Real Estate News Update for July 18
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Regulatory
NEW DELHI: A Delhi court on Monday sent Jag Mohan Garg, chairman and managing director of Tirupati Infraprojects Private Limited, to two-week judicial custody in a Rs 289.15 crore bank fraud case. Special Judge Sunena Sharma sent the accused to jail till July 31 on an application moved by the CBI seeking his judicial custody.
Infrastructure
NEW DELHI: Amid rampant autonomous and haphazard growth of cities, which are becoming unsustainable, the Centre has announced financial incentives of Rs 15,000 crore for states and UTs for the current financial year to nudge them to ensure proper urban planning by hiring adequate number of planners and take up projects such as transit-oriented development (TOD), town planning schemes and in-situ slum rehabilitation.
Residential
MUMBAI: The Central government has doubled the income slab for the Economically Weaker Section (EWS) category under the Pradhan Mantri Awas Yojana - Urban (PMAY-U) from Rs 3 lakh to Rs 6 lakh for housing schemes under the affordable housing in partnership (AHP) projects in Mumbai Metropolitan Region (MMR).
Residential
In one of the most expensive property transactions, the promoter family of biotechnology and seeds major Maharashtra Hybrid Seeds Co (Mahyco) has purchased a sea-view luxury apartment for over Rs 122 crore in south Mumbai’s Malabar Hill from realty developer Lodha Group’s listed company Macrotech Developers.
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International
BEIJING: Chinese property giant Evergrande reported Monday a $96 billion net loss for 2021 and nearly $335 billion in liabilities, as the company released long-delayed results. The loss showed "the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern," Evergrande said in a stock exchange filing.
Industry
GURUGRAM: The department of town and country planning (DTCP) has issued notices to developers to submit building drawings of their projects to start a structural audit process at the earliest.
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