A lot of activity happened in the Real estate sector this week and you wouldn\u2019t want to miss out on any of it! Here\u2019s this week\u2019s news, Simplease Edition :<\/p>\r\n
INDIA UPDATES<\/span><\/p>\r\n\r\n\r\n\r\n\r\n\r\n Indiabulls Housing Finance Ltd (IHFL) had moved the Bengaluru bench of the National Company Law Tribunal (NCLT) claiming a default of\u00a0\u20b9456.68 crore by Mantri Developers, part of the Mantri Group of Companies engaged in the real-estate business in Bengaluru, as on January 1, 2022.<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.hindustantimes.com\/real-estate\/nclt-orders-initiating-insolvency-proceedings-against-mantri-developers-101680262074307.html<\/a><\/p>\r\n\r\n\r\n\r\n The entire stake was acquired by Aurum Realestate Developers, as per the block deal data available on the National Stock Exchange (NSE)<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/industry\/pe-firm-exits-shriram-properties-sells-entire-stake-for-rs-134-crore\/99161489<\/a><\/p>\r\n\r\n\r\n\r\n The web commerce company registered the document in February for a 60 months lease for 6,00,000 sq ft of space in Bangalore in one of the most significant office transactions in recent times.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/rs9wy77x<\/a><\/p>\r\n\r\n\r\n\r\n The Karnataka Real Estate Regulatory Authority (KRERA) has held that flooding in an apartment complex cannot be considered an “act of God” and ordered the builder to pay Rs 1 lakh in damages to homebuyers at a Bengaluru project as compensation.<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.moneycontrol.com\/news\/business\/karnataka-rera-orders-developer-to-pay-rs-28-lakh-as-flood-compensation-to-homebuyers-10325611.html<\/a><\/p>\r\n\r\n\r\n\r\n These properties are in Lucknow, Agra, Mathura, Aligarh and others. A case of Prevention of Money Laundering Act, 2002 (PMLA) was registered against the firm in March 2022<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/regulatory\/ed-attaches-property-worth-rs-83-crore-of-kalptaru-buildtech\/99161280<\/a><\/p>\r\n\r\n\r\n\r\n Emerald Haven Realty Ltd. (TVS Emerald) has signed a term sheet with\u00a0HDFC Capital Affordable Real Estate Fund \u2013 3 to create a \u20b91,000-crore platform for plotted development projects across Chennai and Bengaluru.<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.thehindu.com\/business\/tvs-emerald-hdfc-capital-ink-pact-to-create-1000-cr-platform-for-plotted-development-projects-in-chennai-bengaluru\/article66675511.ece<\/a><\/p>\r\n\r\n\r\n\r\n Embassy Office Parks REIT (Embassy REIT) has agreed to acquire Embassy Business\u00a0Hub, Bengaluru, for a total enterprise value of Rs 3,348 million ($41 million) with exclusive ownership rights to approximately of 1.4 million sq ft of leasable area on full completion, the company said in a BSE filing.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/4p8k4sft<\/a><\/p>\r\n\r\n\r\n\r\n ============================<\/p>\r\n\r\n\r\n\r\n The Maharashtra government on March 31 decided not to increase the ready reckoner (RR) rates in the state for fiscal 2023-24. In 2022-23, the government had increased the RR rates by an average of 8.80 percent. The government\u2019s decision not to change the RR rates will help homebuyers in the affordable segment, said real estate developers.<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.moneycontrol.com\/news\/business\/real-estate\/maharashtra-govt-to-maintain-status-quo-on-ready-reckoner-rates-for-fy24-10343431.html<\/a><\/p>\r\n\r\n\r\n\r\n The response in Delhi and Bengaluru has, so far, been tepid as there is limited new supply in the above Rs 10-crore range. Mumbai doesn’t have such a problem<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.moneycontrol.com\/news\/business\/real-estate\/why-is-there-a-mad-rush-to-register-high-end-properties-in-mumbai-10336761.html<\/a><\/p>\r\n\r\n\r\n\r\n While rising mortgage rates impacted affordability, property sales remained buoyant due to robust consumer sentiment, resulting in a revenue collection of Rs 1,143 crore in March.