#RealtyNewsRoundup: ED Attaches Mallya Properties Worth Rs 1,411 Crore
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Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
The Enforcement Directorate (ED) recently attached properties worth Rs 1,411 crore of liquor baron Vijay Mallya in connection with the Rs 900-crore loan fraud with the IDBI Bank. The assets under provisional attachment include a bank balance of Rs 34 crore, a flat each in Bengaluru and Mumbai, a 4.5-acre industrial plot in Chennai and a 29-acre coffee plantation land in Coorg. Meanwhile, Mallya said the ED move would make it difficult for him to raise money and repay the banks. Read more
The Securities and Exchange Board of India (Sebi) has lined up wide-ranging relaxations to its norms for Real Estate Investment Trusts (REITs) along with easier set of compliance rules for foreign fund managers keen to relocate to India. The markets regulator is looking to make REITs more attractive to investors by allowing them to invest a large portion of funds in under-construction assets. The issue will be put on the table this week. Read more
A sales tax tribunal in Mumbai tribunal recently held that allotment of transferable development rights (TDR) to a developer under a slum redevelopment scheme was taxable under the Maharashtra Value Added Tax Act. The order will be a big blow to developers who might henceforth be reluctant to participate in slum rehabilitation projects. Read more
Realtors' body National Real Estate Development Council has demanded Gurgaon's inclusion in the government's Smart City Mission. As many as 100 cities are to be developed under the programme but so far the ministry of urban development minister has shortlisted only 33 cities. Read more