Mumbai records second-best Diwali period property sale in a decade — What it means for real estate industry

Mumbai Property registration: As the dark clouds of Covid pandemic clear out, many sectors are on the track to recovery and a record registration in properties in Mumbai is a sign that real-estate is bouncing back in the metropolis area.

Real Estate

In October 2022, which was also the month where Diwali was celebrated, there was a marked spike in the number of property registrations in Mumbai.
The city recorded registration of 8,358 units in the month of Diwali and a stamp duty collection of Rs 717 lakh crore.The stamp duty collection figure between January and October increased 53 percent, as compared to 2021.During this period, 1.3 lakh houses were sold and Rs 7,300 lakh crore stamp duty was collected. Diwali 2022 saw an increase in stamp duty collection by 30 per cent, as compared to 2020.Read More

Yes Bank scam: CBI arrests Radius Group MD, Sanjay Chhabria

 The Central Bureau of Investigation (CBI) probing the Yes Bank scam Thursday arrested builder Sanjay Chhabria of the Radius group, sources said.

Radius Group was one of the biggest borrowers on the erstwhile DHFL with an outstanding loan with interest of around Rs 3,000 crores for a residential project in suburban Mumbai. The project is a joint venture between Radius and Sumer Group.

Radius group spokesperson wasn’t immediately available for a comment.

The promoters of erstwhile DHFL, Kapil and Dhiraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank in connivance with the bank’s cofounder Rana Kapoor who is also lodged at Taloja jail on the outskirts of Mumbai.

In September, Piramal Capital and Housing Finance’s (PCHF) had completed the acquisition of DHFL for Rs 34,250 crore which includes a cash component and non-convertible debentures.

As per the CBI, Rana Kapoor, a cofounder of Yes Bank, and his family members had allegedly received kickbacks of around Rs 600 crore for an investment of Rs 3,700 crore made by the bank in housing finance company DHFL’s debentures.

CBI in its two chargesheets filed against Kapoor, his family members and four former junior employees of the bank in connection with the corruption case, which pertains to the loans given to the now bankrupt financial firm DHFL. The accused were summoned and the hearing in the matter was scheduled for Saturday

According to the CBI’s first chargesheet filed last year, in June 2018, Kapoor, then the head of Yes Bank’s management credit committee, sanctioned a loan of Rs 750 crore on an application by DHFL promoters, Dheeraj Wadhawan and his brother Kapil Wadhawan, in the name of Belief Realtors Pvt Ltd for development of a Bandra Reclamation Project.

Readmore:https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-scam-cbi-arrests-radius-group-md-sanjay-chhabria/articleshow/91157593.cms

CBI begins 3 separate probes against former Mumbai top cop Param Bir Singh in corruption cases

 

The Central Bureau of Investigation (CBI) has initiated three separate investigations into former Mumbai top cop Parambir Singh in connection with corruption allegations.

The Central Bureau of Investigation (CBI) has launched three separate investigations against former Mumbai Police Commissioner Param Bir Singh on charges of extortion, bribery, and corruption.

The federal investigation agency recently took over five FIRs lodged by the Maharashtra Police against Param Bir Singh on the orders of the Supreme Court.

The CBI has named former police officer Pradeep Sharma, along with Param Bir Singh, as an accused in one of the preliminary investigations. The National Investigation Agency arrested Sharma in connection with the Antilia bomb scare case

According to the complaint, social worker Rakesh Arora alleged that Param Bir Singh and Pradeep Sharma were involved in corruption and took bribes from gambling club owners in Maharashtra’s Thane.

In another preliminary inquiry, the CBI will question Param Bir Singh and businessman Jitu Navlani.

According to allegations, Param Bir Singh has illegally invested over Rs 1,000 crore in real estate through Jitu Navlani, as well as several thousand crores in other businesses.

To Know More:https://www.indiatoday.in/india/story/cbi-begins-separate-probes-against-param-bir-singh-corruption-cases-1942315-2022-04-27