The Tata Group company has sold these malls to private equity firm Xander Group’ retail arm Virtuous Retail for around Rs 700 crore, said two persons familiar with the development. The transaction would provide an exit to Tata Realty’s maiden fund Tata Realty Initiatives Fund I that had invested in these assets through its corpus of $750 million.
The company has also held discussions with Cupertino based tech giant Apple for what could be the iPhone maker’s second flagship store in the country to be located at Aerocity near IGI Airport, sources said.
A Committee of Creditors (CoC) on Saturday decided that home buyers and lenders of Jaypee Infratech will vote on the bids of state-owned NBCC Ltd and private sector firm Suraksha Realty at the same time.
The proposed investment will be in a commercial project in north Bengaluru spread over 10 acres with a development potential of 2-3 mn sft. “The deal is in the final stage of closure and will mark GFM’s foray in the commercial market in Bengaluru,” said a person aware of the deal.
In a meeting with lenders, it has been decided to start the voting on Dec 10 and it will go on till Dec 16. Since there was dispute among lenders over whether NBCC or Suraksha realty should be put to vote first, the CoC has decided for simultaneous voting, two persons aware of the matter said.
Over 22,000 Jaypee Infratech homebuyers had opted for internal voting that started on Wednesday, but it was put on hold after some buyers raised objection on the legality of it. The buyers have also approached the Insolvency and Bankruptcy Board of India regarding the internal voting issue.
J.P. Morgan will take up about 1.15 million sq. ft. of office space that is expected to be delivered by the second quarter of 2021, the company said in release. NKP has a site area of 23 acres and is located on Mumbai’s Western Express Highway in Goregaon.
JSW Infra said it has issued a letter of support to Suraksha Realty to give financial, strategic and technical assistance in the delivery of pending flats to Jaypee homebuyers within the timeframe. Suraksha Realty and state-run NBCC on Tuesday submitted their final bids to acquire bankrupt realtor Jaypee Infratech through the insolvency process.
In five successive reductions so far in 2019, the Reserve Bank of India has cut interest rates by a cumulative 135 basis points since February in an attempt to bolster growth and also liquidity in the financial system. With no reduction today, the cumulative decrease in repo rate stands at which banks borrow from it—remains unchanged at 5.15%.
Companies facing up to Rs 1-crore loss a day due to SC’s construction ban in the wake of rise in air pollution. The worst affected are malls, which are losing not only rentals but also business for retailers during the seasonal sale
Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it buys raw materials or other services can be passed on to the buyer when the goods or services are sold. Many real estate developers were asked to pay penalties as they did not pass on the benefits of the input tax credit to the customers.