#RealtyNewsRoundup: Country's Biggest Land Monetisation Drive On The Cards
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Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.
State-run real estate firm National Buildings Construction Corporation has kicked off the biggest land monetisation drive in the country. The company has written to 74 loss-making public sector companies to seek details of spare land available with them. It is estimated that the land bank of all such companies is around 2.5 lakh acres with some of the loss-making firms such as HMT, Hindustan Photofilms and ITI holding more than 100 acres of prime land in metros.
Hitting out at the Uttar Pradesh government and public authorities in Agra for 'improper' demarcation of the Yamuna floodplains and fixation of pillars, the National Green Tribunal said 85 per cent of the buildings on the riverbed were liable to be demolished. The tribunal has asked real estate developers and other parties in the case to file their replies within two weeks.
The mega housing project of the Bangalore Development Authority (BDA) on the city's outskirts has run into rough weather with the state's Environment Impact Assessment Authority (SEIAA) putting on hold the project for lack of environmental clearance, which is apparently coming up on a no-construction zone. The BDA plans to construct 1,068 units of 2BHK flats in Bengaluru South with a total built-up area of more than 1.05 lakh sq. m.
The Sahara Group has raised Rs 150 crore from its controversial 106-acre Oshiwara land parcel by tying up with Ahmedabad-based developer Safal Group. This land, which is part of a larger 550-acre sprawl, has long been in the eye of a storm with environmentalists opposing any construction on this land, stating it is a no-development zone. But the city's revised development plan has allowed development on this land if part of it is used for public housing.