Real Estate News Updates for April 27
Welcome to the latest edition of?ETRealty's daily newsletter,?RealtyDigest! Through this especially curated newsletter, we aim to provide the latest real estate and allied industries' news, views, market trends, reports, video interviews and much more to help you navigate the world of real estate. Subscribe and Stay Tuned for daily updates!
------------------------------------------------------------------------
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cautioned homebuyers against over 308 real estate projects in key property markets including Mumbai, Navi Mumbai Thane, Pune, and rest of Maharashtra that are facing insolvency and bankruptcy proceedings against them.
Various banks, financial institutions, and other financial lenders have initiated these insolvency proceedings against the projects through the National Company Law Tribunal (NCLT).
Out of these 308 projects, the authority has highlighted that 115 projects are ongoing and in 32 projects, more than 50% of the inventory has been sold and registered. While the remaining 193 projects’ registration has lapsed and in as many as 150 projects of these, more than 50% inventory has been sold and registered.
The Income-Tax Appellate Tribunal's (ITAT) Mumbai bench recently held that the rental compensation received from a builder due to a redevelopment project is not taxable in the hands of the former flat owner. ITAT adopted this stand even as the taxpayer, the former flat owner, had not taken another accommodation on rent but had moved in with his parents.
Typically, when a building goes in for redevelopment, the flat owners are either provided with alternate accommodation by the builder or more commonly paid a monthly rental compensation. The ITAT held the rental compensation is a 'capital receipt' and not a 'revenue stream of income', thus it is not taxable in the hands of the former flat owner.
National company law tribunal (NCLT) has approved a Rs. 990 crore debt resolution plan for a unit of Sare Homes. The plan was submitted by a consortium of KGK Realty and Dhoot Infrastructure.
KGK Realty has a 74% share in the consortium and Dhoot Realty has a 24% share, according to an order uploaded on NCLT’s website on 24 April.
The two-player consortium had submitted a debt resolution plan for Sare Gurugram Private Limited, the unit of Sare Homes that defaulted on dues to creditors and was unable to complete construction of a promised township located on the outskirts of Delhi.
The consortium outbid five others bidders, including realty companies Alpha Corp and Signature Global and high net worth individual investors Nikhil Jain, Sunil Kumar Jain and Sumeet Nanda.
领英推荐
A group of Unitech homebuyers on Wednesday demonstrated in front of the Supreme Court complex, demanding a faster timeline for the completion of the long-delayed housing projects in which they have invested.
More than 20,000 homebuyers have been waiting for their apartments for a decade. The Supreme Court-monitored takeover of Unitech by the government has happened but it hasn't brought the results the buyers were expecting.
In a statement, the homebuyers' association said that in the last three and a half years since the government took over Unitech and appointed a new management to complete its housing projects, not a single brick has been laid. Many of those waiting for their flats have now retired and paying EMI and rent has become challenging for them.
Dalmia Bharat on Wednesday said it has executed definitive agreements with debt-ridden Jaiprakash Associates Ltd (JAL) to acquire the latter's cement assets as per an earlier announcement.
Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, on Tuesday executed definitive agreements with JAL for the acquisition of JP Super Cement Plant in Uttar Pradesh at an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore.
However, this will be subject to various clearances and approvals related to JP Super plant and mines, said a regulatory update from Dalmia Bharat Ltd (DBL).
--------------------------------------------------------------------------------
This is a condensed version of?ETRealty?Newsletter! Get the full version by?subscribing here!
-------------------------------------------------------------------------------
www.etrealty.com?is an online resource for the latest news, analysis, and insights on the Indian real estate market. Our website provides comprehensive coverage of the real estate sector, including residential and commercial properties, infrastructure developments, and regulatory updates.
Follow us here for more updates!
LinkedIn:?https://www.dhirubhai.net/company/et-realty/
Twitter:?https://twitter.com/Realty_ET
Facebook:?https://www.facebook.com/ETRealty
Instagram:?https://www.instagram.com/et.realty/