Realty News Roundup: M'rashtra Mulls New City Near Pune; Haryana Waives Interest On Property Tax Arrears

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

Top News

The Maharashtra government is mulling a new city outside Pune to reduce the population and infrastructural burden on the city. A report today says that the government wants to explore towns along the Mumbai-Pune express way and Lonavla. Talegaon Dabhade along the expressway are also emerging as options. "Urbanisation in Pune region is rapid and the fringes are developing fast in a haphazard manner. I am confident that the state government will come out with a good policy and build a well-planned city away from the civic limits. The state will make all efforts in this direction," chief minister Devendra Fadnavis has reportedly said. Read more.

In a relief to the tax payers in Haryana, the state government has announced a one-time waiver of interest on the property tax due since 2010. Those who pay their arrears of the past five years within the next two months would not be charged the penalty interest levied on the pending tax. This report says that Chief Minister Manohar Lal Khattar made this announcement while addressing a gathering at the foundation stone-laying ceremony of the new office building of the municipal corporation in Karnal.

India's ambitious smart city project has attracted wide attention of experts in Spain which hosts the International Smart City Expo every year. A report today says that the vast potential and unique challenges posed by Prime Minister Narendra Modi's dream project of creating 100 smart cities has excited not only experts in Spain but also small and large agencies that offer various technology to build them. The all-round consensus amongst them, however, is that India has a lot of work to get done before it can actually embark on its ambitious project. Read more here.  

Off the front page

Sameer Gehlaut, promoter of Indiabulls Real Estate, is reportedly investing Rs 538 crore in the company through a preferential allotment of 5 per cent equity shares and 5 per cent warrants. The investment will be made at a price of Rs 67 a share, representing a premium of 59 per cent. The board of directors approved issue of shares and warrants to the promoter, according to this report.

In yet another development, the real estate private equity firm Milestone Capital Advisors has invested Rs 75 crore with Landmark Developers, Chennai for developing a 4-acre residential project at OMR in Chennai. The developer has already acquired the land parcel for the project from the Shriram group. Read here.

Opinion

New Roundup introduces our readers to one more obit piece on Charles Correa, who is known as 'India's greatest architect'. Read this piece written by Economic Times Columnist Harish Nambiar. A true tribute to the legend!