Realty News Roundup: Dalian Wanda Plans Industrial Township In Haryana; Blackstone To Buy Alpha G: Corp

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

Top News

Chinese realty major, Dalian Wanda Group, is reportedly planning to develop an industrial township in Haryana. For facilitation of the project, the Chinese embassy has reportedly sought the Union government's help. If culminated, the project will be the one of the biggest investments in India by a Chinese company. The realty major plans to acquire 100 sq km (24,710.5 acre) of land in two divisions for the project. Read more.

Ahead of the plans to construct a Greenfield project, the government of Andhra Pradesh will depute a technical team to study the best practices of the residential real estate sector in China, Singapore and Hong Kong. Read more.

Cyrus Poonawalla, Chairman of Poonawalla Group, has bought the US consulates' South Mumbai property, Lincoln House at Breach Candy, for Rs 750 crore. The deal has been sealed for about Rs 100 crore below its initial reserve price of Rs 850 crore. Reports suggest that restriction on redevelopment and uncertainty over other approvals have led to the property being sold at a price lower than the reserve price. It is a 2-acre Grade-III heritage property with a built-up area of around 50,000 sq ft. Read more.

Off the front page

New York-based private equity major Blackstone's real estate division will buy a 100 per cent equity stake in Alpha G: Corp, a Gurgaon-based developer, for Rs 1,600 crore. This is a first buyout of an Indian real estate company by a private equity fund. Read more.

Opinion

Here is a piece on the pros and cons of managing properties owned by mentally-challenged people. Read here.