Realty News Roundup: Credibility & Doability To Determine First Set Of Smart Cities; Indiabulls Acquires 40% Stake In OakNorth Bank

Realty New Roundup is PropGuide's selection of top stories from the real estate sector.

Top News

For selection of first batch of 20 smart cities out of the 98 selected, credibility, feasibility, and citizen engagement, will be evaluated by the Urban Development Ministry after detailed consultation with states and urban local bodies (ULB), reported news agency PTI.

Smart City plans are to be submitted by December 15 to the Ministry by the 98 identified mission cities for evaluation in the second stage of City Challenge Competition. This plans will be assessed for their credibility and doability, the report added. Read more 

Indiabulls Housing Finance buys 40 per cent stake in UK-based OakNorth Bank for about $100 million (Rs 660 crore), ETRealty.com reported. Indianbulls is now the bank's biggest shareholder. The bank set up in 2013 by Rishi Khosla, a startup investor, specialises in lending to small businesses. Read more

Off the frontpage

Blackstone Group LP, the US-based asset manager, is acquiring Japan Residential Investment Company (JRIC) in a deal worth about $450 million, including debt, Reuters reported. It is paying $232.23 million for shares in JRIC, which has total debt of about $217.60 million, making the deal worth $450 million. Read more 

Tamil Nadu Chief Minister J Jayalalithaa on November 13 inaugurated a series of bridges, subways, and tourist bungalows. These were constructed at a cost of Rs 365.76 crore, aimed at boosting the infrastructure facilities across the state, news agency PTI reported. The constructions inaugurated include railway bridge at Vyasarpadi in Chennai built at a cost of Rs 80.68 crore, and bridges in Tirumangalam and Moolakadai built at a cost of Rs 109.78 crore. Read more