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Germany: Vonovia CEO Predicts Rise in Real Estate Bankruptcies
Germany's real estate industry, now in its third year of turmoil, is expected to face more challenges as more companies are likely to go bankrupt, according to Rolf Buch, the CEO of Vonovia, Germany's largest landlord. Buch's grim outlook challenges any hopes for a quick recovery, stating that the sector is experiencing its worst crisis in decades. Buch predicted a significant number of bankruptcies over the coming months and possibly years, noting that many were already occurring. He described the situation as dire. For several years, the German property sector thrived due to low interest r..
Britain's Vistry forecasts 7% profit increase in H1 2024
British housebuilder Vistry anticipated a half-year profit increase of approximately 7 per cent, driven by strong demand for its affordable homes from housing associations and the rental market, the company announced. Despite the British housing market facing delays in interest rate cuts, which dampened hopes for a quick recovery, the sector received a boost from the new Labour government's commitment to revamp planning regulations. The government aims to construct 1.5 million new homes over the next five years. Vistry expressed its eagerness to collaborate closely with the government and su..
Mumbai: EOW Arrests Kamala Mills Owner for Fraud
Mumbai Police's Economic Offences Wing (EOW) arrested Ramesh Govani, owner of Kamala Mills and a real estate developer, in a Rs 670.50 million fraud case. Govani, who is also a director of a private land development company, was accused of purchasing a project in Mumbai's Khardanda area but failing to pay the Rs 670.50 million consideration amount to the complainant. Despite repeated demands for payment, Govani allegedly ignored them, leading the complainant to approach the EOW and file a complaint. Following the complaint, a case was registered against Govani under sections 409 (criminal bre..
