#RealtyNewsRoundup: DDA To Build 1,550 Studio Apartments For Retired Govt Employees In Dwarka

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

The Delhi Development Authority (DDA) will join hands with the Indian Navy to develop an old-age home where retired government employees will be offered studio apartments on rent for a lifetime after paying Rs 10 lakh and a monthly maintenance. The Rs 462-crore project, which will have 1,550 studio apartments, will come up in Dwarka's Sector 16.

With the NITI Aayog pushing central public sector units to release 75 per cent of the due amount to construction contractors and concessionaires of government projects, the sector will get a Rs 40,000-crore boost. A part of the money will be used to clear bank debt, which will also help reduce the stress on lenders struggling with bad loans.

State Bank of India and Tata Housing have entered into a partnership that would enable easier financing and purchase of homes. Through this partnership, government employees and defence personnel having SBI salary account will get an offer on Tata Housing Homes if they avail of an SBI home loan.

In a step towards Digital India, the Centre has plans to nearly double the budget and extend the 2016 deadline of the National Land Record Modernisation Programme to digitise land records as many states are struggling to survey land and property, large chunks of which have not been mapped in a century. The project will now conclude in 2021 at a projected cost of Rs 110 billion.

Source: Media reports