#RealtyNewsRoundUp: Jaypee Jumps To Reclaim Itself Amid Lower Biddings

At a time when several bidders are eye taking over the real estate major, beleaguered Jaypee Infratech has approached the Supreme Court to reclaim the company on fears of lower valuation. While the bidders are making offers ranging between Rs 70 billion and Rs 80 billion, media reports say that the valuation of the company was not less than Rs 160 billion.

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To monitor illegal construction in Mumbai, the Brihanmumbai Municipal Corporation (BMC) is now making use of technology. After its failure to curb rising illegal construction in India's financial capital, the municipal corporation is now using light detection and ranging technology to video-record each property with a 360 degree-view. While sizing up the property, the technology will also enable the BMC to measure the road on which a building is standing – this will help it make sure no encroachment of public land takes place.

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People looking for information online on construction permits in areas under the three municipal corporations in Delhi can now access it on social media as a Facebook page and a Twitter handle has been launched by the South Delhi Municipal Corporation to improve ease of doing business. In case you are looking for updates on building norms or have any grudges, visit the Twitter handle, @EoDB_MCD or the Facebook page, eodbmcd. Apart from acting as a two-way communication tool between civic bodies and developers, these platforms professional will also assist builders find architects empanelled with the corporations.

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The government is identifying its infrastructure assets for monetising through infrastructure investment trusts (InvITs). According to a media report, the first of these is expected to be launched soon. While the assets will continue being operated by the relevant Central government department or state-owned entity, their ownership will be transferred to an InvIT, which will issue units, similar to shares, to investors.

Source: Media reports