Real Estate

Rejecting Congress’s criticism that the ‘Smart City’ project was “elitist” in nature, Union Minister M Venkaiah Naidu on Friday said that the NDA government’s ambitious plan was aimed at benefiting “the poor who are forced to live on the fringes of growing urbanisation.”

Putting his claim to the test at a session on Housing-for- All in urban areas here, Naidu asked the members of the audience to give a frank opinion on whether they thought that the Smart City project was “pro-rich”.

Realty firm Omaxe on Friday said it has leased 2 lakh sq ft of retail space to Chinese companies in its commercial project at Greater Noida.

The leasing deal was signed after a Chinese delegation comprising around 50 manufacturing and investment firms today visited Omaxe’s project at Greater Noida.

“Omaxe will develop the leased 2 lakh sq ft as ‘Dragon Mart’ for Chinese companies that will open and run retail outlets, offices, representative offices, exhibition centres and other such facilities,” Omaxe said in a statement.

Slapped with a fresh ‘cease and desist’ order by fair trade regulator CCI, realty major DLF has said it is “very surprising” that no penalty has been imposed on various other realtors operating in the same market with the same product line.

In a fresh order yesterday against DLF, the Competition Commission of India (CCI) ruled that the realty giant was guilty of indulging in “unfair and abusive” business practices in sale of apartments in a Gurgaon housing project.

Bengaluru is at the top position in the list of 14 best real estate destinations in the country for housing segment while the cities in the national capital region are at the bottom, a study has said.

PropEquity, an online subscription based real estate data and analytics platform, said the rankings are based on various parameters like price appreciation, supply, sales, unsold inventories, delays in project completion and size of the market, among others.