#RealtyNewsRoundup: NGT, Centre At Loggerheads Over Exemption To Projects [Video]
The Union environment ministry has questioned the jurisdiction of the National Green Tribunal to take a decision on the Centre's recent notification which exempted bigger building projects from 'prior' green clearance. The ministry noted that the tribunal had "no jurisdiction to test the validity of a subordinate legislation" issued by the Centre in the exercise of its powers enshrined under existing Act. The tribunal will hear the matter on February 2.
Redevelopment of dilapidated colonies of the Maharashtra Housing and Area Development Authority (MHADA) is expected to get a boost. The state government has proposed to allow developers pay either a premium or offer housing stock to the authority for projects spread over less than 2,000 sq m. Mumbai has 104 MHADA layouts, of which buildings in 56 colonies are dilapidated. Most of these are spread over less than 2,000 sq m.
Tata Realty and Infrastructure Ltd has purchased the Chhattisgarh-based Durg Bypass road project for an enterprise value of Rs 800-850 crore. The company has bought the two-lane 18.4 km toll road by picking up 51.6 per cent stake from its owner, Nagpur-based SMS Infrastructure, while the rest is owned by private equity partner IDFC Alternatives Fund.
Private equity major Carlyle Group-backed mortgage lender PNB Housing Finance has entered into an agreement to invest over Rs 300 crore in realty developer Parinee Group's commercial project. Parinee I is an office complex being built on 1 acre of land parcel in Andheri, Mumbai. The company has already sold around 1.75 lakh sq ft of office space in the under-construction project to two movie production houses.
Source: Media reports