#RealtyNewsRoundup: IDFC Alternatives To Raise Rs 2,000 Cr
Realty News Roundup is PropGuide’s selection of top stories from the real estate sector.
IDFC Ltd’s subsidiary IDFC Alternatives is likely to raise funds worth Rs 2,000 crore to invest in the real estate sector. Earlier, the company focussed only on commercial real estate, but it would now invest fresh funds into residential real estate. M K Sinha, CEO of IDFC Alternatives, said the funds would be raised from foreign limited partners (LPs), based in the US and Europe. Read more
The Lucknow Development Authority has decided to reduce the land limit from 2,000 square metres to 300 square metre to build flats. With this, the authority aims to make the best use of the available land in the Uttar Pradesh capital. After this decision, from now on, apartments can be built in 300 to 2,000 square metre area and a developer can construct multi-storey buildings over land spreading more than 2,000 square metre. Read more
Haryana Chief Minister Manohar Lal Khattar has laid the foundation of a six-lane road project between Mahavir Chowk in Gurgaon and Dharuhera. The CM said that Rs 36.61 crore had been sanctioned for the project. He also announced that a smart power grid was being developed in Gurgaon which would resolve the power crisis in the city in two years. Read more
A Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that illegally encroached property by an assessee will not be considered ‘capital asset’ under Section 2 (14) of the Income Tax Act. However, gains arising from transfer of such property will be considered income from other sources. Read more