#RealtyNewsRoundup: Govt Bans 500 and 1,000 Rupee Notes
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Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.
With the Central government demonetising 500 and 1,000 rupee notes, property prices are likely to see a correction in short-to-medium term. This will also help bring more transparency into the sector.
Industry body Assocham has said that the National Green Tribunal's decision to stop construction work in the National Capital Region is expected to hit the real estate sector with likely losses running into Rs 100 crore per day. This includes losses due to stoppage of construction work, labour costs and non-usage of construction material such as steel and cement, but excludes the interest amount charged by banks on construction loans.
Real estate developer EMGEE Group has acquired over 100 acres of land parcel near Mumbai to build houses in the affordable category. The company plans to 25,000 affordable homes in the price range of Rs 8 lakh to Rs 14 lakh with a configuration of 300 sq ft to 500 sq ft each unit over the next five years. The developer has procured development rights for 100 acres at Neral and Shahpur near Mumbai, and may further acquire 200 acres in the Kalyan-Dombivali belt.
Owing to some loopholes in the tendering process, the Maharashtra government has put on hold tenders worth Rs 3,612 crore for housing projects in Mumbai and nearby areas under the Pradhan Mantri Awas Yojana.