Realty News Roundup: Noida Authority Revises Slum Rehabilitation Scheme; Dalian Wanda To Invest In Greater Noida

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

Top News

To make Noida slum-free, the Noida Authority on Tuesday revised the norms on cost pattern in its slum rehabilitation scheme. The Noida authority decided to provide interest-free, long-term loan to slum-dwellers for purchasing flats for economically weaker sections (EWS). These flats are priced around Rs 5.15 lakh. In the first phase of this scheme, 3,400 flats will be provided to people from economically weaker sections. Read more.

Chinese commercial and real estate giant Dalian Wanda intends to invest in commercial and lifestyle real estate in Greater Noida. Their representative asked Santosh Yadav, the CEO of Yamuna Expressway Industrial Development Authority (YEIDA), whether they would be able to find land to build a mixed use township along the expressway.

The Maharashtra government signed a MoU with Blackstone and Panchsil SPV (Special Purpose Vehicle) for three projects. These projects are estimated to cost Rs 4,500 crore and generate nearly 50,000 jobs. Chief Minister Devendra Fadnavis said that Blackstone will invest Rs 750 crore in EON Free Zone SEZ. It will also invest Rs 1,500 crore in IT Park in Central Mumbai, Rs 1,200 crore in Hinjewadi Phase-3 and Rs 1,050 crore in Mumbai's other IT parks.

Off the front page

The base price of plots in Navi Mumbai have risen by 20-25%, a Cidco spokesperson said to The Times of India. Cidco took the decision to revise the land rates on June 23, 2015 after taking into account the facts related to the growth, development and real estate value of the city. 

Opinion

An op-ed in The Telegraph points out that the older “High Net Worth Individuals” (HNWIs), who have at least $1 million (US) spare assets to invest, are more worried about the future performance of the real estate market than they are about the availability of education. India, Brazil and Mexico are the countries where the wealthy are most worried about the future. The highest growth in the number of wealthy people is in India, numbered at 200,000.