Realty News Roundup: 59 Kolkata Municipalities To Submit Smart City Report; Dalmia Bharat invests Rs 50 crore in realty startup
Realty News Roundup is PropGuide's selection of top stories from the real estate sector
Top News
Civic bodies in Kolkata are competing with each other to clinch the Centre's Smart City project. A total of 59 municipalities are now in line to submit the report to be enlisted in the scheme. The Centre has approved only four smart cities for the state. Read more.
Reports suggest that rent in Delhi is likely to be hiked very soon. A proposal by the Aam Admi Party government to link rent and lease agreements to circle rates of properties is reported to impact the rent in Delhi. Based on quotes by government sources, this report states that a circle rate of 5-7% is likely to be imposed on the rented properties. Stamp duty on a lease deed or rent agreement — residential or commercial — to be paid by a tenant at the time of registration will be calculated on the basis of the existing circle rate of an area.
The Yamuna Expressway Industrial Development Authority (YEIDA) has sought revision of the proposed Real Estate Regulatory Bill to make it more beneficial for home buyers. It has suggested to the central government that the builder-buyer agreement be simplified to safeguard buyers' interests. Read here.
Off the front page
More good news for the real estate market. Managing Director of Dalmia Bharat Group has invested Rs 50 crore in a one-month-old Delhi startup. According to reports, this startup is into contract building individual homes. Reports also suggest that Puneet Dalmia has targeted investment of Rs 500 cr in the next 3-5 years. The investment will give Dalmia a 74% stake. Read here.
With more news coming in on Bollywood celebs investing in real estate, actor Dharmendra has been recently reported to have invested in building a resort. This report says that the actor-turned politician has also planned tie-up with a chain of restaurants. Read more.
Paris based international fashion channel Fashion TV has yet again entered into partnership with an Indian residential project allowing the residences to use Fashion TV brand. After collaborating with Nahar Group in Mumbai, Home & Soul in Delhi NCR and BrahmaCorp in Pune, the channel this time around has signed agreement with the Lucknow-based real estate developer New Modern Buildwell to develop an ultra-luxury residential project in Lucknow with an investment of around Rs 1,000 crore. Read here.
Opinion
Read an article by A. Shankar, National Director & Head-Urban Solutions (Strategic Consulting) , on why Metro rail is an unmatched real estate catalyst. "While Metro rail implementation has a huge impact on real estate prices along its corridor and 'influence zone', in the larger context, it improves the standard of living of a large segment of urban population, and is also a catalyst for sustainable development across large urban areas," he argues. Read more.
Read this article in Mint that suggests ways to tackle delay by builders. Lengthy one but worth your time. Read here.