#RealtyNewsRoundUp: Kumar Mangalam Birla Forays Into Real Estate Sector
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
Industrialist Kumar Mangalam Birla, chairman of the Aditya Birla Group, has forayed into the Mumbai commercial property market by carving out the real estate business of Century Textiles. Birla Estate plans to redevelop its properties in and around Mumbai. The new entity has already spent around Rs 2,500 crore in building various projects, including a skyscraper called Birla Aurora in Prabhadevi. Read more
Union Urban Development Minister M Venkaiah Naidu on Thursday asserted that urban infrastructure sector had offered a Rs 73-lakh-crore investment opportunity for the private sector and public-private partnership investments over the next 15 years. He was speaking at a function in New Delhi. Read more
Global investment firm KKR has picked up a five per cent stake in two luxury residential projects being developed by Mumbai-based Sunteck Realty in the the Bandra-Kurla Complex business district for Rs 150 crore. The projects are expected to be ready in a year and a half. Industrialists, top executives of financial institutions and Bollywood celebrities have bought these apartments. Read more
The Delhi Government's pollution watchdog, Delhi Pollution Control Committee, has imposed a fine of Rs 50,000 per day to 13 mega construction projects of the Delhi Development Authority (DDA) , the Airport Authority of India (AAI) and realty major DLF for spreading dust pollution in the national capital. According to the watchdog, the developers would have to deposit a fine of Rs 50,000 per day since January 20. Notices have been issued to stop work following the directions of the National Green Tribunal orders pertaining to air pollution of dust from construction and demolition activities. Read more
The government will launch a new policy this month to ensure early clearance of urban infrastructure and housing projects as part of its initiative to improve ease of doing business in the country. This was stated by Urban Development Minister Venkaiah Naidu at India Investment Summit in New Delhi. He said the government was keen on ease of doing business and was working on a scheme to facilitate quick approval of urban infra and housing projects for which he held consultations with the six ministries, including defence, civil aviation and environment. Read more