Realty News Roundup: Sweden Extends Support To Make Mumbai 'Smart'; Telangana Govt Sets Up Panel To Resolve Emaar Issue

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

Top news

Sweden has shown interest to extend its expertise to develop India's financial capital Mumbai as a smart city that will be economically, ecologically and socially sustainable, says a PTI report. Swedish urban development and IT minister had a meeting with state chief secretary and Brihan Municipal (BMC) commissioner over the weekend to discuss how the country could collaborate with the state, as well as the richest city corporation on the continent. This could have a huge impact in the city's 20-year development plan till 2034. ad more

Off the front page

The government of Telangana has formed a five-member committee of secretaries to look into the matter at length and find a legal way out in the Emaar case. Boulder Hills Golf and Country Club, a multi-crore realty project and a joint venture between the erstwhile Andhra Pradesh trial Infrastructure Corporation and Emaar MGF has been in a limbo after it faced legal trouble 2010. The committee will also look into matters relating to public-private partnership (PPP) projects namely the liance Group's Trade Tower & Central Business District at Manchirevula and the Jubilee Hills Landmark Projects Private Limited. ad more

Market report: What could be described as a dampener for the real estate a new study said that residential property sales were expected to rise at a pace of 15-20 per cent during the ongoing festival season due to high prices in big cities and subdued sentiments in the property market.  al estate market, especially residential segment, has been witnessing a slowdown for last three years, leading to sluggish sales and nearly five years of delay in the completion of projects. ad more

Considered as the first smart mini city in the greenfield category in Uttar Pradesh, the work of Navyug Housing and Commercial Project in Allahabad has begun, said an The Economic Times report. Located on the -Kanpur highway, the project will be developed by New Modern Buildwell, a subsidiary of Rudrabhishek Enterprises Pvt Ltd (REPL Builders). The total cost of the project is about Rs 600 crore, the report added. REPL has been empanelled by the central government, along with some other agencies, as a specialist consultant for developing smart cities across the country. ad more