The Competition Commission has rejected allegations of unfair business practices against an Ansal group firm with regard to sale of commercial space in Uttar Pradesh.
The complaint pertained to shop/commercial space at the company’s mall in Greater Noida.
Rejecting the allegations, CCI said there is no case of violation of competition norms.
US-based investment banking firm Goldman Sachs has invested Rs 255 crore as equity in Vatika Hotels, a hospitality venture of realty firm Vatika group.
Gurgaon-based Vatika group did not disclose the stake bought by Goldman Sachs in Vatika Hotels, which currently has two hospitality projects in Haryana.
“Goldman Sachs, through its affiliate, have taken equity worth Rs 255 crore into Vatika Hotels,” Vatika Group said in a statement.
In a good news for lakhs of dwellers in unauthorised colonies of poll-bound Delhi, government Tuesday said a move to regularise over 1,200 such habitations is at an advanced stage and an order will come “any day”.
Urban Development Minister M Venkaiah Naidu also said the government was in the final stage of preparing a National Housing Plan, under which topmost priority will be given to slum rehabilitation programme.
Indian Medical Association (IMA) has entered into an agreement with realty firm Antriksh group for providing 275 flats to its doctor members on Noida Expressway at a 25 per cent discount to market rates.
Delhi-based Antriksh group would invest about Rs 300 crore to develop these 275 flats and IMA House, which will have a world-class convention centre and community centre.
“We have tied up with Antriksh group to provide homes to our members. The price of the apartments would be 25 per cent less than the market rates,” IMA General Secretary Narendra Saini told reporters here today.
Members of scam-hit Adarsh Housing Society today accused former Army chief V K Singh of being responsible for the controversy surrounding the highrise that stirred a political storm in Maharashtra and claimed there was no illegality in construction of the building here.
Addressing a press conference here, they claimed the prime land in Colaba on which the highrise was built does not belong to Defence Ministry, as alleged, but to the state government, and demanded the structure be regularised.
Recommending vertical growth as the way forward for cities like Delhi, a Parliamentary panel has expressed disappointment that despite the creation of numerous master plans, no Indian city has managed to stay ahead of the urbanisation curve.
In its report which was presented in Lok Sabha Thursday, the Standing Committee on Urban Development headed by BJD MP Pinaki Misra, said that though urban development is a subject assigned to states, the Urban Development Ministry should hand hold and implement its plans to develop smart cities and work for renewal of 500 cities.
The Surat Municipal Corporation (SMC) Friday announced its partnership with Microsoft India to transform Surat into a smart city by introducing several citizen centric services with the help of global software giant.
Announcing the partnership today, Surat Municipal Commissioner Milind Torawane said that modernisation of civic services is the need of the hour for a city like Surat, having population of around 50 lakhs.
Redevelopment of Anand Vihar and Bijwasan railway stations as world-class infrastructure and integration of 34 metro stations into a multi-modal transportion system were among the decisions approved by the DDA’s planning body UTTIPEC today.
The urban body, under the chairmanship of Lt Governor Najeeb Jung took the decision in its Governing Body Meeting of Unified Traffic and Transportation Infrastructure (Planning & Engineering) Centre (UTTIPEC), DDA’s planning body, at the Raj Niwas.
To provide relief to consumers in an “unregulated” real estate sector, a parliamentary panel has asked the Housing and Urban Poverty Alleviation (HUPA) Ministry to urgently bring the Real Estate (Regulation and Development) Bill, 2013 to Parliament for its passage.
In a report presented on Thursday in Lok Sabha, the Standing Committee on Urban Development headed by BJD MP Pinaki Misra said the Real Estate (Regulation and Development) Bill was introduced in Parliament on August 14 last year after wide consultations with all stakeholders.
The Cabinet Wednesday deferred a decision on setting up a regulator for the real estate sector.
According to sources, the Cabinet discussed the Real Estate Development and Regulation Bill but deferred a decision on it.
The bill, which was introduced in the Rajya Sabha in August last year, seeks to protect home buyers from unscrupulous developers.
It was then referred to a Parliamentary Standing Committee, which had submitted its report in February.
Property portal Housing.Com Tuesday said it has raised USD 90 million through private equity infusion from SoftBank Group along with Falcon Edge and other existing investors.
“Housing.Com and SoftBank Internet and Media entered into a definitive agreement under which the SoftBank Group will lead an investment of USD 90 million in the company, along with Falcon Edge and other existing investors,” a release issued here said.
The company will use the funds to map over 40 million houses across 300 cities in India and provide on-off buttons to home owners and agents.
Realty firm Puravankara Projects on Wednesday said it has sold over 125 housing units through Google’s online shopping festival.
Puravankara Projects and its subsidiary Provident Housing are participating in the three-day shopping festival, starting today, and have offered about 200 housing units spread over 12-13 projects in Bangalore, Chennai, Coimbatore and Kochi.
