Real Estate News Update for July 04
Dear Readers,
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Brand Connect Initiative
With major project launches by some of India’s biggest real estate brands featuring creative works by Square One as a staple, the company - which specializes in the creation of outstanding marketing assets (3d views, walkthroughs, AR/VR applications, branding & advertising) for real estate brands - is spreading its wings ever further across the massive South Indian real estate landscape.
Cement
Kumar Mangalam Birla flagship UltraTech is in advanced negotiations with the promoter of Orient Cement Ltd (OCL), his uncle CK Birla, after restarting talks in recent weeks, amid intensifying consolidation efforts in the sector, said people familiar with the discussions.
Regulatory
Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
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Industry
NEW DELHI: Lenders of Jaiprakash Associates Ltd (JAL) led by ICICI Bank on Wednesday rejected the modified one-time settlement proposal, in which the debt-ridden group had offered a higher upfront payment and sales of its cement assets. During a hearing before the insolvency appellate tribunal NCLAT, senior advocate Sajeev Sen representing ICICI Bank informed the bench about the rejection of the OTS (one-time settlement) scheme by the lenders.
Industry
NEW DELHI: Institutional investment in Indian real estate rose 20 per cent annually to USD 2.52 billion in the April-June quarter on higher inflow in warehousing and residential projects, according to Colliers India. Real estate consultant Colliers India on Wednesday released the data, stating that the institutional investments in real estate stood at USD 2,528.5 million in the April-June quarter this year, up 20 per cent from USD 2,106.4 million in the year-ago period.
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