Real Estate News Update for September 28
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Cement
Cement manufacturers have raised prices sharply by around 12-13% over the past month amid rising input costs even though the post monsoon increase demand is yet to kick in. This is considered as a bold move by sector trackers since cement companies were observing caution over the past few months while deciding prices.
Cement
While the recent uptick in prices and lower input costs is seen shoring up the operating profit of Indian cement makers in the near term, profitability is seen capped over the medium term as companies are unable to take significant price hikes amid capacity additions, analysts said.
Infrastructure
NEW DELHI: As updated GRAP will come into force from October 1, Delhi Pollution Control Committee (DPCC) has asked the construction companies to ensure that they register on the designated web portal else their activities will not be allowed.
Commercial
Business and employment-focused social media platform Linkedin has renewed the lease for nearly 18,000 sq ft office space in a commercial project Maker Maxity in Mumbai’s business district Bandra-Kurla Complex (BKC) for a long-term tenure of five years.
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Residential
GURUGRAM: The district administration, after repeated reminders to flat owners, may issue orders under the Disaster Management Act, 2005 for immediately vacating towers G and H of Chintels Paradiso. Both towers of the residential society in sector 109 were declared unsafe for habitation by the Indian Institute of Technology, Delhi (IIT-Delhi) three months ago.
Industry
L&T Finance is selling ?4,762 crore of its distressed-asset loan book to three asset reconstruction companies by the end of this quarter to help clean up its books, said people with knowledge of the proposed move. Kotak Mahindra Bank-backed Phoenix ARC is set to acquire most of the 15 bid-out accounts, followed by CFM ARC and Prudent ARC, said the people cited above.
Infrastructure
GURUGRAM: Construction is still under way in the protected Raisina hills of the Aravalis, despite orders by the Supreme Court and the National Green Tribunal (NGT) to remove illegal structures from forest areas.
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