The government’s decision to relax FDI norms in the construction sector is likely to attract private equity investments to the tune of up to USD 3 billion in the real estate market in the next two years, according to property consultant Jones Lang LaSalle (JLL).
The real estate private equity market inflows which stood at around USD 1-1.5 billion per annum over the last few years, is likely to double in the next two years due to the relaxation of FDI norms, JLL Chief Operating Officer (business and international) Ramesh Nair said in a statement.
The Godrej Properties, part of the USD 4.1 billion Godrej Group, says it is keen in undertaking more real estate investments in West Bengal, primarily in residential projects.
“Already four projects are going on and negotiations for three to four projects are currently on,” Group chairman Adi Godrej said during an informal media interaction last evening.
“The Bengal government should do away with the Urban Land Ceiling Act. Many states have done away with this antiquated legislation. It is not a good thing to continue with the Act,” he said.
With an estimated three crore people having been identified as homeless, government will soon come out with a scheme to provide housing to all, government said in the Lok Sabha on Wednesday. Urban Development Minister M Venkaiah Naidu said he will shortly take the proposal to the Union Cabinet for its approval and share details with the House.
West Bengal needs to do away with the archaic Urban Land Ceiling Act to keep pace with land reforms and attract industry, a top industrialist said here.
Underscoring the need for governments to give greater decision making power to industrialists and improve the competitive scenario, Godrej Group chairman Adi Godrej said: “The West Bengal government should do away with the Urban Land (Ceiling and Regulation) Act, 1976.
“Many states have done away with it and West Bengal was one of the few states to keep it. It is a not a good thing to continue with the act.
Ghaziabad district administration today said that land mafia, who have grabbed government lands during last few years, will not be spared and booked under the Gangster Act along with other laws.
“District administration will not spare land grabbers who are in unauthorised possession of Land Management Committee (LMC) lands, ponds, and other barren lands,” District Magistrate Vimal Kumar Sharma said.
Sharma said that the district administration is in the process of preparing a list of land mafia, who have grabbed the government lands over the years.
A 30-year-old realtor was killed and two of his employees, including a woman, injured when the Audi car they were traveling in crashed into a truck at Barakhamba Road in Connaught Place area in the heart of the national capital last night.
The deceased identified as Intezar Husain (30) was the owner of Zephyr Infratech Company. He had office in Noida Sector 3 and lived in Indrapuram area. The two injured have been identified as Sushil Kumar Mishra (22) and Suman (22). The two are recuperating at Ram Manohar Lohia hospital.
iming to tap the e-commerce market, Tata Housing will sell a luxury residential project, being developed in Bangalore at a cost of Rs 150 crore, exclusively during Google’s online shopping festival starting Wednesday.
The company will construct 75 independent homes and row housing in this 5-acre project. The price of each unit starts from Rs 3.5 crore.
In a statement, Tata Housing said it would “participate in the Google’s Great Online Shopping Festival (GOSF), being held from 10-12 December, by launching an exclusive ultra-luxury project – The Cascades”.
Lending her ears to the industry on problems faced by it in acquiring land, Union Minister Nirmala Sitharaman on Saturday said the government will consult all stakeholders to make the land acquisition law “an enabler, rather than a stifler”.
The Commerce and Industry Minister said that the industry has been voicing concerns that the existing Land Acquisition Act makes it almost impossible for them to acquire land.
With an aim to provide affordable housing to medium income group in the state, Uttar Pradesh government today announced to launch ‘Samajwadi Awas Yojna’ and said that efforts would be made to construct three lakh houses by 2016.
“The cabinet has decided to launch ‘Samajwadi Awas Yojna’ to benefit medium income group, besides fixing ceiling rates for apartments,” Principal Secretary Housing Sadakant told reporters here.
Your personality traits are strong indicators of real estate decisions, says a new study.
There is a correlation between personality and individual real estate choices, found the study.
If you are a conscientious person, you are likely to go for a fixed rate mortgage.
When it comes to flow of black money, real estate business accounts for a major chunk of of such illicit funds, accounting regulator ICAI has told the government while seeking urgent steps to check this menace.
In a representation made to Finance Minister Arun Jaitley, the Institute of Chartered Accountants of India (ICAI) has suggested steps to improve business practices in the real estate sector to check flow of black money, an ICAI council member said Friday.
Country’s real estate market attracted investments worth nearly USD 4.5 billion during the January-September period this year, with Mumbai receiving a significant part of it, says a report.
According to property consultant CBRE, institutional investors pumped in USD 4.5 billion into India’s realty sector during the first nine months of 2014, an indication of improved investor sentiment after the formation of a new government at the Centre.
To help attract foreign funds in construction of townships, hospitals and hotels, the government Wednesday relaxed FDI policy for this sector by easing exit norms and reducing built-up area and capital needs.
The revised norms relating to Construction Development Sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 percent FDI in the sector through automatic route.
The new policy has done away with the 3-year lock-in period for repatriation of investment.