06 Jan 2023

On account of several unanswered recovery warrants issued by the Maharashtra Real Estate Authority (MahaRERA) towards Nirmal Developers, authorities have taken a decision to seller the developer’s land parcel located in Mulund, Mumbai to pay pending dues. The base price for the plot has been set at approximately Rs 31 crores and the auction is likely to be held on 18th January 2023 at the Tahsilar’s Office in Mumbai. This decision comes in lieu of over 80 complaints registered with authorities from buyers in their projects amounting to unrecovered dues of almost Rs 29 crores.Read more

06 Jan 2023

In 2022 the Reserve Bank of India increased the repo rate five times, amounting to a total increase by 2.25 percent. As a result, the average home loan interest rate is said to have gone up from 7 percent to 9.25 percent, thereby impacting home loan borrowers most severely. The easiest way to reduce exposure, in our opinion, is to consider partial repayment of your current loan as most home loans are usually taken on floating interest rates and do not usually invite penalties for partial or early repayments.Read more

05 Jan 2023

India’s largest mortgage provider LIC Housing Finance has increased its 0.35 percent in a bit to keep up with its competitors. This change comes on the heels of other private banks such as HDFC increasing their marginal lending rates. The minimum interest rate for the best-rated borrower will now begin at 8.65 percent. Since May 2022, the Reserve Bank of India has increased the repo rate at which it loans to the system, five times in a row by a total of 2.25 percent resulting in banking and non-banking financial institutions to raise their interest rates.Read more

05 Jan 2023

The Securities and Exchange Board of India (SEBI) has asked Oravel Stays, the parent company of hospitality chain Oyo Hotels to refile its draft red herring prospectus (DRHP) with revisions. According to the SEBI website, the offer document was returned on 30th December 2022 with advice to re-file with applicable updates and revisions. The company has reported a revenue of Rs 4,900 crores for the financial year 2021-22, indicating an 18 percent YoY growth from the previous year. It is also claims to have reduced its losses by almost half in FY 21-22. The company first filed its DRHP in September 2021.Read more

04 Jan 2023

After the demolition of the Holy Faith H20 building in Kochi in January last year, revenue officials are now gearing up to auction off assets of the builder to compensate customers. The Supreme Court directed officials to go ahead with the auction as the builder has failed to remit money owned to individuals who had purchased property in the now demolished building. This decision comes in lieu of a 13 year long tussle initiated in 2006 by the Maradu Panchayat who issued show cause notices to Holy Faith Builders and three other developers for constructing buildings along the banks of the Vembanad lake, which was in violation of the Coastal Regulation Zone rules of the area.Read more

03 Jan 2023

The board of directors of Bengaluru based realty firm Puravankara has approved the issuance of non-convertible debentures worth Rs 230 crores in two tranches via private placement at an interest rate of 11.75 percent per annum. In another decision it approved an investment in Ghar Realty LLP of which it will now become a designated partner, having contributed approximately 68 percent of the capital of the LLP. Ghar Realty LLP undertakes businesses dealing in land and property transactions and property management of residential, commercial, industrial properties and infrastructural development projects.Read more

03 Jan 2023

As a result of a meeting held last week, the current revenue minister of Maharashtra Radhakrisha Vikhe-Patil has agreed to reduce the Nazul Lands’ freehold charges from 5percent to 2percent of the ready reckoner value. Other significant decisions taken during the meeting include the reduction of penal charges levied, further clarification on premium lease holder charges and further reduction of the existing charges to be paid after renewal of lease. Officials have been directed to prepare detailed policies regarding the same for review.Read more

03 Jan 2023

Dismissing several petitions and the consequent GO challenging the recent hike in property tax in Chennai and Coimbatore, the Madras High Court has directed that the amendments recommended by the councils be implemented and effective from 1st April 2023. The decision to raise property tax rates was initiated by a need for augmented funds. Additionally, a mandate cast by the 15th central finance commission for availing grants and entry level conditions for receiving funds under various schemes offered by the central government.Read more

02 Jan 2023

CapitaLand India Trust (CLINT) has entered into separate definitive agreements, via its wholly owned subsidiary Ecospace IT Park, with CapitaLand Investment (CLI) and Maharashtra Industrial Development Corporation (MIDC) to acquire their respective 78.5 percent and 21.5 percent shareholdings in Ascendas IT Park, located in Pune. The deal is said to have been closed for a reported 13.5 billion rupees and will be completed by February 2023. Ascendas IT Park owns International Tech Park Pune (ITPP-H) in Hinjewadi, Pune.Read more

02 Jan 2023

One of India’s largest private lenders HDFC has secured a loan of USD 400 million from International Finance Corporation (IFC) for financing green affordable housing projects. Both companies issued statements a few weeks earlier confirming the same and reiterating their commitment towards the creation of affordable housing projects and green practises. The companies hope this venture will help close the urban housing gap while improving access to climate-smart affordable homes by boosting green housing. They also believe this loan will help in supporting the country’s shift towards a more sustainable growth path while creating jobs and ensuring long-term business development.Read more