#RealtyNewsRoundup: House Panel On Land Bill Likely To Seek Extension
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
The Joint Committee of Parliament examining the contentious land bill is likely to seek a fresh extension. The extension has been sought till the first week of the Monsoon Session as several states are yet to furnish details on the compensation clause. The land acquisition law of 2013 had become applicable for National Highway projects from January 2015 and riddled with a large number of disputes seeking higher compensation. Read more
The National Green Tribunal recently dismissed a review petition by Akshardham temple authorities against its July 2015 order that imposed a fine on the temple authorities for allegedly expanding the shrine premises without an environment clearance. The tribunal had slapped a fine of five per cent of the property value. Read more
Renowned real estate developer Lodha Group has announced that it has sold more than 2,000 apartments in pre-launch stage of its proposed project in Thane. The value of the apartments booked so far is Rs 1,600 crore. The upcoming project will be developed on an 88-acre land parcel in multiple phases. In the first phase, 3,500 apartments in 1BHK and 2BHK configurations will be developed. Read more
IDBI Federal Life has bought office space worth Rs 111 crore at Lower Parel in Mumbai. The 61,720 sq ft office space is located in Marathon Realty's project Marathon Futurex. Read more
The Greater Noida Industrial Development Authority board approved budget of Rs 7,074 crore for the upcoming fiscal. The body has earmarked Rs 3,700 crore for land compensation, Rs 1,295 crore for development work, Rs 50 crore for Gautam Buddha University, and Rs 210 crore for the development of villages. The convention centre, which will be set up at a cost of Rs 50 crore, is proposed to come up at Knowledge Park 2 on a 31-acre plot. Among others, Rs 50 crore has been proposed for the Noida-Greater Noida metro project. Read more
Mumbai Lodha Group News And Views propguide Parliament Panel On Land Bill Likely To Seek Extension