#RealtyNewsRoundup: Gurgaon Realty Space Gets A Double Boost As Govt Hikes FAR For Residential Plots

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

In a bid to create more space for housing in its cities, the Haryana government has allowed plot owners to increase ground coverage, as well as purchase additional floor area ratio (FAR). This means the state's urban spaces, particularly in the national capital region (NCR), such as Gurgaon and Faridabad, will get taller and more congested, even as the state rakes in a revenue windfall through the sale of FAR. Read more

In a major setback to liquor baron Vijay Mallya, revenue officials in Goa allowed the lenders to Kingfisher Airlines to take possession of Kingfisher Villa in Candolim. "The North Goa collector has given an order in favour of banks to take physical possession of Kingfisher Villa," banking sources said. The villa, valued at Rs 90 crore, used to be Mallya's base in Goa. Read more

Max Ventures and Industries (MVIL), owned by Analjit Singh, is venturing into the hospitality space with a binding agreement to buy a minority stake in Delhi-based Azure Hospitality. Azure Hospitality runs a pan-Asian restaurant chain under the Mamagoto brand. Read more

Development of smart cities in the country will have to be customised to the Indian context while leveraging on economies of scale to make the requisite technology affordable, Union Power and Coal Minister Piyush Goyal said. Addressing Smart Cities India Expo in New Delhi recently, he said the development of smart cities or towns would have to be done "smartly". The smart city concept should be practical, doable and affordable. These could be deliberated, discussed and then implemented, he added. Read more