Omaxe Ltd has claimed that its subsidiary, Garv Buildtech Pvt. Ltd, has signed up a memorandum of understating (MoU) with Lucknow Development Authority to construct a Hitech Township in Lucknow.

Omaxe in its filing to the BSE has announced that Garv Buildtech Private Ltd has enterted into a MoU with Lucknow Development Authority for construction of township at Lucknow, Uttar Pradesh. The proposed area for the township is about 2700 Acres, located at the Lucknow Ring Road, close to Lucknow Airport.

Housing Development and Infrastructure Ltd (HDIL), on Monday, has decided to pay tax on extra income of Rs 350 crore but it has refused to accept that it had done anything wrong. The decision from the real estate Firm has come after the revenue department had a raid in the HDIL office.

Real estate major Omaxe has announced that it has dismissed 70 people and trim down salaries of its employees by 10% per cent on average as part of cost cutting measures, to beat the current slump in the property market.

According to the sources, wages of all employees except those who earn Rs 10,000 or less a month have been reduced.

UK-based real estate major Eredene Capital has announced that it planned to pump around Rs 40 crore for building a Container Freight Station (CFS) near the Ennore port, partnering with Chennai-based Sattva Business Group.

While commenting on the plans, Mr. Nikhil Naik, Chairman, Eredene Infrastructure Pvt Ltd remarked, “We would be investing around 85 per cent of the stake through (FDI) and the remaining 15 per cent would be shared by Sattva Business Group for setting up the CFS at Ennore port.”

India’s major real estate developer, DLF has announced that it is ready to ink a franchisee pact with Italian group Luxottica to retail its premium and luxury eyeware brands, including Oakley, Ray-Ban, Chanel, Dolce & Gabbana, Donna Karan, Prada, Versace and Polo Ralph Lauren.

According to the sources, Luxottica group deals in designing, manufacturing and distributing prescription frames and sunglasses in the premium and luxury segment.

Luxottica has licence pacts with 20 top brands, including Burberry, Prada, Tiffany and Salvatore Ferragamo.

Emami, a leading consumer products manufacturer, has made announcement that the company is proposing to exit from the real estate business by divesting 100 percent stake of its wholly-owned arm, Emami Realty.

According to the company officials, Emami is in talks with other parties for marketing the stake of the company in the realty firm.

The source close to the company said that the buyer could be one of the various group conglomerates of Emami, or any other entity outside the group.

Real estate firm Parsvnath Developers Ltd (PDL) has won a contract worth Rs 29.50 crore from Delhi Metro Rail Corporation (DMRC).

The project involves construction of station box at the Dhaula Kuan metro station that connects Connaught Place to the International Airport.

The latest order is one of the prestigious construction contracts of station building awarded to Parsvnath after successful construction of Azadpur and Akshardham Metro Stations, which were allotted on BOT basis by DMRC.

The project is scheduled to be completed with a period of just 15 months.

Taneja Developers and Infrastructure Ltd (TDI), one of the fastest growing real estate/ infrastructure Company in India belonging to TDI Group, plans to pump Rs 300 crore in developing two township projects over the next 4-5 years.

The company plans to launch two residential townships in Indore and Meerut spread over 150 acres each, in the next six months.

The company has earmarked investment worth Rs 150 crore in each township, toward the construction. The company would fund the project in the form of mix of debt and equity.