Real Estate News Update for April 03

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Residential

Gurugram civic body makes self-certification mandatory for property registration

GURUGRAM: MCG has made self-certification of property tax data mandatory for owners to execute sale, purchase, lease and rental registrations at the revenue department office. According to officials, the move will help ensure that data of property owners — such as their names, plot size and address — are correct and the tax bills generated are accurate.

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Regulatory

Bombay HC sends Yash Builders' proprietor to three months' civil imprisonment

MUMBAI: The Bombay High Court, citing evidence of 'wilful, deliberate, and contumacious conduct' by builder Paras Dedhia, directed the police inspector of NM Joshi Marg on Monday to immediately arrest him from the court premises and transport him directly to Arthur Road Jail. Dedhia is to serve a three-month sentence of civil imprisonment.

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International

WeWork targets Chapter 11 exit by May 31, secures $8 billion in rent reduction

BENGALURU: WeWork said on Tuesday it aimed to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and had negotiated more than $8 billion, or over 40%, reduction in rent commitments from landlords.

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Cement

Ultratech Cement to set aside $3.9 billion for capex over three years

BENGALURU: India's Ultratech Cement said on Tuesday it would set aside 324 billion rupees ($3.89 billion) for ongoing capital expenditure over the next three years.

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Industry

Embassy REIT plans to raise up to $400 million, hires banks: Sources

MUMBAI: India's largest real estate investment trust, Embassy Office Parks, plans to raise up to $400 million from investors, two sources with direct knowledge said, as it looks to meet demand for office space from global and local giants.

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