Real Estate News Updates for May 24
Welcome to the latest edition of?ETRealty's daily newsletter,?RealtyDigest! Through this especially curated newsletter, we aim to provide the latest real estate and allied industries' news, views, market trends, reports, video interviews and much more to help you navigate the world of real estate. Subscribe and Stay Tuned for daily updates!
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Industry
NEW DELHI: Shriram Properties (SPL) has acquired 100% development rights in an ongoing project at Chennai, through its wholly-owned subsidiary, Shrivision Elevations. The deal is valued at Rs 185 crore, informed M Murali, chairman & managing director of the company.
The company has decided on the acquisition of development rights in phase-2 & 3 of the project with saleable area of 1.9 million sq ft. The project has revenue potential of around Rs 1,200 crore in the next five years.
RERA
The MahaRera has managed to recover over Rs 8 crore against 20 recovery warrants issued in Mumbai city, Mumbai suburbs, Raigad and Thane district, without going through the whole recovery process of auctioning properties of errant developers.
Maharera has been pursuing concerned offices of district collectors for carrying out the recovery process.
Industry
Oberoi Realty has entered into a memorandum of understanding with NRB Bearings (NRB) for acquiring the land admeasuring approximately 25,700 sq meters (about 6.4 acres) (as per title deeds) located at Pokhran Road 2, Thane, the company said in a BSE filing.
The company has also made payment of part consideration amount to NRB, and the balance consideration shall be paid on and/ or before the closing of the transaction.
Paints
领英推荐
NEW DELHI: Akzo Nobel India, a paints and coatings company, has reported a growth of 27.71 per cent in its net consolidated profit during the quarter ended March 31, 2023.
Its profit after tax stood at Rs 95.40 crore in Q4 FY23 as against Rs 74.70 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
Technology
The Haryana town and country planning department and the Haryana Space Application Centre (Harsac) are working on a software to check unauthorised constructions in controlled areas, a bid to weed out illegal colonies in the state.
The software will enable multi-layered monitoring, have features of geo-tagging and pin drop location of the point the alleged unauthorised colonies are coming up.
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