DLF to invest ₹3,750 crore in JV with Everstone to acquire economic interest in IREO companies

DLF and Everstone Group have agreed to form a joint venture to invest in IREO and other IREO group companies in India. DLF plans to invest about ₹3,750 crore for a majority stake in the JV, which will ultimately hold an aggregate economic interest of approximately 40% in the IREO India companies.

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Haryana proposes FAR up to 264% for residential plots, S+4 height limit

The Haryana government is initiating amendments to the Haryana Building Code, which would enhance construction opportunities. Under the proposed changes, residential plots of up to 250 square metres would be eligible for a maximum floor area ratio of 264%. This modification is intended to assist homeowners wishing to remodel or expand their homes, as well as help developers.

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SC allows conveyance deeds for Parsvnath homebuyers in completed projects

The Supreme Court has authorized the execution of conveyance deeds for Parsvnath Developers' homebuyers. This pivotal decision follows extensive legal discussions surrounding the company's insolvency and the rights of homebuyers. Additionally, the court mandated the release of funds to cover critical expenses for affected projects, alleviating the prolonged distress experienced by buyers waiting years for their homes to be completed.

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NLMC puts HIL's 5.119-acre Delhi land parcel on e-auction block at ₹830 crore

The National Land Monetisation Corporation has initiated the sale of a 5.119-acre land parcel belonging to HIL (India) with a reserve price of Rs 829.69 crore. The auction will be conducted online, encouraging consortiums to place bids. To ensure clarity, a pre-bid meeting was convened for prospective bidders. This move is part of the government's strategy to unlock the value in surplus public sector assets, promoting efficient asset utilization.

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Lenders accept Supreme Housing's ₹522-crore settlement offer

Canara Bank along with other lenders accepted a ₹522-crore one time settlement offer from Supreme Housing and Hospitality. This settlement will help the company resolve debts close to ₹700 crore, representing a 75% recovery for involved banks. The one-time settlement includes both fund and non-fund exposure from corporate guarantees given to subsidiary entities.

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Hyderabad: NCLT brings Madhapur land into Butta Infra liquidation estate

A significant piece of real estate located in Khanamet, Hyderabad, has been designated as part of the liquidation estate belonging to Butta Infrastructure. This decision stems from a ruling issued by the National Company Law Tribunal, which concluded that LIC Housing Finance did not adequately demonstrate its attempts at asset recovery.

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Sebi allows REITs, InvITs to issue depository receipts

The Securities and Exchange Board of India (Sebi) has authorized the issuance of Depository Receipts for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to increase foreign investment. This new framework allows these investment vehicles to issue fresh units for DRs, mandatory for non-Indian residents, and enforces strict compliance with prior unitholder approval as well as pricing and reporting guidelines.

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