Real Estate News Update for November 27
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Retail
Canadian realtor Brookfield Properties which has bought over the commercial spaces of this largely residential complex has plans underway to construct a 400% larger commercial complex to house retail, office spaces, eateries and an entertainment zone, including multiplexes.
Regulatory
NEW DELHI: The Enforcement Directorate (ED) has searched the premises of realty major DLF in Gurugram as part of a money laundering investigation against real estate firm Supertech and its promoters, official sources said on Saturday. The central agency has recovered some documents during the action that was carried out over the last two days, they said.
Industry
MUMBAI: The board of India's markets regulator on Saturday said it will regulate online platforms offering fractional ownership of real estate assets, and such platforms will be registered under a framework for small and medium real estate investment trusts.
Industry
NEW DELHI: Devendra Fadnavis, deputy chief minister of Maharashtra called the current level of interest charged by MHADA from the developers really higher and stated the need to lower it to make it at par with that of the BMC. Fadnavis stated that the state government would soon review the matter and ask MHADA to submit a proposal; so that the current rate of 18% of compounded interest would be brought down to the rate charged by the BMC.
Industry
MUMBAI: Sebi on Saturday decided to promote investments through Small and Medium REITs, enhance measures to protect interest of investors in Alternative Investment Funds (AIFs), provide flexibility for not-for-profit organisations in raising funds through social stock exchanges and also put in place regulatory framework for index providers. The decisions were approved at the meeting of the board of the Securities and Exchange Board of India (Sebi) here.
Regulatory
GURUGRAM: On a Gurugram court's direction, police here have booked UAE-based realtor company Emaar Properties PJSC, its Indian subsidiary Emaar India and 13 others for allegedly cheating its former business partner MGF through undervaluation of land and other offences. Emaar India, in a statement, denied any "association of criminality with this issue" and alleged that it "appears to be nothing but another attempt by MGF to further harass Emaar and its employees".
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