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Real Estate sector continues to face scanty demand | Weekly Round Up | RealtyMyths

Real Estate sector continues to face scanty demand, banks may face the burnt RealtyMyths

Welcome back to the Weekly News Roundup! Let’s see what’s in the bulletin for this week.

Bengaluru-based Embassy group which was planning to acquire Indiabulls realty arm has now canceled the same. The company has no immediate plans to increase its stake in Indiabulls Real Estate Ltd. from the current nearly 14 percent, the company’s CMD Jitu Virwani said. The company would remain invested in Indiabulls Real Estate, he added.

As realty firms are going bankrupt one after another, banks might have then to bear the burnt. The struggle to raise funds is on the rise in the sector. Except for commercial real estate in the office space, the rest of the sector – including housing and other commercial projects such as malls and hotels, are witnessing a decline in demand, with inventories piling up by the day.

Good news for Delhites as people in the National Capital breathed the cleanest air in five years for a day that falls immediately after Dussehra. But as per the officials, the situation is likely to deteriorate in less than a week. Central Pollution Control Board (CPCB) data showed that on Wednesday, the city’s overall air quality index (AQI) was recorded at 173 compared to 326 last year.

Embassy Group’s WeWork India is all set to foray into the Noida market. The company has taken on lease over 3 lakh sq ft office space to open three coworking centers comprising nearly 3,900 seats. The company has 26 operational coworking centers with 46,000 seating capacity.

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has identified 22 projects where the builders missed deadlines to give ownership as stated in their affidavits in the court. A total of 15 promoters may face a penalty of five percent of the total project’s cost. “Under Section 63 of the RERA, if the replies are deemed to be inappropriate then a penalty will be levied on them,” said the authority.

That was all for this week, we’ll be back next week until then stay updated and stay away from fake news.

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