Real Estate News Updates for April 12
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Shapoorji Pallonji (SP) Group is looking to raise about $2.5 billion by selling some of its infrastructure and real estate assets to pare debts.
It is planning to sell stake in Afcons Infrastructure, a company acquired from ICICI Bank, and Gopalpur Ports, also an acquired asset from metal trader Sara International and entrepreneur Mahimananda Mishra of Orissa Stevedores.
It is also considering selling part of its interests in real estate assets with a development size of over 100 million square feet.
NSE Indices Ltd, an arm of the National Stock Exchange (NSE), on Tuesday launched the country's first-ever Real Estate Investment Trusts and Infrastructure Investment Trusts index -- Nifty REITs and InvITs Index.
The index aims to track the performance of REITs and InvITs that are publicly listed and traded on the NSE, the exchange said in a statement.
On the directions of a local court, Ghaziabad police have filed an FIR against 18 executives of financial services company Indiabulls and real estate company M3M.
A complaint against them was filed by the Shipra group, which claimed it had a loan agreement with Indiabulls Housing Finance but accused the latter of usurping its properties, including the flagship Shipra Mall in Indirapuram.
Appellate tribunal NCLAT has set aside an NCLT order that rejected an operational creditor's plea seeking insolvency proceedings against Ansal Housing, terming it as a "fit case for the admission of CIRP".
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A two-member National Company Law Appellate Tribunal (NCLAT) bench said realty firm Ansal Housing has an operational debt due and payable, and dismissal of the Section 9 petition by the NCLT is "perverse and illegal and liable" to be set aside.
VTP Realty has acquired a 6.7-acre land parcel in Thergaon locality of Pune for over Rs 260 crore through its subsidiary Rising Wellworth Enterprises LLP. The transaction is an extension of a development agreement inked between both the entities earlier.
The buyer has paid stamp duty worth Rs 18.20 crore for the registration of the deal that took place on March 30. The developer will be paying the entire consideration in instalments and has paid Rs 9.11 crore as a token of confirmation of the deal.
The Kolkata Municipal Corporation buildings department will now revoke the trade licence of the real estate promoters if found guilty of duping flat owners.
Earlier, the steps included penalizing the architects or the licenced building surveyors for failing to provide facilities to the flat owners as mentioned in the agreement papers after completion of a housing project or standalone apartment building.
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