#RealtyNewsRoundup: NGT Slaps Rs 10-Lakh Fine On NBCC
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Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
The National Green Tribunal cracked the whip on state-run National Buildings Construction Corporation (NBCC) and fined Rs 10 lakh for causing air pollution while carrying out redevelopment in East Kidwai Nagar in southwest Delhi. The green panel slammed NBCC for the release of pollutants into the air while carrying out construction work where two biggest hospitals — All India Institute of Medical Sciences and Safdarjung hospital — are located.
The Bombay High Court dismissed a public interest litigation which alleged irregularity in the sale of Wakf land for industrialist Mukesh Ambani's skyscraper residence Antila on Altamount Road in Mumbai. The double bench imposed a fine of Rs 75,000 and directed that the money be paid to Tata Memorial Hospital towards cancer patients. The petition said the land was meant for an orphanage but sold by a trust to Ambani in 2002 for barely Rs 21 crore.
Motilal Oswal Real Estate has raised over Rs 800 crore to invest in residential projects of developers in Mumbai Metropolitan Region, Delhi-National Capital Region, Bengaluru, Pune, Hyderabad and Chennai. The fund, set up as an alternative investment fund or AIF category II, will target a gross internal rate of return of 23-25 per cent from its investments.
British Columbia has increased the property tax for foreign nationals and foreign-controlled corporations which buy residential real estate in Vancouver to pay an extra 15 per cent transfer tax rate. The move, which will take effect from August 2, is part of the new measures aimed at increasing affordability in the city's red-hot housing market.