It is known that ICICI Bank and other private lenders have reached out to their landlords requesting a rent waiver for the lockdown period. Sources said that considering the disruption caused by COVID-19, ICICI Bank has asked operating offices to obtain a waiver from their landlords as a measure of support for the bank. There […]
ICICI Bank and other private banks demand rent waiver from their landlords.more
Invoking the force majeure clause in the context of the COVID-19 lockdown, the promoters of the X BKC project in Kala Nagar, Bandra requested MIG Colony’s original tenants not to deposit their cheques for the May-June period. Citing financial problems and bad market conditions, MIG (Bandra) Realtors and Builders Pvt Ltd, part of the DB […]
X BKC project promoter declines to pay rent by citing force majeure clause.more
As per Chief Minister B.S. Yediyurappa on 13 April, with the coronavirus pandemic and subsequent 21-day lockdown causing a financial crisis, cash-starved Karnataka agreed to auction 12,000 housing sites to raise funds. “The government will auction 12,000 corner sites, idle in Bengaluru, to collect funds for development work,” Yediyurappa said following a meeting with ministers […]
Karnataka government plans to raise funds by selling Bengaluru housing sites.more
In a major relief to a construction firm based in Mumbai, the Bombay High Court said the lockdown duration is to be eliminated when calculating 90 days for the Non-performing Assets (NPAs) declaration. The High Court’s ruling came on a Transcon Iconica petition that took a loan from ICICI Bank and failed to make payments […]
Bombay High Court declares calculation of 90days NPA should not include lockdown duration.more
Two days until the slated end of the lockdown, the government has enabled more than 15 types of industries to begin their work on a single shift basis with minimal manpower and distancing norms. These involve large electrical goods such as transformers and circuit vehicles, telecom equipment and components like fibre optic cable, compressor and […]
Home Ministry permits 15 industries to start their work with social distancing norms.more
PHD Chamber of Commerce and Industry (PHDCCI) has suggested that ongoing projects must be treated as assets for providing credit to developers, zero- period interest waiver in Uttar Pradesh should be provided for two years amid COVID-19, and developers who have applied for partial or partial project competition must be issued completion certificates to prevent […]
PHD Chamber suggested all under-construction projects to be treated as assets for granting credit to the developers.more
According to a study by Reserve Bank of India, the residential real estate market has continued to suffer from weak demand and significant inventory overhang. Due to new launches dropping indicating the broad inventory overhang, all India house price levels moderated with Mumbai and NCR exhibiting a small price drop of almost 5 per cent. […]
RBI shows its study for the residential market disruption with a small price drop in the sector.more
Despite the lockdown, BMC has begun pre-monsoon road-resurfacing, desilting and bridge-building work to prevent accidents, flooding, water-logging and rainfall diseases — it has a little over a month and a half to complete the job. On 6 April, BMC resumed 112 works on roads, bridges and stormwater drains (including desilting) with 2,500 labourers. Additional Municipal […]
BMC resumes infrastructure work amid lockdown, explains as the pre-monsoon measures.more
Kolte-Patil Developers, a real estate developer based in Pune, has signed an agreement with UK-based real estate company Planet Smart City to jointly build a more than a 5.4-acre parcel of land in Pune. Kolte-Patil would get Rs 91 Crore for his plot’s monetization. Kolte-Patil’s I-Ven Townships (Pune) a Kolte-Patil subsidiary and the UK developer […]
Kolte-Patil Developers and a UK based real estate company will jointly develop a 5.4 acre in Pune.more
Special guidelines and legislative measures will soon be issued for the real estate industry, including the Real Estate Legislative Act (RERA), to counter this crisis, said Durga Shanker Mishra, Secretary, Housing and Urban Affairs. “We are caught in an unimaginable scenario that has engulfed the whole world in its grip. In these critical days, we […]
Housing Minister: Real Estate will soon get special regulatory measures to get restored the industry.more
