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US Hotel chain giant to invest Rs 300 crore in education business

The United States-based Best Western International, one of the largest hotel chains in the world, is set to invest around Rs 300 crore for its education business in India. The company’s India arm has started work to build the first hotel management institute in Odisha while another four will be set up in the other regions of the country in the coming years.

Bhubaneswar amongst cities identified as new growth centers for residential realty

Tier I cities are reaching a saturation point. Rapid industrialisation and increase in growth of services sector activities has resulted into increasing disposable income, favourable demographics, changing lifestyles and growth of population, which is becoming upwardly mobile. Prominent tier II cities such as Bhubaneshwar is witnessing increased interest by investors, particularly in the residential real estate market.

BDA to demolish 139 unauthorized buildings in Bhubaneshwar

The state government has identified over 100 unauthorized buildings in Bhubaneswar for demolition, housing and urban development minister Raghunath Mohanty told the state assembly on Wednesday. The minister said the government has so far identified 530 buildings and apartments in the state capital, which violated the BDA norms. Officer on special duty (OSD) to BDA has lodged cases against the violators, he added.

BDA: real estate developers must produce NOC before launching any new housing scheme

The onslaught of unprecedented urbanisation is taking a toll on infrastructure development. Many new housing projects coming up along major roads are creating difficulties for laying smaller connecting roads for plots away from the main road. To check such unplanned growth, the Bhubaneswar Development Authority (BDA) is formulating a policy wherein it will become mandatory for real-estate developers to produce a no-objection certificate (NOC) issued by the authority before launching any new housing scheme along major roads in the city.

SEBI free to seize properties of Sahara Group’s companies: Supreme Court

New Delhi: The Supreme Court on Wednesday said the Securities and Exchange Board of India is free to freeze accounts and seize properties of Sahara Group's two companies for defying court order of refunding Rs 24,000 crore to investors. The apex court also pulled up SEBI for not taking action against the companies - Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) - as per its August 31, 2012 order, which had asked it to attach properties and freeze bank accounts...