#RealtyNewsRoundup: Surat Municipal To Insure 1.25 Mn Property Owners

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

Nearly 1.25 million property owners in Surat will be insured for a sum of Rs 2 lakh each by Surat Municipal Corporation (SMC). The SMC plans to buy a single policy, for which it will pay an annual premium of Rs 1.25 crore. Under the policy, in case of an accident it will collect the money from the insurance company and paid to the victims. The move will benefit nearly 600 people and their kin in a year once this scheme comes into effect from April 1. Read more

Union Road Transport and Highways Minister Nitin Gadkari has said that the proposal to build a new six-lane bypass road on NH-8, will be accelerated. The bypass road will originate from the Delhi-Gurgaon border on NH-8 and terminate near the NSG campus on the highway in Manesar. The National Highways Authority of India (NHAI) has planned a link between Ring Road (close to R K Puram) and MG Road in Gurgaon via Nelson Mandela Road, which will help decongest the highway. Read more

Kerala-based realty major Asset Homes is about to enter the real estate market of Sri Lanka. The developer is in discussion with the Sri Lankan government to develop residential townships in Colombo. The townships will be built in partnership with the government. Read more

Kotak Realty Fund, a real estate private equity fund has raised $250 million from institutional investors for equity investments in realty projects across the country. The fund will invest through equity deals across India's top six property markets including Mumbai, Delhi, Pune, Bengaluru, Hyderabad and Chennai over a period of 24-36 months. The company has so far raised over $1.4 billion, of which $800 million has been invested. Read more