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Representative Image BEIJING: U.S. private equity giant Warburg Pincus has set up a China distressed real estate joint venture, in one of its largest investments in the sector to date, the company said on Monday. Warburg Pincus and Shanghai-headquartered distressed asset manager Wensheng Asset Management will invest up to $600 million into the joint venture, […]
MUMBAI: Ruling that if a builder is unable to give possession of a flat within the agreed time, then he is liable to pay interest to the purchaser until the handover, the National Consumer Disputes Redressal Commission ordered Runwal Homes to hand over a 1,215-square-foot Nahur flat to a Kemp’s Corner family and also pay
NEW DELHI: Prime Minister Narendra Modi on Saturday reviewed the progress of Lighthouse projects across the country via drones. PM Modi had launched the Lighthouse projects on January 1, 2021, to use new technology to complete housing projects faster while making them more resilient. Work on six lighthouse projects at different sites is underway, using
THANE: The corporators of the Ulhasnagar Municipal Corporation on Thursday passed a resolution unanimously demanding that the UMC keep Rs 10 crore reserved in the budget to pay the rent for up to two years for those who will be shifted from their homes that have been declared dangerous. The resolution states that the UMC
MUMBAI: Mortgage financier LIC Housing Finance on Friday said it has reduced its interest rates to 6.66 per cent for home loans up to Rs 50 lakh. The revised rates, valid till August 31, 2021, will be offered to new salaried individuals, a release said. The rate of interest will be linked to the borrower’s
MUMBAI: The Brihanmumbai Municipal Corporation’s Standing Committee was adjourned on Wednesday over the civic body’s move to recover Fire Service Fees and Annual Fees from builders and housing societies. After opposition to the move from corporators, Standing Committee Chairman, Shiv Sena’s Yashwant Jadhav directed that the circular to recover the fees be stalled. Corporators termed
NAGPUR: The state fire safety director will henceforth issue no objection certificates (NOCs) for high-rise buildings and special 500sqm structures under the Nagpur Metropolitan Region Development Authority (NMRDA). In a recent order, the state government has divested the Nagpur Municipal Corporation’s fire department of the power to issue provisional NOCs to projects under NMRDA. The
Promoters of realty developer Macrotech Developers, also known as Lodha Group, have repaid the entire debt of Rs 1,596 crore owed by them to the company. Out of this debt, which included interest accrued thereon, Rs 400 was repaid on April 29, while the balance of Rs. 1,196 crore was repaid on Wednesday. “This repayment,
Representative Image. (Getty Images) MUMBAI: Housing societies and buildings that came up after 2008 and their developers will now have to pay one-time fire service fees and annual fees, retrospectively since 2014, according to a recent circular issued by the Mumbai Fire Brigade. Officials said the total amount to be recovered is around Rs 1,400
KPFO Ventures, the investment arm of Kolte Patil Family Office and Cerestra Ventures, have entered into a joint venture to foray into the fractional ownership space with an initial portfolio of $100mn. Cerestra Ventures—a real estate private equity fund with AUM of $170 mn—and KPFO will invest through Winvest, a build PropTech platform that will
GURUGRAM: With property tax arrears climbing to around Rs 932 crore, coupled with a slow recovery of the current year’s demand of Rs 235 crore, the Municipal Corporation of Gurugram is not only struggling to generate revenue but also staring at a funds crunch. In terms of property tax dues, Zone 2 (Udyog Vihar and
NEW DELHI: The Enforcement Directorate (ED) has attached a helicopter and over 100 land parcels in Mumbai worth a total of Rs 81 crore in connection with a money-laundering probe against realty firm Unitech Group, the agency said on Wednesday. It said a provisional order for attachment of these properties owned by the Shivalik Group