June 2019

Delhi: TDI Infrastructure booked for duping buyers

NEW DELHI: The Economic Offense Wing of the Delhi Police on Wednesday booked infra company TDI Infrastructure for allegedly duping two people to the tone of Rs 40 lakh for over a decade. According to the police, the complainant alleged that the builder sold them plots which were never owned by the company. Additional Commissioner of Police (Economic Offense Wing) Suvashis Choudhary told IANS that the...

CPCB stops Ansal Properties’ township project, imposes fine of Rs 14.6 crore

NEW DELHI: The Central Pollution Control Board (CPCB) has directed Ansal Properties and Infrastructure to stop all construction activities for its township project in Gurgaon for violation of environmental norms and also asked the real estate developer to pay Rs 14.69 crore as compensation. In its order dated June 18, the apex pollution control body held the builder guilty of discharge of untreated waste...

Suraksha ARC and JM Financial invest Rs 2,000 crore in Unitech

MUMBAI: Real estate investment company Unitech group secured a Rs 2,000-crore investment from two asset reconstruction companies to complete pending projects and is scouting for more investors for additional funding as the date set by the Supreme Court to deposit money nears in July, said two persons close to the development. The company is also pursuing state governments to secure another Rs 1,000 crore...

DLF-GIC joint venture to build over 2.5 million sq ft mall in Gurugram

GURUGRAM: Singapore’s sovereign wealth fund GIC is strengthening its alliance with India’s largest listed realty developer DLF as it seeks to participate in helping build the country’s biggest retail mall of more than 2.5 million sq ft, said two persons with direct knowledge of the development. The new project, a retail and commercial-led mixed-use development to be known as Down Town, will be...

CID arrests two directors of Galaxy Group from Lucknow

PUNE: The Maharashtra Criminal Investigation Department (CID) and Uttar Pradesh Anti Terrorism Squad (ATS) arrested directors of the Galaxy Group on Friday from Lucknow. The two directors of the company had been allegedly absconding for the past 20 years. The CID arrested the directors Satishchandra Bhagwati Mishra (65) and Ramkrishna Dubey (58) both of whom residents of Kabirnagar in Khalilabad. The other...

CAG questions Noida Authority over 20 builder projects

NOIDA: The Comptroller and Auditor General’s (CAG) team seems to have finally started tightening its noose around Noida Authority, as it has sought an explanation regarding allotment of plots for 20 builder projects within a month. The Authority CEO met all concerned departments on Wednesday and ordered that the replies must be sent on time. In fact, the CAG team has submitted about five pages of queries...

Unitech gets Gurugram development body’s notice for misusing groundwater

GURGAON: GMDA issued a notice to developer Unitech Group on Tuesday for allegedly allowing the use of groundwater for construction activities in Nirvana Country. As per the notice, the developer has given groundwater connections to buildings that are currently under construction or without an occupation certificate, which is not permissible under the norms. According to GMDA officials, they had received a...

Blackstone-backed India REIT wins over investors amid low rates

BY: Dhwani Pandya India’s first ever real estate investment trust has outperformed peers since its debut in late March, helped by a low interest rate environment that’s forcing investors to look elsewhere for yield. Blackstone Group LP-backed Embassy Office Parks REIT has risen 21% since its listing, beating indexes that track REITs in Singapore and Japan. “This kind of return isn’t usual from a...

NAA pulls-up Bengaluru’s Sattva Developer for not passing GST gain to buyers

NEW DELHI: In a setback for real estate developers, the National Anti-Profiteering Authority has held that homebuyers cannot endlessly wait to get the benefit of input tax credit (ITC) for GST payments as the law does not provide that the gain should only accrue on completion of the project. Nearly two years after the launch of GST, several builders have not passed on the benefit of credits earned for...

Jaypee Infratech creditors to meet on Jun 20 to decide future course

NEW DELHI: Jaypee Infratech's creditors, which include banks and home buyers, will meet on June 20 to assess the progress of the ongoing insolvency process and decide future course of action. The meeting has been called days after majority of banks voted against state-owned NBCC's bid to acquire the debt ridden realty firm. A meeting of Committee of Creditors (CoC) will be held on June 20, 2019, Jaypee...

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