#RealtyNewsRoundup: Odisha Govt To Build 1,300 Houses For Poor In Bhubaneshwar [Video]

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

The Odisha government recently approved a proposal to construct as many as 1,300 low-cost houses in capital Bhubaneshwar's Shantinagar area under the Smart Cities Mission. The state government would provide around 10 acres of land on the periphery for the development of the housing project where a single house would cost a mere Rs 1.5 lakh to the beneficiary.

The National Green Tribunal recently termed a notification issued by the Ministry of Environment and Forests exempting real estate projects from obtaining prior environmental clearance to be "absurd". Issuing notices to government departments, the tribunal said that all constructions for the time being, will be subject to the tribunal's orders.

The Uttarakhand government has signed a pact with the Delhi Metro Rail Corporation (DMRC) to introduce the Metro rail in the hill state. In the first phase, the Metro line will be built between Dehradun and Rishikesh. In the second phase, the Metro lines will be laid on Dehradun-Haridwar and Dehradun-Kalsi route. Officials said the total cost of the project is estimated to be Rs 250 crore per km.

A group subsidiary of realty developer K Raheja Corp is planning to raise Rs 500 crore through non-convertible debentures with a total tenure of nine years. This is the company's second issue following Rs 340-crore fund-raising undertaken two years ago. The subsidiary has developed 11 commercial buildings and owns 2.61 million sq ft spread over 48.1 acres in saleable area.

Source: Media reports