#RealtyNewsRoundUp: After PM Breaks Ground, Navi Mumbai Airport May Be In Flight Soon

Twenty one years after the idea was first mooted, Prime Minister Narendra Modi laid the foundation stone for Phase-I of the Navi Mumbai Airport project on February 18. Once the airport becomes operational (by 2019), not only would it share the rising passenger burden of Mumbai's Chhatrapati Shivaji International Airport but will also generate more employment opportunities for local people.

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The Maharashtra government has entered into intent agreement with the Virgin Group to build a hyperloop transportation system between Mumbai and Pune. The hyperloop will reduce the travel time between the two mega cities to 20 minutes from the three hours at present. The first hyperloop route will link central Pune with the megapolis as well as the Navi Mumbai international airport, the foundation stone for which was laid by Prime Minister Narendra Modi on February 18. The hyperloop route will be a fully electric system and will have the capability travel up to 1,000 km per hour.

Meanwhile, the Maharashtra government has decided to change the funding pattern of roads from "demand-based sanctioning" to "result-based approvals" so that roads that cater to more people receive funds faster. Currently, if there are more letters demanding funds for a certain road, it tends to get the funds despite it being of less importance than certain other roads which see greater vehicular traffic.

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The Haryana government has decided to revise its affordable housing policy to provide housing for all in the state by 2022. The state government has formulated an Affordable Housing Policy for old cities within the jurisdiction of urban-local bodies. The new policy would ensure cheaper houses to the people of urban areas, especially in the old city boundaries of the state. Earlier, the policy was applicable only for residential sectors of urban areas.

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The Pune Police have arrested developer DS Kulkarni and his wife Hemanti in a case of cheating in New Delhi following which they were sent to seven-day police custody. The Bombay High Court had earlier revoked the interim protection from arrest given to Kulkarni and his wife, accused of duping over 2,500 investors of Rs 230 crore.

Source: Media reports