Real Estate News Updates for April 8
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Promoters of Creative Group of Industries have purchased eight sea-view luxury apartments for nearly Rs 155 crore in South Mumbai’s Mahalaxmi locality from real estate developer K Raheja Corp Homes.
These apartments are spread over a total 24,100 sq ft across the 16th floor through 21st floor of the luxury residential tower Raheja Modern Vivarea on Jacob Circle, documents accessed by ET showed.
BirlaEstates, a wholly-owned subsidiary of Century Textiles and Industries, has acquired 5.76 acres of land on Wellesley Road in Sangamwadi, Pune to develop a premium residential project.
The land was purchased from Sudarshan Chemical Industries (SCIL) and has an estimated revenue potential of approximately Rs 2,500 crore.
Virtuous Retail South Asia is in talks with Nexus Malls and Lake Shore India Advisory to sell all its malls for $400-500 million (about Rs 3,500-4,000 crore).
The retail company, a joint venture between Singapore’s private equity firm Xander Group and Dutch institutional investor APG, runs half-dozen malls in Chennai, Bengaluru, Chandigarh, Amritsar, Nagpur and Surat.
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Dharampal Satyapal Group, owner of brands such as Rajnigandha, Pulse and Catch, that also operates in the hospitality sector with hotels in Jaipur, Guwahati, Nainital and Jim Corbett; and Kolkata based real estate player Salarpuria Group have submitted resolution plans for Viceroy Bangalore Hotels that owns Marriott’s five-star Renaissance Bengaluru Race Course hotel.
The National Company Law Tribunal, Hyderabad Bench ordered the commencement of a corporate insolvency resolution process of the Viceroy Bangalore Hotels in August last year.
WeWork Inc. on Friday said it has adopted a "poison pill" to limit its shareholders from increasing stakes, which would make it difficult for the company to use its net operating loss (NOL) carry forwards to reduce tax.
As of Dec. 31, 2021, WeWork had about $6.9 billion of U.S. federal NOLs and $6.6 billion of state NOLs that could be available to offset its future federal taxable income and state taxable income, the company said in a statement.
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