Realty News Roundup: Affordable Home Segment May Get Infra Tag; KM Birla Buys Mumbai's Jatia Bungalow For Rs 425 Cr
Realty News Roundup is PropGuide's selection of top stories from the real estate sector
Top News
The Indian Express reports that affordable residential property segment might get the much-awaited infrastructure tag once the Real Estate Bill is passed in Parliament. The report says that a panel, headed by the secretary of the Department of Economic Affairs, will consider giving infrastructure status to the segment, if the segment is regulated. With this status, the segment can avail of lower borrowing rates and tax concessions. Read more.
Home Minister Rajnath Singh will soon propose to develop the shortlisted 100 smart cities as 'safe cities', by using latest security and surveillance equipment and trained personnel, including women cops. The decision was taken after the minister chaired a meeting with Minister of State for Home Kiren Rijiju, Director General of Bureau of Police Research and Development NR Wasan, and MHA Security Advisor K Vijay Kumar. Read more.
Aditya Birla Group's Kumar Mangalam Birla has bought the Jatia House, a Malabar Hill located bungalow, for a record Rs 425 crore. The 25,000-sq ft bungalow was previously owned by Shyam K Jatia and Arun K Jatia. Read more.
Off the front page
A report in Mint suggests that those planning to buy an apartment should look at projects that are completed or will be completed within one year. The piece also cites the quarterly review report by PropTiger Data Labs, to back its point. Read here.
To monitor the quality of construction in Noida and Greater Noida, the Authority has ordered to set up a committee, comprising of retired Indian Institute of Technology professors. The decision has been to keep a check and regulate the developers who use sub-standard building material. Read more.
Opinion
Asking for more in the Real Estate Bill, Shirish B , Chairman Emeritus, Shirish & Associates, argues the need of more imaginative legislation than what the current Bill displays. Read here.
"This is the golden time to buy home", says Sunil Rohokale, CEO & Managing Director, ASK group, in this interview. Read here.