Realty News Roundup: SC Dismisses Petitions Against Land Acquisition In Noida; Maharashtra Govt Digitizing Land Records
The Supreme Court on May 14, 2015, dismissed petitions against land acquisition in Noida and Greater Noida filed by farmers in the area. The authorities in Noida and Greater Noida had acquired land between 2006 and 2009. Home buyers are expected to find the decision of the Supreme Court favorable because nearly 100 residential projects in these areas are in advanced stages of construction.
The other main news of the day are:
Highway developers may exit projects two years from completion: The government approved a comprehensive exit policy for the roadways sector, allowing highway developers to quit road projects in India, two years after completion. Highway developers will be able to divest 100% of their stakes now. The Cabinet Committee of Economic Affairs (CCEA) also allowed the National Highways Authority of India (NHAI) to lend money to languishing projects to ensure that they are completed on time. This is expected to help highway developers monetize their assets and generate capital for future projects.
Maharashtra government digitizing land records: The state government in Maharashtra has started digitizing land records in 358 talukas in the state under the National Land Record Modernization Programme. The government plans to allow people to access land details online. Through this move, the government hopes to plug loopholes in law that could be misused. When the government digitizes land records, more detailed and precise information on land ownership will be in public domain, accelerating urbanization and industrialization.
Nitesh Estates & Goldman Sachs to invest $250 million in real estate: Nitesh estates, a Bengaluru-based builder, and Goldman Sachs, a leading global investment bank, have said that they will jointly invest up to $250 million in income-producing commercial real estate in India. Joining hands with Goldman Sachs, Nitesh estates would provide capital where it is most needed and acquire existing projects.
Noida builders seek exemption from royalty fee: Builders in Noida have asked the district magistrate to exempt them from paying royalty on soil excavation they carry out at their construction sites. Earlier, the Supreme Court had rejected a Bombay High Court order which said builders should pay royalty on the soil excavated for projects in Noida. Noida builders cited this Supreme Court order. The Noida district magistrate said the decision on the demands of builders would be taken by the state government.