NEW DELHI: Marquee retail names in two of New Delhi’s and India’s most storied shopping destinations, Khan Market and Connaught Place, may soon disappear thanks to landlord-tenant rent disputes. More than 20 retailers in the country’s two most expensive retail locations are in discussions with landlords and may down shutters if the talks fail. Restaurants […]
NEW DELHI: Global fund Blackstone on Wednesday raised around USD 300 million (about Rs 2,270 crore) by selling its shares in Embassy Office Parks REIT to monetise part of its investment, sources said. Blackstone was targeting to raise up to USD 257 million (around Rs 1,950 crore), but increased the size of its offer on […]
Investment trade body Asia-Pacific Real Estate Association (APREA) has approached the central bank to allow overseas funds to invest in debt securities issued by Real Estate Investment Trusts (REITs) and Infrastructure investment trusts (InvITs). Finance Minister Nirmala Sitharaman, in Union Budget 2019, had already allowed foreign portfolio investors (FPI) to invest in REITs and InvITs […]
NEW DELHI: The 15th Finance Commission on Thursday held meeting with the Ministry of Panchayati Raj and discussed constitution of a property tax board by states among other matters. The ministry submitted that the Commission may consider to keep its award to the PRIs (Panchayati Raj Institutions) for the revised period 2021-2026 at Rs 10 […]
Property developers were already battling a pronounced demand slump for rented space, resulting in either surrendered tenancy or abysmally low rents. And they now have another problem to tackle – paying goods and services taxes (GST) at 18% GST on rents either not received or paid only partially. As per the GST framework, tax has […]
NEW DELHI: The government will soon issue guidelines andregulatory measures to help the real estate sector in dealing with the crisistriggered by the Covid-19 outbreak, Housing and Urban affairs secretary Durga Shanker Mishra said on Wednesday. With construction work on projects suspended because of the nationwide lockdown, he asked builders to help the labourers working […]
NEW DELHI: Property developers across India’s big cities have been asked to ensure their labourers have enough to eat, even though construction may have halted under a government-imposed lockdown to fight the coronavirus outbreak. The Hiranandani Group has organized 15 days of food rations for more than 4,000 labourers across sites. Oberoi Realty Ltd will […]
GURUGRAM: The Haryana government has a one-time rebate of 25% to property owners who pay their dues for the years 2010-11 to 2016-17 by August 31. The special rebates aims at reducing the property tax obligation of residents during Covid restrictions, officials,Said. “The revised property tax bills can be checked on MCG website from May […]
NEW DELHI: Thirty-five lakh houses have so far been delivered to beneficiaries under the Pradhan Mantri Awas Yojana (PMAY-Urban) while 65 lakh houses are currently under construction, Union Minister Hardeep Singh Puri said on Thursday. Puri said an estimated 3.65 crore jobs would be generated in the construction of all sanctioned houses under the mission […]
MUMBAI: Mindspace Business Parks REIT, an entity jointly backed by realty developer K Raheja Corp and private equity major Blackstone Group, has revised its draft prospectus to raise Rs 1,000 crore through fresh issue of shares via an initial public offering (IPO). Both the entities are expected to offer a part of their existing shareholding […]
NEW DELHI: To ensure uninterrupted construction work post lockdown, the developers are taking care of families of labourers and even offering Rs. 2000 under referral scheme, if the labour gets a new worker to enrol. Real estate developers, who are racing against time to complete the project, are providing medical and sanitisation facilities also at […]
I would not be surprised if after a year, year and a half we start seeing a very strong come back in real estate sector, says Mohit Malhotra, MD & CEO. There is no denying that real estate as a sector has been hit hard. It is not just Covid, but pre-COVID as well, the […]
