#RealtyNewsRoundup: Patanjali Buys 230 Acres In Nagpur From Govt For Rs 60 crore

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

The Maharashtra Airport Development Company allotted 230 acres at Mihan in Nagpur to Baba Ramdev's Patanjali Ayurved to set up a food park. The company will pay a little over Rs 25 lakh an acre for the plot whose market price fixed by MADC is Rs 1 crore per acre. This means the company will have to pay close to Rs 60 crore for the land. To offset the loss, the MADC has decided to hike the cost of all remaining available land by 15 per cent.

Ajay Piramal's Piramal Fund Management and Shapoorji Pallonji Real Estate Development will pump in about Rs 300 crore in a real estate project launched by Mumbai-based developer Ornate Spaces. The duo, along with Ornate, will construct a 1 million sq ft residential project titled Grove Towers at Oshiwara in suburban Mumbai. 

The Goa Regularisation of Unauthorized Construction Bill which will facilitate the regularisation of certain illegal constructions carried out prior to February 28, 2014, was tabled in the State Assembly. Structures constructed either without permission from relevant authorities or in violation of approved plans sanctioned, will be covered under the proposed legislation, which will bring relief to thousands whose constructions have been deemed illegal.

After three decades, the Delhi Development Authority has decided to scrap the Kondli Resettlement Scheme for slum dwellers. Owing to poor response, the agency now plans to auction 356 plots measuring 26sqm in Mayur Vihar-III in Delhi. Of the 471 plots, 115 are under litigation.

The Bombay High Court has directed the Brihanmumbai Municipal Corporation (BMC) to demolish the illegal floors of a residential building in Santacruz (West) that falls on the flight path of the Mumbai airport runway. The Airports Authority of India (AAI) had permitted construction up to 13.19 metres but the developer had built up to 24.7 metres. The court order implies that the three top floors will have to be lopped off.

Source: Media reports

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