#RealtyNewsRoundup: Property Prices Increased By Up To 22% In 33 Cities, Shows NHB Residex

Description

Rates of property in 33 Indian cities increased by up to 22 per cent during the April-June quarter of the current financial year, data available with the National Housing Board show. On the other hand, rates declined by up to 13 per cent in 14 cities while they remained stable in three cities, the agency's housing prices index NHB Residex shows.

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In a move that would come as a big relief to as many as 3,930 union territory government employees, the Central government on January 2 approved a proposal to provide land to the Chandigarh Housing Board (CHB) for its Self-Financing Housing Scheme of 2008. The Centre will allot the CHB 61.5 acre of land for the project, which will be developed on an entire area of 73.3 acre.

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Owners of about one lakh unauthorised buildings can heave a sigh of relief as the Punjab Cabinet has approved a one-time settlement of non-compoundable violations till June 2018. These structures would, however, have to meet fire safety and parking norms to get regularised.

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In a move that could help it earn Rs 400 crore, the Greater Hyderabad Municipal Corporation is using satellite images to track property owners who do not pay property tax because their properties are not assessed so far. To identify such properties, the agency is running a project in Moosapet on a pilot basis which could be extended to the entire city in the times to come.

Source: Media reports