Weekly #RealtyNewsRoundUp: Transferable Development Rights Become A New Headache For Maharashtra Builders

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

A sales tax tribunal in Mumbai tribunal recently held that allotment of transferable development rights (TDR) to a developer under a slum redevelopment scheme was taxable under the Maharashtra Value Added Tax Act. The order will be a big blow to developers who might henceforth be reluctant to participate in slum rehabilitation projects. Read more

The transit oriented development policy along the existing and proposed metro corridors in Gurgaon was approved by the district planning committee recently. The policy aims for an increased population density in areas near metro stations so as to minimise the need for personal vehicles. Once the policy is implemented, it would lead to the creation of more residential units and commercial real estate, thus, paving the way for another round of real estate development in the Millennium City. Read more

Indiabulls Finance, one of the largest housing finance companies in the country, is in talks with investment bankers to raise Rs 1,650 crore through external commercial borrowings to expand credit in the affordable housing sector. Read more

To encourage mega townships on city outskirts and regional plans, the Maharashtra government has replaced special township project with integrated township project. It will be applicable for regional plan of Nagpur, Chandrapur-Ballarpur, Amravati and Akola-Washim in Vidarbha. Read more

India's test cricket team captain Virat Kohli has bought a luxury pad in Omkar 1973, an upscale project in Worli locality of Mumbai for Rs 34 crore. The Arjuna Award winner has bought a 7,171-sq-ft sea-view apartment on 35th floor. Read more