Get ready for the most anticipated event in the real estate industry!

7th Real Estate Awards and Construction Industry Leadership Awards 2024

Brace yourselves for the most awaited event in the real estate industry – the 7th Real Estate Awards and Construction Industry Leadership Awards 2024! Scheduled for Saturday, 4th May 2024, this prestigious event promises an evening filled with recognition, celebration, and networking opportunities for the crème de la crème of the real estate and construction sector.

Event Details:
Date: Saturday, 4th May 2024
Time: 6:00 PM onwards
Venue: THE CLUB, Courtyard II, D.N. Nagar, Andheri(W), Mumbai

The Real Estate Awards, presented by Realty Quarter, is an esteemed platform that acknowledges and applauds the exceptional accomplishments and contributions of individuals and organizations within the real estate and construction domain. This year’s awards ceremony will honor excellence in various categories including Best Residential Project, Best Commercial Project, Best Green Project, Best Affordable Housing Project, Best Architecture Project, Best Interior Project, Best Real Estate Company, Best Construction Company, and more.

Why should you Participate?
17 Years of Legacy & Trusted Brand in REAL ESTATE Media.
40+ Builders Developers & Construction Companies
10+ Leaders and Celebrities.
10+ Institutional Channel Partners.
10+ top Broker Association Presidents.
15+ Digital Media Platforms.
10+ Top Leading Club Members.
5+ Leading Newspapers
150+ RERA Registered Channel Partners.
50+ Top Real Estate HNIs, Investors & Buyers.
Architects, Interior Designers, Exporters, Importers & Corporate Owners.
300+ Respective Invitees & Guest
Return Gift: 200+ For Every Respective Guest.

Sponsorship Opportunities:
Various sponsorship categories such as Title Sponsorship, Gold Sponsorship, Silver Sponsorship, and Venue Sponsorship are available. For sponsorship inquiries, please call 9820659743 or 8279547396.
Visit: Real Estate Awards

The post Get Ready for the 7th Real Estate Awards and Construction Industry Leadership Awards 2024 appeared first on .

To recoup nearly Rs 240 crore, it had loaned to Bliss Villa, a company where Kapoor was the guarantor, the mortgage lender sold at auction the property on Kautilya Marg in South Delhi.

“In early January of this year, Indiabulls took possession of the property. The company defaulted on three loans amounting to Rs 83.43 crore, Rs 69.88 crore, and Rs 86.56 crore prompting the finance company to put up for auction at a base price of Rs 114.32 crore,” said a person familiar with the matter.

The building comprises ground plus two floors, surrounded by Lutyen properties and embassies on a total area of 1.234 square yards.

“The property is in a prime location, and being in South Delhi is beneficial because the new owner can build up to four floors and sell it separately. This was not possible in Lutyens’ Delhi,” an executive with an international brokerage firm said.

Kapoor is currently being held at Navi Mumbai’s Taloja Jail on accusations of financial irregularities and money laundering. The Enforcement Directorate, which is investigating the money-laundering case, has provisionally attached properties belonging to Kapoor and associated entities worth Rs 792 crore (current market value estimated at Rs 1,400 crore).

In South Mumbai, these properties include an independent residential building and many flats. The ED has attached a bungalow on Amrita Shergill Marg in New Delhi, which has an approximate market value of Rs 685 crore.

The post Indiabulls Housing Finance auctions Rana Kapoor’s property for Rs 114 crore. appeared first on .

On 8 September, Bombay High Court ordered MMRDA “for further stalling of road-widening work on a property owned by a housing society” in Kurla, after alleging that the government had “high-handedly” taken over 700 square metres.

The work is carried out in an extended road from Kurla to Vakola on a road between Santacruz and Chembur, and the MTNL junction, from BKC to LBS flyover in Kurla.

The Kapadia Development Coop Housing Society argued that Mumbai Metropolitan Region Development Authority it had forcibly taken over part of its plot by its advisor Rakesh Agrawal. Admitting that road expansion is on, MMRDA counsel Akshay Shinde told BMC had acquired. However, special counsel Anil Sakhare said that the project was carried out by MMRDA and BMC haven’t acquired the plot.

The SJ Kathawalla and Riyaz Chagla HC judicial’ bench declared that if what BMC stated was true, MMRDA would not be authorised to extend the street using the petitioner’s plot.

HC ordered MMRDA to file a concise affidavit on what grounds it submitted to the court on an affidavit that BMC had bought the land which had been owned by the society and used for road-widening.

On September 15, the matter will be heard next. Property on the Mithi River. The society is not opposed to the public project, but to the way in which part of its plot was “forcibly taken” by taking advantage of the lockdown in April.

The post Bombay High Court ordered MMRDA to stop road-widening work on housing society plot. appeared first on .

