#RealtyNewsRoundup: Public Property Cannot Be Distributed Like Largesse, SC Tells Maharashtra Govt
The Supreme Court upheld the Bombay High Court's to order to cancel the allotment of over 100 industrial plots in Ahmednagar by the Maharashtra Industrial Development Corporation. The SC held that public property could not be distributed like "largesse".
Real estate major DLF has sought approval of its shareholders to raise Rs 2,500 crore by issuing non-convertible debentures. The funds will be used to repay debts and trim interest cost as well as reduce the company's reliance on the banking system. The company's net debt at the end of March 31, 2016, stood at Rs 22,202 crore, up Rs 791 crore over the previous quarter.
Cash-strapped Haryana Urban Development Authority (Huda) plans to launch 15 new urban sectors across the state to tide over the financial crisis. More than 6,200 residential and hundreds of commercial plots will be up for grabs in Mahendragarh, Sirsa, Hisar, Kurukshetra, Yamuna Nagar, Bahadurgarh (Jhajjar), Pihowa, Hathin, Rohtak, Dalvali, Bhiwani, Gohana and Pinjore.
To expand its business, budget hospitality chain Treebo Hotels plans to add over 1,350 properties to its network by the end of 2018. Treebo Hotels Co-founder and MD Sidharth Gupta said the company planned to make its presence in all the major cities and leisure destinations. Currently, it has about 125 properties with an inventory of 3,200 keys.
Source: Media reports