Weekend Digest- Trending Stories
Welcome to the latest edition of?PNT Real Estate Recap! Through our digital only newspaper, we aim to provide a 360 degree coverage of the latest events, stories, updates and occurrences from the real estate industry.
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Ashwin Sheth Group, a prominent Mumbai-based real estate developer, is set to embark on a major expansion drive. The company plans to invest around INR 5,000 crore to strengthen its presence in the Mumbai Metropolitan Region (MMR) and explore new markets like Bengaluru, Delhi-NCR, Hyderabad, and Chennai. Aiming to double its sales bookings to INR 3,000 crore in the current fiscal, the group also intends to launch its IPO within the next 18-24 months, seeking to raise up to INR 3,000 crore. This strategic move will enable the company to fund its ambitious growth plans and diversify its product portfolio into new segments like warehousing.
The District Consumer Disputes the Redressal Commission in Ludhiana penalized the GLADA's chief administrator for failing to deliver a plot with a clear title and basic amenities to complainant Ms. Sushma Lata Bansal. Bansal was allotted a 95 square yard plot in the year 2019 and paid 25% of the cost. Despite this, GLADA did not provide essential services like water and roads and misled Bansal about the plot's legal status, which is sub judice. GLADA also ignored Bansal's requests for resolution and refund. The commission deemed GLADA's actions deceptive and its demand to deduct 10% of Bansal's deposit illegal.
SEBI is inviting public comments on the proposed amendments to the REIT and InvIT rules. These amendments aim to clarify the unitholders' rights to nominate directors to the boards of investment managers or managers of REITs and InvITs. Currently, unitholders with the significant holdings can nominate the directors, but the amendments state that restrictions won't apply if the right is available under the SEBI (Debenture Trustees) regulations. This clarification addresses the market participants' requests. Public comments on the draft circulars are open until July 29. Amendments are proposed to the Master Circulars for InvITs and REITs dated May 15, 2024.
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Travellers seeking luxury in Goa will soon have a new option. The Indian Hotels Company Limited (IHCL), known for its Taj Hotels, is partnering with Bharat Realty Venture to build a 170-key Taj property on 17 acres of beachfront land in Anjuna, North Goa. This will be IHCL's sixth Taj Hotel in Goa, offering spacious accommodations with breathtaking views of the Arabian Sea. The resort will feature diverse culinary options, a J Wellness Circle spa, and North Goa's largest dining area with outdoor grounds, ideal for social gatherings and weddings. This addition marks a significant milestone for Goa's vibrant hospitality scene.
Following Chandrababu Naidu's return as Chief Minister of Andhra Pradesh, Amaravati's real estate market has experienced a significant surge, with property prices rising dramatically. Naidu's vision to transform Amaravati into a world-class capital city, which stalled after his 2019 electoral loss, is now being revived. This includes ambitious infrastructure projects and sustainable urban planning. The renewed development has spurred increased real estate activity and investor confidence. However, challenges such as financial resource management and pending litigation with local farmers remain. Overall, Naidu's leadership is reigniting hopes for Amaravati's growth and development.
Sweden's property market faces upheaval as Standard & Poor's downgrades SBB, a key player with a USD 56 billion debt, to 'selective default.' SBB, once pivotal in Sweden's property boom, grapples with soaring borrowing costs and market slowdowns. Its recent debt restructuring, offering creditors new bonds at a steep discount, triggered S&P's downgrade. This move underscores broader concerns about the market's stability amid inflation and rising interest rates. With SBB's fate uncertain, the incident raises alarms over Swedish economic health, impacting construction, employment, and investor confidence. Observers await how SBB navigates its massive debt burden and its implications for the broader economy.
To read the full news stories, head over to Prop News Time