Real Estate News Update for July 12

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Regulatory

Use Aadhaar & biometrics to curb SRA allotment scam: Bombay HC

Observing that there is "wholesale racketeering" in allotments and entitlements, the Bombay high court suggested regular Aadhaar-based identification alongside the use of biometrics to rule out multiple allotment scams in projects by the Slum Rehabilitation Authority (SRA). Moreover, it again made it clear that politicians cannot interfere in the SRA's working.

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Housing-Finance

RBI may work on 'top-up' loans for home buyers in stuck projects

The Reserve Bank of India (RBI) could look at providing a "special dispensation" to enable banks to extend additional finance to customers with restructured home loan accounts in a bid to help complete stuck housing projects, people aware of the development said.

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Industry

Experion Developers buys three Delhi-NCR plots in Rs 1,100 crore deal

NEW DELHI: Experion Developers, the fully FDI-funded real estate developer backed by Singapore’s Experion Holdings, has acquired three land parcels in NCR for Rs 1,100 crore for residential and commercial development, its CEO Routhu Nagaraju told ET.

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Regulatory

Bengaluru civic body to reverse over 9,700 illegal A-khata properties to B khata

A review committee formed to look into the alleged A-khata fraud has identified 9,736 properties illegally getting into the A-khata registry in the city. Bruhat Bengaluru Mahanagara Palike (BBMP) has now decided to restore them to the B-khata registry.

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Industry

Prestige Estates acquires DB Realty's south Mumbai land parcel for Rs 704 crore

Realty developer Prestige Estates Projects’ subsidiary Prestige Projects has acquired a prime sea-facing land parcel near Marine Lines and Charni Road in south Mumbai from DB Realty’s subsidiary Marine Drive Hospitality & Realty for over Rs 704 crore. The deal values the plot at over Rs 306 crore per acre, pushing it higher in the tally of most expensive land transactions anywhere in the country.

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Popular Among Readers:

DDA launches housing scheme for 5,500 flats on first-come, first serve-basis

Shivalik Group achieves Rs 300 crore sales in GIFT City residential project within 15 days

Flat agreement price & stamp duty difference can't be taxed: ITAT

Enforcement directorate arrests Supertech's chairman in money-laundering case

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