#RealtyNewsRoundup: New Circle Rates In Noida Come Into Effect Today, Flats Spared
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
In a massive relief for the middle-class home buyers, the Noida administration approved an increase in circle rates. This increase will, however, not be applicable to flats. A three-per cent charge levied on flat-owners under the 'security' head has also been waived. From today, Noida will see circle rates in the residential category go up by 14 per cent. There is no change in circle rates in the commercial and institutional categories or villages and rural areas.
South Mumbai's historical building Laxmi Nivas, which had served as a secret hideout for freedom fighters in the 1940s, has been put up on sale. Located at the tony Nepean Sea Road, the sea-view bungalow is spread over about a half-an-acre land parcel.
Manipal Education and Medical Group head Ranjan Pai and former Infosys finance chief Mohandas Pai have floated a real estate investment fund to make small-sized investments in Tier-II developers in Bengaluru and Mumbai. The Rs 250-crore initial fund 'Neev' is likely to invest through debt deals or construction finance and finance against inventory. The founders also plan to start a larger fund of up to Rs 1,000 crore by next year.
Real estate major DLF's promoters are likely to sell 40 per cent stake in its rental arm by September. The deal is estimated to fetch Rs 12,000 crore. Three global institutional investors — Blackstone, GIC, and Abu Dhabi Investment Authority — have been shortlisted as buyers in DLF Cyber City Developers Ltd.