#RealtyNewsRoundup: Tamil Nadu Faces HC Ire Over Land Record Digitisation

Description

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

The Madras High Court has rapped the Tamil Nadu government state for failing to digitise land records in the state. The high court has summoned the state revenue secretary in the court on November 10 to answer in this regard.

Cash-strapped Haryana Urban Development Authority (Huda) is planning to auction 17 commercial properties in Rewari and Dharuhera on November 1. With the auction of 13 shops in Rewari and four shops-cum-offices in Dharuhera, the urban body is expected to raise around Rs 25 crore. Huda had listed several commercial properties in Gurgaon, Rewari and Dharuhera for auction in March, but had failed to attract buyers.

Cerestra Advisors Ltd, a real estate-focused private equity company, has bought Alexandria Knowledge Park at Genome Valley in Hyderabad for Rs 400 crore. The property, which counts tenants such as Swiss pharmaceutical giant Novartis, was previously owned by New York-based Alexandria Real Estate Equities. The Hyderabad park has leased office space of 500,000 sq ft but its total built-up potential is 2.5 million sq ft.

The 17-lender consortium led by State Bank of India will auction Goa's Kingfisher Villa today. The reserve price for the sea-facing plush property once-owned by Vijay Mallya has been set at Rs 85.29 crore. Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others.

Source: Media reports