The largest bank of Japan MUFG pick up 30,000 sqft of space on rent for 10 years for approximately Rs 90 crore at the commercial building in Adani Realty at BKC, sources said.

After many years in Nariman Point, the bank that started operations in Mumbai in 1953 relocates its Indian headquarters to BKC.

Established in Japan in 1919, the bank relocated to Hoechst House in Mumbai in 2004.

The bank has undertaken a lease of 10 years for 30,000 sqft

for Adani Realty in their commercial premises in BKC – Adani inspire.

The decision by the bank to enter BKC represents the trend of

many banks to choose this business district as their chosen place of operation.

“There is a driving force for such a change to proximity to consumers and staff and the potential infrastructure,” a different source said.

Though Adani Realty refused to comment, there was no response to an e-mail query sent to MUFG Bank. JLL India, the transaction consultant for the deal, also refused to comment.

The bank’s website states that its office in Mumbai is the hub for MUFG’s operations in India.

The bank is present in five locations throughout the country and meets the banking needs of Japanese and global companies that set up or develop businesses in India, according to the website.

The post Adani Realty leases 30,000 sqft of space to Japanese largest bank MUFG. appeared first on .

Crisis-hit IL&FS will be inviting initial bids to sell its corporate headquarters in the Bandra-Kurla Complex (BKC) in Mumbai at the end of this month, almost two years after the debt-ridden infrastructure lender folded, two people with direct development knowledge said.

By the end of this financial year, the organisation aims to monetise the high-end office property, with a sale estimated to hit Rs 1,500 crore.

Though discussion has taken place for some time about monetization of the property in the new central district of Mumbai, IL&FS now has a final timeline in place.

“This is a process regulated by the NCLT, so multiple permissions are necessary at all stages. It might take a lot of time, but they plan to get deals by the end of next month,” said one of these people.

One of the first buildings in BKC, in fact central business district of the country’s financial capital, has been the famous 10-story property.

IBM, IDFC, The Carlyle Group, Avendus and Paypal belong to the list of main tenants of the office building with a surface area of about 4.5 lakh sq.ft. Roughly 40% of the property is used by IL&FS Group company offices and these can be vacated when the deal draws to an end.

The company has served as an advisor in the proposed deal with international property consultant CBRE South Asia.

This asset is monetized by the government-appointed IL&FS Board to manage its debts. In a presentation, the Board announced that by March 2021, it plans to recover Rs 900 by selling real estate assets, and Rs 1200 by further selling after this date.

The headquarters building itself has mortgaged for Rs 400 crore and the proceeds from the sales will be used to fund the loans by HDFC, a Home Loan firm.

The post IL&FS wishes to fetch Rs 1,500 crore by selling its headquarters in Mumbai. appeared first on .

The Maharashtra government agreed to temporarily cut the stamp duties on houses from 5% to 2% until December 31 in an effort to improve the declining real estate sector due to the coronavirus outbreak.

The government said in a statement that the stamp duty on homes would be 3% from 1 January until 31 March. The Cabinet Meeting today took the decision. The government said that the stamp duty cut would promote property sales.

At present, in cities such as Mumbai, Pune, Nagpur and Nashik, Maharashtra charges 5 percent stamp duties. The average is 6 percent in other cities.

Ramesh Nair, Chief Executive Officer, JLL, said almost 50% reduction in stamp duty is a positive action.

“A gradual reduction in the stamp duties from existing 5% in Mumbai and Pune to 2% (until December 2020) and 3% (January-March 2021) is an awaited step from the Government of Maharashtra because the residential property markets are being held back by these top two cities.”

Of course, rest other part of Maharashtra will also be benefited from this reduction move. It would certainly forecast well for prospective buyers, because they are supposed to save directly. This will serve as an effective stimulus to address the time required to close many deals in the current business environment.    

Though this is temporary, a powerful impact on the faded environment of the market would help restore sales, added Nair.

The post Government reduces stamp duty charges from 5% to 2% in Maharashtra. appeared first on .

Maharashtra Real Estate Regulatory Authority (MahaRERA) dismissed the developer’s argument that, since home buyers continued to pay even after the promised date of occupancy had passed, they had “acquiesced” and agreed to the delay in possession.

In three separate orders, MahaRERA’s Bhalchandra Kapadnis has advised developer CCI Projects Ltd, to pay interest on deferred possession following the completion of the continuous six months’ COVID based moratorium by granting significant relief for more than 20 home buyers from Rivali Park project in Borivali.

The Wintergreen Rivali Park Project has been deferred for over three years. The CCI Projects Ltd developer has obtained the last mile of funding from the Rs 20,000 crore stress fund set up by Minister of Finance Nirmala Sitharaman for the project. Five Mumbai developers including CCI Projects Ltd received financial support last month. The builder had extended the date of possession to December 2019 and now it extended it further to 30 June 2021.

