#RealtyNewsRoundup: Govt To Push Urban Reform Through Challenge Fund

In keeping with its agenda of urban reforms, the Prime Minister Narendra Modi-led government has decided to set up a Challenge Fund for the states. The Challenge Fund would be an incentive for states to introduce urban reforms which have been high on the Centre's list of priorities. It includes government certification for land titles, employing value capture financing methods for funding urban development projects, credit rating for municipal bodies, floating municipal bonds and a dedicated municipal cadre.  The states would be able to tap into the Challenge Fund if they achieve the set targets.

Ahmedabad once again cornered the lion's share of funds in the budget. The government has allocated Rs 597 crore under the Smart City Mission for Ahmedabad, Surat and Vadodara. The government allocated Rs 60 crore for a subordinate loan for the Metro project in Ahmedabad. Apart from flyovers, cities have got allocations to improve connectivity

Hospitality company Four Seasons Residency Ltd has filed draft papers with capital markets regulator, the Securities and Exchange Board of India (Sebi), to raise funds through an initial public offering. The public issue comprises sale of fresh issue of up to one crore equity shares of the company. This works out to 39 per cent of the total holding, draft red herring prospectus (DRHP) filed with the Sebi showed.

United Spirits (USL) is set to auction its former owner Vijay Mallya's properties, including his palatial Mumbai residence Niladri at the Nepean Sea Road, after the latter's option to buy them at a discounted price expired earlier this week. The 13 properties across Delhi, Mumbai, Bengaluru, Kolkata, Scotland and Hong Kong are worth about $100 million, or Rs 680 crore, with Niladri alone worth half the value.