Cutting Edge Real Estate News for You

By: George Gonigal

The top real estate news from India for this week are:

.Five lakh low-cost houses to come up in Mumbai

The city is all set to witness the mushrooming of affordable housing with five lakh units of middle and lower income housing expected to come up in the next five years. Announcing this, Mumbai Metropolitan Region Development Authority commissioner Ratnakar Gaikwad said this move is expected to bring down the cost of housing in the city.

.Triangle realty fund buys 27% in Prozone arm

The real estate fund, co-promoted by ICS Group and Old Mutual Investment Group Property Investments, has inked an agreement to invest Rs 457 crore for a 27 per cent stake in a Prozone Enterprises. The firm has stake in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur, covering approximately 16 million sq ft.

.Indiabulls gets shareholders' nod for acquiring Dev Property

The company has received shareholders' approval for the acquisition of Dev Property Development Plc for 138 million pounds. The shareholders have approved the acquisition of all shares of Dev Property.

.Mantri Realty to invest 500 cr in Madhya Pradesh

Real estate firm Mantri Realty plans to invest Rs 500 crore at Gwalior in Madhya Pradesh to set up a residential township and an IT SEZ. The township, christened Mantri City, would comprise of 10,000 houses on 16 million sq ft, while the IT SEZ would cover 5-million sq ft.

Other important real estate news from India include:

.Pune Builders join hands to float national association

In the first week of March, seven city real estate associations signed bilateral agreements with the newly formed National Association of Realtors - India (NAR- India), which in turn has forged an alliance with National Association of realtors, USA to give itself an international appeal. NAR-India has also kick-started the process of training estate agents for transnational referrals.

.Emaar MGF join hands with Marriott to develop hotels

The real estate developer has partnered with Marriott International Inc to design, construct and equip luxury-branded JW Marriott Hotels with total investment of over $400 million. The hotel projects are likely to be completed by 2010 end and will come up in New Delhi, Hyderabad, Kolkata and a Courtyard by Marriott Hotel in Amritsar.

For more details on Real Estate News India, log on to magicbricks.com

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