Real Estate News Update for April 10
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Regulatory
BATHINDA: Facing 108 cases in 21 districts of Punjab and declared proclaimed offender (PO) in 92 of those, the architect in multi-crore-rupee Nature Heights Infra real-estate scam, Neeraj Thathai ‘Neeraj Arora’, was on Monday arrested from Uttarakhand after more than 8 years of being on the run.
Industry
GURUGRAM: MCG on Tuesday made self-certification of properties mandatory for residents to avail govt services. The civic body has also directed all officials to self-certify their properties, failing which their salaries won’t be disbursed. Tax clerks in each zone have been asked to self-certify 100 properties daily and submit a report to the zonal taxation officers every day. The salaries will be released on basis of performance.
Industry
NEW DELHI: Realty firm Migsun Group will invest Rs 426 crore to develop a mixed-use project comprising retail spaces and studio apartments at Lucknow in Uttar Pradesh. Migsun Group bought land from Medanta.
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Industry
Prolonged delay in completing a proposed merger between Indiabulls Real Estate (IBREL) and Embassy Group is hampering decision-making process, impacting the listed real estate firm's growth plans and unsettling stakeholders, Jitendra Virwani, the group's chairman and founder, told ET.
RERA
GURUGRAM: The Haryana real estate regulatory authority (HRERA) has denied the extension of registration validity for a housing project of Godrej Developers & Properties in Gurugram, citing non-compliances of norms. According to HRERA, Gurugram, Godrej Developers & Properties LLP failed to rectify deficiencies in the application, which showed mismatch of several details provided in the project's quarterly progress report (QPR) from those mentioned in the CA certificate. Deficiencies were also related to licence renewal and bank balance.
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