<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.moneycontrol.com\/news\/business\/real-estate\/mumbai-reports-11-53-percent-yoy-drop-in-property-registrations-in-q4-but-sees-by-28-percent-mom-growth-10342781.html<\/a><\/p>\r\n\r\n\r\n\r\n Government of Singapore held 4.28 percent shareholding in Phoenix Mills as of December 2022. Shares were sold in the retail mall developer and operator at an average price of Rs 1,300.15 a piece, taking the total transaction cost to Rs 669.54 crore<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.moneycontrol.com\/news\/business\/markets\/bulk-deals-singapore-govt-offloads-phoenix-mills-stake-for-rs-670-cr-wsi-wsqi-exits-shriram-properties-10344971.html<\/a><\/p>\r\n\r\n\r\n\r\n Homebuyers will soon be able to access all relevant project details by just scanning a QR code on the project registration certificates.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/yp3569vp<\/a><\/p>\r\n\r\n\r\n\r\n The company will be developing a total of three commercial real estate projects in phases across Mumbai\u2019s Kanjurmarg and Dombivli, and Viman Nagar in Pune<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/22xsuyhy<\/a><\/p>\r\n\r\n\r\n\r\n The apartment spread over 9,593 sq ft on the 21st and 22nd floor of the tower Oberoi Three Sixty West is valued at Rs 1.04 lakh per sq ft basis the total consideration. The deal has attracted stamp duty of over Rs 2.90 crore.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/avener-capital-buys-over-rs-100-crore-luxury-duplex-in-mumbais-worli\/99131918<\/a><\/p>\r\n\r\n\r\n\r\n the BMC had initially announced a tax target of Rs 6,000 crore for the fiscal 2022-23, which it revised to 4,800 crore earlier this year. The civic body’s total collection for the previous fiscal stood at Rs 5,792 crore.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/regulatory\/over-rs-5300-crore-recovered-by-bmc-in-property-tax-by-end-of-fy23\/99161379<\/a><\/p>\r\n\r\n\r\n\r\n The apartment on the 26th, 27th and 28th floor of the super-luxury residential tower Lodha Malabar is located on the plush Walkeshwar Road, opposite the governor\u2019s estate, touching both the Arabian Sea and the Hanging Gardens.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/jp-taparia-family-buys-triplex-apartment-in-south-mumbais-malabar-hill-for-rs-369-crore\/99105266<\/a><\/p>\r\n\r\n\r\n\r\n ========================<\/p>\r\n\r\n\r\n\r\n The money laundering case against the Unitech group, its promoter brothers — Sanjay Chandra and Ajay Chandra — and their family and others stems from multiple FIRs registered by the economic offences wing (EOW) of the Delhi Police.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/regulatory\/ed-takes-possession-of-rs-245-crore-worth-gurugram-plots-in-pmla-case-against-unitech\/99048969<\/a><\/p>\r\n\r\n\r\n\r\n The CAG in a report in December 2019 had said that the scheme led to losses of Rs 9,000 crore to the exchequer and plots worth Rs 4,500 crore under the scheme were allotted to entities that did not meet the technical eligibility criteria of net worth, turnover or experience.<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.moneycontrol.com\/news\/business\/real-estate\/mc-explains-stalemate-between-noida-authority-and-developers-takes-a-toll-on-homebuyers-10338231.html<\/a><\/p>\r\n\r\n\r\n\r\n With the purchase, Rohatgi joins the ranks of several corporate leaders who have\u00a0bought properties in posh Delhi areas.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/mukul-rohatgis-wife-buys-golf-links-bungalow-for-rs-160-crore\/99105301<\/a><\/p>\r\n\r\n\r\n\r\n District town planner (enforcement) Manish Yadav, in his letter to the police chief sought registration of an FIR and action against the builder and any associates who were part of the illegal act<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/4x7we9jd<\/a><\/p>\r\n\r\n\r\n\r\n Officials said that of the Rs 4,457 crore that YEIDA was to collect from the builders, Rs 2,753 crore was land premium, Rs 1,408 crore additional compensation for farmers and Rs 296 crore lease rent.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/industry\/yeida-plans-scheme-to-collect-rs-4450-crore-from-14-builders\/99022679<\/a><\/p>\r\n\r\n\r\n\r\n In the last five years, the Haryana Real Estate Regulatory Authority (HRera) has\u00a0resolved only around 53% of complaints it received from aggrieved homebuyers, while the rest are at various stages.