ISRO To Map 500 Cities For Smart City Project; Kolte Patil To Invest Rs 2,100 Cr in Residential Projects

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

Top News

The Indian Space Research Organisation (Isro) is all set to map over 500 cities for the Government's smart city project. Isro has tied up with the Union Urban Development Ministry for this. The project is expected to start in September. It will help do a better planning and management of the smart cities. Read here.

The Indian Express reports that the Ministry of Housing and Urban Poverty Alleviation (HUPA) has issued orders to set up a first-of-its-kind task force to study the impact of migration on residence, infrastructure and livelihood. A committee, with members from the ministries of Rural Development, Labour and Employment, Statistics and Programme Implementation, Home Affairs and HUPA, will do the task. Among other things, the study is expected to help estimate future housing requirements for the changing demography. Read here.

The Hindu-Business Line has a special report on how real estate start-ups are turning to small players to build an ecosystem for consumers to find all services at one place. The report has taken PropTiger's action as a case study to illustrate this point. PropTiger recently acquired Makaan.com to create a platform that will offer property services and solutions to homebuyers. PropTiger had also invested in Bengaluru-based Out of Box Interaction, a digital interaction design company that specialised in displaying real estate projects. Read more.

Off the front page

In Maharashtra, Chief Minister Devendra Fadnavis is reported to be taking action to fast-track affordable home projects. The CM has directed the Slum Redevelopment Authority (SRA) to provide Rs 500 crore for the Shiv Shahi project, which was designed to promote affordable homes in Mumbai and suburbs. Read here.

Reports suggest the Kerala Government is likely to set up its real estate regulatory authority soon. Read more.

Business watch: -based Developers Ltd (KPDL) is reportedly going to invest Rs 2,100 crore in the next three years for residential projects. It is also reported that the company is going to re-enter commercial property development next year.

Global search giant Google has leased 430,000 sq ft of office space from real estate developer Unitech in the second phase of its Signature Towers-II project in Gurgaon.

Monmouth Real Estate Investment Corp. (MNR) has reported a 7.47 per cent fall in profit for the quarter ended June 30, 2015. Vornado Realty Trust (VNO) has reported a 91.75 per cent jump in profit for the same period.

Meanwhile, Global private equity fund Blackstone Group Lp and Realty are reportedly going to invest Rs.750 crore to develop a 15-acre information technology special economic zone (SEZ) in Pune's Kharadi area. Read more such developments here, here and here.

Upcoming event: The India-US Strategic and Commercial Dialogue will focus on building smart cities, among other things. According to reports, it will be held in Washington in the next six-seven weeks.

Opinion

A piece on how online real estate portals are becoming an ideal platform to connect property owners, buyers and consultants. Read here.