#RealtyNewsRoundup: Lucknow Development Authority To Compensate 4,000 Allottees
Realty News Roundup is PropGuide’s selection of top stories from the real estate sector.
The Lucknow Development Authority (LDA) has decided to compensate 4,000 home buyers, who did not get the possession of their flats in time. The development authority has also decided to give them their money back at an interest rate of 12 per cent. The LDA will also allow them to pick any property of their choice from any of its housing schemes. Read more.
Indiabulls may raise up to Rs 1,000 crore from Non-Resident Indians (NRIs) for a real estate fund. Indiabulls Alternative Investments Ltd will raise this money from NRIs in West Asia, Asia Pacific and Europe. Read more
Infrastructure company Gayatri Projects won the Rs 700-crore contract for a project, which is part of the Navi Mumbai International Airport. The project involves developing land for the airport. Read more.
The Kolkata Municipal Corporation will allow residents to calculate their property tax according to the Unit Area Assessment System (UAA). According to the UAA system, the highest tax slab is capped at 20 per cent. The Kolkata Municipal Corporation intends to raise property tax revenues, and adhering to the UAA system is part of the process. Read more