#RealtyNewsRoundup: Roll Out Smart City Projects By June 25, Says Naidu

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

Union Urban Development Minister M Venkaiah Naidu has asked the 20 selected cities to get the projects kicked off by June 25, the day Smart City Mission completes one year of its launch, says a report by news agency, Press Trust of India (PTI). He said that money allotted for the smart city projects cannot be used for other purposes. Read more 

Private sector lender ICICI Bank has taken over 275 acres of land worth Rs 1,800 crore from Jaiprakash Associates. These land parcels are situated in Noida and Greater Noida, says a report in The Economic Times. The bank's total exposure to the company was Rs 6,600 crore at the end of March 2015, the report added. Read more 

Lawyers representing the three arrested corporators in the realtor Suraj Parmar case said that the deceased had shared business interests with political functionaries, a report in The Times of India says. They informed the district sessions court that Parmar was misusing his connections to usurp public plots for personal gain, the report added. Read more 

Karvy Financial Services, a non-banking finance firm, is mulling to set up a Housing Finance company, according to a Business Standard report. The lender would apply for the regulatory approvals in the next financial year. Read more

Essel Financial Advisors and Managers, the private equity arm of Essel Finance, has launched its second real estate fund. The firm plans to raise up to Rs 250 crore, says a PTI report. The fund will be used to invest in residential projects in the Delhi - National Capital Region, Mumbai, Chennai, Bengaluru and Pune. Read more