Realty News Roundup: Singapore Agency in Fray For Smart City Project; IFC and CREDAI to launch EDGE green building certification
Realty News Roundup is PropGuide's selection of top stories from the real estate sector
Top News
India's newly launched Smart City project is attracting foreign agencies. Singapore's state-run Building and Construction Authority (BCA) has expressed its keenness to associate with the project. This report has quoted BCA group Director Koh Lin Ji as saying, "We want to collaborate with the Smart City project and make sustainable environment in India by 2025."
Even as reports come in on more and more initiatives to promote green buildings in India, the apex body of private real estate developers CREDAI plans to launch EDGE green building certification system in India. A press release stated that CREDAI has partnered with IFC, a member of the World Bank Group, and GBCI, a third-party agency recognizing excellence in the green building industry, for this project.
There is good news for real estate in Mumbai. Realy projects, stuck for years due to changes in building regulations in Mumbai, are now set for takeoff and construction has begun in many cases. This report cites many such projects getting approvals after a long wait.
Demand for residential and commercial space in south India is on a rise. This has been proved yet again by the fact that southern real estate markets such as Bengaluru and Chennai are becoming the most sought-after destinations for private equity (PE) investors. This report states that the Bengaluru property market has seen 11 PE deals worth $312 million in the past six months. Meanwhile, Chennai has had seven deals worth $303 million.
Off the front page
Real estate is likely to boom in Mysore as the the Mysore Urban Development Authority (MUDA) has declared that it would develop its first satellite town in Ballahalli near RT Nagar, about 3 km from the Ring Road. The state cabinet has given its nod to develop 6,166 sites on 485 acres of land in Ballahalli. Read here.
In Thane, realty player Lodha Developers has said that the pre-launch of its affordable luxury residential project has received over 2,500 applications from prospective buyers. Read more.
Opinion
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