#RealtyNewsRoundup Govt's Move To Amend Enemy Property Act May Not Get RS Nod
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
The Narendra Modi-led government's attempt to amend the 48-year-old Enemy Property Act has hit a roadblock in the Rajya Sabha, with four parties opposing the move. The Congress, the Janata Dal-United, the Communist Party of India and the Samajwadi Party said the original law was balanced and any changes would violate the basic principle of the natural justice. Read more
Real estate major Godrej Properties aims to launch 15 projects and sell its already constructed commercial assets worth Rs 1,500 crore this financial year. The company achieved a record sales bookings of Rs 5,038 crore in 2015-16 financial year, up 88 per cent from the previous year. Read more
The skyline of India's commercial capital may change if two proposed amendments are approved, leading to the addition of more high-rises. The Municipal Corporation of Greater Mumbai has suggested that the minimum height for a building to fall under the high-rise category be increased from the present 24 metres to 32 metres. Apart from this, an expert committee appointed by the state government has recommended that the civic chief be made the sanctioning authority for buildings up to a height of 120 metres, or about 40 floors. Urban planning experts said these moves would help simplify and expedite approvals for real estate developments across the city. Read more