Real Estate News Update for July 05
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Industry
NEW DELHI: Experion Developers has acquired a 7.81-acre plot at Dwarka Expressway in Gurugram for Rs 400 crore to capitalise on the flourishing market for premium residential properties. It plans to invest an additional Rs 2,000 crore to build 3 million sq ft of luxury homes in the new land parcel.
Industry
NEW DELHI: Textile major Raymond Ltd on Thursday said it will demerge the real estate business to unlock the value for shareholders and harness growth potential in the Indian property market. In a regulatory filing, the company informed that its board has approved the scheme of arrangement of Raymond Ltd (demerged company) and Raymond Realty Ltd (resulting company) and their respective shareholders.
Regulatory
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Terming it “arbitrary and unsustainable,” the Delhi High Court has set aside the Punjab and Sind Bank's decision to withdraw its Rs 120 crore one-time loan settlement (OTS) given to real estate firm Ambience Pvt Ltd for the construction and development of a residential project in Noida, UP.
Industry
MUMBAI: The BMC informed the state govt that it could immediately hand over five acres of the 18-acre octroi naka land in Mulund for the Dharavi Redevelopment Project, reveals information obtained under the RTI Act by activist Sagar Devre.
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