HomeGlobalWeekly Real Estate News Tracker- 6 May 2023
Weekly Real Estate News Tracker- 6 May 2023
May 6, 2023
1.EOW arrests Nirmal Lifestyle directors in Rs 43 crore cheating case
The EOW informed the court that the Jains had allegedly defrauded them of Rs 43 crore by failing to deliver flats to about 54 buyers in three Nirmal Lifestyle projects, Zircon, Amethyst, and Turquoise. The three home developments are still unfinished. This is the second instance of similar cheating using Jains.
2.Runwal Group acquires complete ownership of R CITY Mall in Mumbai
One of Mumbai’s largest shopping and leisure destinations, R CITY Mall in Ghatkopar, has been fully bought by real estate developer Runwal Developers. GIC, Singapore’s sovereign wealth fund and its joint venture partner for more than 17 years, has a 50% stake in the acquisition, the business said in a statement on 5th May.
5.CPP Investments, RMZ plan office project on Kamalistan Studio land
Canada Pension Plan Investment Board (CPP Investments) has entered into an agreement with realty developer RMZ Corp to develop a commercial project on a 15-acre land parcel in Mumbai where the iconic Kamalistan Studio stands, said persons with direct knowledge of the development.
1.’You don’t deserve any sympathy’: SC rejects bail plea of Amrapali founder
The Supreme Court on Thursday rejected the bail plea of Amrapali founder and former chairman Anil Kumar Sharma, saying he did not deserve any sympathy for cheating thousands of homebuyers, reports Amit Anand Choudhary.
3. Brookfield Asset Management takes 51% stake in four properties of Bharti Enterprises
Brookfield Asset Management has taken controlling 51% stake in four commercial properties spread over 3.3 million sq ft of Bharti Enterprises for Rs 5,000 crore both the companies said in a media release. Properties managed under the joint venture include Worldmark Aerocity in Delhi, Airtel Center and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana.
4. Noida Film City: YEIDA holds talks with production houses, filmmakers to relax bidding conditions
After receiving a tepid response to the last two global tenders for the 1,000-acre Film City project, the Yamuna Expressway Industrial Development Authority (YEIDA) is in talks again with production houses and filmmakers.
3.Samantha Ruth buys flat in Hyderabad for Rs 7.8 crore
South actor Samantha Ruth Prabhu has bought a duplex apartment in Hyderabad for a about ₹7.8 crore.The property, bought from Nalla Preetham Reddy, is in Jayabheri Orange County of Ranga Reddy district of Telangana.
Read more at: https://realty.economictimes.indiatimes.com/news/residential/samantha-ruth-buys-flat-in-hyderabad-for-rs-7-8-crore/100062344
4.Will Cognizant’s decision to reduce office space hurt the real estate market?
Cognizant giving up 11 million square feet of commercial office space in large cities may not have a huge impact on the commercial market in India.
5.MAIA Estates to invest Rs 3,000 cr and develop 4.5 million sq. ft property in Bengaluru
Real estate developer MAIA Estates plans to invest Rs 3,000 crore to develop 4.5 million square feet of property in Bengaluru by the end of 2025 and diversify from building luxury homes to the upper-mid segment.
1. Dubai records over 2.2 billion dirham in realty transactions
Dubai real estate market recorded 440 sales transactions worth AED830.88 million, in addition to 113 mortgage deals of AED1.28 billion, and 22 gift deals amounting to AED100.85 million on Wednesday, data released by Dubai’s Land Department (DLD) showed.
3. Heart of the Matter: Why ultra-rich foreigners will still buy property in Singapore
The additional buyer’s stamp tax that foreigners must now pay when purchasing residential property in Singapore is 60%, up from 30%. Citizens believe that even though this is the steepest hike in the most recent series of property cooling measures, demand won’t be reduced over the long term as a result.
4.Buyer Beware: Most Major Canadian Markets Currently Favour Sellers
A year of bottled-up demand has fueled newfound ardour in real estate markets throughout Canada in recent weeks as buyers come back from the sidelines. While they’re eager to transact, new supply sits at a 20-year low.
5.Australia’s Housing Market Is Finally on the Rebound
Following a 0.6% increase in March, CoreLogic’s national Home Value Index increased by 0.5% in April, indicating that the market is rebounding from what the study referred to as a “relatively short but sharp downturn.”