#RealtyNewsRoundup: Govt Plans To Ease Home Loan Process For PMAY-Urban

Those applying for the credit-linked subsidy under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) may not have to wait at bank branches to get a home loan as the Centre is planning to rope in the income tax (I-T) department to make the process easier. If the plan comes through, an applicant could get a certificate directly from the I-T department and submit it with the banks to get the loan.

***

The Centre plans to set up a stress fund and utilise the land bank lying idle with developers in the Noida real estate market to complete stuck projects and hasten up the delivery process of as many as three lakh units. A proposal in this regards was made during a meeting between officiating Finance Minister Piyush Goyal and officials of public sector banks on January 29.

***

The Uttar Pradesh government on January 29 approved the construction of the Ganga Expressway to provide better connectivity to Allahabad with the western districts of the state. The 600-km expressway, touted to be the longest expressway in the world, will start from Meerut and touch Amroha, Bulandshahr, Badaun, Shahjahanpur, Farrukhabad, Hardoi, Kannauj, Unnao, Rae Bareli, Pratapgarh before reaching Allahabad.

***

Actor Shah Rukh Khan has been absolved of the charge of being a beneficiary of a benami property in the scenic beach town of Alibaug in Maharashtra as an appellate authority under the law has revoked the attachment order of the I-T Department. Calling the order baseless and coloured, the Adjudicating Authority slammed the department for issuing the order against Khan and a company, in which he, his wife Gauri Khan and in-laws are shareholders, in February last year, saying a "commercial transaction entered into course of business by an independent entity cannot be coloured as benami transaction because it had sourced the funds from loans”.

Source: Media reports