Real Estate News Update for August 22

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Industry

Expert panel suggests changes in insolvency law among others to revive stalled realty projects

NEW DELHI: Changes in the insolvency law and formulating a scheme offering subsidised interest rates are among the several measures suggested by an expert panel to the Centre for reviving stalled real estate projects in the country.

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RERA

Delhi RERA directs builders to open allottee grievance cell

NEW DELHI: The Delhi Real Estate Regulatory Authority (DRERA) has directed real estate promoters and builders of the national capital to "appoint an 'Allottee Grievance Cell' for each project with a dedicated telephone number to redress grievances of allottees".

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Residential

Gurugram: DTCP checks soon in upscale colonies for building rule violations

GURUGRAM: After repeated complaints on violations in building norms, the department of town and country planning (DTCP) on Monday constituted teams to check 30 residential properties in licensed colonies where owners have carried out illegal construction after procuring occupation certificates (OCs).

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Housing Finance

Omkara ARC buys Joyous Housing's Rs 784-crore outstanding loan from PNB Housing

MUMBAI: Omkara ARC has acquired ?784-crore loan outstanding from PNB Housing Finance of Joyous Housing Limited. The transaction happened at par and helped the mortgage lender in resolving a significant non-performing asset.

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Cement

Ambuja Cements' open offer for Sanghi Industries to commence from September 29

NEW DELHI: Adani group-owned entity Ambuja Cements' open offer to acquire 26 per cent equity from the public shareholders of Gujarat-based cement maker Sanghi Industries would commence from September 29, according to a document.

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Popular Among Readers:

KP Singh, two promoter entities offload DLF shares for Rs 1,087 crore

Mumbai: Dilip Kumar's Pali Hill bungalow to make way for residential project

Bollywood producer Dinesh Vijan buys apartment in Mumbai's Pali Hill for Rs 103 crore

Indiabulls Housing Finance promoter further cuts stakeholding

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