#RealtyNewsRoundup: Real Estate Act Will Bring Transparency, Says Venkaiah Naidu

Description

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

Urban Development Minister M Venkaiah Naidu said the Real Estate (Regulation and Development) Act, 2016, would not only make consumer the king, but also bring much-needed transparency into the sector. Inaugurating the fifth annual conference of the Confederation of Real Estate Developers Associations of India (Credai) , Naidu said the Act would create a set of rights and obligations for both consumers and developers, and encourage both parties to live up to each others expectations.

The Noida Authority has ruled out increasing the floor area ratio (FAR) for the under-construction and upcoming projects in the city. The development body has also clarified that henceforth no-objection certificates (NOC) and completion certificates "will only be issued to developers subject to completion of common facilities, payment of dues and those who complete the infrastructure work of under-construction projects".

Real estate company Puravankara Projects plans to raise up to Rs 1,500 crore by issuing non-convertible debentures for execution of its projects. The Bengaluru-based company also proposes to change its name to Puravankara Ltd. The company has sought shareholders approval for raising funds and changing the name of the entity through postal ballot.

The $100-billion Delhi-Mumbai Industrial Corridor will kick off land allotments next month. Major global investors such as Ikea, Kia Motors and China Railway Construction Corp are eyeing plots in one of the most ambitious infrastructure projects in India.

Source: Media reports