million square feet of commercial space and another million residential space in 2023 as it looks to scale up its real estate portfolio, said Sahil Vachani, MD & CEO of MaxVIL.
To read more, visit the following link:
2. Delhi High Court summons directors of Ansal Properties
The Delhi High Court has summoned the directors of real estate company Ansal Properties & Infrastructure to explain “concealment of facts” from the court and an attempt to “frustrate” its orders. The directors have been directed to remain personally present in the court on January 23.
To read more, visit the following link:
3. Supertech offered 9,705 flats without occupancy certificates: Interim resolution professional to NCLAT
Debt-laden Supertech offered 9,705 flats across 18 residential projects to their owners without obtaining occupancy certificates from the respective development authorities, according to a report prepared by the realty firm’s interim resolution professional.
To read more, visit the following link:
4. Gurugram civic body to auction 102 properties of tax defaulters
MCG will auction around 102 properties on December 28 for non-payment of property taxes by owners. According to a senior MCG official, most of the properties, which are spread across four zones of the district, are commercial properties. The amount pending has been kept as the reserve price for the auction under Section 130 of the Haryana Municipal Corporation Act.
To read more, visit the following link :
5. Five farmhouses built in Aravalis demolished
Five farmhouses over four acres of Aravali land were razed by the Haryana forest department in Gwalpahari on Tuesday – in line with directions of the National Green Tribunal (NGT) to demolish all illegal structures in areas that fall under sections 4 and 5 of the Punjab Land Protection Act (PLPA).
To read more, visit the following link :
6. Smart World lines up nearly Rs 3,000 crore for 3 Gurugram housing projects
Smart World Developers will invest nearly Rs 3,000 crore in developing about 8 million sq ft of residential space across three projects in Gurgaon, said its CEO Vivek Singhal.
To read more, visit the following link :
7. NCDRC directs JMD to refund excess amount charges from buyers
The National Consumer Disputes Redressal Commission (NCDRC) has directed the realty developer JMD to refund excess amount charged towards super area by adding the area of balcony and also ordered to transfer contingency deposit to the RWA with IFMS.
To read more, visit the following link :
GLOBAL UPDATES
1. Redfin Reports Home Sales Slumped 35% in November, the Biggest Decline on Record
Home sales fell 35.1% year over year in November on a seasonally-adjusted basis, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That is the largest decline in Redfin’s records that date back to 2012.
To read more, visit the following link :
2. Compass market cap fell to about $1 billion. It has slashed revenue projections by about 25%
With home sales dipping amid rising interest rates, Compass has cut workers and bled cash. Its market cap fell to about $1 billion.
To read more, visit the following link :
3. Opendoor faces ‘existential’ crisis as iBuying fights for survival
The company recently reported a nearly billion-dollar loss and has now dramatically rearranged its executive lineup as the cash-buying sector contends with a slowing market.
To read more, visit the following link :
https://www.inman.com/2022/12/05/opendoor-faces-existential-crisis-as-ibuying-fights-for-survival/
4. Fifth Wall Closes $866 Million Fund; Unlocking More Than $1 Billion In New Capital For PropTech in 2022
Fifth Wall—the largest venture capital firm focused on technology for the global real estate industry—today announced the final close of its Real Estate Technology Fund III (“Fund III”) totaling $866 million.
To read more, visit the following link :
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