#RealtyNewsRoundup: LIC May Auction Unitech Land In Noida

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

Insurance major LIC will next month auction Unitech's 14 lakh sq meter plot of land in Noida if the real estate company does not repay the entire dues of Rs 184 crore before that date. Unitech had borrowed money from LIC by mortgaging the plot but with the real estate company defaulting on repayments, Life Insurance Corporation of India (LIC) issued an e-auction notice for sale of the plot on May 6 at a reserve price of Rs 2,660.56 crore. Read more

The Punjab National Bank Housing Finance has raised Rs 500 crore by issuing bonds to the World Bank arm International Finance Corporation for funding its green residential projects. With this, it has become the first housing finance company to successfully issue green bonds. The funds will be used to finance green residential projects which are certified by recognised green building certification standards, including EDGE – a certification programme developed by IFC. Read more

The National Green Tribunal on Wednesday took exception over the Centre's delay in filing reply on a plea alleging that cement companies were violating its orders on overloading of trucks and causing air pollution. A bench headed by NGT Chairperson Justice Swatanter Kumar, which had issued notice to the Centre and 13 cement companies, made it clear that no further time will be granted to them for filing their response. The matter is listed for next hearing on May 10. Read more

The real estate boom in Andhra Pradesh brought an additional Rs 846 crore revenue to the state government through land registration and stamp duty during the last fiscal. The real estate revenue was an all-time high with the state government earning Rs 3,578 crore, which is Rs 846 crore more than the Rs 2,732 crore it had earned in the previous financial year. After Hyderabad, Visakhapatnam continued to be the most alluring destination.  Read more