#RealtyNewsRoundup: Haryana Govt Nod To Gurugram-Manesar Metro [Video]
Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.
The Haryana government has given the green signal to construct a Mass Rapid Transport System between Gurugram and Manesar. The state government will stand guarantor for a loan of Rs 876 crore, to be taken by Haryana State Industrial and Infrastructure Development Corporation to acquire 365 acres for the project. The proposed length of the corridor is 108 km and the first phase is likely to be launched next month.
The developer of India's tallest residential building Palais Royale has been fined Rs 162 crore by the Brihanmumbai Municipal Corporation for constructing a 15-storey public parking tower at Worli Naka without permission. The controversial project has been embroiled in litigation as its developer Shree Ram Urban Infrastructure Ltd has been accused of large-scale violations in the 294-metre building.
Revenue secretary Hasmukh Adhia said there is no point in subsidising the purchase of second property by those who have surplus funds. Refusing to rollback the proposal to cap net interest paid on a home loan to Rs 2 lakh per annum, he said the tax incentive for second home loan borrower was being "virtually misused."
Realty firm Godrej Properties plans to monetise commercial properties at Mumbai, Kolkata and Chandigarh to the tune of Rs 1,500 crore over the next six months and reduce its net debt, which stands at Rs 3,278 crore. Company chairman Pirojsha Godrej said the company was also in discussion with potential partners to add new projects in its portfolio.
Source: Media reports