Supertech Throws Wrench in NBCC’s Takeover Plan for Stalled Projects
Homebuyers facing delays in receiving their dream flats in Supertech projects might have to wait longer. The embattled developer has thrown a curveball at the National Buildings Construction Corporation’s (NBCC) takeover plan, proposed to expedite the completion of 14,000 flats across 17 projects. Supertech argues that NBCC’s approach would further
Lavasa Creditors Lay Groundwork for Revival with Eligibility Criteria
A glimmer of hope has emerged for the revival of Lavasa, a stalled hill station project near Pune, India. The creditors committee, the group representing lenders owed money by the project, has established eligibility criteria for potential resolution applicants in a “Resolution 2.0” attempt. This move signifies a renewed effort
Thangalaan Producer Makes Significant Mumbai Real Estate Investment
K.E. Gnanavel Raja, the renowned producer behind the blockbuster Tamil film “Thangalaan,” has recently acquired a luxurious apartment in Mumbai’s prestigious Juhu neighborhood. The 3,414-square-foot apartment in the upscale Prithvi Apartments complex fetched a hefty sum of ₹15 crore. This investment marks a strategic expansion for Raja, who is already
SBI Funds Acquires Prime Commercial Units in Mumbai’s Bandra Kurla Complex
Mumbai, India – October 1, 2024: In a strategic move to expand its commercial real estate portfolio, SBI Funds Management Ltd has acquired two prime commercial units in the prestigious Bandra Kurla Complex (BKC) for a total of ₹103 crore. Located in the heart of Mumbai’s financial district, BKC is
HDFC Lightens Credit Load with $717 Million Home Loan Sale
Mumbai, India: In a move aimed at streamlining its credit portfolio, HDFC Bank, a leading Indian lender, has offloaded a significant portion of its home loan portfolio. The bank sold approximately $717 million (₹60 billion) worth of home loans to a consortium of undisclosed state-controlled banks through private deals. This
Australia’s Brickworks Feels the Pinch of Declining Construction Activity
Australia’s leading brick manufacturer, Brickworks, has reported a significant financial setback, swinging to a full-year loss for the first time in recent memory. This downturn is attributed to a substantial decline in building activity across the country. The company recorded a statutory net loss of A$118.9 million (US$81.10 million)
WeWork’s India Exit Strategy Hits a Snag
WeWork Inc.’s ambitions for an exit from the Indian market have suffered a setback. The co-working giant’s plan to offload its entire 27% stake in its Indian subsidiary has fallen through, despite receiving approval from the Competition Commission of India (CCI) earlier this year. The deal, valued at an estimated
Mumbai’s Luxury Real Estate Market Attracts Prominent Investor
Mumbai’s affluent real estate market has once again captured the attention of high-profile individuals. Kishore Bang, the promoter of Nirmal Bang Securities, and his wife, Suman Bang, have recently acquired two luxurious apartments in the city for a combined sum of ₹45.69 crore. The couple’s purchase reflects a growing trend
Century Real Estate Achieves Phenomenal Pre-Launch Sales in Bengaluru
Century Real Estate has achieved a remarkable feat, selling luxury homes worth a staggering ₹450 crore during the pre-launch phase of its latest project in Bengaluru. This impressive accomplishment underscores the strong demand for premium residential properties in the city and the growing trust in Century Real Estate’s brand. The
Goa Panchayat Puts Brakes on Bhutani Infra Project
A proposed mega-project by Bhutani Infra in Goa’s Sancoale village has hit a roadblock. The Sancoale Panchayat, the local governing body, has unanimously resolved to issue a show-cause notice to the developer. This action comes amidst concerns raised by residents and activists regarding potential violations of planning and development regulations.
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