#RealtyNewsRoundUp: Bloomberg Philanthropies To Support India's Smart Cities Mission
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
Top News
The Union Cabinet has given its approval for signing of a Memorandum of Understanding (MoU) between the Ministry of Urban Development and Bloomberg Philanthropies to support the development of smart cities in India. The proposal entails Bloomberg Philanthropies to work as knowledge partner and support the development and execution of a Cities Challenge under the Smart Cities Mission. The Union Cabinet has already approved the Smart Cities Mission in its meeting held on April 29, 2015 and subsequently, the Prime Minister launched this mission on June 25, 2015, when the Mission Statement and Guidelines were also released. Read more
After a prolonged arbitration tussle with Gurgaon-based builder BPTP, JP Morgan and Apollo Global Management will be exiting from their respective entry level investments from the company, according to a VCCircle report. BPTP has agreed to buy back the stake held by JP Morgan and Apollo Global in the company for Rs 693 crore, the report added. Read more
Off the frontpage
Real estate developer D B Realty Ltd has merged its erstwhile subsidiary Gokuldham Real Estate Development Company with itself, the company informed BSE on December 30. This will be with effect from the appointed date April 1, 2013 pursuant to the Orders passed by the High Court on October 16, 2015 and October 27, 2015 (received by the Company on October 29, 2015 and November 04, 2015) and which have been filed with the Registrar of Companies and taken on record on December 23, 2015, a BSE statement added.
The Delhi High Court has issued notices to Competition Commission of India (CCI) , Confederation of Real Estate Developers' Associations of India (CREDAI) and other developers seeking response to a petition alleging cartelisation among developers and the matter is scheduled to be heard on January 18, The Economic Times reported. Read more