Scheme to incubate eight new cities cannot be implemented: Housing ministry

The government has decided to abandon its plan for the development of eight new cities, explaining that inadequate planning frameworks rendered the Rs 8,000 crore grant from the 15th Finance Commission unusable. With a keen eye on effective fund management, the ministry has opted to reallocate the budget towards bolstering seven established city economic zones, aiming for more sustainable growth.

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Brookfield India REIT plans ₹4,000 crore institutional placement; Ecoworld SPV to raise ₹1,125 crore from 360 ONE fund

Brookfield India REIT is preparing to raise ₹4,000 crore through institutional placements. Arliga Ecoworld Business Parks, its subsidiary, is anticipated to fetch ₹1,125 crore from the 360 ONE WAM funds. These funds will not only aid in acquisitions and debt repayments but also enhance capital expenditures to drive future growth initiatives.

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Builders-banks nexus: SC pulls up CBI for probe, says homebuyers agony can't be prolonged

The Supreme Court has expressed strong displeasure with the CBI's investigation into a nexus between banks and developers. This alleged collusion has defrauded numerous homebuyers across India. The court emphasized that delays in the probe only increase the suffering of flat buyers. It has directed the CBI to expedite all cases and convert preliminary inquiries into regular ones.

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Ownership check must before property registration in Uttar Pradesh

Uttar Pradesh's Cabinet has approved mandatory checks of property ownership details before registration to prevent the sale of fake or disputed land. New rules will empower sub-registrars to refuse registration if ownership documents are incomplete, aiming to curb fraudulent property deals and prolonged litigation.

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Uttar Pradesh cabinet approves affordable housing policy

Uttar Pradesh's state cabinet approved a new policy for affordable housing under Pradhan Mantri Awas Yojana-Urban 2.0, offering financial aid to middle and economically weaker sections. Developers will receive exemptions, and beneficiaries get stamp duty relaxation. The policy also includes rental housing for urban poor and specific worker groups.

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Cops submit second chargesheet against Radius Estates' promoter in Yes Bank cheating case

Builder Sanjay Chhabria, promoter of Radius Estates, faces a chargesheet for allegedly cheating Yes Bank of Rs 30.39 crore. Funds from a Rs 50-crore overdraft facility for a Mhada redevelopment project were diverted to related entities to repay unsecured loans and interest, violating loan conditions.

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Truhome Finance files ₹3,000-crore IPO papers

Truhome Finance, backed by Warburg Pincus, is launching an IPO to raise Rs 3,000 crore. The housing finance company plans to use the funds to strengthen its capital base for future lending and meet regulatory requirements. This move signals significant growth plans for the affordable housing sector. The IPO includes a fresh issue and an offer for sale.

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