Since the project was already delayed, many homeowners have filed complaints about relief. Yet some of these buyers continued to pay the rest for the flat, even though their registered contracts lapse on the date of possession.

Kapadnis noted that payments were structured in a slab-wise pattern and the complainants were ineffective and continued to pay in the hope of early ownership despite considerable investments.

Therefore, the action of the complainants is not acquiescence. In my view, the consent of the allottees in respect of a condoning of the delay shall be unambiguous and must be in writing as the statute stipulates that the clear duty for finishing the project according to the timeline is enforced and speaks of the repercussions of the delay.

The post CCI Projects Ltd will have to pay interest on late possession says MahaRERA. appeared first on .

In the case of Yes Bank scam, the Bombay High Court grants a bail on 20 August to the DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan, following the inability by the investigation agency to deliver its charges in the required 60-day time frame, in an embarrassment for the Enforcement Directorate (ED).

The Wadhawan brothers were granted a ‘default’ bail, with a condition by Justice Bharati Dangre of depositing Rs 1 lakh along with their passports as a surety.

Although, on 26 April, the wadhawans-who were nabbed by the Central Bureau of Investigation from the Mahabaleshwar hill station and held nearly three weeks later by the ED-won’t be able to leave the jail immediately because the CBI reserves them in the same case separately.

Justice Dangre rejected the additional solicitor general Anil Singh’s request that he should continue for two weeks to grant the bail order, arguing that the established legal position is that an accused can’t stay in jail for even a day once the right to default bail is due.

On the grounds that the ED did not file the petition for the charges within 60 days after the ED arrested them for money-laundering charges on 14 May, the Brothers Wadhawan sought bail from the high court in Mumbai.

The ED registered the charges one day after the deadline i.e on 15 July against the Wadhawan’s brother, Yes Bank founder Rana Kapoor, his wife Bindu Kapoor and their daughters Roshni and Rekha, among other things.

The post Bombay High Court grants bail to the DHFL promoters on Yes Bank scam. appeared first on .

More than a decade ago, this prime sea-side plot of the Charni Road in southern Mumbai was to build the country’s tallest 125 storey luxury hotel. Some years later, a plan was revised and two 60-story residential towers were built on the 2.2-acre land. However, all of the plans have been void.

The land would be auctioned this 21 August after Rs 439 crore loan from the IFCI and the Central Bank of India is defaulted by the builder, Marine Drive Hospitality, part of the DB Realty Group.

The Edelweiss Asset Reconstruction Company (EARC) has blocked the property and set Rs 485 crore reserve prices.

On the 21st August, it will be sold “as is” and “as planned” based on dues, totalling Rs 473 Crore, with interest, charges and expenses, for the whole. Last November, after “the borrowers/guarantors failed to pay the amount,” the authorized EARC officer symbolically took possession of the estate.

Roughly three dozen tenants residing on the estate that had been rehabilitated by the DB on the same land have protested to the auction.

These tenants released a public notice opposing the auction and stated to have granted a “specific developer’s rehabilitation consent.” ‘Under such a situation, no other person or party can conduct the redevelopment,’ they added.

In 2011, BMC gave a stop-work notice to the hotel project stating that Rs 200 crore was not paid in arrears. It imposed a premium for the developer’s demand for construction concessions. DB eventually shelved the hotel plans on financial viability and began searching for a partner for the construction of the property for a residential project.

The post Edelweiss ARC plans to auction DB Realty plot as it defaulted Rs 439 crore. appeared first on .

India is considering a relief package for Goods and Services Tax (GST) to fight Covid-19’s effect and help support the economy, said people with knowledge of the issue. The package under consideration could include a six-month suspension of GST payments for the worst-hit sectors such as restaurants, aviation and hospitality and a lower rate for the real estate sector.

Other proposals involve a move to a cash-based principle by levying tax from the existing invoice-based system by offering GST relief on a transaction on which payment due to the lockdown is not obtained by considering them as bad debts.

These steps are supposed to reduce the liquidity burden on firms struggling for funds, the people cited above said. The GST Council, which is the apex decision-making entity for the tax, should make a final judgment on the proposals.

While there has been a demand for full GST exemption, the government is veering back to the view that it would work best to suspend the tax, the official said. Exempting a sector from the tax will involve cutting the credit chain, contributing to further downstream issues.

A cash-based system would entail companies paying GST when they receive the money and not when the invoice is raised, making sure they don’t have to spend the tax out of their wallet and get pressured on working capital. It is particularly important for services, where reimbursement after bills are raised, is received with a lag.

The post Government to consider GST relief package to aid with the impact of COVID-19. appeared first on .