Real Estate News Updates for April 20
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The Gautam Buddh Nagar district administration has sealed the office of real estate major Supertech Group in Noida over dues, officials said on Wednesday. The builder group has described the administration's action as "illegal", saying the office belongs to Supertech Limited while the recovery has to be made from Supertech Township.
The district administration had recently initiated action to recover dues from the real estate group's Supertech Township entity. The action was initiated over recovery certificates issued from the UP Real Estate Regulatory Authority (RERA).
Drug firm Micro Labs Ltd’s chairman and managing director Dilip Surana has bought a piece of land with a bungalow built on it in Bengaluru for Rs 66 crore, in what is being seen as one of the largest such deals.
The deal includes land measuring 12,043.22 sq ft with a bungalow measuring 8,373.99 sq ft at Fair Field Layout, formerly known as Race Course Road, according to the sale deed documents.
Surana has bought the property from G G Rajendra Kumar, his wife Sadhana RajendraKumar and Manu Gautam. The buyer has paid a stamp duty of over Rs 3.36 crore, according to the documents shared by CRE Matrix, a real estate data analytics firm.
The state's principal accountant general (AG) has asked the Noida Authority to ensure that the plots it allots are free of disputes, citing the additional payout of Rs 295 crore that was made for land on which the DLF Mall of India now stands.
The accountant general sought to know how the land was allotted when it wasn't properly acquired and asked whether any action had been taken against the officials who were responsible for the error.
"As a matter of prudence, Noida Authority should ensure that plots to be allotted to allottees are free from all encumbrances/encroachment and disputes to enable them to construct and utilise the project in accordance with prescribed terms and conditions. Allotment without ensuring the same gives rise to disputes with the allottee later on, which may result in a delay in construction of projects and non-achievement of the objectives of allotment, besides adversely affecting the financial interest of the Noida Authority," the account general wrote.
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State-run banks will set up an e-auction app to dispose of about 500,000 properties over the next five years. "Our target is that in the next five years, around six lakh transactions be done through the app, which include over one lakh auctions, and loan applications for those properties," said a senior bank executive, who did not wish to be identified.
The app will act as a repository for all information, data and documents, which will be easily retrievable.
As per the proposal, bidders will login to the app to search listed properties with all auction details. "Interested bidders will be redirected to the auction engine to participate in the e-auction," said the executive.
Spanish billionaire and Zara founder Amancio Ortega has bought a building in central London that formerly housed offices of British broadcaster the BBC for 82 million pounds ($102 million), his private firm Pontegadea said on Wednesday.
The transaction comes after Ortega's purchase last month of a luxury residential building with 120 apartments for rent in Dublin, Ireland, for around 100 million euros ($109 million).
Ortega's firm has also acquired luxury residential and office buildings in the United States and Canada in recent years as part of a strategy to invest in multiple real estate assets.
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