Realty News Roundup: Supreme Court Says Higher Compensation For Farmers Won't Set A Precedent; Livspace acquired Dwll.in
The Supreme Court said that the order of the Allahabad High Court raising the compensation for farmers would not set a precedent. The Supreme Court had earlier upheld the acquisition of land in Noida and Greater Noida. Here are the other real estate stories of the day. In Surat, over 32,000 people apply for 5595 homes under the Chief Ministers housing scheme. Livspace acquired Dwll.in. The Chandigarh Housing Board (CHB) announced the allottees of 1,720 flats. PVR Cinemas to acquire DT Cinemas.
Now, read the news stories in more detail.
In Surat, over 32,000 people have purchased forms to buy 5595 homes under the Chief Ministers housing scheme. These affordable homes are being built by the Surat municipal corporation (SMC) in many parts of the city. Of the 11017 homes that SMC is building, 8721 are for Low income Group (LIG) category and 2296 are for economically weaker section (EWS) category. In the first phase of allotment, SMC received only 9000 applications for 11017 house, of which 4086 LIG and 1336 EWS houses are already allotted.
Home design service firm Livspace acquired Dwll.in, a curated online network for interior designers. Livspace said that with this acquisition, they would create a catalogue of designer looks for homeowners. With Dwll.in, Livspace would also build the largest curated community marketplace of home designers. Livspace expects a revenue of over US $ 10 million in the next few months.
The Chandigarh Housing Board (CHB) announced the allottees of 1,720 flats out of the 2,108 flats constructed under General Self Housing Scheme, 2008. The flats will be handed over to the allottees from June 2015 onwards. According to sources, the construction work of 1,720 flats was almost completed and that of 388 is in an advanced state.
PVR Cinemas will acquire DT Cinemas. PVR Cinemas is controlled by Ajay Bijli, and DT Cinemas is a wholly-owned subsidiary of DLF that owns theatre screens in and around Delhi. DT Cinemas is likely to be valued around Rs 500 crore. The negotiation process is in an advanced stage.
The Supreme Court which denied farmers greater compensation in a land acquisition case in Noida said that they the order raising compensation for Noida farmers would not set a precedent. The High Court had upheld most acases of acquisition of land in Noida and Greater Noida with greater compensation and land entitlement though the court felt that there was merit in the farmers’ complaints.