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#RealtyNewsRoundup: NGT Slaps Rs 10-Lakh Fine On NBCC

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

The National Green Tribunal cracked the whip on state-run National Buildings Construction Corporation (NBCC) and fined Rs 10 lakh for causing air pollution while carrying out redevelopment in East Kidwai Nagar in southwest Delhi. The green panel slammed NBCC for the release of pollutants into the air while carrying out construction work where two biggest hospitals — All India Institute of Medical Sciences and Safdarjung hospital — are located.

The Bombay High Court dismissed a public interest litigation which alleged irregularity in the sale of Wakf land for industrialist Mukesh Ambani's skyscraper residence Antila on Altamount Road in Mumbai. The double bench imposed a fine of Rs 75,000 and directed that the money be paid to Tata Memorial Hospital towards cancer patients. The petition said the land was meant for an orphanage but sold by a trust to Ambani in 2002 for barely Rs 21 crore.

Motilal Oswal Real Estate has raised over Rs 800 crore to invest in residential projects of developers in Mumbai Metropolitan Region, Delhi-National Capital Region, Bengaluru, Pune, Hyderabad and Chennai. The fund, set up as an alternative investment fund or AIF category II, will target a gross internal rate of return of 23-25 per cent from its investments.

 

British Columbia has increased the property tax for foreign nationals and foreign-controlled corporations which buy residential real estate in Vancouver to pay an extra 15 per cent transfer tax rate. The move, which will take effect from August 2, is part of the new measures aimed at increasing affordability in the city's red-hot housing market.

Tags: Hyderabad, Pune, Video, Bengaluru, National Green Tribunal


Real Estate Markets That Will Feel The Pinch of IT Layoffs

Private estimates show that IT professionals form an average of 17 per cent of the population across the IT-centric cities. This segment earns between Rs 20-60 lakh per annum, and is the driving force behind residential real estate. Job cuts in the sector would result into real estate markets that rode on the waves of IT boom facing the heat.

May 31 2017

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Why Bengaluru, Mumbai Are Becoming Investors’ Favourite

The Indian real estate sector offered ample investment opportunities to foreign investors. As per the Department of Industrial Policy and Promotion (DIPP), foreign direct investment made during the period ranging from 2000 to 2016 is $24.19 billion. This year, Indian cities such as Bengaluru and Mumbai topped the charts of the Investment Prospects survey made by the Urban Land Institute (ULI) and PwC.

February 08 2017

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#RealtyNewsRoundup: Industry Body Urges Govt To Give Infra Status To Real Estate Sector [Video]

Here are today's top news stories from the real estate sector.

February 03 2017

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#RealtyNewsRoundup: NGT Notice To Govt For Tweaking Building Norms [Video]

Here are today's top news stories from the real estate sector.

January 03 2017

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How Well Do You Know The Indian Ultra-Luxury Market?

Ultra-luxury housing remains immune in the Indian real estate market.

December 22 2016

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#RealtyNewsRoundup: Enemy Property Ordinance To Be Promulgated Again [Video]

Here are today's top news stories from the real estate sector.

December 21 2016

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#RealtyNewsRoundup: Bank of Baroda To Buy Majority Stake In Central Bank’s Housing Finance Arm [Video]

Here are today's top news stories from the real estate sector.

December 12 2016

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5 Cities That Saw The Highest New Launches In Q2

According to PropTiger DataLabs data, Mumbai topped the list.

October 27 2016

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Here are the week's top news stories from the real estate sector.

Here are the day's top news stories from the real estate sector.

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