Real Estate News Update for July 10
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RERA
The Haryana Real Estate Regulatory Authority (HRERA), Gurugram, has imposed a penalty of Rs 5 crore on city-based real estate promoter Vatika Ltd for failing to register its project within the stipulated time. The penalty has been imposed for violation of Section 3 (1) of the Real Estate (Regulation and Development) Act 2016, an official said on Tuesday.
Industry
Capital markets regulator Sebi on Tuesday said it has sought public views on the proposed amendments to the master circulars for REITs and InvITs. In a consultation paper, Sebi said these amendments will provide clarity on the nomination rights of directors to the boards of REIT (Real Estate Investment Trusts) and InvIT (Infrastructure Investment Trusts) managers.
Commercial
Coworking and managed space provider Redbrick Offices has acquired commercial properties spread over around nearly 90,000 sq ft in Marol locality of Mumbai’s western suburb Andheri for over Rs 267 crore.
Regulatory
NEW DELHI: The Delhi High Court on Tuesday issued notice to a real estate firm on pleas by former India cricketer Yuvraj Singh seeking invocation of arbitration laws over alleged violation of his privacy rights in promotion of construction projects and for delayed delivery of a dwelling unit to him in the national capital. Justice C Hari Shankar sought the response of Brilliant Etoile Private Limited on the two pleas by Singh for appointment of an arbitrator to hear and adjudicate the disputes between him and the builder.
Infrastructure
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NOIDA: The Noida Authority on Tuesday wrote to the district administration to initiate action against the developers who are extracting groundwater for construction purposes at several sites across the city.
Commercial
Tata Realty & Infrastructure Ltd (TRIL), a subsidiary of Tata Sons, plans to augment its office space portfolio to 30 million sq ft over the next seven years from the current 10 million backed by expansions in Mumbai, Bengaluru, Pune, and NCR, Sanjay Dutt, managing director and chief executive told ET.
Commercial
HYDERABAD: In what is sure to cement Hyderabad’s standing as a global BFSI (banking, financial services and insurance) hub, nearly half a dozen BFSI biggies have acquired space in the city in the first half of 2024.
Industry
Realty developer Alphacorp has entered into a joint venture to develop a luxury residential project in Gurgaon, with an investment of Rs 350 crore.
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