#RealtyNewsRoundup: Contest For Third Set of Smart Cities To Be Held In March 2017

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

Bihar state capital Patna and other six cities that failed to make a cut in the two rounds of the Centre's Smart Cities list will compete in the third round of that will be held in March next year. The Union Ministry of Urban Development has said that all the cities competing in the third round will have to finalise their draft papers by March 9. A state-level steering committee will approve the proposal on March 25, after which they will be sent to the Centre.

Real Estate Development body NAREDCO has demanded tax relief, along with an increase in land supply, for the development of affordable homes to achieve the government's objective of Housing for All. NAREDCO, in association with the Asia Pacific Real Estate Association (APREA), organised a two-day Real Estate and Infrastructure Investors Summit-2016 in Mumbai which stressed on public-private partnership at various levels.

Redevelopment of residential colonies at West Ansari Nagar and Ayur Bigyan Nagar Campuses of the All India Institute of Medical Sciences (AIIMS) has been approved by the Union Cabinet. The National Buildings Construction Corporation Ltd will undertake the redevelopment project, which is likely to cost Rs 4,441 crore, including the maintenance and operation costs for 30 years. The project is expected to be completed in five years.

The Sabarmati Riverfront Development Corporation Limited (SRFDCL) has announced that it will start the media planning and public relations activity for the sale of development rights of some plots on the Sabarmati riverfront. The body seeks expression of interests from publicity companies for a pan-India campaign for the announcement of sale ahead of the Vibrant Summit to be held in January.

Source: Media reports