Realty News Roundup: Govt Accepts Proposed Changes In Realty Bill; Blackstone Exits Synergy Property

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

Top News

The government is clearing decks for the smooth passage of the Real Estate Bill in the upcoming winter session of Parliament. The Urban Development Ministry has accepted all the changes proposed by the parliamentary committee regarding the Bill, The Economic Times reported.  At present, the ministry is preparing to move the amended legislation for Cabinet's nod and finally push it through Parliament, the report added citing official sources. Read more 

New York-based private equity firm Blackstone Group's real estate arm Blackstone Real Estate Partners has made an exit from the Bengaluru-based real estate project management consultancy, Synergy Property, ETRealty.com reported. Blackstone had invested Rs 56 crore in the company for a minority stake in 2008. Synergy Property Development Services is valued at Rs 520 crore, the report added. Read more

Off the frontpage

To tap the potential of India's real estate market, Edelweiss Alternative Asset Advisors and Milestone Capital are together raising about $1.1 billion (Rs 7,200 crore) to invest in the sector, Hindustan Times reported. Edelweiss will target mid-market residential projects in Delhi-NCR, Mumbai, Pune, Bengaluru, and Chennai. It is hopeful of its first close of $350 million by December-end. Read more

In order to develop affordable residential projects, the Maharashtra Housing and Development Authority has identified land parcels spread over 1,100 acres across the Mumbai Metropolitan Region, The Economic Times reported. The land parcels are in Thane, Raigad, and the newly formed district Palghar, which includes Vasai and Virar, the report added. Read more