#RealtyNewsRoundup: Tamil Nadu For RERA-Like Authority For Rental Housing
The Tamil Nadu government has proposed to create an authority, a court and tribunal to deal with rent-related issues, and to balance the rights of the landlords and tenants. A state may soon pass a legislation named the Tamil Nadu Regulation of Right and Responsibilities of Landlords and Tenants Act, 2017, in this regard.
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The City and Industrial Development Corporation of Maharashtra Ltd (Cidco) has shortlisted seven architects for the Navi Mumbai corporate park project, touted to be the biggest real estate project to be conceived by a government agency in Maharashtra. The designing will be done with reference to some well-known global business parks.
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The Noida Authority has cancelled the allotment of a 1.26-lakh-square-metre plot worth over Rs 1,000 crore in Sector 43 for a group housing scheme. The plot was sold to a developer in August 2016. However, since the developer failed to pay the first instalment of allotment money in the stipulated time, the authority has confiscated Rs 50 crore, and cancelled the allotment.
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Real estate major Gulshan Homz will be investing Rs 400 crore over next three years to develop two housing projects in Noida and Greater Noida. The company will build nearly 1,900 housing units in the two projects.
Source: Media reports