#RealtyNewsRoundup: NBCC Directs Contractors To Not Cut Trees In South Delhi’s Redevelopment Project

After facing the wrath of the citizens on cutting of over 16,500 trees for the south Delhi redevelopment project, the NBCC has directed its contractors that no trees will be cut in three out of seven localities it is working on. The NBCC has also submitted the same as an undertaking to the Delhi High Court. Earlier, there were plans to cut these trees to construct over 25,000 flats for government employees in seven colonies of south Delhi. Of these Sarojini Nagar, Netaji Nagar and Nauroji Nagar fall under NBCC’s ambit while  Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur are being managed by the Central Public Works Department (CPWD).

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According to the recently released residential index by the National Housing Bank, the property prices in 39 Indian cities have shown signs of recovery, seeing an upward trend between January and March 2018. However, Pune was an exception among the top eight cities that witnessed a drop in prices. Price of residential properties rose 8.5 per cent in Kolkata, five per cent in Hyderabad, 3.8 per cent in Mumbai, 3.3 per cent in Delhi, 2.3 per cent in Bengaluru, 2.2 per cent in Ahmedabad and 0.7 per cent in Chennai, while Pune a decline of 1.4 per cent from a year ago.

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Two Noida-based developers, Greenway Infrastructure Pvt Ltd and SDS Infracon Pvt Ltd, have been booked by the Yamuna Expressway Industrial Development Authority (YEIDA) for diverting funds from their housing projects. While Greenway was given a 101-acre land and SDS Infracon was given 124-acre land to develop housing projects in Greater Noida, the Authority has received complaints from homebuyers that the work on these projects is very slow. According to the YEIDA, the audit team has found that Greenway received Rs 173.10 crore from its investors, However, diverted this money to two other companies.

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The government is soon likely to sell the iconic Air India building located at Mumbai’s Nariman Point. If all goes as planned, the building will be sold to country's biggest container port JNPT. The proposal of selling the building has received an in-principle approval from Prime Minister Narendra Modi. The 23-storey structure, which was once the headquarters of the airline, is known to be a prime property in Mumbai.

Source: Media reports