Real Estate
SC gives last chance to Unitech home buyers seeking refunds to reconsider decision
A bench of Justices D.Y. Chandrachud and M.R. Shah told amicus curiae, advocate Pawanshree Agrawal, to open the web portal for 30 days, to enable 1,197 home buyers, who have opted for refund, one last chance to reconsider their decision. In December 2019, the portal was closed for registration.
Indiabulls Real Estate, Embassy Group arms seek NCLT nod for merger
"Subsequent to receipt of applicable regulatory approvals from the Competition Commission of India (CCI), National Stock Exchange of India (NSE), BSE Limited (BSE), and the Securities and Exchange Board of India (SEBI), today the company has filed the requisite joint application with the jurisdictional bench of NCLT, for its approval to the scheme of merger," Indiabulls Real Estate said in a regulatory filing.
Residential sales rise 75% in first half of 2021: CBRE
Pune led sales activity with an approximately 26 per cent share, followed by Mumbai (19 per cent). It was closely followed by Hyderabad and Delhi-NCR with 18 per cent and 17 per cent shares respectively. On a quarter-on-quarter basis housing sales grew by 73 per cent on a q-o-q basis across India's top seven cities in Q42020, on the back of measured policies announced by the central and state governments.
Piramal ascribes Re 1 to Rs 45,000 cr recoveries in DHFL: 63 moons objects at NCLAT
Notably, Piramal Capital and Housing Finance Ltd has ascribed only a sum of Re 1 to Rs 45,000 crore worth of potential recoveries from DHFL promoters. The Mumbai-based fintech company has urged the NCLAT to ensure that the proposed recovery of Rs 45,000 crore from Wadhawans and their associates and companies must benefit only creditors and not unjustly enrich a resolution applicant like Piramal Group.
NCLAT issues notices to CoC, DHFL and Piramal on 63 moons plea
The NCLAT agreed to hear the petition by 63 moons technologies, challenging the NCLT's nod for Piramal's resolution plan. Seeking interim protection from NCLAT, in its plea, 63 moons said the resolution plan execution is subject to the NCLAT nod. It must be noted that 63 moons technologies has described the current resolution plan as disappointing for NCD holders.
Covid hits housing supply, launches down 59% in April-June
A total of 21,839 new units were launched in these markets during April-June, lower by 59 per cent compared to the launches in January-March. New launches show an increase of 74 per cent. With most states announcing relaxations in travel movements amid a dip in the number of daily new infections, the month of June has seen a pick-up in demand in real estate, showed the report by PropTiger.com.
Residential sales surge by 83% YoY in Q2 2021: JLL
According to JLL's Residential Market Update - Q2 2021, released on Tuesday, sales were driven by the low base effect, less stringent lockdowns, and accelerating vaccination drives during Q22021, demonstrating improved resilience in the market. By comparison, in Q1 2021, sales of residential units continued an upward trajectory, increasing by 17 per cent on a sequential basis.
Home sales rise across top cities, NCR remains outlier: Report
The report showed that majority of the sales happened till mid-April, just ahead of the resurgence in Covid-19 cases. Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune are the cities where home sales witnessed a growth in the first five months of 2021 as against the first five months of 2020, with a growth of 16 per cent, 40 per cent, 39 per cent, 29 per cent and 34 per cent, respectively.
478 infra projects report cost overrun of Rs 4.4 lakh cr
The Flash Report for central sector projects for May released by the Ministry of Statistics and Programme Implementation showed that 525 projects are running behind schedule. "Total original cost of implementation of the 1,768 projects was Rs 22,86,955.18 crore and their anticipated completion cost is likely to be Rs 27,27,220.47 crore, which reflects overall cost overruns of Rs 4,40,265.29 crore (19.25 per cent of original cost)," it said.
95% realtors fear project delays due to 2nd Covid wave, seek urgent relief
Over 95 per cent developers in the country expect delays in project completion due to the second wave of Covid-19, according to a survey by the Confederation of Real Estate Developers' Associations of India (CREDAI).
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