#RealtyNewsRoundup: Rajya Sabha Passes Real Estate Bill
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
The Real Estate Bill was passed in the Rajya Sabha today. After several amendments, the Real Estate (Regulation and Development) Bill, 2015, was accepted by the Union Cabinet on December 9 last year. Experts see it as an effective Bill, which will bring much-needed transparency and accountability in the sector and further create a consumer right protection umbrella for home buyers. Meanwhile, the realty stocks witnessed an upward swing after the Bill was passed. Read more
The Centre has said that more than 1,200 government houses in Delhi are under unauthorised occupation. This accounts for almost two per cent of the total government houses in the city. In a written reply to the Lok Sabha, Minister of State for Urban Development Babul Supriyo said 36 of these cases were pending before courts, 33 were with Kashmiri migrants, while 27 bungalows were occupied by journalists. Read more
The Noida Authority will upload complete details of all the real estate projects that have been granted occupation certificates. The details will be uploaded on the website www.noidaauthorityonline.com. The decision has been taken in the wake of several complaints by home buyers as most of the times they failed to procure the actual details about the project completion and possession. Read more
The Andhra Pradesh government will soon introduce a subsidised housing scheme under which the beneficiaries could buy a 2-BHK flat for Rs 3.5 lakh only. The government will spend Rs 5.5 lakh per flat but will only take Rs 3.5 lakh from the allottees. The government proposes to build 400,000 houses, and half of them will be built in urban areas. The state government wants to provide houses to all eligible families in the run-up to the 2019 Assembly elections. Read more
The Ministry of Urban Development has found gaps in the Smart City proposals from Opposition-ruled states like Bihar, Himachal Pradesh and Uttar Pradesh. The ministry pointed out that “an ambitious timeline” of March 2017 was set for drone-based monitoring of civic services for New Town-Kolkata, Himachal's Dharamsala failed to include the inputs of its floating tourist population, which is about 30 times the permanent population while the financial plan of Bihar's Bhagalpur was not backed by any fiscal data. Read more