Realty News Roundup: A New Law To Protect Tenants In Mumbai's Dilapidated Buildings; Large Developers To Construct Affordable Homes In Maharashtra

July 17, 2015   |   Proptiger

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

Top News

 

According to Chicago-based management consultancy A.T. Kearney Inc., India's e-commerce market is projected to grow at 21% over the next five years. This is slightly higher than the global average, and much of this is from online home purchase. Developers like DLF Ltd. and Godrej Properties Ltd. are selling homes online too. Read more.

 

The Noida Authority will auction 27 commercial plots under its two schemes. The plot sizes range from 25,000 to 500 sq mt, and the prices range from Rs 1.59 lakh to Rs 2.40 lakh per sq mt. The Noida Authority will finalize the successful bids under these two schemes in August. Read more.

 

Hindustan Unilever (HUL) announced that it is selling its iconic south Mumbai guest house 'Alhambra'. Alhambra was built by the Sultan of Darbhanga.  HUL did not disclose the price. This two-storied structure on the Carmichael Road was built on a 15,000 sq ft plot in the 1950s. Read here.

 

The Maharashtra government plans to invite large developers like L&T and Godrej to construct five lakh affordable homes in Mumbai in the next five years. Maharashtra Housing Minister Prakash Mehta said that such firms have the technological equipment that is required to undertake such projects. Read here.

 

Off the front page

 

According to the Industry body ASSOCHAM, there is an unsold inventory of 1,70,000 residential units in the national capital region. It also says that another 90,000 under-construction residential units in Delhi-NCR are likely to be delayed. Read here.

 

The Maharashtra state government will introduce a new bill to protect the rights of tenants. Many tenants in dilapidated, rented apartments fear that they would be able to stay on after they are redeveloped. The Maharashtra Chief Minister Devendra Fadnavis said that the new law will protect tenants in old, dilapidated and cessed buildings in Mumbai. Read here.

 

Opinion

 

An article in the Business Insider says that the Non-Residential Indians are now keener on investing in real estate in India. Read here to know why.

 

Analyzing the challenges before India's urbanization project, a column in Money Control argues that India's urban revolution should be inclusive and sustainable. Read more.

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