#RealtyNewsRoundUp: Rains Run Riot On NCR Streets
Description
Around 96 flats in two adjoining housing societies in Ghaziabad’s Vasundhara Sector 4 had to be evacuated as continued rains on July 26 triggered a mudslide that washed away an entire section of the road between Vartalok and Pragya Kunj, exposing the underside of their perimeter walls. Heavy rain caused mayhem in Noida and Ghaziabad, too, showing how fragile the national capital regions’ public infrastructure is. The continuous drizzle lashed the capital overnight, contributing to waterlogging and traffic snarls at various places in the city.
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Global alternative asset management company Blackstone Group has started selecting banks to unveil India’s first real estate investment trust (Reit) listing. This Reit is expected to raise $1 billion. The list of banks selected for this so far includes Bank of America Corp, Morgan Stanley, Kotak Mahindra Bank and JP Morgan Chase & Co.
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The income tax department in Punjab has attached benami properties worth Rs 417 crore in the past year, almost 10 per cent of properties attached across India. As many as 2,240 plots measuring 7.7 lakh square yards were confiscated in the state in 2017-18.
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The government is planning to sell up to 10 per cent stake each in real estate firms, Hudco and NBCC, through an offer for sale (OFS). The finance ministry will soon float Request for Proposals (RFP) to appoint merchant bankers for managing the stake sale.
Source: Media reports
