Realty News Roundup: Centre Decides To Fasten Approvals For Construction Projects; In Mumbai's BKC, FSI Is Now 4 For Residential Towers

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

Top News

To enable time-bound and hassle-free clearances for projects, the Union government has decided to streamline approvals for construction projects in urban areas. The government will issue a notification to this effect by the end of November, The Economic Times reported. The decision was taken on October 28 at a high-level meeting that was chaired by the Minister for Urban Development and Housing & Urban Poverty Alleviation M Venkaiah Naidu. Defence Minister Manohar Parrikar, Minister of Culture Mahesh Sharma, and Cabinet Secretary PK Sinha, the report added. Read more 

Fair play watchdog Competition Commission of India (CCI) has dismissed five complaints, which had alleged abuse of dominant position by two Jaypee Group entities, Jaiprakash Associates and Jaypee Infratech, in the real estate market of Noida and Greater Noida, ET NOW reported. Read more

The City and Industrial Development Corporation (Cidco) of Maharashtra through the sale of seven tender plots in Nerul and Belapur has earned around Rs 200 crore this week, The Times of India reported. Of the seven plots five are residential and in Nerul, two are commercial in Central Business District of Belapur. Platinum Group won four residential and one of the commercial plots. Avenue Supermarts Ltd got the other commercial plot and the fifth residential plot went to Varun Enterprises group, the report added. Read more

Off the frontpage

Subhash Chandra's Essel Group's private equity arm Essel Finance Advisors and Managers Llp is planning to invest in affordable and mid-income residential projects, Mint reported. The PE firm has invested Rs 40 crore through non-convertible bonds (NCDs) in two affordable residential projects of Rashmi Housing Pvt. Ltd at the Mira Road and Naigaon in north Mumbai. It plans another Rs 35-crore investment in a third project of the developer, the report said. Read more

The Maharashtra State Urban Development Department has increased the floor space index (FSI) for residential plots in G-block in the Bandra-Kurla Complex from the current three to four, The Times of India reported. The FSI for the rest of BKC remains unchanged. Read More.