#RealtyNewsRoundup: Mumbai May Lose Its Mangroves To Developers
Mumbai will soon lose its mangroves to developers as the latest Mumbai Draft Development Plan has included the entire mangrove land at the Thane creek in the city's land area. According to the Brihanmumbai Municipal Corporation's Development Plan 2014-2034, the city's land area has increased by almost 40 square kilometres over the past 25 years.
Any developer who fails to honor his commitment to hand over possession could be arrested, says Uttar Pradesh Industrial Development Minister Satish Mahana said. The announcement came after the minister held an eight-hour brainstorming session with buyers and developers.
Strong response of institutional investors and high-net-worth individuals has helped the Rs 1,200-crore initial public offering of the Housing and Urban Development Corporation (Hudco) get oversubscribed nearly 80 times on its close on Thursday. Close to 20 lakh applicants bid in the offer, which was more than nearly 19 lakh applications recorded in the D-Mart IPO. Merchant bankers said Hudco's IPO was the most successful in more than a decade in terms application numbers.
Xander Finance, the non-banking finance arm of Xander Group, had invested Rs 130 crore in Adarsh Developers' residential project in Bengaluru. This funding is for project development for their villa projects in and around south-east Bengaluru.
Source: Media reports