Real Estate News Update for October 11
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The Enforcement Directorate (ED) has identified properties worth more than Rs 200 crore during raids conducted at 15 premises in the national capital and its neighbouring Gurugram city three days ago in the case of Vatika Limited and others under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said on Thursday.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cautioned homebuyers against buying any properties in a total 314 projects registered with the authority that are undergoing proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016.
The Bombay High Court has ruled that a tenant company that had previously exceeded the Rs 1 crore threshold in paid-up capital cannot regain protections under the Maharashtra Rent Control (MRC) Act, 1999 following a voluntary reduction of its capital.
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The board of directors of Oberoi Realty approved the proposal for raising funds not exceeding Rs 6,000 crore by way of issuance of equity shares, eligible securities, or instruments, in one or more tranches, by private placement including a qualified institutions placement.
After a gap of four years, the revenue department has moved to revise the base price for land rates in the state.
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