Realty News Roundup: Australia's Macquarie To Invest In Indian Real Estate; TN Govt Sells 27,000 MT Cement Under Amma Scheme

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

Top News

Australian infrastructure and real estate assets fund manager Macquarie Infrastructure and Real Assets (MIRA) will invest in real estate projects in India, Mint reported. The firm manages over $100 billion of assets across funds, globally. MIRA is in talks with Tata Housing Development Co Ltd to jointly set up an investment platform to invest in luxury residential projects. If all goes well, the partners might invest at least $200 million of equity capital into it, though the shareholding may differ, the report added.

Parsavnath Developers has been directed by the Panchkula district consumer forum to pay Rs 14.50 lakh deposited by complainants. A compensation of Rs 1 lakh will be made for harassment in service and Rs 5,000 as litigation expense, The Times of India reported. The decision comes after complainants Sarita Garg and Sanjeev Garg, residents of Chandigarh, filed a court complaint saying they have been cheated by the developer. Read more

Real estate firm Equity Residential will sell more than 23,000 apartments to Starwood Capital Group for $5.4 billion, according to Wall Street Journal.
Starwood is paying about $230,600 a unit for the Equity Residential portfolio. The transaction, announced on October 26, represents about a quarter of the units in Equity Residential's portfolio of apartments and would be one of the largest since the recession, the report added.

Off the front page

The Tamil Nadu state government has sold 27,056.80 metric tonne of cement under the Amma cement scheme, in nine months, since its inception from January, ETRealty reported.

After cement prices started increasing in the open market, the state government decided to offer a bag of cement at a reduced price of Rs 190. Around 20,000 tonne/month of cement is procured in bulk from major manufacturers for this purpose. Read more

 The Thane police are investigating to find out details of financial transactions of four corporators who were allegedly paid by late builder Suraj Parmar, ET Realty reported. Two Nationalist Congress Party (NCP) corporators, one Congress corporator and one Independent corporator are under the police scanner in the ongoing investigation. Parmar had shot himself at his under-construction building on October 7. Read more