#RealtyNewsRoundup: Enemy Property Ordinance To Be Promulgated Again [Video]
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Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.
After the Enemy Property Ordinance failed to get Parliamentary nod as a Bill, it is likely to be promulgated again soon. The Union Cabinet will re-issue the ordinance for the fifth time as the last one lapsed due to failure to get approval from Parliament. The move is being taken to amend the nearly five-decade-old Enemy Property Act to guard against claims of succession or transfer of properties left by people who migrated to Pakistan and China after wars.
Maharashtra chief minister Devendra Fadnavis said the state government would soon give its clearance to the second phase of the Pune metro rail project. The state government also plans to integrate the services of metro rail and buses of the Pune Mahanagar Parivahan to strengthen the city's public transport system. Prime Minister Narendra Modi will inaugurate the first phase of the metro project on Saturday.
Realty firm Puravankara Ltd will invest about Rs 40 crore to construct its new mixed-use managed residences tower in Pune. The Bengaluru-based company had formed a joint venture with Pune-based Oxford Group to develop a 30-acre project under which 500 housing units were launched in March this year. The company has launched a new tower where it would develop 150 residences costing between Rs 25 lakh and Rs 31 lakh.
Reliance Home Finance plans to raise up to Rs 3,500 crore through its first public offer for bonds. The money raised through the offer will be used for lending, financing, repayment of loans and general corporate purposes. The issue will open on December 22 and close on January 6.
Source: Media reports