Realty News Roundup: Tiger Global Management To Invest In Indian Online Accommodation Aggregators; Glitches In BMC's Software For Construction Firms

Tiger Global Management, a New York-based fund, plans to invest $ 10-15 million each in online commerce accommodation aggregators Nestaway and Zo Rooms. The fund is in discussion with both these firms. Nestaway is an online marketplace for shared accommodation. Zo Rooms is an online budget hotel stay brand which is merely five months old. In the current year, Tiger Global has already made investments worth $ 600 million in India. Tiger Global Management is the largest investor in Indian startups.

Here are the other real estate related news stories of May 28, 2015:

Glitch in BMC software handling building proposals: Glitches in an outdated software supplied to BrihanMumbai Municipal Corporation (BMC) by a private supplier has made BMC's system, which allows construction firms to submit building proposals online, dysfunctional. BMC had earlier made it mandatory for construction firms to submit their building proposals online to develop property in Mumbai. The builders think that the software is not user-friendly and that it is not in sync with the changes in development control rule made in the past two years. The software even approves plans which are prima facie wrong. The software was part of BMC's attempt to make it easy to do business.

Builders in Greater Noida told address home buyers' grievances: Several home buyers in Greater Noida West submitted their grievances to Rama Raman, Chairperson and CEO of Greater Noida Authority. Rama Raman has asked real estate developers against whom complaints are registered to resolve the problems as soon as possible and hand over the flats to flat buyers. Nearly 1.5 lakh home buyers in Greater Noida (west) are waiting for possession of their flats for over four years. There were litigations surrounding acquisition of land in Noida in 2011, but after the Supreme Court upheld the land acquisition in May 2015, home buyers are able to claim their right over the flats they had purchased.

Real estate firm Ashiana Housing will invest Rs 250-300 crore in a 13 acre residential project in Sohna, Gurgaon. Ashiana is building this project in a joint venture with the land owner. Shantanu Haldule, vice-president of Ashiana said that they wish to invest Rs. 250-300 crore, which would be funded through internal accruals. The project, 'Ashiana Anmol', has a total saleable area of 11.60 lakh sq.ft. and will be developed in two phases. It offers 780 units of 2BHK and 3BHK.