Realty News Roundup: Govt Might Pass Realty Bill During Monsoon Session; Aishwarya Rai Buys Luxury Flat In Mumbai

 

The Union Government might pass the Real Estate Bill during the Monsoon Session of Parliament beginning next week. The Centre will hold a meeting on Thursday to formulate strategies for greater progress on its key bills in the Parliament. According to reports, the government, however, is not likely to take up the contentious Land Bill during this session. The joint committee of the Parliament is still scrutinizing the bill. Both these bills are very crucial for the real estate sector. Read here.

 

The central government has approved a new policy favorable to vertical growth to meet the growing demand for homes. The Union Urban Development Minister Venkaiah Naidu said that the new policy would now allow transit oriented development (TOD) in Bangalore. The new norms will apply to residential projects that emerge around mass rapid transit systems like the Metro and the BRT.  The government has almost doubled the floor area ratio (FAR) for such projects. Read this report to know more about this key policy initiative. 

 

The Maharashtra government plans to encourage builders to undertake slum rehabilitation projects. The measures proposed by the state government are expected to  ensure greater profits for builders. Reports suggest that the government plans to allow builders to mortgage government land, and to bear 40% of the cost of such projects. Read more. 

 

State Bank of India has created a new online platform for home buyers to make the mortgage loan application process easier. The new platform will generate leads, provide door-step delivery, and quicken the response time. To this end, SBI has signed MoUs with online financial product aggregator bankbazaar.com and the bank's subsidiary SBI CAP Securities Ltd. (SSL) . According to the agreement, bankbazaar.com will now display SBI's home loan products on its website. 

 

India's largest life insurance company, Life Insurance Corporation of India (LIC) , plans to reintroduce its insurance cover for home loans in the next financial year. LIC Chairman SK Roy said this in an interview with the Times of India.

 

Celebrities are increasingly buying luxury homes. Bollywood star Aishwarya Rai Bachchan recently bought a new luxury apartment in the Bandra-Kurla Complex in Mumbai for Rs 21 crore. It is spread over 5,500 sq. ft. in a high-end residential complex. Actress Sonam Kapoor had bought a 7,000 sq ft duplex apartment in the same complex for over Rs 35 crore. Read here.

 

The Property Show, a popular real estate program on NDTV Prime, has begun its brand new season to cover more regions. The show is considered the longest running daily property guide that provides information to the viewers on the best real estate investment opportunities. Read here.