Unitech Ltd, India’s second largest real estate company, and DB Realty Ltd continued to struggle with sales in the June quarter amid rising interest rates and slowing demand—a seemingly unceasing plight they share with most of the sector.
The missing files of Aldeia de Goa throws open serious doubts on the Government authorities.
As India’s realty sector goes through a liquidity crunch with banks tightening lending norms and property sales dropping, real estate developers are turning to alternative channels of funds.
Government of Goa had initially taken a firm stand against the DB Realty Goa Project on account of the Goa Bachao Abhiyan (GBA) fierce agitation in 2006.
A senior high ranking officer of a Central Intelligence agency revealed to this correspondent that in the investigations surrounding the assets of Shahid Balwa when the investigation stirred towards the DB Realty assets in Goa.
Real estate along with information technology and financial sectors cornered nearly 52 per cent share in mergers and acquisitions (M&As) out of 68 deals during June and July.
The on-going investigations by CBI into the various business enterprises and real estate assets of 2G Scam accused Shahid Balwa of DB Realty is to now bring the controversial project into the eye of the storm.
DB Realty Ltd has reportedly sold off its 50% stake in a south Mumbai property to the Adani Group.
Tata Realty and M3M Developers are believed to be in the race to buy DLF’s Gurgaon plot for around Rs.400 crore.
AIG Global Real Estate (AIG GRE), the real estate fund of the global financial major, is looking to exit two projects of Bangalore-based RMZ and raise around $450 mn.