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/tinyurl.com\/5dp3dbhm<\/a><\/p>\r\n\r\n\r\n\r\n ===========================<\/p>\r\n\r\n\r\n\r\n Sales of high-end homes in the Big Apple surpassed that of pre-pandemic years in 2022. In Mumbai, by comparison, there was 46 percent year-on-year growth in properties priced more than Rs 10 crore, a benchmark for Mumbai\u2019s top 1 percent in value terms and comparable to the top tier of Manhattan\u2019s housing market<\/p>\r\n\r\n\r\n\r\n Read more at : https:\/\/www.moneycontrol.com\/news\/business\/real-estate\/luxury-property-prices-expected-to-rise-by-2-percent-in-new-york-in-2023-knight-frank-10340001.html<\/a><\/p>\r\n\r\n\r\n\r\n It is the first residential building that Ortega’s firm has bought outside the US, Pontegadea said, adding it was part of its strategy to invest in multiple real estate assets.<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/international\/zara-founder-buys-luxury-apartment-building-in-dublin-for-108-million\/99161423<\/a><\/p>\r\n\r\n\r\n\r\n The 22-story skyscraper, built in 1902 and often said to resemble a clothes iron, fetched almost four times the opening price of $50 million following a keen bidding war<\/p>\r\n\r\n\r\n\r\n Read more at: https:\/\/realty.economictimes.indiatimes.com\/news\/industry\/new-yorks-flatiron-building-fetches-190-million-at-auction\/99049883<\/a><\/p>\r\n\r\n\r\n\r\n Shanghai-based Shimao, in the process of restructuring $11.8 billion of offshore debt, is among the many Chinese developers that defaulted last year.<\/p>\r\n\r\n\r\n\r\n1.\u00a0NCLT orders initiating insolvency proceedings against Bengaluru-based Mantri Developers<\/h3>\r\n\r\n\r\n\r\n
2.\u00a0PE firm exits Shriram Properties; sells entire stake for Rs 134 crore<\/h3>\r\n\r\n\r\n\r\n
3.\u00a0\u00a0Amazon leases over six lakh sq ft of office space in Bengaluru<\/h3>\r\n\r\n\r\n\r\n
4.\u00a0Karnataka RERA orders developer to pay Rs 28 lakh as flood compensation to homebuyers<\/h3>\r\n\r\n\r\n\r\n
5.\u00a0\u00a0ED attaches property worth Rs 83 crore of Kalptaru Buildtech<\/h3>\r\n\r\n\r\n\r\n
6.\u00a0TVS Emerald, HDFC Capital ink pact to create \u20b91,000-cr. platform for plotted development projects in Chennai, Bengaluru<\/h3>\r\n\r\n\r\n\r\n
7.\u00a0Embassy REIT acquires Embassy Business Hub for Rs 3,348 million in Bengaluru<\/h3>\r\n\r\n\r\n\r\n
MUMBAI UPDATES<\/h3>\r\n\r\n\r\n\r\n
1. Maharashtra govt to maintain status quo on ready reckoner rates for FY24<\/strong><\/h3>\r\n\r\n\r\n\r\n
2. Last day today: Mad rush to register high-end properties in Mumbai<\/h3>\r\n\r\n\r\n\r\n
3.\u00a0Mumbai reports 11.53 percent YoY drop in property registrations in Q4, but sees by 28 percent MoM growth<\/h3>\r\n\r\n\r\n\r\n
4.\u00a0Bulk Deals: Singapore Govt offloads Phoenix Mills stake for Rs 670 cr, WSI WSQI exits Shriram Properties<\/h3>\r\n\r\n\r\n\r\n
\u00a05. Maharashtra: Homebuyers can access all project details with QR code<\/h3>\r\n\r\n\r\n\r\n
6. Runwal Group forays into commercial realty with over Rs 4,500-crore investment<\/h3>\r\n\r\n\r\n\r\n
7. Avener Capital buys over Rs 100-crore luxury duplex in Mumbai’s Worli<\/h3>\r\n\r\n\r\n\r\n
8. Over Rs 5,300 crore recovered by BMC in property tax by end of FY23<\/h3>\r\n\r\n\r\n\r\n
9. JP Taparia family buys triplex apartment in South Mumbai’s Malabar Hill for Rs 369 crores<\/h3>\r\n\r\n\r\n\r\n
NCR UPDATES<\/h3>\r\n\r\n\r\n\r\n
1. ED takes possession of Rs 245 crore worth Gurugram plots in PMLA case against Unitech<\/h3>\r\n\r\n\r\n\r\n
2. Stalemate between Noida Authority and developers takes a toll on homebuyers<\/h3>\r\n\r\n\r\n\r\n
3. Mukul Rohatgi’s wife buys Golf Links bungalow for Rs 160 crore<\/h3>\r\n\r\n\r\n\r\n
4. Gurugram: FIR likely against Malibu Estate for illegal construction<\/h3>\r\n\r\n\r\n\r\n
5. YEIDA plans scheme to collect Rs 4,450 crore from 14 builders<\/h3>\r\n\r\n\r\n\r\n
6. Haryana-RERA resolved only 50% plaints in five years; buyers say ‘too slow’<\/h3>\r\n\r\n\r\n\r\n
GLOBAL UPDATES<\/h3>\r\n\r\n\r\n\r\n
1.\u00a0Luxury property prices expected to rise by 2 percent in New York in 2023: Knight Frank<\/h3>\r\n\r\n\r\n\r\n
2. Zara founder buys luxury apartment building in Dublin for $108 million<\/h3>\r\n\r\n\r\n\r\n
3. New York’s Flatiron Building fetches $190 million at auction<\/h3>\r\n\r\n\r\n\r\n
4. China’s Shimao Group seeks buyer for Hong Kong hotel: JLL<\/h3>\r\n\r\n\r\n\r\n