#RealtyNewsRoundup: Centre Might Fund Only 10 Smart Cities In The First Year
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
Top News
The Centre is likely to fund only 10 smart cities, instead of the proposed 20, in the first year, if proposals submitted by states are “inadequate or incomplete”. The last day of submission of plans is December 15. The reason behind the move is that the government does not want to slip on the target date (January 26) for announcing the first list of smart cities, said the report. Read more
The Cabinet on December 9 approved 20 major amendments to the Real Estate (Regulation and Development) Bill, 2015. The Bill is intended to make the sector transparent, fair and efficient. The government believes that this will raise domestic and foreign investment in Indian real estate and ensure that disputes among home buyers, developers and other stakeholders are settled quickly. Read more
Israel on December 9 expressed its desire to collaborate with Goa for the latter's smart city project. Read more
According to a report released by Japanese financial company Nomura, the Reserve Bank of India might keep repo rate unchanged in 2016 as Consumer Price-based Inflation (CPI) is likely to remain above its target of five per cent by March 2017. The report also said that GDP growth was expected to rise to 7.8 per cent year-on-year in 2016, from 7.3 per cent in 2015. Read more
From the frontpage
Housing and Urban Poverty Minister M Venkaiah Naidu said in the Rajya Sabha that government had planned a national policy to promote rental housing in urban areas in view of the large migration of population from rural areas to cities, and its draft has been circulated to states. Read more
There is no scope for further reduction in housing prices as they have already fallen by an average 15-20 per cent across the country in last 18 months realtors' body Confederation of Real Estate Developers' Associations of India (CREDAI) said. According to CREDAI President Getamber Anand home sales had improved by 15 per cent during the festive season helped by fall in price and lower interest rate on home loans. Read more