Real Estate

Piramal Housing Finance

Piramal’s Real Estate financing arms to raise Rs 2,400-crore debt

Piramal Capital and Housing Finance (PCHF) and PHL Fininvest Pvt Ltd (PHLF) will issue Pass Through Certificates (PTCs) offering 10.50 per cent through a special purpose vehicle called ‘Master Trust 2019 Series I’. The Piramal Group’s real estate financing arms are in the process of raising about Rs 2,400 crore through a structured debt deal that will offer a new credit line to billionaire Ajay...

NA plot developer booked for cheating home buyers

Nearly 23 years after he floated the scheme of river-facing Non-Agricultural (NA) plots in the picturesque Malavli in Maval tehsil close to Pune, a Borivali-based land developer has been booked on charges of cheating and criminal breach of trust by Pune rural police for allegedly defrauding second home buyers from Mumbai and Pune. The FIR was filed against the developer, Mahesh Ramugade (pictured...

‘Builder sold flats, but did not have permission to construct’

FIR against SSV developers for duping 150 homebuyers in Vikhroli Over 150 homebuyers have been allegedly duped by city-based SSV developers for Rs 30 crore by not delivering promised flats in Vikhroli area. The Economic Offenses Wing (EOW) of Mumbai Police has registered a case against the developer, who they say did not even have permission to construct the building. According to the police, the...

15 years on, tenants have a shot at getting homes back

After initially losing the plot, the tenants of a building in IC Colony in Borivali finally have a shot at getting back the homes they vacated more than 15 years ago apparently for “repairs”. Small Causes Court Judge KV More last week granted six tenants of Xavier Building a relief by restraining their landlord Michael Rodrigues (son of the original landlord) from carrying out any further...

ICICI Bank brings instant home loan disbursals

HIGHLIGHTS The bank has also grown the number of its mortgage sourcing offices by 50% to 1,500 in FY19 in a bid to achieve its target of Rs 2 lakh crore home loan portfolio by March 2020 ICICI Bank’s home loan portfolio at Rs 1.7 lakh crore has grown 19% year-on-year as on December 31, 2018 MUMBAI: ICICI Bank has introduced digital home loans and top-ups where customers can get an instant...

If home project delayed, builder to lose right over it

The state’s real estate watchdog, MahaRERA, on Thursday issued a standard operating procedure (SOP) to allow home buyers to remove a developer in a delayed project, which will then be given to an expert panel to help complete it. The authority clarified it can take act only in non-litigated cases. “It will help finish all delayed projects in the state. This is a unique move, probably the first in...

ICICI Bank cuts MCLR by 5 bps across tenors

The Reserve Bank, in its bimonthly policy review in February, had cut the key repo rate by 25 bps to 6.25 per cent. ICICI Bank Monday cut the marginal cost of funds based lending rate (MCLR) across tenors by five basis points (bps) ahead of the Reserve Bank of India’s monetary policy meeting later this week. ICICI Bank cut rates for the overnight, one-month, three-month, six-month and...

Housing.com parent Elara buys FastFox

Elara Technologies Pte Ltd, the owner of Housing.com, PropTiger.com and Makaan.com, on Monday announced the acquisition of Gurugram-based rental brokerage platform FastFox.com, according to a statement issued by the company. With this acquisition, Elara aims to go beyond search and discovery for home rentals on its platforms and add on-ground assistance to both landlords and home seekers. Currently,...

Panel recognises mortgagee’s claim

Striking a balance between a finance company’s claims and home buyer’s rights over a stalled project whose promoter is in jail, the Maharashtra Real Estate Appellate Tribunal (MREAT) has modified a MahaRERA order, recognising the rights of Xander Finance as a mortgagee while upholding the home buyer’s claims on the plot and refusing to stay the recovery warrant issued by MahaRERA to the...

Rich flat buyers Rs1300cr stuck in Palais Royale

MUMBAI: Middle-class and low-income families are not the only victims of stalled real estate projects in Mumbai. Around Rs 1,300 crore paid by high net worth individuals to the builder of India’s tallest under-construction residential tower, 294-metre high Palais Royale at Worli Naka, is stuck for a decade. The project has been mired in a series of litigations, leaving dozens of doctors, builders,...

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