Real Estate News Update for March 20

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Infrastructure

Delhi development body gets tepid response to plan for unauthorised colonies

NEW DELHI: Till March 1, a total of 4.75 lakh people living in unauthorised colonies have applied with Delhi Development Authority (DDA) for ownership rights of their houses under the PM Uday Yojana (Pradhan Mantri – Unauthorised Colonies in Delhi Awas Yojana).

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Regulatory

SC stays Delhi HC order asking Unitech's founder to surrender immediately

The Supreme Court on Tuesday stayed the Delhi High Court’s order that had asked realty firm Unitech’s founder Ramesh Chandra to surrender before the jail superintendent immediately.

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Cement

UltraTech Cement gets CCI's nod to acquire Kesoram Cement

NEW DELHI: Fair trade regulator CCI on Tuesday granted approval to UltraTech Cement's proposed acquisition of Kesoram Cement Business from Kesoram Industries. Kesoram Industries is engaged in the manufacture of grey cement through the Kesoram Cement Business.

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RERA

MahaRERA proposes three separate bank accounts for better monitoring of projects

MUMBAI: MahaRERA has proposed three separate bank accounts for real estate projects. These include a collection account for all funds received from customers, a separate account for 70% of the project, land and construction expenses, and a transaction account for the balance 30% of the developer’s funds.

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RERA

Haryana RERA cancels registrations of five housing projects of Mahira Infratech

GURUGRAM: The Haryana Real Estate Regulatory Authority has cancelled the registration of all five affordable housing projects launched by Mahira Infratech Pvt Ltd due to alleged violations by the builder, according to an order. The RERA, Gurugram, revoked registrations of all five real estate projects of Mahira Infratech Pvt Ltd on Monday, an official said.

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