#RealtyNewsRoundup: Centre To Take Over Adarsh Building In Mumbai Today
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
Adarsh Society, the controversial 31-storey building, will formally be handed over to the Central government today, in keeping with the July 22 order of the Supreme Court. No one presently occupies the building, which the environment ministry had directed to be demolished in January 2011 for violation of green norms.
Brookfield, the Canada-based world's second-biggest manager of alternative assets like real estate and private equity, has emerged as the frontrunner to take over the entire portfolio of 11 road projects of Anil Ambani's Reliance Infrastructure for an enterprise value of Rs 8,000 crore. The company is expected to sign a sale agreement next month.
Apart from donning a new look by 2019, Pragati Maidan will also house a hotel to cater to the hundreds of delegates who visit the venue for various events organised round the year. India Trade Promotion Organisation (ITPO) chairman and managing director LC Goyal said that the work of constructing and managing the hotel, which will be spread over 3-5 acres, will be given to a private developer.
Solar energy developer Azure Power has tied up with DLF to set up solar projects on the rooftops of the developer's properties, mainly in Gurgaon, where the first smart grid is coming up. To boost rooftop solar plants, Haryana has made such projects compulsory in residential, industrial and government buildings in the state.