#RealtyNewsRoundUp: OYO Acquires Rival ZO Rooms
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
India's largest budget hotel aggregator OYO Rooms completed its acquisition of rival ZO Rooms. The speculation was on since December last year, as OYO was trying to build up a significant muscle to dominate a crowded hotel aggregation market. OYO's investor SoftBank confirmed the deal. The combined OYO-ZO entity will compete against a dozen startups, including Treebo Hotels, FabHotels and WudStay. Online travel agencies MakeMyTrip and Goibibo also recently launched their own budget rooms brands called Value+ and GoStays, respectively. Read more
The Telangana government plans to amend the Registration Act 1908 to prevent illegal constructions, buildings, structures, layouts, etc. The state government informed the Andhra High Court in a petition filed by a resident who had approached the court to stop illegal construction near his house. Read more
The Delhi High Court recently roped in the Central Bureau of Investigation (CBI) to investigate rampant illegal constructions in posh areas of south Delhi. The court ordered the agency to immediately conduct a preliminary inquiry and examine how unauthorised constructions mushroomed in Mehrauli and nearby localities. The Bench asked the CBI to file the status report by April 6. Read more
To enable every state to be included in the Centre's Smart City project, the Urban Development Ministry has communicated the 'deficiencies' in the plan submitted by 23 cities that failed to make the cut. The ministry will soon organise a workshop to guide these 23 cities in improving their plans. They can submit the proposals by April 15 this year. Read more
Meanwhile, Union Urban Development Minister Venkaiah Naidu will formally launch the ambitious 'Smart City project' for Indore on February 12. The Smart City is proposed to come up in 550 acres of busy Rajwada Palace area and 64 acres of MOG lines region with modern infrastructure at an estimated cost of Rs 5,000 crore. Indore is among the 20 cities that had been shortlisted in the first lot of the places to be developed as smart cities. Read more