#RealtyNewsRoundUp: UP-RERA Issues Notices To 12 Developers For Fund Diversion

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued show-cause notices to as many as 12 developers who have been found to have diverted homebuyers’ money meant for completion of their housing projects in Noida and Greater Noida.

Meanwhile, the stamps and registration department of Gautam Budh Nagar will be filing FIR against three developers in Noida for giving possession of nearly 600 flats to homebuyers without executing registry. *** US-based private equity firm Blackstone is in talks to buy a commercial complex in Mumbai’s Bandra-Kurla Complex for about Rs 3,000 crore. The office complex One BKC is owned by Radius Developers. This will be one of the biggest deals in India’s commercial real estate this year. Meanwhile, private equity firm Warburg Pincus is poised to enter into an alliance with developer Runwal Group to invest $1 billion in retail-led mixed-use development across the country *** The Bruhat Bengaluru Mahanagara Palike (Palike) has drafted a proposal to raise property tax on residential properties by 25 per cent and on non-residential ones by 30 per cent. The hike is expected to bring in an additional Rs 500 crore for the corporation. Meanwhile, the North Delhi Municipal Corporation has attached 648 bank accounts and 670 properties from April-October this year for non-payment of property tax. *** The Delhi Development Authority is in the process of setting up a call centre, which will help people get answers to their real estate-related queries without visiting DDA offices. At present, people can call the telephone exchange at DDA’s headquarters at Vikas Sadan, and ask for extension of the respective department for their work. Source: Media reports